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REIT Replay: Markets tumble amid Italian turmoil; REITs hold steady

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REIT Replay: Markets tumble amid Italian turmoil; REITs hold steady

The Dow Jones Industrial Average and the S&P 500 plunged Tuesday, May 29, amid investor fears of potential economic instability following political turmoil in Italy, while real estate investment trusts barely budged.

MGM Growth Properties LLC plans to sell the real estate and operations of its Empire City Casino in Yonkers, N.Y., for roughly $850 million to MGM Resorts International. The casino REIT also will buy developed properties connected with the casino from MGM Resorts and lease them back to an MGM Resorts unit for roughly $625 million. The transactions are slated to close during the first quarter of 2019.

MGM Growth shares rose 1.06% to close at $29.69.

Looking to exit the London, Ontario, market, RioCan Real Estate Investment Trust launched a formal process to sell its 10 shopping centers in the area, according to CoStar Group, citing broker RBC Capital Markets.

RioCan shares dropped 1.17%, closing at C$23.58.

Retail REIT Seritage Growth Properties added former Wells Fargo Bank and 724 Solutions Inc. executive Sharon Osberg as an independent trustee, effective May 29.

Seritage Growth shares slipped 1.38% to close at $42.15.

Plymouth Industrial REIT Inc. fully repaid its outstanding mezzanine debt held by Torchlight Investors LLC ahead of its October 2023 due date. The industrial REIT used proceeds from its $35.7 million senior secured term loan to pay down the debt.

Plymouth Industrial shares jumped 5.89% to close at $16.89.

Essential Properties Realty Trust Inc. filed its IPO plans with the SEC, with a proposed offering price of up to $100.0 million. The single-tenant net-lease real estate company plans to seek REIT status and trade its common shares on the NYSE under the EPRT ticker.

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