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The Earnings Report

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Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective

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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.

* Diversified real estate investment trust Colony NorthStar Inc. disclosed core funds from operations attributable to common interests in the operating company and common stockholders for the first quarter of $115.1 million, or 20 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the first quarter was 16 cents.

* Diversified property company The RMR Group Inc. reported net income attributable to the company for the fiscal second quarter of $8.4 million, or 52 cents per share, a 21.4% rise in the aggregate from $6.9 million, or 43 cents per share, a year ago.

The S&P Capital IQ consensus EPS estimate for the quarter was 55 cents per share, with three analysts reporting.

* Choice Hotels International Inc. reported first-quarter net income of $25.1 million, or 44 cents per share, a rise in the aggregate from $24.3 million, or 43 cents per share, in the 2017 first quarter.

For the quarter, adjusted net income grew 24.9% on an annual basis to $38.4 million, or 67 cents per share, from $30.7 million, or 54 cents per share.

Choice Hotels expects net income per share in the range of $3.37 to $3.47 for the full year. The company also forecasts adjusted EPS for the full year at between $3.61 and $3.71 per share.

* LaSalle Hotel Properties disclosed FFO attributable to common shareholders and unit holders for the first quarter of $34.2 million, or 30 cents per share, a fall of 30.3% in the aggregate from $49.0 million, or 43 cents per share, in the 2017 first quarter.

Adjusted FFO for the quarter declined 27.3% year over year to $37.3 million, or 33 cents per share, from $51.3 million, or 45 cents per share.

The S&P Capital IQ consensus FFO estimate for the quarter was 28 cents per share.

In reporting results, LaSalle Hotel said it expects AFFO per share in the range of $2.16 to $2.19 for the full year. The company also expects AFFO for the second quarter at between 74 cents and 77 cents per share.

* Temperature-controlled warehouse owner and operator Americold Realty Trust reported core FFO applicable to common shareholders for the first quarter of $34.8 million, or 27 cents per share, a gain of 53.4% in the aggregate from $22.7 million in the prior-year period.

For the quarter, adjusted FFO rose 49.0% year over year to $39.9 million, or 31 cents per share, from $26.8 million.

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

* Communications infrastructure REIT Uniti Group Inc. reported first-quarter FFO attributable to common shareholders of $92.5 million, or 53 cents per share, a 33.6% increase in the aggregate from $69.2 million, or 45 cents per share, in the comparable 2017 period.

Adjusted FFO for the quarter increased 8.3% year over year to $108.7 million, or 62 cents per share, from $100.3 million, or 65 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 53 cents.

Uniti Group forecasts FFO per share in the range of $2.17 to $2.22 for the full year. The company also forecasts AFFO per share for the full year between $2.54 and $2.59. The company in March said it expected FFO per share attributable to common shareholders in a range of $2.12 to $2.17, while AFFO per share was expected between $2.52 and $2.57.

For the full year, the S&P Capital IQ consensus FFO-per-share estimate is $2.15 per share, with five analysts reporting.

* Canada's Chartwell Retirement Residences reported FFO for the first quarter of C$42.8 million, or 20 cents per unit, an increase in the aggregate from C$42.1 million, or 22 cents per unit, in the 2017 first quarter.

The S&P Capital IQ consensus FFO estimate for the quarter was 22 cents per share, with three analysts reporting.