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REIT Replay: REITs, markets land in the red


Essential IR Insights Newsletter Fall - 2023


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REIT Replay: REITs, markets land in the red

The broader markets slipped Tuesday, May 15, as investors weighed mixed economic data, increasing government bond yields and continuing trade talks between the U.S. and China. Real estate investment trusts also declined as the first-quarter earnings season wound down.

CatchMark Timber Trust Inc. is leading a new joint venture that is acquiring 1.1 million acres of East Texas timberlands in a roughly $1.39 billion deal slated to close in 45 to 60 days. The timber REIT expects its investment in the venture to come to as much as $227.5 million.

CatchMark Timber shares edged 0.31% higher to close at $12.95.

Manufactured-home REIT Equity LifeStyle Properties Inc. said it continues to expect its second-quarter funds from operations and normalized FFO in a range between 85 cents and 91 cents per share, and full-year FFO and normalized FFO between $3.81 and $3.91 per share.

Equity LifeStyle shares dropped 1.49% to close at $87.83.

Fitch affirmed the BBB- issuer default rating of Brixmor Property Group Inc., citing the shopping center landlord's consistent capital access and noting that the company's credit metrics are appropriate for the rating. The company's rating outlook is stable.

Brixmor shares declined 2.56%, closing at $14.11.

True North Commercial REIT agreed to pay roughly C$85.2 million to buy a class A office building on 1.23 acres in North Toronto. The office REIT also filed plans to sell up to C$300.0 million of its securities from time to time.

True North Commercial shares rose 0.44% to C$6.78 around market close.

Trinity Merger Corp., a special-purpose acquisition company that aims to acquire an operating entity or business with a real estate component, priced its IPO at $300 million in estimated gross proceeds and debuted on The Nasdaq Capital Market under the TMCXU ticker, effective May 15.

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Data Dispatch: Vornado should hold on to its New York City street retail, analyst says: CEO Steven Roth said the company is considering spinning off its New York City retail assets, but the idea does not sit well with one analyst, and another described retail space as an essential component of office redevelopments across the city.

Invitation Homes sees opportunities in Zillow's move to buy and sell homes: According to Invitation Homes Executive Vice President and Chief Investment Officer Dallas Tanner, Zillow's and Open Door's home buying and selling businesses will provide new channels for acquiring housing inventory, among other benefits.

Market prices and index values are current as of the time of publication and are subject to change.