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The Guidance Report

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The Guidance Report

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

* Apartment Investmentand Management Co., in reporting its first-quarter results, said itlifted its 2016 financial outlook to reflect the company's "outperformance"during the quarter.

The company now expects its full-year 2016 pro forma FFO pershare to be between $2.24 and $2.34. AFFO per share for the year is expected ina range of $1.92 to $2.02.

This compares with the previouslyoutlined pro forma FFO-per-share guidance of $2.23 to $2.33 and AFFO-per-shareguidance of $1.91 to $2.01.

The S&P Capital IQ consensus FFO- and AFFO-per-share estimatesfor the full year are $2.29 and $1.96.

* DDR Corp.,in announcing its first-quarter results, said it is increasing the lower end ofthe range of its 2016 operating FFO and NAREIT-defined FFO to a revised range of$1.20 to $1.25 per share from the previouslyoutlined range of $1.19 to $1.25 per share.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year is $1.23.

* First PotomacRealty Trust increased the low-end of its 2016 full-year core FFO-per-shareguidance to 99 cents from 98 cents,bringing the updated range to between 99 cents per share and $1.04 per share.

In reporting its first-quarter results, the company said theupdated guidance assumes, among other things, FFO from unconsolidated joint venturesof about $5.3 million to $5.8 million, portfolio NOI of $97.0 million to $100.0million and year-end occupancy of 91.0% to 93.0%.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year is $1.00.

* Hersha HospitalityTrust, in announcing its first-quarter results, outlined an updated2016 AFFO-per-share guidance of $2.48 to $2.69, compared to the previous outlookof $2.79 to $3.00.                     

The company said it is updating its operating and financial expectationsfor 2016 to reflect the expected dispositionof seven New York City hotels to Cindat Capital Management Ltd. and the simultaneousformation of the Cindat joint venture.

The company's expectations are based on its current view of operatingand economic fundamentals; ownership of the Sanctuary Beach Resort in California as of Jan. 28; ownershipof Hilton Garden Inn M Streetin Washington, D.C., as of March 9; full ownership of the seven hotels contributedto the Cindat JV through May 1; and the 30% joint-venture ownership of those hotelsthereafter.

Hersha noted that the updated outlook does not build in any additionalacquisitions, dispositions or capital market activities for 2016.

The S&P Capital IQ consensus AFFO-per-share estimate forthe full year is $2.27.

* Camden PropertyTrust, in announcing its first-quarter results, updated its earningsguidance for 2016 based on its current and expected views of the apartment marketand general economic conditions.

The company revised its FFO-per-share outlook for the full yearto $4.45 to $4.65, compared to the previously outlined range of $4.75 to $4.95 as a result of its increased dispositionvolume.

The company also provided second-quarter FFO-per-share guidanceof $1.13 to $1.17.

The S&P Capital IQ consensus FFO-per-share estimates forthe full year and second quarter are $4.83 and $1.21, respectively.

* Chesapeake LodgingTrust updated its 2016 financial outlook to incorporate its first-quarterresults and recent operating trends and fundamentals.

The company, in reporting its first-quarter results, outlinedan updated full-year AFFO-per-share outlook of $2.52 to $2.62. This compares tothe previous outlook of$2.50 to $2.60.

Chesapeake said the updated outlook assumes no acquisitions,dispositions or financing transactions beyond the refinancing of the Hyatt RegencyBoston mortgage loan, which was prepaid without penalty April 6, and the CourtyardWashington Capitol Hill/Navy Yard mortgage loan, which is pre-payable without penaltyAug. 1.

The S&P Capital IQ consensus AFFO-per-share estimate forthe full year is $2.25.

* CubeSmarttweaked its 2016 full-year outlook for fully diluted FFO, as adjusted, to between$1.36 per share and $1.40 per share from $1.35 and $1.40 per share .

The company also issued FFO-per-share, as adjusted, guidancefor the second quarter of 34 cents to 35 cents.

In reporting its first-quarter financial results, the companysaid its estimates assume, among other things, a same-store pool consisting of 407assets totaling 27.8 million square feet for 2016, an improved same-store NOI of7.75% to 8.75% over 2015 and expense growth of 2.5% to 3.5%.

The S&P Capital IQ consensus FFO-per-share estimates forthe second quarter and full year are 35 cents and $1.39, respectively.

* Kite Realty GroupTrust reiteratedits guidance and underlying assumptions for 2016 FFO, as adjusted, of $2.02 to $2.08per share. While reporting its first-quarter results, the company said the guidanceexcludes certain one-time items, such as transaction costs, debt extinguishmentgains/losses and certain other income or charges. FFO per common share, as definedby NAREIT, meanwhile, was maintained at between $2.00 and $2.06.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year is $2.06.

* Columbia PropertyTrust Inc. reiterated its full-year guidance range of $1.50 to $1.60per share for normalized FFO for the 12 months ending Dec. 31.

The company, in reporting its first-quarter results, said theguidance assumes, among other things, total sales of $700 million to $800 millionand total acquisitions of $200 million to $400 million, GAAP straight-line rentalincome of $16 million to $24 million, and leased percentage of 90% to 92% at 2016year-end.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year is $1.60.

* EPR Propertiessaid it continues to expectits 2016 FFO-as-adjusted-per-share guidance to be in the range of $4.70 to $4.80.

In reporting its first-quarter results, the company noted thatthe guidance is based on FFO per share of $4.62 to $4.68, adjusted for costs relatedto loan payoff or refinancing, transaction expenses, public charter school-relatedtermination fees, and deferred income tax expense.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year is $4.77.

* While announcing its first-quarter financial results, reaffirmed its 2016 full-yearFFO-per-share, as adjusted for comparability, guidance to be in the range of $1.95to $2.05.

The company also outlined its second-quarter guidance, expectingit to be in the range of 48 cents to 50 cents.

NAREIT-defined FFO-per-share for the second quarter and fullyear are expected in the ranges of 48 cents to 50 cents and $1.89 to $1.99, respectively.

The S&P Capital IQ consensus FFO-per-share estimates forthe second quarter and full year are 50 cents and $2.00, respectively.