That brings the real estate investment trust's yield to around 13.9% going forward. St. Joe shares rose 4.4% to finish at $20.12, though earlier this month TheStreet Ratings downgraded the stock from hold to sell. Volume of 1.1 million was close to double the stock's normal churn.
CB Richard Ellis Group shares rose 0.6% to $24.23 in afternoon trading Thursday. The REIT said earlier that its San Diego office won the leasing assignment for a 1.1 million-square foot, class A office and laboratory building portfolio, consisting of 18 buildings, owned by HCP ( HCP). Among Thursday's session losers was ProLogis, which closed the session down 1.3% at $33.83. The industrial real estate owner priced a public secondary offering of 30 million shares at $33.50 per share, and gave underwriters a 30-day option to purchase up to an additional 4.5 million shares to cover any over-allotments. ProLogis intends to use the raised capital to repay debt and for general corporate purposes. Host Hotels & Resorts saw its shares fall 1.7% to $16.13. The company, a lodging REIT, raised its dividend by 200% this month, to 3 cents a share from a penny a share. Host's higher dividend will be paid on July 15, to shareholders of record on June 30.
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