Real Estate Select Sector SPDR Fund

Parkway to be bought for $1.2 billion by CPPIB, a 13% premium

Parkway Inc. announced Friday a deal to be acquired by Canada Pension Plan Investment Board (CPPIB) for $1.2 billion. Under terms of the deal, Parkway shareholders will receive $23.05 for each of the real estate investment trust's shares they own, a 13% premium to Thursday's closing price of $20.38. CPPIB's bid per share consists of $19.05 plus a $4.00 special dividend to be paid prior to the closing of the deal, which is expected to take place during the fourth quarter of 2017. Parkway's stock was inactive prior to a trading halt for news. It has lost 8.4% year to date, while the SPDR Real Estate Select Sector ETF has gained 4.8% and the S&P 500 has climbed 8.1%.

• Jun. 30, 2017 at 8:41 a.m. ET
• by Tomi Kilgore

First Potomac Realty Trust to be bought in a $1.4 billion deal by Government Properties

First Potomac Realty Trust announced Wednesday an agreement to be acquired by Government Properties Income Trust in a deal valued at $1.4 billion, including debt. Under terms of the deal, First Potomac shareholders will receive $11.15 a share in cash for each First Potomac share they own, which is 1.8% below Tuesday's closing price of $11.35, but a 5.1% above the April 24 close of $10.61, which was the last trading day before media speculation of a potential sale of the real estate investment trust. The deal is expected to close before the end of the year. First Potomac's stock has gained 3.5% year to date through Tuesday, while Government Properties shares have rallied 15%. In comparison, the SPDR Real Estate Select Sector ETF has climbed 5.7% so far this year and the S&P 500 has tacked on 8.1%.

• Jun. 28, 2017 at 6:53 a.m. ET
• by Tomi Kilgore

W.P. Carey raises quarterly dividend by a half-cent

W.P. Carey Inc. said Friday it raised its quarterly dividend by 0.5% to $1.00 a share from 99.5 cents a share. The new dividend will be payable July 14 to shareholders of record on June 30. Based on Thursday's closing price for the real estate investment trust's stock of $67.78, the new annual dividend rate of $4.00 would represent a dividend yield of 5.9%, compared with the SPDR Real Estate Select Sector ETF's yield of 3.68% and the implied S&P 500's yield of 1.99%, according to FactSet. W.P. Carey's stock, which is still inactive in premarket trade, has rallied 15% year to date, while the real estate ETF has gained 5.6% and the S&P 500 has advanced 8.7%.

• Jun. 16, 2017 at 7:40 a.m. ET
• by Tomi Kilgore

Mack-Cali raises dividend 33%, the first hike in 11 years

Mack-Cali Realty Corp. said Monday it will raise its quarterly dividend by 33% to 20 cents a share, from 15 cents a share, marking the first increase since 2006. The new dividend will be payable July 14 to shareholders of record on July 6. Based on Friday's stock closing price of $27.62, the new annual dividend rate implies a dividend yield of 2.90%, compared with the SPDR Real Estate Select Sector ETF's implied yield of 3.71% and the aggregate S&P 500 yield of 1.99%, according to FactSet. "We feel that our operations, specifically distributable cash flow, have improved significantly to the point that we felt that our shareholders should receive an increase on their cash return," said Mack-Cali Chief Executive Michael DeMarco. The stock, which was still inactive in premarket trade, has shed 4.8% year to date, while the real estate ETF has gained 4.7% and the S&P 500 has tacked on 8.6%.

• Jun. 12, 2017 at 7:48 a.m. ET
• by Tomi Kilgore

Taubman Centers boosts dividend by 5%

• Mar. 2, 2017 at 9:35 a.m. ET
• by Tomi Kilgore

Prologis boosts dividend by nearly 5%

• Feb. 23, 2017 at 3:08 p.m. ET
• by Tomi Kilgore

Boston Properties boosts dividend 15%

• Dec. 19, 2016 at 9:00 a.m. ET
• by Tomi Kilgore