Anywhere Real Estate softens; Diversified Healthcare edges up; Office Properties lower

By Cristal Cody

Tupelo, Miss., March 19 – In distressed real estate names, Anywhere Real Estate Inc.’s 5¾% senior notes due 2029 (B3/CCC+) traded off about 1 point on Tuesday to 66¾ bid on more than $11 million of volume, a source said.

The bonds declined about 4 points over the prior week.

Diversified Healthcare Trust’s 4 3/8% senior notes due 2031 (Caa3/B) traded nearly ¼ point better on a 74 bid handle but have slipped over 2 points since February, a source said.

Office Properties Income Trust’s 3.45% senior notes due 2031 (Caa2/CCC) gave back about ½ point to around 39½ bid and have dropped over 3 points in the past month, a market source said.

Real estate names have seen some pressure following Friday’s announcement the National Association of Realtors agreed to a $418 million settlement following a ruling last year against the association regarding buyer agent fees.

The real estate space also may have lost some investors after the Bank of Japan said on Tuesday it would no longer invest in real estate investment trusts.

The Bank of Japan terminated its negative interest rate policy and set the new target for benchmark short-term interest rates at 0.0% to 0.1%.

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