Real estate investment trusts and the broader markets stretched their gains Friday, Feb. 16, with the S&P 500 logging its best weekly performance in five years.
Data center REIT Digital Realty Trust Inc.'s 2017 fourth-quarter funds from operations per share totaled $1.48, compared to $1.58 a year ago. The company's full-year 2017 FFO per share fell to $5.65 from $5.67 in 2016.
Shares of Digital Realty slid 3.08%, closing at $102.20.
Specialty REIT Iron Mountain Inc. logged 2017 fourth-quarter normalized FFO of 53 cents per share, up from 50 cents per share a year ago. For full year 2017, normalized FFO rose to $2.13 per share from $1.98 per share in 2016.
Iron Mountain shares declined 1.63% to close at $33.17.
Shopping center REIT Cedar Realty Trust Inc. struck a deal with activist shareholder Snow Park Capital Partners LP under which the company will look for a new independent director to stand for election at its annual shareholder meeting.
Cedar Realty shares rose 1.23% to end the day at $4.13.
Office REIT Columbia Property Trust Inc. sold an additional 22.5% interest in University Circle and 333 Market St. in the San Francisco Bay Area to Allianz, its joint venture partner, for $235.3 million. The company also acquired 149 Madison Ave. in New York City for $87.7 million during the fourth quarter of 2017.
Columbia Property shares gained 2.07%, closing at $21.73.
Hotel REIT Ashford Hospitality Prime Inc. will spend $171 million to purchase the 266-room Ritz-Carlton Sarasota hotel in Florida and $9.7 million to snap up an adjacent 22-acre vacant land plot.
Ashford Prime shares fell 0.99% to close at $9.04.
Washington Real Estate Investment Trust appointed Paul McDermott board chairman, effective May 31, replacing Charles Nason.
Washington REIT shares closed 0.11% higher at $26.60.
Earnings call coverage
High asset pricing pushing Digital Realty to explore more sales: Executives on an earnings call described a highly competitive, capital-rich market and left open the prospect of a more aggressive approach to property sales.
Most of DDR's hurricane-battered tenant base in Puerto Rico is paying rent again: As of January-end, 85% of the company's leased space on the island was back online and 92% of the tenants open for business were paying rent, the company's chief operating officer said on an earnings call.
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The Week in US Real Estate: 2 Canadian REITs to combine; Wyndham to exit European rental biz: The Feb. 16 weekly news roundup in the North American real estate space also features companies reporting their latest earnings and more updates on the property front.
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