Real estate investment trusts closed essentially flat and the broader markets slid further Thursday, March 1, as the Trump administration said it will set stiff tariffs on steel and aluminum imports.
Diversified REIT Colony NorthStar Inc. slashed its quarterly dividend to 11 cents per share from 27 cents per share, with President and CEO Richard Saltzman saying that having "reset the dividend to approximate expected taxable income and net cash flow," the company expects to be able to increase its payout in the future.
Colony NorthStar shares plunged 22.88% to end the day at $6.00.
Fannie Mae signed a lease agreement for 850,000 square feet of about 1.0 million square feet to be built at office REIT Boston Properties Inc.'s Reston Gateway project in Reston, Va. Fannie Mae plans to occupy the space in 2022.
Shares of Boston Properties ticked down 0.73%, closing at $118.00.
An SL Green Realty Corp. joint venture agreed to sell a 3-acre development site at 175-225 3rd St. in Brooklyn, N.Y., for $115.0 million in a deal expected to close in the first quarter. The transaction will generate roughly $70.0 million in net proceeds for the office REIT.
SL Green shares fell 0.26% to close at $96.67.
City Office REIT Inc. and Getty Realty Corp. issued their respective earnings outlook for the full year 2018. City Office expects core funds from operations per share in a range of $1.08 to $1.13, while single tenant-focused retail REIT Getty Realty expects adjusted FFO per share between $1.68 and $1.74.
Shares of City Office REIT rose 4.78% to $10.52 and Getty Realty shares added 5.38% to close at $24.87.
Office REIT New York REIT Inc., which is liquidating, said it is under contract to sell or has sold all its properties apart from the Viceroy Hotel, the property at 33 W. 56th St. and the remaining 50.1% interest in Worldwide Plaza.
New York REIT shares closed 3.23% higher at $2.24.

Earnings call coverage
Colony NorthStar execs detail troubles in multiple portfolios, platforms: In a conference call, company leaders said they expect to raise little capital through retail channels, and plan to move away from healthcare and hospitality real estate — previously major areas of investment.
Colony NorthStar's Barrack '100% focused' after dividend cut: The real estate investment trust has engaged Morgan Stanley as a financial adviser to help it simplify its business, executives said in an earnings conference call.
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