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REIT Replay: Free climbin'


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According to Market Intelligence, December 2022


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REIT Replay: Free climbin'

Real estate investment trusts and the broader markets continued to rise Thursday, Oct. 5, as the S&P 500 saw its longest run of record closes in 20 years.

The MSCI US REIT Index (RMZ) rose 0.37% to 1,160.96, and the SNL US REIT Equity Index lifted 0.32% to close at 316.12. The Dow Jones Industrial Average put on 0.50%, closing at 22,775.39, while the S&P 500 closed 0.56% higher at 2,552.07.

Brookfield Property Partners LP is considering shedding a stake in its office properties in the northeastern U.S. that could value the portfolio at up to $10 billion, Reuters reported Wednesday.

Brookfield Property shares fell 0.20% to end the day at C$29.51.

Xenia Hotels & Resorts Inc. bought two Arizona hotels from Hyatt Hotels Corp. for $305 million and paid $105 million for a Virginia hotel, according to separate Wednesday releases.

Shares of Xenia Hotels rose 0.81% to $21.12 and Hyatt Hotels shares added 1.07% to close at $61.39.

Columbia Property Trust Inc. is set to acquire two office properties in Manhattan, N.Y.'s Chelsea neighborhood from New York REIT for $550 million, The Real Deal reported Wednesday.

Columbia Property shares declined 0.93% to $21.35 and New York REIT shares lifted 0.26%, closing at $7.86.

Facebook Inc. will build a $1 billion data center in eastern Henrico County, Va., with the facility's first phase expected to encompass roughly 970,000 square feet, the Richmond (Va.) Times-Dispatch reported.

Menlo Equities LLC is targeting $1.20 billion for its first perpetual life real estate fund, which will focus on offices, biotech buildings, data centers and light industrial assets across the U.S., IPE Real Assets reported Thursday.

HSBC and Edge Fund Advisors are seeking approximately $445 million from the sale of a 48% stake in the office portion of the 909,000-square-foot commercial property at 1540 Broadway in Times Square in Manhattan, N.Y., The Real Deal reported Wednesday.

CBRE Group Inc. said Thursday that it agreed to acquire Balfour Beatty LLC's project management and design engineering subsidiary, Heery International Inc., for about $57 million.

CBRE Group shares put on 0.31% to close at $38.75.

Pure Industrial Real Estate Trust said Wednesday that it closed roughly C$192.3 million worth of property acquisitions and completed a C$150 million unsecured term loan facility.

Shares of Pure Industrial ticked down 0.31% to close at C$6.48.

In keeping with the company's asset-light strategy, Red Lion Hotels Corp.'s board gave the nod for the listing for sale of 11 of the company's remaining 18 hotels, according to a Thursday release.

Red Lion shares surged 2.94%, closing at $8.75.

Washington Prime Group Inc. Executive Vice President and COO Butch Knerr stepped down, with the company saying Wednesday that it will not fill the vacated position, as part of its streamlining effort.

Washington Prime shares closed 1.33% higher at $8.41.

On the macro front, STR data showed that U.S. hotels recorded positive performance for the week ended Sept. 30, with revenue per available room, average daily rate and occupancy registering year-over-year growths.

A report by RealPage Inc. showed that U.S. apartments logged moderate rent growth in the third quarter, with new lease effective rents ticking up 0.9% during the quarter and 2.6% annually.

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