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REIT Replay: 1 step back

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M&A rebound sparks optimism for near-term deal activity

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Message in a (Word)Cloud

Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021


REIT Replay: 1 step back

The Dow Jones lost a bit of ground to end anine-consecutive-day winning streak Thursday, July 21. REITs, meanwhile, stoodfirm.

The MSCI US REIT Index (RMZ) traded up 0.19% to 1,256.45, andthe SNL US REIT Equity Index added 0.15% to finish at 335.64. The Dow JonesIndustrial Average lost 0.42% to close at 18,517.23, while the S&P 500 fell0.36% to end the day at 2,165.17.

RioCan RealEstate Investment Trust announced Thursday that it is poised togain full ownership of four Canadian properties it jointly owns with CanadaPension Plan Investment Board by buying out the latter's 50% stake in the assets for C$352million.

The deal, set to close before July-end, will expand RioCan'sfocus on Canada's core urban markets to about 77%, CEO Edward Sonshine said ina release. The company also detailed its planned and completed stakeacquisitions in certain other assets.

RioCan shares ticked up 0.20% to close at C$29.34.

In earnings news, SL Green Realty Corp. posted FFO attributable to common stockholders andnoncontrolling interests of $3.39 per share during the second quarter, up from$1.62 per share in the same period in 2015.

The year-over-year gain was fueled in part by the of Citigroup Inc.'sheadquarters, the company said after market close Wednesday.

SL Green shares climbed 2.01%, closing at $113.13.

Urstadt BiddleProperties Inc. announced after market close Wednesday that itpurchased theNewfield Green Shopping Center in Stamford, Conn., for roughly $45.3 million.

The company added that it launched an offering of 2,750,000class A common shares, with a 412,500-share overallotment option forunderwriters, and will use part of the net proceeds to help pay for borrowingsincurred in acquiring the Stamford shopping center. The offering at $23.70 per share,according to a Thursday release.

Urstadt Biddle shares fell 4.63% to $23.50.

LaSalle HotelProperties said after market close Wednesday that it the in a $165.0 million deal completed July 14. It also sold for $80.0 million ajunior mezzanine loan secured by equity interests in a pair of hotels in SantaMonica, Calif.

Part of the proceeds from both transactions went towardtrimming borrowings on the company's senior unsecured credit facility.

LaSalle Hotel shares edged 2.54% higher to close at $26.66.

EastGroupProperties Inc. disclosed in a Wednesday earnings release that itacquired a recentlyconstructed complex in Fort Worth, Texas, in a $32 million deal completedsubsequent to second quarter-end.

Also during the period, the company sold two land parcels inHouston and Dallas, and broke ground on a distribution facility in Fort Myers,Fla. It also expects to complete the sale of another Houston parcel in lateJuly.

EastGroup shares shed 1.37% to finish at $71.13.

Consolidated-Tomoka Land Co. disclosed after marketsclosed Wednesday that it is continuing with its current business plan thatincludes repurchasing stock under its 2015 share buyback program, increasingdividends and monetizing assets.

The decision follows a review of strategic options that included a sale of thecompany or some of its assets. The company noted that none of the potentialbuyout proposals it was presented with provided a "meaningfulpremium" for its stockholders.

Consolidated-Tomoka shares declined 2.51%, closing at $47.75.

WyndhamWorldwide Corp. said after market close Wednesday that an indirectunit of Wyndham Vacation Ownership issued $375 million of notes backed by vacationownership loans pursuant to a term securitization deal.

Wyndham shares posted a 1.50% gain, ending the day at $76.52.

On the macro front, the U.S. hotel sector mostly positive performancefor the week ended July 16, with ADR rising 3.4% to $128.12 and RevPARincreasing 1.9% to $99.33. Occupancy, meanwhile, dropped 1.4% to 77.5%,according to STR data.

Based on the Federal Housing Finance Agency's monthly houseprice index, house prices across the country rose 0.2% in May on a seasonally adjusted basis monthover month.

Meanwhile, the National Association of Realtors reportedthat existing-home sales nationwide in June came to a seasonally adjusted,annualized rate of 5.57 million, up 1.1% from a downwardly revised rate of 5.51 millionin May.

Now featured onS&P Global Market Intelligence:

Supply worrieswill continue for years, LaSalle execs say: Despite reports oftighter construction lending, there have been no reports of projects beingcanceled, President and CEO Mike Barnello said in a conference call.

SL Green execstrumpet leasing numbers in bold market assessment: On an earningscall, CEO Marc Holliday described a flourishing New York office market, insharp contrast with the more tenuous picture he presented in January.

Real EstateRundown: Data center delight, multifamily malaise: Analysts offeredanticipated themes and best bets going into second-quarter REIT earnings season.

The PropertyLedger: NorthWest Healthcare in C$142.7M deals for 2 Brazil hospitals; GramercyProperty buys German: The July 21 North American property newsroundup also features Four Corners Property Trust's $5.7 million purchase ofsix Pizza Hut restaurants and Empire State Realty Trust's lease renewal at theEmpire State Building.

The GuidanceReport: This roundup of recent guidance from real estate companiesincludes updates from Brandywine Realty and EastGroup Properties.

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