The Philadelphia Housing Index also was climbing 1.2% and the SPDR Real Estate Select Sector ETF (XLRE) was up 0.1%.
In company news, Ashford Hospitality Trust (AHT) fell 7.5% after the real estate investment trust late Wednesday said it generated $94.16 in revenue per available room during August, down 11% from the prior month 27% below year-ago levels. Hotel net income also fell to $900,000 last month compared with $7.9 million during July and $15 million in August 2019.
On the upside, Great Western Bancorp (GWB) rose almost 14% after agreeing to a $2 billion, all-stock buyout offer from First Interstate BancSystem (FIBK), which will issue 0.8425 of a share for each Great Western share, indicating a $35.65 per share price for the target company, or 24.7% above Wednesday's closing price. First Interstate shares were 6.6% lower this afternoon.
Offerpad (OPAD) climbed 37% after the real estate developer finalized a $300 million, 24-month loan agreement with JPMorgan (JPM), Wells Fargo (WFC), and other lenders to fund its purchase and renovation of single-family properties. The Sept. 10 loan package also includes a $100 million accordion feature and up to $50 million in mezzanine funding, according to a regulatory filing Wednesday night.
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