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REIT Replay: IPO again

The broader markets closed mixed and real estate investment trusts ended in the red Friday, May 26, after Plymouth Industrial revived its IPO plans and GEO Group clinched a pair of new federal prison contracts.

The MSCI US REIT Index (RMZ) ­fell 0.72% to 1,143.04 and the SNL US REIT Equity Index lost 0.64% to close at 311.44. The Dow Jones Industrial Average ticked down 0.01% to 21,080.28, while the S&P 500 gained 0.03% to end the day at 2,415.82.

Plymouth Industrial REIT Inc. announced after markets closed Thursday that it will issue 3,750,000 common shares in its revived IPO. The company, which gained approval to list its common stock on the NYSE MKT, expects the IPO to price at between $19.00 and $21.00 per share.

The Federal Bureau of Prisons awarded two contracts to GEO Group Inc. for 3,532 beds at the company's Big Spring correctional facility in Texas, according to federal notices Thursday. The federal agency also launched contract proposals for up to 9,540 beds, and a pair of Cannacord Genuity analysts said GEO and CoreCivic Inc. could be in the running to win the bids.

GEO shares declined 0.93% to close at $30.84, and CoreCivic shares slipped 0.92%, closing at $30.09.

FrontFour Capital Group LLC and Sandpiper Group proposed their own slate of three independent directors for election to Granite REIT's board, according to a Friday filing. The activist shareholders earlier in May called for a leadership change at Granite REIT, citing the board's failure to meet its self-imposed strategic goals, among other factors.

Granite REIT shares edged 0.27% higher to close at C$51.09.

Ventas Inc. after market close Thursday said it priced a private offering of C$275 million of series D senior notes due March 15, 2023, and will use part of the net proceeds to repay debt.

Ventas shares dipped 0.98%, closing at $66.58.

Summit Hotel Properties Inc. disclosed in a Thursday filing that it plans to sell up to $200.0 million of its common shares from time to time under its newly established at-the-market offering program. A Summit Hotel affiliate also was reported Thursday to have purchased the 261-room Courtyard Fort Lauderdale Beach hotel in Florida for about $82.9 million.

Summit Hotel shares climbed 0.50% to close at $18.04.

Extendicare Inc. announced after markets closed Thursday that Alan Torrie succeeded Ben Hutzel as new board chairman. Hutzel will remain a director, while Fred Waks relinquished his board seat at the company's annual shareholder meeting held the same day.

Extendicare shares rose 0.88% to close at C$10.33.

Pure Multi-Family REIT LP on Friday said Douglas Scott ceased to be a director of the company as of May 25. Scott had served on the board's audit committee since the company's 2012 IPO.

Pure Multi-Family REIT shares jumped 0.28%, closing at $7.07.

Investors Real Estate Trust on Friday announced that it ponied up $61.5 million to acquire a newly built 191-unit multifamily property in St. Paul, Minn.

Investors Real Estate shares slid 2.33% to close at $5.86.

Preferred Apartment Communities Inc. on the same day said it off-loaded an apartment property in Dallas for about $44.0 million, generating a roughly 15.6% average annualized return.

Preferred Apartment shares popped 0.83%, ending the day at $15.76.

Griffin-American Healthcare REIT IV Inc. disclosed Friday that it picked up a portfolio of five buildings containing 229 units in the St. Louis metro area for $31.8 million, plus closing costs. The properties are spread across Columbia, Millstadt, Red Bud and Waterloo, all in Illinois.

Now featured on S&P Global Market Intelligence

Conference Chatter: Retail entering decade of hyper-evolution, consultant says: At retail's big annual event this week in Las Vegas, a prominent industry consultant said in the not-too-distant future some brands' storefronts will have nothing to do with selling products.

Data Dispatch: Land & Buildings initiates 1 new REIT position, exits 3 in Q1'17: As of March 31, Land & Buildings held nine real estate investment trust and property company positions, valued at $314.0 million.

The Week in US Real Estate: Behind the bars; hitting the public trail: The May 26 weekly news roundup in the North American real estate space features a prison real estate investment trust winning two new federal contracts and a pair of companies going public.

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