The Dow Jones Industrial Average shed over 1,000 points and the S&P 500 also tumbled on investor fears of increasing inflation Monday, Feb. 5, while real estate investment trusts closed deep in the red.
The DJIA plummeted 4.60% to 24,345.75, and the S&P 500 plunged 4.10% to 2,648.94. The SNL US REIT Equity Index fell 2.71%, to 291.18, while the MSCI US REIT (RMZ) dropped 3.03% to 1,041.35.
Retail-focused Wheeler Real Estate Investment Trust Inc. is looking to secure the services of a third-party adviser to help it conduct a strategic review to maximize shareholder value, in the wake of a slew of changes to its management structure, including the termination of Chairman, President and CEO Jon Wheeler.
Wheeler shares gained 0.76%, closing at $5.27.
VICI Properties Inc. closed its upsized IPO of 69,575,000 shares at $20.00 per share, for gross proceeds to the leisure and entertainment-focused REIT of roughly $1.39 billion.
Office REIT Workspace Property Trust withdrew its plans for an approximately $500 million IPO, assuming pricing at the midpoint of its suggested per-share range, citing market conditions, but said it could still conduct a private offering in the future.
HCP Inc. Executive Chairman Mike McKee is retiring, effective March 1. Lead independent director Dave Henry will replace McKee and will act as nonexecutive chairman. McKee is also slated to step down from the healthcare REIT's board of directors at its annual meeting April 26.
HCP shares slid 2.56% to close at $23.25.
Industrial REIT Duke Realty Corp. welcomed Realty Income Corp. CEO and Director John Case and former Walmart executive Chris Sultemeier to its board of directors.
Duke Realty shares declined 4.37% to close at $25.61.
Now featured on S&P Global Market Intelligence
Data Dispatch: US real estate ETFs log net outflows of $1.1B in January: As of Jan. 31, the S&P 500 outperformed U.S. real estate exchange-traded funds, with 5.73% and 26.41% one-month and one-year total returns, respectively.
Real Estate Rundown: Amazon HQ could stretch housing markets, boost apartment rents: The company's decision on the site of its second headquarters will likely benefit apartment landlords, including real estate investment trusts, to a potentially dramatic degree, observers said.
Market prices and index values are current as of the time of publication and are subject to change.
