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REIT Replay: Markets, REITs end Friday on a high


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REIT Replay: Markets, REITs end Friday on a high

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.

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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.

Now featured on S&P Global Market Intelligence

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.

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