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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

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Corporate Credit Risk Trends in Developing Markets: A Probability of Default Perspective


The Earnings Report

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

* MGM Growth Properties reported funds from operations for the 2017 fourth quarter of $116.5 million, or 44 cents per operating partnership unit, an increase in the aggregate from $114.8 million, or 47 cents per OP unit, in the prior-year period. For the quarter, adjusted FFO gained 17.2% on an annual basis to $139.1 million, or 52 cents per OP unit, from $118.7 million, or 49 cents per OP unit.

For the full year 2017, the casino-focused real estate investment trust reported a 76.6% year-over-year rise in FFO. In the aggregate, FFO totaled $460.5 million, or $1.84 per OP unit, compared with $260.7 million in 2016. AFFO for the full year 2017 amounted to $501.3 million, or $2.01 per OP unit, a 79.5% increase from $279.3 million in 2016.

The S&P Capital IQ consensus FFO estimate for the 2017 fourth quarter was 50 cents per share. For the full year 2017, the S&P Capital IQ consensus estimate for FFO was $1.92 per share.

* Student-housing REIT Education Realty Trust Inc. disclosed FFO available to stockholders and unit holders for the 2017 fourth quarter of $48.4 million, or 63 cents per share/unit, a 21.9% rise in the aggregate from $39.7 million, or 54 cents per share/unit, in the 2016 fourth quarter. Core FFO for the quarter gained from the year-ago period to $44.7 million, or 59 cents per share/unit, from $43.2 million, or 59 cents per share/unit.

The company reported a 34.7% year-over-year gain in FFO for the full year 2017. In the aggregate, results totaled $142.8 million, or $1.92 per share/unit, compared with $106.0 million, or $1.52 per share/unit. Core FFO for the full year 2017 were $141.5 million, or $1.90 per share/unit, a 15.0% increase from $123.0 million, or $1.77 per share/unit, the previous year.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 58 cents. For the full year 2017, the S&P Capital IQ consensus estimate for FFO was $1.90 per share.

In reporting results, Education Realty said it expects FFO without capital transactions per share/unit in the range of $1.83 to $1.93 for the 2018 full year. The company also expects core FFO without capital transactions for the 2018 full year at between $1.89 and $1.99 per share/unit.

* Diversified REIT PS Business Parks Inc. reported 2017 fourth-quarter FFO allocable to common and dilutive shares of $48.9 million, or $1.40 per share, an increase of 19.0% in the aggregate from $41.1 million, or $1.18 per share, in the year-ago period.

For the full year 2017, the company posted a 13.0% year-over-year gain in FFO. In the aggregate, results totaled $203.3 million, or $5.83 per share, compared with $179.9 million, or $5.17 per share.

The S&P Capital IQ consensus FFO estimates were $1.53 per share for the 2017 fourth quarter and $6.05 per share for the full year, with four analysts reporting.

* Hotel company Choice Hotels International Inc. reported 2017 fourth-quarter adjusted net income of $35.9 million, or 63 cents per share, an increase of 13.0% in the aggregate from $31.8 million, or 56 cents per share, in the 2016 fourth quarter.

For the full year 2017, the company posted a 14.8% year-over-year rise in adjusted net income. In the aggregate, results totaled $164.0 million, or $2.88 per share, compared with $142.9 million, or $2.53 per share.

The S&P Capital IQ consensus EPS estimate for the quarter was 62 cents per share. For the full year 2017, the S&P Capital IQ consensus estimate for EPS was $2.88 per share.

* Student-housing REIT American Campus Communities Inc. reported FFO attributable to common stockholders and operating-partnership unit holders for the 2017 fourth quarter of $103.9 million, or 75 cents per share, a 33.3% increase in the aggregate from $78.0 million, or 58 cents per share, in the 2016 fourth quarter. For the quarter, FFO-modified attributable to common stockholders and operating-partnership unit holders gained 14.5% year over year to $99.6 million, or 72 cents per share, from $86.9 million, or 65 cents per share.

For the full year 2017, the company posted an 8.5% year-over-year increase in FFO attributable to common stockholders and operating-partnership unit holders. In the aggregate, results totaled $317.4 million, or $2.31 per share, compared with $292.6 million, or $2.23 per share. FFO-modified attributable to common stockholders and operating-partnership unit holders for the year amounted to $316.4 million, or $2.31 per share, a 6.3% increase from $297.7 million, or $2.27 per share, in 2016.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 71 cents. For the full year 2017, the S&P Capital IQ consensus estimate for FFO was $2.30 per share.

In reporting results, American Campus said it expects FFO per share in the range of $2.51 to $2.60 for the 2018 full year. The company also expects modified FFO for the 2018 full year at between $2.33 and $2.43 per share.

For the 2018 full year, the S&P Capital IQ consensus FFO-per-share estimate is $2.42.

* Data center REIT QTS Realty Trust Inc. disclosed operating FFO for the 2017 fourth quarter of $45.9 million, or 79 cents per share, compared with $35.4 million, or 64 cents per share, in the 2016 fourth quarter. For the quarter, AFFO grew 19.6% on an annual basis to $41.2 million from $34.4 million.

For the full year 2017, the company reported a 10.9% year-over-year gain in operating FFO. In the aggregate, results totaled $156.1 million, or $2.76 per share, compared with $140.7 million, or $2.61 per share. AFFO for the year totaled $151.3 million, a 12.8% increase from $134.1 million in the year-ago period.

The S&P Capital IQ consensus FFO estimate for the quarter was 74 cents per share. For the full year 2017, the S&P Capital IQ consensus estimate for FFO was $2.68 per share.

QTS Realty forecasts core operating FFO per share in the range of $2.55 to $2.65 for the 2018 full year. For the 2018 full year, the S&P Capital IQ consensus FFO-per-share estimate is $2.91.

* Single tenant-focused retail REIT Four Corners Property Trust reported 2017 fourth-quarter NAREIT-defined FFO of $20.8 million, or 34 cents per share, a decrease in the aggregate from $21.1 million, or 35 cents per share, in the 2016 fourth quarter. AFFO for the quarter grew 7.3% on an annual basis to $20.3 million, or 33 cents per share, from $18.9 million, or 31 cents per share.

NAREIT is the U.S.-based trade association for REITs and publicly traded real estate companies.

The company posted a 3.4% year-over-year increase in FFO for the full year 2017. In the aggregate, results totaled $83.1 million, or $1.36 per share, compared with $80.4 million, or $1.35 per share. AFFO for the full year 2017 amounted to $78.6 million, or $1.29 per share, a 7.9% increase from $72.8 million, or $1.22 per share, the previous year.

The S&P Capital IQ consensus FFO estimate for the quarter was 34 cents per share, with four analysts reporting. For the full year 2017, the S&P Capital IQ consensus estimate for FFO was $1.37 per share, with four analysts reporting.

* Lodging REIT LaSalle Hotel Properties disclosed FFO attributable to common shareholders and unit holders for the 2017 fourth quarter of $55.6 million, or 49 cents per share/unit, a 19.7% decline in the aggregate from $69.2 million, or 61 cents per share/unit, in the 2016 fourth quarter. AFFO attributable to common shareholders and unit holders for the quarter fell 14.1% year over year to $60.0 million, or 53 cents per share/unit, from $69.8 million, or 62 cents per share/unit.

The company posted a 17.1% year-over-year decrease in FFO attributable to common shareholders and unit holders for the full year 2017. In the aggregate, results totaled $267.5 million, or $2.36 per share/unit, compared with $322.6 million, or $2.85 per share/unit. AFFO for 2017 came to $280.1 million, or $2.47 per share/unit, compared with $328.9 million, or $2.90 per share/unit, in 2016.

The S&P Capital IQ consensus FFO estimate for the quarter was 53 cents per share. For the full year 2017, the S&P Capital IQ consensus estimate for FFO was $2.46 per share.

In reporting results, LaSalle Hotel said it forecasts AFFO base case per share of $2.06 for the 2018 full year. The company also expects AFFO base case for the 2018 first quarter of 27 cents.

Additional coverage

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