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REITs dipped slightly in April, but the industry continued to outpace the broader market on a year-to-date basis.
The total returns of the FTSE/NAREIT All REIT Index fell 1.7 percent in April, while the S&P 500 Index added 0.4 percent. Through the end of April, the total returns of the FTSE/NAREIT All REIT Index were 4.1 percent, while the S&P 500 Index was 1.7 percent higher. The yield on the 10-year Treasury note was 0.5 percent lower during the first four months of the year.
Cousins Properties Inc. (NYSE: CUZ) and Parkway Properties, Inc. (NYSE: PKY) said April 29 that they have agreed to a stock-for-stock merger valued at approximately $ 1.95 billion. The transaction also involves the spinoff of the Houston-based assets of both companies into a new publicly traded REIT.
As Ramco-Gershenson Properties Trust (NYSE:RPT) nears its 20th anniversary as a publicly traded REIT in May, the shopping center owner continues to grow value by densifying and upgrading its portfolio.
The company has spent the last five years culling assets and making strategic acquisitions. It has cut its property holdings in the process from 90 centers in 2010 to 72 today. In that time, the value of its assets has more than doubled, according to Dennis Gershenson, president and CEO.
In the the latest episode of The REIT Report: NAREIT’s Weekly Podcast, veteran REIT investor Bob Steers reflected on his experiences launching the first real estate securities mutual fund in 1985 and offered his views on the future of the industry.
Carol Bradshaw, vice president of tax at Westfield Corp. (ASX: WFD), joined REIT.com for a video interview at REITWise 2016: NAREIT’s Law, Accounting and Finance Conference at the Marriott Marquis in Washington, D.C.
Stefan Tucker, a partner at law firm Venable LLP, joined REIT.com for a video interview at REITWise 2016: NAREIT’s Law, Accounting and Finance Conference at the Marriott Marquis in Washington, D.C.
Tucker highlighted some of the more significant tax developments in the area of partnerships for the real estate industry and developers.
Hilton Worldwide announced April 27 that it has named Thomas Baltimore, Jr. as president and CEO of the new REIT it plans to form later this year.
Baltimore is a co-founder of RLJ Lodging Trust (NYSE: RLJ) and has served as CEO since the company’s initial public offering in 2011. Baltimore’s appointment as CEO of the planned REIT is effective May 16, Hilton said.
Greg Silvers, president and CEO of EPR Properties (NYSE: EPR), joined REIT.com for a CEO Spotlight at REITWISE 2016: NAREIT’s Law, Accounting and Finance Conference at the Marriott Marquis in Washington, D.C.
EPR Properties holds assets in areas such as entertainment, recreation and education.
Silvers has been at the helm of EPR for the past year, succeeding co-founder David Brain. He remarked that one lesson he has learned in that time is the importance of identifying and retaining highly qualified staff.
Chris Dubrowski, a partner at Deloitte LLP, joined REIT.com for a video interview at REITWise 2016: NAREIT’s Law, Accounting and Finance Conference at the Marriott Marquis in Washington, D.C.
Dubrowski said the Financial Accounting Standards Board (FASB) is working to address differences between how acquisitions of operating properties are treated domestically and internationally.
