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The Earnings Report

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Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

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Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

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Real Estate News & Analysis: May Edition


The Earnings Report

This roundup collects recently reported earnings and guidance from North American commercial real estate companies.

* Diversified real estate investment trust Lexington Realty Trust disclosed 2017 fourth-quarter funds from operations available to all equity holders and unitholders of $69.8 million, or 28 cents per share, an increase of 18.2% in the aggregate from $59.0 million, or 24 cents per share, in the 2016 fourth quarter.

Adjusted company FFO for the fourth quarter grew 5.8% from the year-ago period to $63.1 million, or 26 cents per share, from $59.7 million, or 24 cents per share.

The company reported a 13.3% year-over-year decrease in FFO available to all equity holders and unit holders for the full year. Results totaled $239.2 million, or 97 cents per share, compared with $275.9 million, or $1.13 per share.

Adjusted company FFO for the full year was $238.6 million, or 97 cents per share, a 14.1% decrease from $277.7 million, or $1.14 per share, the previous year.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 25 cents. For the full year, the S&P Capital IQ consensus estimate for FFO was 96 cents per share.

Lexington Realty Trust forecasts AFFO per share in the range of 95 cents to 98 cents for the 2018 full year.

* Senior-care focused real estate investment trust Senior Housing Properties Trust reported FFO for the 2017 fourth quarter of $81.0 million, or 34 cents per share, a decline of 31.0% from $117.5 million, or 50 cents per share, in the 2016 fourth quarter.

For the fourth quarter, normalized FFO decreased 50.0% year over year to $59.2 million, or 25 cents per share, from $118.6 million, or 50 cents per share.

For the full year, the company reported a 17.3% year-over-year decline in FFO. Results totaled $367.1 million, or $1.55 per share, compared with $443.7 million, or $1.87 per share.

Normalized FFO for the full year totaled $375.3 million, or $1.58 per share, a 15.9% decrease from $446.4 million, or $1.88 per share, in 2016.

The S&P Capital IQ consensus FFO estimate for the quarter was 33 cents per share. For the full year, the S&P Capital IQ consensus estimate for FFO was $1.66 per share.

* Advertising REIT Lamar Advertising Co. disclosed FFO for the 2017 fourth quarter of $140.0 million, a rise of 10.6% from $126.6 million in the 2016 fourth quarter.

AFFO for the fourth quarter gained 5.3% from the year-ago period to $135.8 million, or $1.38 per share, from $128.9 million, or $1.32 per share.

The company posted a 7.9% year-over-year increase in FFO for the full year. Results totaled $513.0 million, compared with $475.6 million.

AFFO for the full year came to $496.3 million, or $5.05 per share, a 1.5% increase from $488.9 million, or $5.00 per share, the previous year.

Lamar Advertising forecasts AFFO per share in the range of $5.15 to $5.30 for the 2018 full year.

* Hotel REIT Xenia Hotels & Resorts Inc. reported fourth-quarter 2017 FFO attributable to common stock- and unit holders of $51.9 million, a fall of 9.1% from $57.1 million in the prior-year period.

AFFO attributable to common stock- and unit holders for the fourth quarter decreased 5.9% year over year to $55.9 million, or 52 cents per share, from $59.4 million, or 55 cents per share.

The company reported a 7.1% year-over-year decline in FFO for the full year. Results totaled $202.8 million, compared with $218.2 million in 2016.

AFFO for the full year amounted to $220.0 million, or $2.06 per share, a 7.7% decrease from $238.2 million, or $2.20 per share, in the year-ago period.

In reporting results, Xenia Hotels said it forecasts AFFO per share in the range of $2.08 to $2.21 for the 2018 full year.

The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is $2.18, with four analysts reporting.

* Real estate services company Realogy Holdings Corp. disclosed fourth-quarter 2017 net income attributable to the company of $255.0 million, or $1.89 per share, a 347.4% rise from $57.0 million, or 40 cents per share, in the 2016 fourth quarter, due in part to the effects of recent tax reform.

Adjusted net income attributable to the company for the fourth quarter declined 5.4% on an annual basis to $35.0 million, or 26 cents per share, from $37.0 million, or 26 cents per share.

The company disclosed a 102.3% year-over-year rise in net income for the full year. Results totaled $431.0 million, or $3.11 per share, compared with $213.0 million, or $1.46 per share.

Adjusted net income for the full year came to $217.0 million, or $1.57 per share, an 8.4% decrease from $237.0 million, or $1.63 per share, the previous year.

* Vacation rental company Marriott Vacations Worldwide Corp. reported fourth-quarter net income of $108.0 million, or $3.95 per share, a rise of 116.8% in the aggregate from $49.8 million, or $1.80 per share, in the 2016 fourth quarter, due in part to the effects of recent tax reform.

For the quarter, adjusted net income declined 15.8% from the year-ago period to $42.7 million, or $1.56 per share, from $50.8 million, or $1.83 per share.

The company reported a 65.1% year-over-year rise in net income for the full year. Results totaled $226.8 million, or $8.18 per share, compared with $137.3 million, or $4.83 per share.

Adjusted net income for the full year came to $160.3 million, or $5.78 per share, a 19.4% increase from $134.3 million, or $4.73 per share, the previous year.

Marriott Vacations forecasts EPS in the range of $6.61 to $7.01 for the 2018 full year. The company also forecasts adjusted EPS for the 2018 full year at between $6.69 and $7.09.

The S&P Capital IQ consensus EPS estimate for the 2018 full year is $6.61, with three analysts reporting. The S&P Capital IQ consensus normalized EPS estimate for the 2018 full year is $6.69.

S&P Capital IQ and S&P Market Intelligence are both owned by S&P Global.

Additional coverage

American Tower's Q4'17 consolidated AFFO up 8% YOY

SBA Communications books 5.2% YOY rise in Q4'17 AFFO

Toll Brothers reports 87.6% rise in fiscal Q1 net income