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The Guidance Report

This roundup collects recentlyreported guidance from North American real estate companies.

* Duke Realty Corp.reaffirmed its 2016 financialguidance while reporting its first-quarter results.

As shown on its March 31 supplemental information, the company expects core FFO pershare in a range of $1.15 to $1.21, NAREIT FFO per share in the range of $1.12 to$1.24 and core AFFO per share in the range of $1.02 to $1.08.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year is $1.18.

* Sovran Self StorageInc. raised its AFFO-per-share outlook for 2016 to a range of about$5.49 to $5.55 from a previousrange of $5.45 to $5.51.

The company, in reporting its first-quarter results, also offeredAFFO-per-share estimates for the second quarter in the range of $1.37 to $1.39.

The S&P Capital IQ consensus AFFO-per-share estimates forthe second quarter and full year are $1.25 and $4.92, with three and five analystsreporting, respectively.

* Equity One Inc.,in releasing its first-quarter earnings, revisedits recurring FFO-per-share and FFO-per-share estimates for 2016.

The company said it now expects recurring FFO per share in therange of $1.36 to $1.40, compared to an earlier range of $1.35 to $1.40. FFO pershare is now projected to be in the range of $1.27 to $1.30, compared to a priorrange of $1.30 to $1.34.

The guidance assumes, among other things, 3.25% to 4.25% growthin same-property NOI, ongoing one-off sales of noncore assets and selective acquisitionactivity. It excludes potential gains or losses or the impact on operating resultsfrom unplanned future asset purchases or sales, other potential capital marketsactivity, or possible severance or impairment charges in the future.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year is $1.37.

* Washington RealEstate Investment Trust reaffirmedits core FFO-per-share guidance for 2016 in the range of $1.70 to $1.77 in reportingits first-quarter results.

The company reaffirmed the core FFO guidance as it raised itssame-store NOI estimate to 1% from flat.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year is $1.74.

* In releasing its first-quarter earnings, Retail Opportunity Investments Corp. boosted its FFO-per-shareguidance for 2016 to a range of $1.02 to $1.06.

Previously,the company set its FFO-per-share estimate for the full year at a range of $1.00to $1.04.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year is $1.03.

* CBL & AssociatesProperties Inc. reiterated its FFO and AFFO projections for 2016 inreporting its first-quarter earnings.

The company said FFO per share for the full year is forecastto range between $2.44 and $2.50, and AFFO per share is expected to be in the rangeof $2.32 to $2.38. The guidance assumes, among other things, a projected 2016 same-centerNOI growth range of 0.5% to 2.0% and outparcel sales of $3.0 million to $5.0 million.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year is $2.33.

* Pebblebrook HotelTrust maintainedits 2016 full-year outlook and issued second-quarter projections, along with itsfirst-quarter results.

The company said it continues to expect AFFO per share for thefull year in the range of $2.67 to $2.84. For the second quarter, the company expectsAFFO per share in the range of 74 cents to 78 cents.

The full-year and second-quarter estimates take into account,among other things, Pebblebrook's 49% stake in the Manhattan Collection and allanticipated disruption tied to renovations in 2016 or early 2017 at the company'sproperties, including The Westin Colonnade, Coral Gables, Union Station Hotel Nashville,Autograph Collection, Revere Hotel Boston Common, the Tuscan Fisherman's Wharf,a Best Western Plus Hotel, Hotel Palomar Los Angeles Beverly Hills and MondrianLos Angeles.

The S&P Capital IQ consensus AFFO-per-share estimates forthe second quarter and full year are 69 cents and $2.39, respectively.

* Whitestone REIT,in releasing its first-quarter earnings, said it continues to expect core FFO per share for 2016 in the rangeof $1.33 to $1.39.

In its supplementaloperating and financial data package, the company also issued its FFO-per-shareguidance for the full year in the range of $1.06 to $1.12.

The guidance excludes the capital or operational impact of anyunannounced acquisition or disposition activity in the future.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year is $1.30.

* First IndustrialRealty Trust Inc., in reporting its first-quarter earnings, its NAREIT-defined FFOper share/unit for 2016 in the range of $1.41 to $1.51.

The company said the guidance, among other things, assumes same-storeNOI of 3.5% to 5.5% for 2016 on a cash basis before termination fees.

"We are maintaining our FFO guidance range for 2016, despitethe short-term dilution from our recent equity offering, on the strength of ouryear-to-date development leasing and our first quarter same store growth performance,combined with the impact of higher capitalized interest from our development activity,offset by dilution from property sales net of acquisitions," Chairman, Presidentand CEO Bruce Duncan said in a release.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year is $1.42.

* Mack-Cali RealtyCorp. modified its FFO-per-share outlook for 2016 and offered guidancefor the second quarter.

In releasing its first-quarter earnings, the company said itnow expects FFO per share for the full year in the range of $2.04 to $2.10, comparedto a prior range of $2.00to $2.10. For the second quarter, FFO per share is predicted to range between 52cents and 54 cents.

The S&P Capital IQ consensus FFO-per-share estimates forthe second quarter and full year are 53 cents and $2.06, respectively.

* With its first-quarter results, Kilroy Realty Corp. adjusted its NAREIT-defined FFO per sharefor 2016 to a range of $3.36 to $3.50, up 2 cents per share at the midpoint froma prior range of $3.31to $3.51.

The company said the guidance excludes potential gains or lossesor the impact on operating results from other potential asset buys or sales, otherpossible capital markets activity or potential impairment charges in the future.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year is $3.41.

* GEO Group Inc.updated its 2016 full-year financial guidance and offered second-quarter expectations,along with its first-quarter results.

The company said AFFO per share for the full year is now forecastto be in the range of $3.54 to $3.62, compared to a previous range of $3.52 to $3.62. It expects AFFO per sharefor the second quarter in the range of 87 cents to 89 cents.

The S&P Capital IQ consensus AFFO-per-share estimates forthe second quarter and full year are 86 cents and $3.50, with four analysts reporting.

* In reporting its first-quarter results, Penn National Gaming Inc. issued financial projections forthe second quarter and full year 2016.

The company said it expects EPS to be 27 cents for the secondquarter and 87 cents for the full year. The full-year EPS guidance was revised froman earlier estimate of 76 cents. The guidance assumes, among other things, $445.4million of payments to be made to Gamingand Leisure Properties Inc. in 2016, including $111.8 million duringthe second quarter.

The S&P Capital IQ consensus EPS estimate for the secondquarter is 28 cents, with three analysts reporting.

* DuPont FabrosTechnology Inc. revised its financial projections for the full year2016 and provided the second-quarter outlook in releasing its first-quarter earnings.

The company adjusted its normalized FFO-per-share guidance forthe full year to a range of $2.71 to $2.81 from an earlier range of $2.65 to $2.85, representing a 1-cent-per-shareincrease at the midpoint. AFFO per share is now projected to be in the range of$2.75 to $2.85, compared to a previous range of $2.70 to $2.90. The revised normalizedFFO guidance assumes, among other things, the launch of certain of the company'sdevelopment assets such as the ACC7 Phase III in June, CH2 Phase III in July andACC7 Phase IV during the fourth quarter.

For the second quarter, the company said it expects normalizedFFO and AFFO to be in the respective per-share ranges of 63 cents to 65 cents and64 cents to 66 cents.

The S&P Capital IQ consensus FFO-per-share estimates forthe second quarter and full year are 65 cents and $2.75, respectively.

* CoreSite RealtyCorp., in releasing its first-quarter earnings, lifted its FFO guidancefor 2016.

The company said it now expects FFO per share and unit in therange of $3.52 to $3.60, compared to an earlierrange of $3.37 to $3.47.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year is $3.47.