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In This List

The Earnings Report

Blog

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

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Corporate Credit Risk Trends in Developing Markets: A Probability of Default Perspective


The Earnings Report

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

* GEO Group Inc. reported second-quarter normalized funds from operations of $55.4 million, or 45 cents per share, a rise of 2.0% in the aggregate from $54.3 million, or 49 cents per share, in the 2016 second quarter.

AFFO for the quarter gained 10.3% from the year-ago period to $74.7 million, or 61 cents per share, from $67.7 million, or 61 cents per share.

GEO Group expects AFFO per share in the range of $2.50 to $2.54 for the full year. The company also forecasts AFFO for the third quarter at between 61 cents and 63 cents per share. For the fourth quarter, AFFO is expected at a range of 63 cents to 65 cents per share.

* Howard Hughes Corp. reported FFO as defined by National Association of Real Estate Investment Trusts for the second quarter of $37.0 million, or 86 cents per share, a rise of 15.8% in the aggregate from $32.0 million, or 75 cents per share, in the comparable 2016 period.

For the second quarter, core FFO totaled $94.5 million, or $2.20 per share, compared to $116.5 million, or $2.73 per share, a year ago. AFFO came to $89.7 million, or $2.08 per share, compared to $113.1 million, or $2.65 per share, a year ago.

* Belmond Ltd. disclosed second-quarter net loss attributable to the company of $4.9 million, or 5 cents per share, compared with net earnings of $8.4 million, or 8 cents per share, in the year-ago period.

* Apple Hospitality REIT Inc. disclosed second-quarter modified FFO of $113.7 million, or 51 cents per share, a gain of 25.8% in the aggregate from $90.4 million, or 52 cents per share, in the 2016 second quarter.

FFO for the quarter increased 30.4% year over year to $115.3 million from $88.4 million.

* DiamondRock Hospitality Co. disclosed second-quarter FFO of $62.2 million, compared to $62.2 million in the same 2016 quarter.

For the second quarter, AFFO grew 0.7% year over year in the aggregate to $63.6 million, or 32 cents per share, from $63.1 million, or 31 cents per share.

The S&P Capital IQ consensus AFFO-per-share estimate for the quarter was 27 cents.

In reporting results, DiamondRock said it forecasts AFFO per share in the range of 97 cents to $1.01 for the full year, compared to previous guidance in the range of 96 cents to $1.01.

The S&P Capital IQ consensus AFFO-per-share estimate for the full year is 83 cents.

* TIER REIT Inc. disclosed second-quarter FFO attributable to common stockholders of $18.7 million, or 39 cents per share, up from $18.1 million, or 38 cents per share, in the comparable 2016 period.

For the second quarter, FFO attributable to common stockholders, excluding certain items, fell to $19.8 million, or 41 cents per share, from $20.7 million, or 43 cents per share.

TIER REIT expects FFO per share for the full year in the range of $1.58 to $1.62 and FFO per share, excluding certain items, in the range of $1.46 to $1.50. Previously, the company predicted FFO per share for the year in the range of $1.51 to $1.61 and FFO per share, excluding certain items, in the range of $1.38 to $1.48.

The S&P Capital IQ consensus FFO-per-share estimate for the year is $1.47, with three analysts reporting.

* CoreCivic Inc. disclosed second-quarter normalized FFO of $69.7 million, or 59 cents per share, a decline of 14.2% in the aggregate from $81.3 million, or 69 cents per share, in the 2016 second quarter.

For the quarter, FFO declined 14.3% year over year to $69.4 million, or 59 cents per share, from $81.0 million, or 69 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 57 cents.

CoreCivic expects FFO per share in the range of 51 cents to 53 cents for the third quarter. The company also expects normalized FFO for the third quarter at between 52 cents and 54 cents per share.

For the full year, FFO is expected at a range of $2.25 to $2.32 per share, compared to previous guidance in the range of $2.28 to $2.33. Additionally, the company forecasts normalized FFO to total between $2.27 and $2.33 per share, compared to previous guidance in the range of $2.31 to $2.35.

The S&P Capital IQ consensus FFO-per-share estimate for the third quarter is 57 cents, while analysts expect AFFO per share for the third quarter at 54 cents.

* La Quinta Holdings Inc. reported net income attributable to shareholders for the second quarter of $16.8 million, or 14 cents per share, an increase of 13.0% in the aggregate from $14.8 million, or 13 cents per share, in the 2016 second quarter.

For the second quarter, adjusted net income declined 15.7% from the year-ago period to $20.4 million, or 17 cents per share, from $24.1 million, or 21 cents per share.

The S&P Capital IQ consensus EPS estimate, based on three estimates, for the quarter was 14 cents per share.

* Global Net Lease reported NAREIT-defined FFO attributable to stockholders for the second quarter of $32.8 million, or 49 cents per share, a 16.5% fall in the aggregate from $39.3 million, or 70 cents per share, in the 2016 second quarter.

For the second quarter, core FFO attributable to stockholders decreased 14.2% on an annual basis to $33.8 million, or 51 cents per share, from $39.4 million, or 53 cents per share.

* Brookdale Senior Living Inc. disclosed a net loss attributable to common stockholders for the second quarter of $46.3 million, or 25 cents per share, compared to $35.5 million, or 19 cents per share, in the 2016 second quarter.

The S&P Capital IQ consensus estimate for the quarter was a loss of 23 cents per share.

* One Liberty Properties Inc. disclosed second-quarter FFO of $8.8 million, or 47 cents per share, a gain of 8.3% in the aggregate from $8.1 million, or 47 cents per share, in the comparable 2016 period.

For the second quarter, AFFO grew 13.3% on an aggregate, annual basis to $9.7 million, or 52 cents per share, from $8.6 million, or 50 cents per share.