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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.
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.
Jim Hanks, a partner at Venable LLP who specializes in corporate governance, 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.
One of the most prominent corporate governance issues pertaining to REITs today is the increased influence of major institutional shareholders, according to Hanks.
Apple Hospitality REIT, Inc. (NYSE: APLE) said April 14 that it plans to acquire public non-listed REIT Apple REIT Ten, Inc. in a deal valued at $ 1.3 billion.
Apple Hospitality’s portfolio consists of 179 hotels operating exclusively under the Hilton and Marriot brands, with locations in urban, high-end suburban and developing markets. Apple REIT Ten was formed by Glade Knight, who previously served as chairman and CEO of Apple Hospitality REIT. Apple REIT Ten’s portfolio contains 55 Marriott- and Hilton-branded hotels.
Mortgage REIT Annaly Capital Management, Inc. (NYSE:NLY) said April 11 that it plans to buy fellow mortgage REIT Hatteras Financial Corp. (NYSE: HTS) in a cash and stock deal valued at $ 1.5 billion.
Annaly said Hatteras’ floating adjustable-rate mortgage (ARM) portfolio will complement its primarily fixed-rate agency portfolio.
Adam Emmerich, partner at Wachtell, Lipton, Rosen and Katz, 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.
Emmerich participated on a panel at REITWise that looked at privatizations in the REIT industry and the lessons learned from the last privatization wave.
Emmerich noted that one of the lessons that the investing world has learned more broadly is that leverage can be “very, very serious.”
John Worth, NAREIT’s senior vice president for research and investor outreach, joined Kurt Walten, NAREIT’s senior vice president for investment affairs and investor education, for a REIT.com video to discuss new NAREIT-sponsored research from investment advisory firm Wilshire Associates on the role of REITs and listed real estate equities in target date fund (TDF) asset allocations.
Randy Churchey, CEO of EdR (NYSE: EDR), joined REIT.com for a CEO Spotlight video interview at NAREIT’s 2016 Washington Leadership Forum at the St. Regis Hotel in Washington, D.C.
Last month the student housing REIT completed a secondary equity offering that netted more than $ 200 million for EdR. Churchey said the offering was well-received and reflected the company’s many accomplishments of the last few years.
Hilton Worldwide said Feb. 26 that it plans to spin off the bulk of its hotel real estate holdings into a publicly traded REIT by the end of the year.
McLean, Virginia-based Hilton Worldwide noted that it received a private letter ruling from the Internal Revenue Service regarding the spin-off. The hotel company intends to file appropriate registration statements with the Securities and Exchange Commission (SEC) during the second quarter.
