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The Earnings Report

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Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

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Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

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Real Estate News & Analysis: May Edition


The Earnings Report

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

* Retail Properties of America Inc. disclosed second-quarter FFO of $60.7 million, or 26 cents per share, a 17.80% decrease in the aggregate from $73.9 million, or 31 cents per share, in the 2016 second quarter.

Operating FFO for the quarter declined 5.7% from the year-ago period to $62.9 million, or 27 cents per share, from $66.7 million, or 28 cents per share.

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

In reporting results, Retail Properties said it expects operating FFO per share in the range of $1.00 to $1.05 for the full year. The company also forecasts FFO for the full year at between 68 cents and 73 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the full year is 96 cents.

* Tanger Factory Outlet Centers Inc. disclosed FFO available to common shareholders for the second quarter of $59.4 million, or 59 cents per share, compared with $59.2 million, or 59 cents per share, in the comparable 2016 period.

For the quarter, AFFO available to common shareholders stayed flat at 59 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the second quarter was 58 cents.

In reporting results, Tanger said it forecasts FFO per share in the range of $2.04 to $2.09 and AFFO per share in the range of $2.40 to $2.45 for the full year. Previously, it provided full-year FFO and AFFO guidance in the range of $2.40 to $2.45 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the full year is $2.37.

* Ramco-Gershenson Properties Trust reported second-quarter FFO available to common shareholders and dilutive securities of $30.4 million, or 35 cents per share, a fall of 5.09% in the aggregate from $32.1 million, or 36 cents per share, in the corresponding 2016 period.

For the second quarter, operating FFO available to common shareholders and dilutive securities increased 0.5% on an annual basis to $31.0 million, or 35 cents per share, from $30.8 million, or 35 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the second quarter was 34 cents.

Ramco-Gershenson expects operating FFO per share in the range of $1.34 to $1.38 for the full year.

The S&P Capital IQ consensus FFO-per-share estimate for the full year is $1.36.

* American Assets Trust Inc. reported second-quarter funds from operations of $31.7 million, or 49 cents per share, a rise of 12.01% in the aggregate from $28.3 million, or 45 cents per share, in the corresponding 2016 period.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 50 cents.

American Assets continues to expect FFO per share in the range of $2.00 to $2.06 for the full year.

The S&P Capital IQ consensus FFO-per-share estimate for the full year is $2.02.

* Franklin Street Properties Corp. disclosed second-quarter funds from operations of $28.6 million, or 27 cents per share, a 7.12% increase in the aggregate from $26.7 million, or 27 cents per share, in the 2016 second quarter.

For the second quarter, AFFO grew 1.6% on an annual basis to $18.9 million, or 18 cents per share, from $18.6 million, or 19 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 26 cents. The S&P Capital IQ consensus estimate for AFFO was 19 cents per share for the second quarter.

In reporting results, Franklin Street said it expects FFO per share in the range of 25 cents to 26 cents for the third quarter. The company also continues to expect FFO for the year at between $1.04 and $1.08 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the third quarter is 27 cents, while analysts expect FFO per share for the year at $1.05.

* STAG Industrial Inc. disclosed second-quarter FFO attributable to common stockholders and unit holders of $33.7 million, up from $24.3 million in the 2016 second quarter.

For the second quarter, core FFO rose 40.1% year over year in the aggregate to $38.1 million, or 41 cents per share, from $27.2 million, or 38 cents per share.

* Morguard North American Residential REIT disclosed diluted FFO for the second quarter of C$17.0 million, or 31 cents per share, a rise of 16.55% in the aggregate from C$14.6 million, or 29 cents per share, in the prior-year period.

* Extra Space Storage Inc. disclosed second-quarter FFO attributable to common stockholders and unit holders of $146.1 million, or $1.08 per share, compared with $120.9 million, or 91 cents per share, in the 2016 second quarter.

For the second quarter, FFO as adjusted attributable to common stockholders and unit holders rose to $147.4 million, or $1.09 per share, from $124.9 million, or 94 cents per share.

The S&P Capital IQ consensus FFO estimate for the quarter was $1.05 per share.

In reporting results, Extra Space said it expects FFO per share in the range of $4.21 to $4.28 for the full year. The company also expects FFO as adjusted for the full year at between $4.25 and $4.32 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the year is $4.25.

* Sunstone Hotel Investors Inc. reported adjusted FFO for the second quarter of $84.9 million, or 38 cents per share, a gain of 1.99% in the aggregate from $83.2 million, or 39 cents per share, in the 2016 second quarter.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 37 cents.

Sunstone Hotel Investors forecasts AFFO per share in the range of 29 cents to 31 cents for the third quarter. The company also expects AFFO for the full year at between $1.16 and $1.23 per share.

The S&P Capital IQ consensus FFO-per-share estimates for the third quarter and full year are 32 cents and $1.20, respectively.

* Rexford Industrial Realty Inc. reported FFO for the second quarter of $17.8 million, or 23 cents per share, a 28.58% increase in the aggregate from $13.8 million, or 21 cents per share, in the year-ago period.

Core FFO for the second quarter grew 23.1% year over year to $17.8 million, or 23 cents per share, from $14.5 million, or 22 cents per share.

The S&P Capital IQ consensus FFO estimate for the second quarter was 23 cents per share.

In reporting results, Rexford Industrial said it expects core FFO per share in the range of 93 cents to 96 cents for the full year.

The S&P Capital IQ consensus FFO estimate for the full year is 97 cents.

* Capital Senior Living Corp. disclosed adjusted cash from facility operations for the second quarter of $11.5 million, an 11.09% decline in the aggregate from $12.9 million in the 2016 second quarter.

* Gramercy Property Trust reported second-quarter FFO available to common shareholders and unit holders of $74.3 million, or 49 cents per share, down from $82.6 million, or 58 cents per share, in the 2016 second quarter.

For the second quarter, core FFO available to common shareholders and unit holders declined to $74.2 million, or 49 cents per share, from $88.6 million, or 62 cents per share.

For the second quarter, AFFO available to common shareholders and unit holders came to $65.9 million, down from $77.9 million. On a per-share basis, AFFO available to common shareholders and unit holders for the second quarter was 44 cents, compared with 55 cents in the year-ago period.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 51 cents.

In reporting results, Gramercy said it forecasts core FFO per share for the full year in the range of $2.05 to $2.10. The company also forecasts AFFO per share for the full year at between $1.90 and $1.95. Previously, the company provided core FFO-per-share guidance for the full year in the range of $2.10 to $2.25 and AFFO per share in the range of $1.95 to $2.10.

The S&P Capital IQ consensus FFO-per-share estimate for the year is $2.12.

Additional coverage

Boston Properties sees YOY rise in Q2 funds from operations