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REIT Replay: Pain and gain

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REIT Replay: Pain and gain

Real estate investment trusts slid further and the broader markets posted gains Friday, Aug. 11.

The MSCI US REIT Index (RMZ) fell 0.64% to 1,137.17, and the SNL US REIT Equity Index shed 0.55% to close the week at 309.13. The Dow Jones Industrial Average rose 0.07% to end the week at 21,858.32, while the S&P 500 closed 0.13% higher at 2,441.32.

Five Point Holdings formed a joint venture to acquire roughly 73 acres of commercial land in the Great Park neighborhoods in Irvine, Calif., from a unit of Broadcom Ltd. for roughly $443 million, according to a Thursday release.

Shares of Five Point declined 0.43% to end the day at $13.75.

Farmland Partners Inc. on Thursday announced the pricing of a public offering of its 6.00% series B participating preferred stock for gross proceeds of approximately $131.3 million.

Farmland Partners shares lifted 0.11% to close at $8.79.

Dream Office REIT said Thursday that it purchased and canceled 20,952,380 series A units for approximately C$440 million in the aggregate under its oversubscribed modified Dutch auction offer.

Shares of Dream Office added 0.20% to close at C$20.08.

American Homes 4 Rent said Thursday that it aims to offer up to $500.0 million of its class A common shares of beneficial interest in at-the-market offerings from time to time.

American Homes 4 Rent shares gave up 0.23% to close at $22.06.

Sentio Healthcare Properties Inc. said Thursday that its shareholders approved the company's planned all-cash merger with Kayne Anderson Real Estate Advisors affiliates at its special shareholder meeting Aug. 10.

Monogram Residential Trust Inc. said Thursday that it scheduled a special shareholder meeting for Sept. 14 to vote on its pending roughly $3.0 billion tie-up with a Greystar Real Estate Partners LLC-led fund.

Monogram Residential shares fell 0.25%, closing at $11.95.

Meanwhile, First Potomac Realty Trust shareholders will vote Sept. 26 on the company's planned $1.4 billion merger with Government Properties Income Trust, according to a Thursday release.

Shares of First Potomac fell 0.09% to $11.11 and Government Properties shares slipped 0.06%, closing at $18.13.

Nontraded companies Moody National REIT I Inc. and Moody National REIT II Inc. agreed to amend their merger agreement to provide that Moody National REIT II's operating partnership will now be the surviving partnership, according to separate Thursday filings.

Menlo Equities and Beacon Capital Partners LLC agreed to sell a three-building office portfolio in Santa Clara, Calif., to CBRE Global Investors LLC for $610 million in a deal set to close in early September, IPE Real Estate reported Thursday.

Columbia Property Trust Inc. is finalizing an agreement to purchase the 95%-occupied building at 1800 M St. NW in Washington, D.C., for up to $465 million, Bisnow reported Thursday.

Columbia Property shares dropped 0.09% to close at $21.11.

Tishman Speyer acquired the 140,000-square-foot Arboretum Courtyard office property in Santa Monica, Calif., from Blackstone Group LP for about $140 million, The Real Deal reported Thursday.

The former Lowe Enterprises Investment Management LLC, renamed Lowe, kicked off construction on its Culver City development, worth roughly $300 million, Commercial Property Executive reported Thursday.

The State Board of Administration of Florida acquired the six-building Orchard Commons research and development office park in north San Jose, Calif., from Lane Partners for $105 million, the Silicon Valley Business Journal reported Thursday.

Ventas Inc. CEO and Chairman Debra Cafaro joined the respective boards of PNC Financial Services Group Inc. and PNC Bank NA.

Shares of Ventas grew 0.23% to close at $64.95.

Digital Realty Trust Inc. on Friday announced the resignation of its COO, Jarrett Appleby, effective Sept. 15.

Digital Realty shares slid 0.91%, closing at $111.82.

Mizuho Securities USA LLC's Haendel St. Juste downgraded Starwood Waypoint Homes to "neutral" from "buy" and lowered the per-share price target on the company's stock to $38.00 from $41.00, following an announcement that the company and Invitation Homes Inc. agreed to merge in an all-stock deal to create a single-family REIT giant with a total enterprise value of approximately $20 billion.

St. Juste said in a Thursday note that he sees the surprise deal as a positive, given its promise of increased efficiency and cost-of-capital benefits in the long term.

Starwood Waypoint shares closed 0.68% higher at $35.59.

Now featured on S&P Global Market Intelligence

The Week in US Real Estate: 2 single-family REITs to tie the knot; OneREIT to go private: The Aug. 11 weekly news roundup in the North American real estate space also features a handful of M&A deals headed for stockholder votes, as well as more updates on shareholder activism and high-profile property transactions.

Data Dispatch: Invitation-Starwood deal creates a single-family rental giant: The merger would speed the transformation of the United States' fragmented single-family rental business from largely a "mom and pop" business into one backed by the institutional capital and confidence of Wall Street, observers say.

Data Dispatch: 231 SNL-covered US properties impacted by Teavana closures: Simon Property Group owns a stake in 74 affected properties, the largest exposure among SNL-covered companies.

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