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REIT Replay: Dow-ing it again

Real estate investment trusts and the broader markets extended their gains Thursday, Dec. 28, as the Dow Jones Industrial Average marked its 71st record close for 2017.

The MSCI US REIT Index (RMZ) rose 0.29% to 1,159.81, and the SNL US REIT Equity Index climbed 0.32% to close at 318.29. The Dow Jones Industrial Average rose 0.26%, closing at 24,837.51, while the S&P 500 closed 0.18% higher at 2,687.54.

Simon Property Group Inc. and Welltower Inc. established a strategic joint venture to incorporate a cancer-focused outpatient center at the former's The Shops at Mission Viejo property in California.

Welltower also secured an institutional investor for the seniors housing building that it is developing with Hines at 56th St. and Lexington Ave. in Manhattan, N.Y.

Simon Property shares rose 0.22% to $171.15, and Welltower shares added 0.71%, closing at $63.72.

AvalonBay Communities Inc. marked its entry into the Florida market with the $138 million acquisition of the 850 Boca apartment complex in Boca Raton from CC Residential and The Praedium Group, The Real Deal reported.

AvalonBay shares gained 0.81% to close the day at $178.58.

Seritage Growth Properties' operating partnership landed a $200 million unsecured term-loan facility due Dec. 31, 2018, to refinance an existing $200 million senior unsecured delayed-draw term-loan facility.

Shares of Seritage Growth jumped 2.73%, closing at $41.09.

Landmark Infrastructure Partners LP director Ronald Readmond died, whereby the company became noncompliant with a NASDAQ rule that requires listed companies to have an audit committee comprised of at least three independent directors.

Landmark Infrastructure shares increased 1.93% to close at $18.45.

Pennsylvania Real Estate Investment Trust named Lisa Most general counsel, chief compliance officer and company secretary, effective upon the retirement of Bruce Goldman on Jan. 9, 2018.

Pennsylvania REIT shares closed flat at $11.86.

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