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REIT Replay: Markets end rocky trading week in the red

The Dow Jones Industrial Average and the S&P 500 failed to recover from steep losses Friday, March 23, as investor concerns about a potential trade war escalated. Real estate investment trusts also traded lower.

Diversified REIT Forest City Realty Trust Inc. decided to stay as a stand-alone company and revamp its board after turning down a $25.00-per-share cash buyout proposal it received March 13. The decision caps off a strategic review that the company launched in September 2017 amid shareholder pressure.

Forest City shares plunged 6.44% to close the day at $19.90.

Xenia Hotels & Resorts Inc. plans to fully opt out of Maryland's Unsolicited Takeover Act, including a provision governing director vacancies. The lodging REIT is recommending that shareholders approve the proposal at its May 22 annual meeting.

Shares of Xenia Hotels fell 1.63% to $19.34.

Iron Mountain Inc.'s art-storage unit Crozier Fine Arts Inc. paid an undisclosed sum to buy out Artex Fine Art Services. The storage and information management REIT said the acquisition includes Artex's customer relationships and five facilities across the U.S., as well as more than 160,000 square feet of space.

Iron Mountain shares dropped 2.37% to $30.89.

Driven in part by the company's strong competitive market edge in supply-constrained West Coast office markets, Fitch Ratings affirmed Hudson Pacific Properties Inc.'s BBB- issuer default ratings, with a stable outlook.

Hudson Pacific shares lost 1.69%, ending the day at $31.47.

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Data Dispatch: Most US REITs top Q4'17 earnings forecasts: All publicly traded real estate investment trusts in the industrial and self-storage sector surpassed their fourth-quarter consensus earnings estimates, while 69.2% of diversified REITs missed their consensus earnings estimates.

Data Dispatch: US REIT capital markets activity drops 39% YTD: Chart Watch: U.S. real estate investment trusts completed four capital offerings in the first half of March totaling $813 million, excluding offerings by existing shareholders.

The Week in US Real Estate: Forest City decides against sale; report points to sweetened offer for GGP: The March 23 weekly news roundup in the North American real estate space also features more updates on shareholder activism and large property transactions.

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