trending Market Intelligence /marketintelligence/en/news-insights/trending/a7xjncezs_dkwovitlcmaw2 content esgSubNav
In This List

The Earnings Report

Blog

Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Blog

FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


The Earnings Report

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

* GEO Group Inc. disclosed 2017 fourth-quarter normalized funds from operations of $63.8 million, or 52 cents per share, a rise in the aggregate from $61.9 million, or 55 cents per share, in the 2016 fourth quarter. Adjusted FFO for the quarter increased 5.6% year over year to $82.0 million, or 67 cents per share, from $77.7 million, or 70 cents per share.

For the full year, the company reported a 5.4% year-over-year gain in normalized FFO, which in the aggregate totaled $236.1 million, or $1.95 per share, compared with $224.0 million, or $2.01 per share. AFFO for the full year totaled $307.7 million, or $2.55 per share, a 10.2% increase from $279.2 million, or $2.50 per share, in 2016.

The S&P Capital IQ consensus FFO-per-share estimate for the fourth quarter was 54 cents. For the full year, the S&P Capital IQ consensus estimate for FFO was $1.94 per share.

GEO Group forecasts AFFO per share in the range of $2.40 to $2.50 for the 2018 full year.

* Equity Commonwealth reported FFO attributable to common shareholders and unit holders for the 2017 fourth quarter of $24.0 million, or 19 cents per share, a 14.3% decline in the aggregate from $28.1 million, or 22 cents per share, in the 2016 fourth quarter.

For the quarter, normalized FFO declined 23.5% on an annual basis to $22.6 million, or 18 cents per share, from $29.6 million, or 23 cents per share.

* CoreCivic Inc. reported 2017 fourth-quarter FFO of $65.8 million, or 56 cents per share, a 22.2% decrease in the aggregate from $84.6 million, or 72 cents per share, in the comparable 2016 period. For the quarter, normalized FFO fell 15.7% year over year to $71.4 million, or 60 cents per share, from $84.6 million, or 72 cents per share.

The company reported a 12.7% year-over-year decline in FFO for the full year. In the aggregate, results totaled about $274.3 million, or $2.32 per share, compared with roughly $314.3 million, or $2.67 per share. Normalized FFO for the full year came to $281.6 million, or $2.38 per share, an 11.3% decrease from $317.6 million, or $2.70 per share, the previous year.

The S&P Capital IQ consensus FFO-per-share estimate for the fourth quarter was 55 cents. For the full year, the S&P Capital IQ consensus estimate for FFO was $2.31 per share.

CoreCivic expects FFO per share in the range of 51 cents to 53 cents for the 2018 first quarter. The company also expects normalized FFO for the 2018 first quarter at between 51 cents and 53 cents per share. For the 2018 full year, FFO is expected at a range of $2.22 to $2.30 per share. Additionally, the company forecasts normalized FFO for the year to total between $2.23 and $2.31 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is $2.24.

* Urban Edge Properties disclosed FFO applicable to diluted common shareholders for the 2017 fourth quarter of $5.6 million, or 4 cents per share, a decline of 83.6% in the aggregate from $34.3 million, or 32 cents per share, in the 2016 fourth quarter. For the quarter, AFFO totaled $42.7 million, or 34 cents per share, compared with nearly $35.1 million, or 33 cents per share, in the 2016 fourth quarter.

For the full year, the company disclosed a 15.6% year-over-year gain in FFO. In the aggregate, results totaled $157.8 million, or $1.33 per share, compared with about $136.5 million, or $1.29 per share. AFFO for the full year amounted to $158.5 million, or $1.34 per share, a 17.5% increase from about $134.9 million, or $1.27 per share, in the year-ago period.

The S&P Capital IQ consensus FFO-per-share estimate for the fourth quarter was 34 cents. For the full year, the S&P Capital IQ consensus estimate for FFO was $1.33 per share.

* Healthcare Realty Trust Inc. disclosed 2017 fourth-quarter FFO of $716,000, or 1 cent per share, a decrease of 98.5% in the aggregate from $46.2 million, or 40 cents per share, in the year-ago period. Normalized FFO for the fourth quarter declined on an annual basis to about $46.8 million, or 38 cents per share, from $47.1 million, or 41 cents per share, in the 2016 quarter.

For the full year, the company disclosed a 23.0% year-over-year decline in FFO. In the aggregate, results totaled approximately $134.3 million, or $1.13 per share, compared with $174.4 million, or $1.59 per share. Normalized FFO for the full year amounted to $182.2 million, or $1.53 per share, a 2.4% increase from $178.0 million, or $1.63 per share, in the year-ago period.

The S&P Capital IQ consensus FFO estimate for the quarter was 39 cents per share. For the full year, the S&P Capital IQ consensus estimate for FFO was $1.52 per share.

* Allied Properties REIT disclosed FFO for the 2017 fourth quarter of roughly C$49.1 million, or 53 Canadian cents per share, a 7.8% rise in the aggregate from C$45.5 million, or 54 cents per share, in the 2016 fourth quarter. AFFO for the quarter rose 16.2% from the year-ago period to about C$38.1 million, or 41 cents per share, from C$32.8 million, or 39 cents per share.

For the full year, the company reported a 7.7% year-over-year gain in FFO. In the aggregate, results totaled C$187.2 million, or C$2.13 per share, compared with about C$173.9 million, or C$2.15 per share. AFFO for the full year amounted to about C$139.7 million, or C$1.59 per share, an 8.6% increase from roughly C$128.6 million, or C$1.59 per share, the previous year.

The S&P Capital IQ consensus FFO estimate for the fourth quarter was 54 cents per share. For the full year, the S&P Capital IQ consensus estimate for FFO was C$2.14 per share.

* H&R Real Estate Investment Trust reported 2017 fourth-quarter FFO of C$137.4 million, or 45 cents per share, a decline in the aggregate from C$142.9 million, or 47 cents per share, in the year-ago period. The company reported a 4.1% year-over-year decrease in FFO for the full year. In the aggregate, results totaled C$560.1 million, or $1.82 per share, compared with C$584.3 million, or C$1.93 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the fourth quarter was 46 cents. For the full year, the S&P Capital IQ consensus estimate for FFO was C$1.82 per share.

* SmartCentres REIT disclosed 2017 fourth-quarter FFO of C$91.0 million and AFFO of C$81.1 million.

For the full year, the company reported a 4.3% year-over-year rise in FFO. In the aggregate, results totaled about C$344.7 million, compared with roughly C$330.6 million.

Additional coverage

Equinix reports 33% YOY increase in FY'17 AFFO

Marriott International adjusted Q4'17 earnings rise YOY

Hyatt posts 85.4% YOY rise in Q4'17 net income

Wyndham reports YOY boost in Q4'17 net income, increases dividend

Hilton logs YOY rise in Q4'17, FY'17 net income