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REIT Replay: Payout hike

Real estate investment trusts and the broader markets returned to the black Thursday, Dec. 7, as several real estate companies announced increases to their respective dividends.

The MSCI US REIT Index (RMZ) rose 0.26% to 1,155.50, and the SNL US REIT Equity Index climbed 0.38% to close at 317.64. The Dow Jones Industrial Average and S&P 500 each added 0.29%, closing at 24,211.48 and 2,636.98, respectively.

NY Residential REIT LLC, which aims to acquire residential properties in Manhattan, N.Y., said Thursday that it is relaunching its IPO under the newly revised Regulation A rules commonly referred to as Regulation A+.

Hines Global Income Trust Inc. commenced a public offering of up to $2.50 billion of its common shares. The company will elect to be treated as a REIT.

National Storage Affiliates Trust on Thursday priced a public offering of up to 5 million common shares for about $127.5 million in gross proceeds. The offering, set to close on or about Dec. 11, comes with a 30-day option for the underwriters to acquire up to 750,000 additional shares.

National Storage shares sank 4.58% to end the day at $25.42.

NorthStar Real Estate Income and NorthStar Real Estate Income II Inc. scheduled special shareholder meetings for Jan. 18, 2018, to vote on the companies' planned merger with Colony NorthStar Inc.'s select portfolio of assets and liabilities.

Colony NorthStar shares lost 0.25%, closing at $12.12.

American Tower Corp. said Thursday that its board approved a repurchase program for up to $2.00 billion of the company's common stock and declared a quarterly cash distribution of 70 cents per share.

Shares of American Tower rose 1.53% to close at $143.97.

Universal Health Realty Income Trust, CoreSite Realty Corp., Brandywine Realty Trust, W. P. Carey Inc. and Allied Properties REIT increased their respective regular dividends, while New York REIT announced a cash liquidating distribution of $1.00 per share.

Universal Health is increasing its quarterly dividend by 0.5 cent to 66.5 cents per share, CoreSite raised its fourth-quarter dividend 8.9% to 98 cents per common stock, Brandywine boosted its quarterly payout 12.5% to 18 cents per common share and operating partnership unit, W. P. Carey hiked its quarterly cash dividend to $1.01 per share, while Allied Properties lifted its monthly cash distribution to 13 Canadian cents per unit from 12.75 cents apiece.

Universal Health shares increased 2.39% to $73.98; CoreSite shares added 2.65% to $115.08; Brandywine shares lifted 2.14% to $17.46; W. P. Carey shares gained 0.63% to $70.51; Allied Properties shares fell 0.10% to C$41.91; and New York REIT shares gave up 1.01% to close at $4.91.

Howard Hughes Corp. added Beth Kaplan, a managing member at Axcel Partners, to its board of directors, while Condor Hospitality Trust Inc. named Benjamin Wall to its board, replacing Mark Linehan, who resigned.

Howard Hughes shares gained 0.94% to $126.20 and Condor Hospitality shares closed 2.04% higher at $10.00.

Park Hotels & Resorts Inc. said Wednesday that two directors resigned from its board. Robert Harper and Tyler Henritze had joined Park Hotels' board as a result of a stockholder agreement between the company and affiliates of Blackstone Group LP.

Park Hotels shares ticked up 0.25% to close at $28.45.

A joint venture between PGIM Real Estate and Talon Private Capital sold the 301,000-square-foot 8th + Olive office building in Seattle to a Morgan Stanley unit for $186 million, IPE Real Assets reported Thursday.

On the macro front, STR data showed that U.S. hotels logged positive performance for the week ended Dec. 2, with year-over-year growth in revenue per available room, average daily rate and occupancy.

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