U.S. equity REITs advanced 1.0 percent in May, according to the FTSE Nareit Equity REITs Index, outperforming the S&P 500 Index, which rose nearly 0.6 percent in the month. The performance follows an especially strong April, which saw the index rise 8.1 percent amid a flurry of mergers. Year-to-date, the FTSE Nareit Equity REITs Index has advanced more than 18.8 percent.
Merger activity continued in May, with Monmouth Real Estate Investment Corp. agreeing to be acquired by Equity Commonwealth in an all-stock transaction valued at $3.4 billion. Regarding the transaction, Sam Zell, chairman of the board of Equity Commonwealth, commented, “The transaction provides Equity Commonwealth with a high-quality, net-leased industrial business with stable cash flows while preserving EQC’s balance she
