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REIT Replay: Markets edge higher in advance of US-North Korea summit

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REIT Replay: Markets edge higher in advance of US-North Korea summit

The Dow Jones Industrial Average and the S&P 500 rose slightly ahead of a historic summit between the U.S. and North Korea, while real estate investment trusts were little changed Monday, June 11.

Pebblebrook Hotel Trust again increased its buyout offer for fellow lodging REIT LaSalle Hotel Properties to an implied price of $37.80 per common share. Pebblebrook's latest bid reflects a 13% premium over the $33.50-per-share price in the deal reached between LaSalle and a Blackstone Group LP affiliate.

Pebblebrook shares slid 1.14% to close at $39.98. LaSalle Hotel shares increased 0.23% to close at $35.27.

VEREIT Inc. agreed to pay $90 million to settle a case filed against it by Vanguard Specialized Funds over the single-tenant REIT's financial disclosures in October 2014 and March 2015.

VEREIT shares climbed 0.28% to close at $7.20.

On the IPO front, Essential Properties Realty Trust Inc. expects to offer 32.5 million common shares at a price of $14 to $17 apiece, for estimated net proceeds of between $455 million and $552.5 million. The primarily single-tenant net-lease real estate company said the net proceeds from the IPO could reach as much as $635.7 million if the underwriters' overallotment option is exercised.

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REITWeek 2018 coverage

Conference Chatter: REIT discounts maybe not so deep — or unjustified: At REITWeek, industry players debated if steeply discounted real estate investment trusts are more fairly valued than people think.

Now featured on S&P Global Market Intelligence

Data Dispatch: 5 US equity REITs identified as share-repurchase candidates in 2018: The REITs identified by S&P Global Market Intelligence are levered below the median for their respective property sectors, trade at discounts of more than 10% to net asset value and have not executed or announced share-repurchase plans recently.

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