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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.

* Diversified real estate investment trust Spirit Realty Capital Inc. reported funds from operations attributable to common stockholders for the 2017 fourth quarter of $85.6 million, or 19 cents per share, a 16.2% fall in the aggregate from $102.1 million, or 21 cents per share, in the 2016 fourth quarter.

Adjusted FFO for the quarter fell 5.7% from the year-ago period to $96.5 million, or 21 cents per share, from $102.4 million, or 21 cents per share.

For full-year 2017, the company posted a 7.0% year-over-year decrease in FFO. In the aggregate, results totaled $367.3 million, or 78 cents per share, compared with $395.0 million, or 84 cents per share. AFFO for the year came to $398.1 million, or 85 cents per share, a 3.6% decrease from $413.0 million, or 88 cents per share, the previous year.

The S&P Capital IQ consensus FFO estimate for the reporting quarter was 21 cents per share. For 2017, the S&P Capital IQ consensus estimate for FFO was 81 cents per share.

* Net-lease REIT STORE Capital Corp. reported 2017 fourth-quarter FFO of $77.0 million, or 40 cents per share, a 22.6% rise in the aggregate from $62.8 million, or 40 cents per share, in the 2016 fourth quarter.

For the reporting quarter, AFFO grew 22.4% on an annual basis to $82.2 million, or 43 cents per share, from $67.1 million, or 43 cents per share.

The company posted a 23.0% year-over-year increase in FFO for the full year 2017. In the aggregate, results totaled $283.9 million, or $1.59 per share, compared with $230.9 million, or $1.54 per share.

AFFO for full-year 2017 totaled $306.1 million, or $1.71 per share, marking a 24.5% increase from $245.8 million, or $1.64 per share, in 2016.

The S&P Capital IQ consensus FFO-per-share estimate for the 2017 fourth quarter was 41 cents. For full-year 2017, the S&P Capital IQ consensus estimate for FFO was $1.60 per share.

STORE Capital forecasts AFFO per share in the range of $1.78 to $1.84 for the 2018 full year. For the 2018 full year, the S&P Capital IQ consensus FFO-per-share estimate is $1.74.

* Diversified REIT VEREIT Inc. disclosed 2017 fourth-quarter FFO attributable to common stockholders and limited partners of $133.9 million, or 13.4 cents per share, a rise of 150.1% in the aggregate from $53.5 million, or 5.4 cents per share, in the 2016 fourth quarter.

AFFO for the reporting quarter increased 5.4% from the year-ago period to $179.7 million, or 18 cents per share, from $170.6 million, or 17.1 cents per share.

The company posted a 6.5% year-over-year rise in FFO for the 2017 full year. In the aggregate, results totaled $653.1 million, or 65.4 cents per share, compared with $613.4 million, or 64.2 cents per share.

AFFO for 2017 totaled $738.8 million, or 74 cents per share, a 0.4% decrease from $741.5 million, or 77.6 cents per share, in 2016.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 17 cents. For full-year 2017, the S&P Capital IQ consensus estimate for FFO was 69 cents per share.

In reporting results, VEREIT said it expects AFFO per share in the range of 70 cents to 72 cents for the 2018 full year. For the 2018 full year, the S&P Capital IQ consensus FFO-per-share estimate is 69 cents.

* Hotel REIT Apple Hospitality REIT Inc. reported modified FFO for the 2017 fourth quarter of $81.0 million, or 36 cents per share, a decrease in the aggregate from $83.2 million, or 37 cents per share, in the 2016 fourth quarter.

For the full year 2017, the company posted a 15.7% year-over-year gain in MFFO. In the aggregate, results totaled $389.4 million, or $1.74 per share, compared with $336.6 million, or $1.76 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the reporting quarter was 36 cents. For full-year 2017, the S&P Capital IQ consensus estimate for FFO was $1.75 per share.

* Hotel REIT Pebblebrook Hotel Trust reported FFO available to common share and unit holders for the 2017 fourth quarter of $32.7 million, or 47 cents per share, a fall of 19.3% in the aggregate from $40.5 million, or 56 cents per share, in the 2016 fourth quarter.

For the reporting quarter, AFFO available to common share and unit holders fell 18.4% year over year to $33.8 million, or 49 cents per share, from $41.5 million, or 57 cents per share.

The company reported an 8.1% year-over-year decline in FFO available to common share and unit holders for the full year 2017. In the aggregate, results totaled $175.2 million, or $2.50 per share, compared with $190.6 million, or $2.63 per share.

AFFO available to common share and unit holders for 2017 was $180.4 million, or $2.57 per share, a 10.6% decrease from the $201.8 million, or $2.78 per share, logged in the year-ago period.

The S&P Capital IQ consensus FFO estimate for the quarter was 43 cents per share. For the 2017 full year, the S&P Capital IQ consensus estimate for FFO was $2.52 per share.

In reporting results, Pebblebrook Hotel Trust said it forecasts AFFO per share to sit within the range of $2.46 to $2.61 for the 2018 full year. The company also forecasts AFFO for the 2018 first quarter at between 51 cents and 55 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is $2.64, while analysts expect FFO per share for the first quarter at 56 cents.

* Single family-focused residential REIT American Homes 4 Rent disclosed core FFO attributable to common share and unit holders for the 2017 fourth quarter of $89.4 million, or 26 cents per share, a 17.8% rise in the aggregate from $75.9 million, or 26 cents per share, in the year-ago period.

For the quarter, AFFO attributable to common share and unit holders grew 17.9% year over year to $79.8 million, or 23 cents per share, from $67.7 million, or 23 cents per share.

The company disclosed a 15.9% year-over-year gain in core FFO attributable to common share and unit holders for the 2017 full year. In the aggregate, results totaled $327.0 million, or $1.02 per share, compared with $282.1 million, or 97 cents per share.

AFFO attributable to common share and unit holders for 2017 was $287.0 million, or 90 cents per share, an 18.4% increase from $242.5 million, or 84 cents per share, the previous year.

The S&P Capital IQ consensus FFO-per-share estimate for the 2017 fourth quarter was 26 cents. For full-year 2017, the S&P Capital IQ consensus estimate for FFO was $1.02 per share.

* Senior housing-focused Chartwell Retirement Residences disclosed FFO for the 2017 fourth quarter of C$48.0 million, or 24 Canadian cents per unit, a 9.7% rise in the aggregate from C$43.8 million, or 23 cents per unit, in the 2016 fourth quarter.

The company disclosed a 5.8% year-over-year increase in FFO for full-year 2017. In the aggregate, results totaled C$182.5 million, or 93 cents per unit, compared with C$172.6 million, or 91 cents per unit.

The S&P Capital IQ consensus FFO estimate for the reporting quarter was 24 cents per share. For full-year 2017, the S&P Capital IQ consensus estimate for FFO was 93 cents per share.

* Real estate investment company Kennedy-Wilson Holdings Inc. disclosed 2017 fourth-quarter net income attributable to company common shareholders of $99.2 million, or 69 cents per share, marking an climb in the aggregate from $14.4 million, or 13 cents per share, in the corresponding 2016 period.

The company disclosed a 3,489.3% year-over-year increase in net income attributable to company common shareholders for the 2017 full year. In the aggregate, results totaled $100.5 million, or 83 cents per share, compared with $2.8 million, or 1 cent per share.

Additional coverage

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