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.