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REIT Replay: Building pressure

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Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective

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Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

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Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

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Real Estate News & Analysis: May Edition


REIT Replay: Building pressure

Real estate investment trusts declined and the broader markets posted gains Monday, Aug. 7, as a mall REIT's management came under fire from an activist shareholder.

The MSCI US REIT Index (RMZ) slipped 0.10% to close at 1,162.06, and the SNL US REIT Equity Index fell 0.08% to end the day at 315.46. The Dow Jones Industrial Average added 0.12%, closing at 22,118.42, while the S&P 500 closed 0.16% higher at 2,480.91.

Taubman Centers Inc. activist shareholder Land & Buildings Investment Management LLC in a Monday letter called for management changes at the mall REIT, labeling the company's second-quarter financial results "abysmal."

"The time has come for all of you to reject management's repeated explanations and excuses for the horrible operating performance, development strategy and shareholder returns at Taubman," Jonathan Litt, Land & Buildings' founder and chief investment officer, said in the letter addressed to Taubman's independent directors.

Taubman shares rose 1.93% to end the day at $57.12.

Farmland Partners Inc. kicked off a public offering of series B participating preferred stock. The company said Monday that its operating partnership intends to use the net proceeds for future farmland acquisitions and for general corporate purposes.

Shares of Farmland Partners fell 0.34%, closing at $8.85.

DDR Corp. is offering an undisclosed amount of its notes to redeem all $300 million of its 7.875% notes due 2020, according to a Monday filing.

DDR shares gained 1.91% to close at $10.14.

Kimco Realty Corp. said Monday that it initiated an offering of an undisclosed amount of its depositary shares, with each share representing a 1/1,000 interest in a share of its class L cumulative redeemable preferred stock.

Shares of Kimco Realty put on 0.69%, closing at $20.46.

Equinix Inc. said Friday that it signed an equity distribution agreement for the sale of up to $750.0 million of its common shares in at-the-market offerings from time to time.

Equinix shares shed 0.30% to close at $444.23.

Douglas Emmett Inc. said Monday that it established an at-the-market offering program for up to $400.0 million of its common shares from time to time, with net proceeds earmarked for general corporate purposes.

Douglas Emmett shares declined 0.47% to close at $38.39.

Public Storage said Friday that it will fully redeem its outstanding depositary shares, which represent interests in the company's 5.750% series T cumulative preferred shares, on Sept. 28 for $462.5 million.

Shares of Public Storage lost 0.20% to close at $201.08.

Also on Friday, Terreno Realty Corp. said it signed equity distribution agreements to sell up to $200.0 million of its common shares from time to time in an at-the-market program.

Terreno Realty shares declined 1.18%, closing at $34.39.

Marriott International Inc. and Alibaba Group Holding Ltd. on Monday announced a joint venture that will cater to the overall "travel experience" of Chinese consumers.

Shares of Marriott closed 1.10% higher at $106.17.

David Werner and the Cohen family's Carlton Associates paid $510 million to acquire a portfolio of 11 multifamily properties across Louisiana, South Carolina, Tennessee and Georgia from AVR Realty Co. in an off-market transaction, The Real Deal reported Friday.

Earnings call coverage

GEO Group shares fall as immigration facility utilization drops: On an earnings call, management called the drop in utilization rates at the company's facilities contracted with U.S. Immigration and Customs Enforcement "temporary" and said the metric should normalize by year-end.

Now featured on S&P Global Market Intelligence

Data Dispatch: Prologis posts largest earnings beat in Q2 among 25 largest US REITs: Chart Watch: Of the 25 largest U.S. real estate investment trusts by market capitalization, 18 topped their second-quarter consensus earnings estimates, while seven fell short.

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