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GGP logs 2017 results; JBG selling 2 properties in Reston, Va.

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GGP logs 2017 results; JBG selling 2 properties in Reston, Va.

Commercial real estate

* GGP Inc. reported fourth-quarter 2017 funds from operations of roughly $465.2 million, or 48 cents per share, a 12.9% increase in the aggregate from roughly $412.2 million, or 43 cents per share, in the comparable 2016 period.

For the full year, the company posted a 2.0% year-over-year increase in FFO. In the aggregate, results totaled $1.50 billion, or $1.57 per share, compared with $1.47 billion, or $1.53 per share.

* JBG SMITH Properties is selling two properties in Reston, Va., according to Real Estate Alert. Meridian Group is paying roughly $122 million for the three-building, 408,000-square-foot Commerce Metro Center that is 87% occupied.

In the second deal, Brookfield Asset Management Inc. is paying roughly $95 million for the fully occupied 291,000-square-foot Summit 1&2 complex.

JBG also placed the 232,000-square-foot Bowen Building, two blocks from the White House in Washington, D.C., on the market, with the asset expected to receive offers of roughly $135 million, Real Estate Alert reported. The office property is 86% occupied but law firm Paul Hastings is slated to move out in 2020, which would slash occupancy to roughly 30%.

* AvalonBay Communities Inc. is looking sell the 472-unit Avalon Blue Hills apartment complex in Randolph, Mass., according to Real Estate Alert. The suburban Boston property, which is 96% occupied, is expected to receive bids of roughly $130 million.

* WeWork Cos. signed a 15-year lease for 122,000 square feet at Abner Properties' 154 W. 14th St. building in Manhattan, N.Y., The Real Deal reported, citing unnamed sources. The 12-story property spans 166,000 square feet. WeWork has been showing the space to large tenants who could occupy all or a portion of the space, the report noted, citing unnamed sources familiar with the process.

* Solow Properties expects a total sales price of $551 million for its 148 condominiums at the 685 First Ave. skyscraper in Manhattan, The Real Deal reported, citing records with the New York State Attorney General's office. The 42-story building will also house 408 rental units and ground-floor retail space.

* The Bronx borough of New York City saw both the per-unit and per-square-foot prices for multifamily properties increase by 7% in 2017, The Real Deal reported, citing Ariel Property Advisors. The report noted that prices in the Bronx notched the highest gains among New York City submarkets.

The borough's sales volume for 2017 came in at $2.17 billion, slipping 2% from 2016. The report noted that the decline was not as steep as in other places.

* County commissioners in Miami-Dade approved a rule that specifies that a planned courthouse in downtown Miami would have to span 600,000 square feet across 26 floors, with at least 46 finished courtrooms at completion and 50 courtrooms by 2035, among other conditions set out under a masterplan from 2017, The Real Deal reported.

The county plans to put the present courthouse building up for sale and will invest $361 million into developing the new one as part of a public-private venture.

* The former National Guard Armory building in San Francisco's Mission district was acquired by SF Armory LLC, an entity affiliated with Chicago developer Benjamin Weprin, for $65 million, the San Francisco Business Times reported, citing a deed filed with the city. The 1800 Mission St. property spans 200,000 square feet.

* Deerfield Development Resources and other property owners are seeking a rezoning of an 8.4-acre site to residential use to make way for 326 mid-rise units at the Pennell's Marine marina in Deerfield Beach, Fla., the South Florida Business Journal reported, citing the city's staff report. The Planning and Zoning Board is slated to hear the application March 1, the report noted, citing Steve Graham, assistant director of planning and development services in Deerfield Beach.

The property houses the marina, some single-family homes, small apartment buildings and vacant land.

After the bell

* UDR Inc. reported FFO attributable to common stockholders and unit holders for the 2017 fourth quarter of $137.0 million, or 46 cents per share, a decline in the aggregate from $138.5 million, or 47 cents per share, in the 2016 fourth quarter.

Housing

* Wynne/Jackson is planning a $300 million project with more than 1,000 homes in Forney, Texas, in partnership with RAM Real Estate Capital, The Dallas Morning News reported. The Overland Grove residential community will be developed across 336 acres. Landmark Bank provided construction financing for the first phase of the project and the first buildings on the site are expected to be delivered in March 2019.

The report noted that homebuilders Taylor Morrison Home Corp. and CalAtlantic Homes have contracted to acquire all 327 home sites in the project's first phase.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng fell 0.89%% to 30,323.20, while the Nikkei 225 climbed 0.16% to 21,645.37.

In Europe, around midday, the FTSE 100 was up 0.69% at 7,190.61 and the Euronext 100 had risen 0.65% to 1,003.85.

On the macro front

The MBA Mortgage Applications report and the EIA Petroleum Status report are due out today.

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