Panelists from Vornado Realty Trust (NYSE: VNO), Kilroy Realty Corp. (NYSE: KRC), and Host Hotels & Resorts (NYSE: HST) weighed in on what ESG means to their companies today at Nareit’s REITworld: 2018 Annual Conference in San Francisco.
REIT returns came under pressure during October, although the declines were not as large as those seen across the broader market.
The total returns of the FTSE Nareit All REITs Index fell 2.6 percent in October, while the S&P 500 dropped 6.9 percent. The total returns of the FTSE Nareit Mortgage REIT Index fell 1.8 percent in October, while the yield on the 10-year Treasury note added 0.1 percent.
Steve Manaker, analyst at Compass Point Research & Trading, LLC, described REITs as a “safe haven” during the current period of market volatility.
The heads of four REITs have made the Harvard Business Review’s latest ranking of the 100 best-performing CEOs in the world.
As businesses search for ways to better protect their information from online threats, the House of Representatives has passed two cybersecurity bills aimed at bolstering the sharing of information between the public and private sector.
On April 22, the House passed a bill that would encourage businesses and the federal government to share information on known cyber threats, the Protecting Cyber Networks Act (H.R. 1560), by a 307-116 margin.
With a new name and a pared-down portfolio, InvenTrust Properties Corp. plans to continue to shed assets as it narrows its focus down to its two primary sectors of open air retail and student housing real estate.
Phillips Edison & Company, Inc. (PECO), a public non-listed REIT (PNLR), said July 18 that it has agreed to merge with Phillips Edison Grocery Center REIT II, Inc., a PNLR it currently sponsors and manages, creating a $6.3 billion REIT focused exclusively on grocery-anchored shopping centers.
The stock-for-stock merger will create a national portfolio of 323 grocery-anchored shopping centers encompassing approximately 36.7 million square feet, located across 33 states.
Toronto-based Brookfield Asset Management Inc. and Forest City Realty Trust, Inc. (NYSE: FCE.A) said July 31 that Brookfield will acquire Forest City in an all-cash transaction valued at $11.4 billion, including debt.
Cleveland-based Forest City, founded in 1920, focuses on the ownership, development, management, and acquisition of commercial, residential, and mixed-use real estate in key urban markets. The REIT’s assets total $8 billion.
REITs rose modestly in July, with data center REITs and regional mall REITs posting the strongest returns during the month.
The total returns of the FTSE Nareit All REITs Index rose 0.8 percent in July, while the S&P 500 rose 3.7 percent. The total returns of the FTSE Nareit Mortgage REIT Index gained 3.8 percent in July.
The yield on the 10-year Treasury note was 0.1 percent higher in July.
Equity Residential (NYSE: EQR) said Sept. 4 that President and CEO David Neithercut will retire as CEO on Dec. 31. Mark Parrell, who currently serves as executive vice president and CFO, has been appointed president with immediate effect and will succeed Neithercut as CEO at year-end.
REIT returns in August outpaced gains seen the month before, with health care REITs posting the largest advances among all property types.
The total returns of the FTSE Nareit All REITs Index rose 2.3 percent in August, while the S&P 500 rose 3.3 percent. In July, the FTSE Nareit All REITs Index rose 0.8 percent. The total returns of the FTSE Nareit Mortgage REIT Index gained 0.2 percent in August, while the yield on the 10-year Treasury note was flat.
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