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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.

* DCT Industrial Trust Inc. reported 2017 fourth-quarter funds from operations attributable to common stockholders and unit holders of $59.0 million, or 61 cents per share, a rise in the aggregate from $56.4 million, or 59 cents per share, in the 2016 fourth quarter.

FFO as adjusted for the quarter rose 8.8% from the year-ago period to $61.0 million, or 63 cents per share, from $56.0 million, or 59 cents per share.

For the full year 2017, the company reported a 9.3% year-over-year rise in FFO. In the aggregate, results totaled $234.0 million, or $2.42 per share, compared with $214.0 million, or $2.27 per share. FFO as adjusted for the full year amounted to $236.9 million, or $2.45 per share, a 10.3% increase from $214.7 million, or $2.27 per share, the previous year.

The S&P Capital IQ consensus FFO estimate for the 2017 fourth quarter was 62 cents per share. For the full year 2017, the S&P Capital IQ consensus estimate for FFO was $2.46 per share.

In reporting results, DCT Industrial said it expects FFO as adjusted per share in the range of $2.52 to $2.62 for the 2018 full year.

The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is $2.58.

* Apartment Investment and Management Co. disclosed pro forma FFO for the 2017 fourth quarter of 63 cents per share, compared to 60 cents per share in the 2016 fourth quarter.

Adjusted FFO for the quarter totaled 56 cents per share, compared to 50 cents per share in the 2016 fourth quarter.

The company posted pro forma FFO for the 2017 full year of $2.45 per share, compared to $2.32 a year ago. AFFO for the full year was $2.12 per share, compared with $1.97 per share in the year-ago period.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 63 cents. For the full year 2017, the S&P Capital IQ consensus estimate for FFO was $2.45 per share.

In reporting results, Aimco said it forecasts pro forma FFO per share in the range of $2.42 to $2.52 for the 2018 full year. The company also expects AFFO for the 2018 full year at between $2.11 and $2.21 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is $2.54.

* Camden Property Trust disclosed FFO for the 2017 fourth quarter of $114.6 million, or $1.18 per share, a rise of 8.5% in the aggregate from $105.5 million, or $1.15 per share, in the 2016 fourth quarter.

The S&P Capital IQ consensus FFO estimate for the quarter was $1.18 per share.

For the full year 2017, the company's FFO totaled $424.1 million, or $4.53 per share, compared to $425.5 million, or $4.64 per share, a year ago.

AFFO for the quarter amounted to $93.8 million, or 97 cents per share, compared to $90.1 million, or 98 cents per share, a year ago. Full-year AFFO came to $359.3 million, or $3.84 per share, compared to $366.4 million, or $3.99 per share, a year ago.

Camden Property expects FFO per share in the range of $1.11 to $1.15 for the first quarter. The company also expects FFO for the 2018 full year at between $4.62 and $4.82 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the first quarter is $1.15, while analysts expect FFO per share for the 2018 full year at $4.80.