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REIT Replay: Lucky Friday

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REIT Replay: Lucky Friday

The broader markets and real estate investment trusts saw gains Friday, Oct. 13, as investors bet on a strong earnings season.

The MSCI US REIT Index (RMZ) rose 0.23% to 1,176.12, and the SNL US REIT Equity Index increased 0.19% to 320.02. The Dow Jones Industrial Average jumped 0.13% to 22,871.72, while the S&P 500 gained 0.09% to end the day at 2,553.17.

CIM Group allegedly obtained a $110 million loan for its $171 million purchase of the 16 Court St. office tower in Brooklyn, N.Y., from SL Green Realty Corp., The Real Deal reported.

SL Green shares slipped 1.28% to close at $103.49.

JBG SMITH Properties is weighing a possible sale of the Commerce Executive Park development site in Reston, Va., which it acquired as part of its spinoff merger with Vornado Realty Trust's Washington, D.C., business, as well as another two-building property. The company enlisted CBRE to market the assets, according to the Washington Business Journal.

JBG SMITH shares ticked down 0.52% to close at $32.75.

CatchMark Timber Trust Inc. priced an offering of 4 million class A common shares at $12.35 per share. The company also detailed its $43.3 million deal to buy prime timberlands near Georgia's southeast coast and a completed $10.9 million acquisition of premier timberlands in southeastern South Carolina.

CatchMark shares dipped 5.21%, closing at $12.36.

Plymouth Industrial REIT Inc. plans to offer 1.8 million shares of its series A cumulative redeemable preferred stock. The company's operating partnership will use part of the proceeds to buy back common shares issued to Torchlight Investors LLC.

Plymouth Industrial shares inched up 0.05% to close at $18.27.

A joint venture between Gramercy Property Trust and TPG Capital paid $45 million to buy the five-story Northpointe office building in San Bernardino, Calif., from Founders Properties, according to Commercial Property Executive.

Gramercy shares increased 0.35%, closing at $31.10.

A City Office REIT Inc. unit secured a $47.0 million loan due Nov. 1, 2027, with a fixed annual interest rate of 3.78%. The loan is secured by a first mortgage and assignment of leases and rents at the company's newly acquired Mission City Corporate Center property in San Diego.

City Office REIT shares stayed flat at $13.34.

NorthWest Healthcare Properties REIT raised roughly C$143.8 million in its just-completed bought-deal equity offering of 13,133,000 trust units. The company will use the net proceeds mainly to help repay borrowings under its secured operating facility that was used to fund its acquisition of Generation Healthcare REIT.

NorthWest Healthcare shares edged 0.18% higher, ending the day at C$11.17.

Parkway Inc. closed its US$1.2 billion merger with a Canada Pension Plan Investment Board affiliate.

Now featured on S&P Global Market Intelligence

Data Dispatch: 67 SNL-covered real estate properties in fire-stricken California wine country: Eight SNL-covered real estate properties were near the perimeter of the Tubbs wildfire near Santa Rosa, Calif.

Data Dispatch: Canadian real estate companies raise C$2.2B in Q3'17: Chart Watch: The third quarter has been the most active for Canadian real estate capital markets activity this year, compared to the C$1.45 billion and C$2.02 billion raised during the first and second fiscal quarters, respectively.

The Week in US Real Estate: Columbia Property spends big in DC and NYC; Hyatt hacked: The Oct. 13 weekly news roundup in the North American real estate space also features executive moves and substantial property deals both on the horizon and on the books.

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