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The Earnings Report

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The Earnings Report

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

* Jones Lang LaSalle Inc. reported 2017 fourth-quarter net income attributable to the company of $78.4 million, or $1.71 per share, a 52.6% decrease in the aggregate from $165.5 million, or $3.62 per share, in the 2016 fourth quarter.

Net income attributable to common shareholders for the quarter fell year over year to $78.2 million from $165.3 million.

For the 2017 full year, JLL disclosed a 20.1% year-over-year fall in net income attributable to the company. In the aggregate, results totaled $254.2 million, or $5.55 per share, compared with $318.2 million, or $6.98 per share, the previous year.

Net income attributable to common shareholders for the year amounted to $253.8 million, a 20.1% decrease from $317.8 million in 2016.

* Piedmont Office Realty Trust Inc. disclosed 2017 fourth-quarter funds from operations and core FFO of 42 cents per share, compared to 44 cents per share in the 2016 fourth quarter.

The company reported FFO and core FFO for the full year 2017 of $1.75 per share, compared to $1.67 per share a year prior.

The S&P Capital IQ consensus FFO estimate for the quarter was 42 cents per share. For the full year 2017, the S&P Capital IQ consensus estimate for FFO was $1.75 per share.

In reporting results, Piedmont said it expects NAREIT FFO per share in the range of $1.64 to $1.71 for the 2018 full year. The company also expects core FFO for the 2018 full year at between $1.64 and $1.72 per share.

NAREIT is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies.

For the 2018 full year, the S&P Capital IQ consensus FFO-per-share estimate is $1.67.

* Rayonier Inc. disclosed 2017 fourth-quarter net income attributable to the company of $64.2 million, or 50 cents per share, a 32.9% increase in the aggregate from $48.3 million, or 39 cents per share, in the 2016 fourth quarter.

For the full year 2017, the company posted a 29.8% year-over-year decrease in net income attributable to the company. In the aggregate, results totaled $148.8 million, or $1.16 per share, compared with $212.0 million, or $1.73 per share, in 2016.

Rayonier expects net income attributable to the company in the range of $78 million to $87 million for the 2018 full year.

* FirstService Corp. disclosed 2017 fourth-quarter net earnings attributable to the company of US$14.6 million, or 40 cents per share, compared to US$6.8 million, or 19 cents per share, in the 2016 fourth quarter.

For the full year 2017, net earnings attributable to the company totaled US$53.1 million, or US$1.45 per share, compared to US$33.6 million, or 92 cents per share, a year ago.

* Cousins Properties Inc. disclosed 2017 fourth-quarter FFO of $64.2 million, or 15 cents per share, up from $27.4 million, or 7 cents per share, in the 2016 fourth quarter.

The company disclosed a 61.8% year-over-year increase in FFO for the full year 2017. In the aggregate, results totaled $259.9 million, or 61 cents per share, compared with $160.6 million, or 63 cents per share, in 2016.

The S&P Capital IQ consensus FFO estimate for the 2017 fourth quarter was 14 cents per share. For the full year 2017, the S&P Capital IQ consensus estimate for FFO was 61 cents per share.

Cousins Properties expects FFO per share in the range of 59 cents to 63 cents for the 2018 full year.

The S&P Capital IQ consensus FFO estimate for 2018 is 61 cents.

Additional coverage

Essex Property Trust reports 6.1% YOY FFO gain in Q4'17

GGP logs 12.9% YOY gain in Q4'17 funds from operations