Pebblebrook, LaSalle to Merge in $5.2 Billion Transaction
Pebblebrook Hotel Trust (NYSE: PEB) said Sept. 6 that it plans to pay approximately $5.2 billion to acquire LaSalle Hotel Properties (NYSE: LHO) - ending a series of revised offers that followed Pebblebrook’s first attempt to buy its fellow lodging REIT in March(1).jpg)
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FTSE Nareit All REITs Index Up 2.3% in August
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.
Equity Residential CEO David Neithercut to Retire at Year-End
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.
Real Estate Cycle “In a Good Place,” Strategist Says
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Jacques Gordon, global head of research and strategy at LaSalle Investment Management, was a recent guest on the Nareit REIT Report podcast.
Gordon will be speaking on the economic outlook for real estate at Nareit’s SFO Forum 2018 on Sept. 24.
In terms of the real estate cycle, “we’re in a good place,” Gordon said.
Lodging Fundamentals “Very Bullish,” Ashford Executive Says
Conditions across the entire hotel industry are “very healthy,” said Ashford Inc. (NYSE American: AINC) Co-President and Chief Strategy Officer Rob Hays, who was a guest on the latest edition of Nareit’s REIT Report podcast.
EPA ENERGY STAR Scores Expected to Fall After Aug. 27 Metric Changes
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In the latest edition of Nareit’s REIT Report podcast, Leslie Cook, ENERGY STAR program manager at the Environmental Protection Agency (EPA), discusses upcoming revisions to ENERGY STAR score calculations and steps that REITs can take to prepare for the changes.
Geographic Diversity Helps Piedmont Office Realty Trust Stand Out Among Competitors
Don Miller, president and CEO of Piedmont Office Realty Trust (NYSE: PDM), participated in a video interview at Nareit’s REITweek: 2018 Investor Conference in New York.
Essex Property Trust Says West Coast Housing Demand is Strong
Michael Schall, president and CEO of Essex Property Trust, Inc. (NYSE: ESS), participated in a video interview at Nareit’s REITweek: 2018 Investor Conference in New York.
Schall said that with both the economy and job growth doing better than the company had expected, West Coast housing demand is “doing well,” driven by the tech markets.
