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Cuffing season; lumps of coal


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Cuffing season; lumps of coal

S&P Global Market Intelligence offers our top picks of U.S. real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

Cuffing season

* Global Net Lease closed its $3.1 billion acquisition of ARC Global Trust II Inc. on Dec. 22.

Shareholders of both companies approved the transaction Dec. 20. The combined entity continues to trade under the ticker GNL.

* In a hard-won victory for company management, Colony Capital Inc., NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp. won shareholder approval Dec. 20 for their merger, after a lawsuit settlement with reluctant investors.

The combined entity will be called Colony NorthStar Inc. and will include executives from all three entities. The merger is expected to close in January 2017.

* Regency Centers Corp. and Equity One Inc. said they will each hold special meetings in 2017 at which shareholders will vote on the companies' proposed merger.

The transaction would create a shopping center REIT with a $15.6 billion total market capitalization.

* Farmland Partners Inc. and American Farmland Co. also scheduled shareholder votes for their proposed merger, to take place at separate special meetings Jan. 31, 2017.

The stock-for-stock transaction would create the largest public farmland REIT.

* Shareholders of Eldorado Resorts Inc. and Isle of Capri Casinos Inc. will vote on Eldorado's $1.7 billion acquisition of Isle of Capri on Jan. 25, 2017.

Lumps of coal

* Land & Buildings Investment Management LLC said humbug to Brookdale Senior Living Inc.'s recent strategic direction, calling on the company to sell its senior living properties and renegotiate deals with its REIT landlords.

Brookdale said it is "carefully evaluating" the Land & Buildings letter.

* Sessa Capital (Master) LP, which earlier in 2016 lost a battle to unseat Ashford Hospitality Prime Inc.'s board, had its appeal of the federal court ruling on the matter denied.

Old acquaintance be forgot

* Affiliates of Blackstone Group LP, Centerbridge Partners LP and Paulson & Co. Inc. sold paired shares of Extended Stay America Inc. and ESH Hospitality, giving up majority control of the hotelier.

* New York REIT said its board chose Winthrop REIT Advisors LLC as its new external adviser over 13 competitors.

Wendy Silverstein will lead the new external adviser. Winthrop is to start in its role Jan. 3, 2017, but New York Recovery Advisors LLC agreed to continue as adviser through March 31, 2017, to facilitate a smooth transition.

Under the tree

* Boyd Gaming Corp. purchased two Las Vegas Casino properties for $230 million after securing the required regulatory approvals.

* Pebblebrook Hotel Trust closed the $217.5 million sale of the 618-room Manhattan NYC hotel in New York City.

* HCP Inc. acquired 10 medical office buildings from Community Health Systems Inc. in a $163 million sale-and-leaseback transaction.

* Representatives of the noteholders in Vornado's Skyline office park in Fairfax County, Va., bought the property for $200 million after an auction turned up no other bidders.

Featured during the week on S&P Global Market Intelligence

Host Hotels CEO's replacement raises questions, and M&A hopes: Ed Walter, president and CEO of the company since 2007, was perceived by some investors as too risk-averse, while his replacement, James Risoleo, is largely unknown to many.

Q&A: Hotel analyst mulls Airbnb, Expedia and how Hilton can be more like Pepsi: Robert W. Baird analyst David Loeb, who is leaving sell-side research after more than two decades, spoke with S&P Global Market Intelligence about the ways the lodging industry has changed, and the ways it still could.

Q&A: Hotel REITs are overdue for M&A, Baird analyst Loeb says: In the second part of a conversation with S&P Global Market Intelligence upon his departure from sell-side research, Robert W. Baird analyst David Loeb said lodging REITs have been slower than those in other sectors to benefit from consolidation.

Data Dispatch: US REITs' capital-raising activity up 9.4% YOY through Dec. 15: During the first half of December, U.S. equity REITs raised approximately $1.77 billion through capital offerings.