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REIT Replay: Rate for it

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REIT Replay: Rate for it

REITs tumbled and the broader markets posted gains Wednesday, Feb. 1, as Federal Open Market Committee policymakers voted to hold the Federal Reserve's key rate at its current target range.

The MSCI US REIT Index (RMZ) slid 1.26% to 1,131.09 and the SNL US REIT Equity Index declined 1.18% to end the day at 302.22. The Dow Jones Industrial Average edged up 0.14% to 19,890.94, while the S&P 500 gained 0.03% to close at 2,279.55.

Invitation Homes Inc., the single-family rental subsidiary of Blackstone Group LP, on Tuesday priced its IPO of 77.0 million common shares at $20.00 apiece. According to the company, the shares will be listed on the NYSE starting Feb. 1 under the ticker symbol INVH.

Farmland Partners Inc. and American Farmland Co. gained approvals from their respective shareholders for the companies' proposed merger, expected to close Thursday, according to a Tuesday statement.

Farmland Partners shares went up 0.44% to $11.41 and American Farmland shares spiked 3.22% to $8.65.

In property news, Paramount Group Inc. struck a deal to off-load the 647,000-square-foot Waterview office building in Rosslyn, Va., to an undisclosed buyer for $460 million, according to a Wednesday statement.

Shares of Paramount Group fell 1.44% to close at $16.45.

Columbia Property Trust Inc. said Tuesday that it is exiting the Cleveland market with the sale of the Key Center Tower complex to Millennia Housing Development Ltd. for a gross sales price of $267.5 million.

Columbia Property shares rose 1.08%, closing at $22.49.

W. P. Carey Inc. said Wednesday that it promoted interim CFO ToniAnn Sanzone to CFO.

W. P. Carey shares ticked down 1.07% to close at $61.28.

Equity Residential and Boston Properties Inc. reported their latest financial results Tuesday.

Equity Residential shares fell 1.43% to $59.90 and Boston Properties shares shed 1.25%, closing at $129.27.

Also on Tuesday, Brandywine Realty Trust detailed its recent transaction activity and said it narrowed its 2017 funds from operations guidance to a per-share range of $1.35 to $1.42 from a prior range of $1.35 to $1.45 per share.

Shares of Brandywine Realty Trust went down 0.62%, closing at $16.00.

Apartment Investment and Management Co. said Tuesday that its board declared a cash dividend of 36 cents per class A common share for the 2016 fourth quarter, up 9% from the 2015 fourth-quarter payout.

AIMCO shares lost 1.91% to close at $43.23.

Jane DeFlorio, who previously held executive roles at Deutsche Bank Securities and UBS, joined DDR Corp.'s board, according to a Tuesday release.

DDR shares dropped 1.05%, closing at $15.02.

Everest REIT Investors I LLC and Everest REIT Investors II LLC launched a cash tender offer for up to 9,260,000 shares of KBS Real Estate Investment Trust Inc.'s common stock at $2.56 per share, according to a Wednesday filing.

On the macro front, the Mortgage Bankers Association reported that mortgage applications for the week ended Jan. 27 declined 3.2% from a week prior on a seasonally adjusted basis.

Earnings call coverage

Equity Residential scrambles to attract New York tenants, execs say: The city's apartment market is "one of the most undisciplined," as landlords offer multiple months of free rent amid a flood of new supply, Equity Residential's COO said in an earnings conference call.

Boston Properties on potential tax reform impact: Too early to tell: On an earnings call, executives addressed the impact the new administration and new Congress is having on their operations.

Now featured on S&P Global Market Intelligence

Data Dispatch: In echo of '07, REITs back away from multifamily: After a long climb in the value of multifamily properties, REITs sold off apartment buildings in 2016 at a pace not seen in nearly a decade.

The Property Ledger: City Office REIT buys Dallas office tower; Gladstone sheds NJ industrial asset: The Feb. 1 edition of the North American property news roundup also features Global Medical REIT's roughly $103.5 million worth of planned and completed acquisitions and Consolidated-Tomoka's Florida purchases.

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