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Mall REITs projected to report largest YOY drop in FFO per share for Q3

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Mall REITs projected to report largest YOY drop in FFO per share for Q3

Consensus S&P Global Market Intelligence estimates indicate regional mall real estate investment trusts will report the largest year-over-year decline in funds from operations per share for the third quarter of 2019, at a median of 15.4%.

Simon Property Group Inc., the largest mall REIT by market capitalization, is expected to report FFO of $3.05 per share, in line with its year-ago earnings.

However, peers Macerich Co., Taubman Centers Inc., Pennsylvania Real Estate Investment Trust and CBL Properties are each predicted to report double-digit percentage declines in FFO per share for the quarter.

At the other end of the spectrum, industrial REITs are forecast to report the largest year-over-year increase in FFO per share, at 7.3% on a median basis.

Industrial behemoth Prologis Inc., the first REIT to report earnings, reported core FFO of 97 cents per share for the third quarter, a 34.7% increase year over year.

The residential and specialty sectors followed, expected to produce year-over-year FFO growth of 5.2% and 5.0%, respectively, on a median basis. The specialty REIT sector includes advertising, casino, communications, data center, energy infrastructure, land, prison, timber and other specialty REITs.

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