The Dow Jones Industrial Average and the S&P 500 closed higher Thursday, March 29, the last trading day of the week, while real estate investment trusts ended in the red. Philadelphia Federal Reserve President Patrick Harker, speaking to a business group, predicted that inflation will trend higher than expected at about 2.6% in 2018.
Diversified real estate company Forest City Realty Trust Inc. said after market close March 28 that it closed the sale of Brooklyn, N.Y., apartment property 461 Dean Street for $156 million. Net proceeds to the company are expected to be $150 million.
Forest City shares added 0.25% to close at $20.26.
Prison-focused real estate investment trust GEO Group Inc.'s U.K. transportation joint venture, GEO Amey PECS Ltd., entered into an eight-year contract with the Scottish Prison Service to provide court custody and prisoner escort services in Scotland. The contract goes into effect Jan. 26, 2019.
GEO Group shares ticked up 0.24% to $20.47.
Diversified real estate company Kennedy-Wilson Holdings Inc. and joint venture partner Takenaka Corp. leased all 20 floors of 430 California St. in San Francisco to co-working space operator WeWork, which will be the property's sole tenant.
Kennedy-Wilson shares fell 0.57% to close at $17.40.
On the data front, STR reported that U.S. hotels logged increases in revenue per available room, average daily rate and occupancy for the week ended March 24. Reis Inc. reported that the U.S. office vacancy rate moved up to 16.5% at the end of the first quarter, compared to 16.4% at the end of 2017 and 16.3% in the year-ago first quarter.
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