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MGM Growth Properties LLC (NYSE: MGP) and Blackstone Real Estate Income Trust, Inc. (BREIT) said Jan. 14 that they have agreed to form a new joint venture to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay for $4.6 billion.

BREIT, a public non-listed REIT, will purchase $150 million in MGM Growth class A shares. MGM Growth will own 50.1% of the joint venture, and BREIT will own 49.9%.

The total returns of the FTSE Nareit All REITs Index in 2019 were at their highest annual level since 2006, as a lower interest rate environment and solid fundamentals provided broad support to the industry.

The FTSE Nareit All REITs Index rose 0.8% in December, while the S&P 500 gained 3.0% during the same period. For 2019, the FTSE Nareit All REITs Index gained 28.1% while the S&P 500 rose 31.5%. In 2006, REIT returns were 34.4% higher.

REIT returns were lower in November, although on a year-to-date basis the sector continues to post a solid performance, market watchers said.

The total returns of the FTSE Nareit All REITs Index fell 1.4% in November, while the S&P 500 gained 3.6% during the same period. For the year to Nov. 29, the FTSE Nareit All REITs Index was 27.1% higher, while the S&P 500 was 27.6% higher over the same period.

The total returns of the FTSE Nareit mREIT Index gained 1.5% last month, while the yield on the 10-year Treasury gained 0.1%.