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The Earnings Report

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Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021

Capital Markets View – January 2021


The Earnings Report

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

* Physicians Realty Trust reported second-quarter FFO applicable to common shares and operating-partnership units of $32.6 million, or 20 cents per share, a gain of 24.1% in the aggregate from $26.3 million, or 19 cents per share, in the 2016 second quarter.

For the quarter, normalized FFO grew 28.3% on an annual, aggregate basis to $37.9 million, or 24 cents per share, from $29.5 million, or 22 cents per share.

The S&P Capital IQ consensus FFO estimate for the quarter was 24 cents per share.

* STORE Capital Corp. reported FFO for the second quarter of $72.6 million, or 42 cents per share, a 29.5% rise in the aggregate from $56.0 million, or 38 cents per share, in the 2016 second quarter.

Adjusted FFO for the quarter rose 29.5% on an annual, aggregate basis to $76.4 million, or 44 cents per share, from $59.0 million, or 40 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the second quarter was 42 cents. The S&P Capital IQ consensus estimate for AFFO was 43 cents per share for the second quarter.

In reporting results, Store Capital said it expects AFFO per share in the range of $1.69 to $1.71 for the full year.

The S&P Capital IQ consensus AFFO-per-share estimate for the full year is $1.73.

* iStar Inc. disclosed net income allocable to common shareholders for the second quarter of $177.5 million, or $2.04 per share, compared to $38.1 million, or 37 cents per share, in the 2016 second quarter.

For the second quarter, adjusted income allocable to common shareholders rose 224.8% year over year to $198.4 million, or $2.28 per share, from $61.1 million, or 56 cents per share.

The results included $235 million of income from the spinoff of Safety Income and Growth Inc.

IStar forecasts net income per share in the range of 67 cents to 71 cents for the full year. The company also expects adjusted income for the full year at between $3.00 and $3.50 per share.

* Hyatt Hotels Corp. reported net income attributable to Hyatt for the second quarter of $87.0 million, or 68 cents per share, an increase of 29.9% in the aggregate from $67.0 million, or 49 cents per share, in the 2016 second quarter.

Adjusted net income attributable to Hyatt for the quarter decreased 24.1% on an aggregate basis from the year-ago period to $66.0 million, or 52 cents per share, from $87.0 million, or 64 cents per share.

Hyatt forecasts net income in the range of $173 million to $201 million for the full year, compared to previous guidance in the range of $123 million to $159 million.

* Realogy Holdings Corp. disclosed net income attributable to the company for the second quarter of $109.0 million, or 78 cents per share, an increase of 18.5% in the aggregate from $92.0 million, or 63 cents per share, in the 2016 second quarter.

For the second quarter, adjusted net income fell 0.9% on an aggregate basis from the year-ago period to $107.0 million, or 77 cents per share, from $108.0 million, or 74 cents per share.

* Senior Housing Properties Trust reported FFO for the second quarter of $85.5 million, or 36 cents per share, a 23.3% decrease in the aggregate from $111.5 million, or 47 cents per share, in the 2016 second quarter.

For the second quarter, normalized FFO decreased 7.2% on an aggregate, annual basis to $103.6 million, or 44 cents per share, from $111.7 million, or 47 cents per share.

The S&P Capital IQ consensus FFO estimate for the quarter was 45 cents per share.

* City Office REIT Inc. disclosed core FFO for the second quarter of $6.4 million, or 21 cents per share. AFFO for the second quarter totaled $5.3 million, or 17 cents per share.

The S&P Capital IQ consensus FFO estimate for the quarter was 26 cents per share. The S&P Capital IQ consensus estimate for AFFO was 21 cents per share for the second quarter.

City Office REIT forecasts core FFO per share in the range of 29 cents to 31 cents for the fourth quarter. The company also expects core FFO for the full year at between 96 cents and 99 cents per share.

For the fourth quarter, the S&P Capital IQ consensus FFO-per-share estimate is 29 cents, while analysts expect FFO per share for the full year at $1.08.

* New Senior Investment Group reported normalized FFO for the second quarter of $24.4 million, or 29 cents per share, a fall of 11.8% in the aggregate from $27.7 million, or 33 cents per share, in the 2016 second quarter.

For the second quarter, aggregate AFFO declined 11.9% year over year to $22.2 million, or 27 cents per share, from $25.2 million, or 30 cents per share.

* VEREIT Inc. reported second-quarter FFO attributable to common stockholders and limited partners of $171.4 million, or 17 cents per share, a 6.9% decrease in the aggregate from $184.2 million, or 20 cents per share, in the 2016 second quarter.

For the second quarter, adjusted FFO rose 0.4% on an annual basis to $180.9 million, or 18 cents per share, from $180.1 million, or 19 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 18 cents.

* Hudson Pacific Properties Inc. reported FFO attributable to common stockholders and unit holders for the second quarter of $75.3 million, or 48 cents per share, a gain of 19.7% in the aggregate from $62.9 million, or 43 cents per share, in the 2016 second quarter.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 47 cents.

In reporting results, Hudson Pacific said it forecasts FFO per share in the range of $1.93 to $2.01 for the full year, compared to previous guidance in the range of $1.92 to $2.02.

The S&P Capital IQ consensus FFO-per-share estimate for the full year is $1.97.