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In This List

The Earnings Report

Commercial Real Estate: 2020 Review

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd


The Earnings Report

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

* CBL & Associates Properties Inc. reported second-quarter funds from operations allocable to common shareholders of $99.6 million, or 58 cents per share, down from $125.3 million, or 73 cents per share, a year ago.

FFO allocable to common shareholders, as adjusted, totaled $85.6 million, or 50 cents per share, down from $101.3 million, or 59 cents per share, in the 2016 second quarter.

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

The company said it is maintaining its 2017 FFO, as adjusted, per share guidance in the range of $2.18 to $2.24.

For the full year, the S&P Capital IQ consensus FFO-per-share estimate is $2.19.

* Uniti Group Inc. disclosed second-quarter FFO applicable to common shareholders of $73.9 million, or 44 cents per share, down from $84.5 million, or 56 cents per share, in the 2016 second quarter.

For the second quarter, AFFO applicable to common shareholders climbed to $101.4 million, or 60 cents per share, from $99.6 million, or 66 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 51 cents.

In reporting results, Uniti Group said it expects the midpoint of its AFFO-per-share outlook at $2.53 for the full year.

The S&P Capital IQ consensus FFO-per-share estimate for the year is $2.09.

* UMH Properties Inc. reported core FFO for the second quarter of $6.5 million, or 20 cents per share, an increase of 29.5% in the aggregate from $5.0 million, or 18 cents per share, in the 2016 second quarter.

For the quarter, normalized FFO rose 29.3% year over year to $5.5 million, or 17 cents per share, from $4.3 million, or 16 cents per share.

The S&P Capital IQ consensus FFO estimate for the second quarter was 20 cents per share.

* Artis Real Estate Investment Trust reported second-quarter FFO of $54.4 million, or 36 cents per share, a 0.5% decline in the aggregate from $54.7 million, or 38 cents per share, in the 2016 second quarter.

For the second quarter, AFFO declined 2.6% on an annual basis to $40.1 million, or 27 cents per share, from $41.2 million, or 29 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the second quarter was 37 cents. The S&P Capital IQ consensus estimate for AFFO was 28 cents per share for the second quarter.

* Ashford Hospitality Trust Inc. reported AFFO available to common stockholders and operating-partnership unit holders for the second quarter of $58.8 million, or 52 cents per share, a decline of 13.6% in the aggregate from $68.0 million, or 60 cents per share, in the comparable 2016 period.

* Canadian REIT disclosed FFO for the second quarter of C$61.1 million, or 83 cents per share, a fall of 3.0% in the aggregate from C$63.0 million, or 86 cents per share, in the year-ago period.

The S&P Capital IQ consensus FFO-per-share estimate for the second quarter was 82 cents.

* DCT Industrial Trust Inc. reported second-quarter FFO attributable to common stockholders and unit holders of $57.1 million, or 59 cents per share, up from $50.7 million, or 53 cents per share, in the prior-year period.

For the quarter, FFO, as adjusted, attributable to common stockholders and unit holders rose to $58.0 million, or 60 cents per share, from $51.1 million, or 54 cents per share.

The S&P Capital IQ consensus FFO estimate for the quarter was 60 cents per share.

In reporting results, DCT Industrial said it expects FFO as adjusted per share in the range of $2.39 to $2.45 for the full year, compared to a prior guidance range of $2.36 to $2.44.

The S&P Capital IQ consensus FFO-per-share estimate for the year is $2.42.

* CatchMark Timber Trust Inc. saw a net loss for the second quarter of $2.5 million, or 6 cents per share, compared to a loss of $2.6 million, or 7 cents per share, recorded in the 2016 second quarter.

* American Homes 4 Rent disclosed second-quarter core FFO attributable to common share and unit holders of $81.5 million, or 26 cents per share, a rise of 10.8% in the aggregate from $73.5 million, or 25 cents per share, in the 2016 second quarter.

For the quarter, AFFO attributable to common share and unit holders rose 12.5% year over year to $70.4 million, or 22 cents per share, from $62.6 million, or 21 cents per share.

The S&P Capital IQ consensus FFO estimate for the second quarter was 26 cents per share. The S&P Capital IQ consensus estimate for AFFO was 22 cents per share for the second quarter.

* Kennedy-Wilson Holdings Inc. disclosed second-quarter net income to common shareholders of $9.4 million, or 8 cents per share, an increase from the $1.6 million, or 2 cents per share, net loss recorded in the prior-year period.

* RE/MAX Holdings Inc. reported second-quarter adjusted net income of $16.2 million, or 54 cents per share, a rise of 14.2% in the aggregate from $14.2 million, or 47 cents per share, in the 2016 second quarter.

* Spirit Realty Capital Inc. reported FFO for the second quarter of $88.0 million, or 18 cents per share, a decline of 21.7% in the aggregate from $112.4 million, or 24 cents per share, in the corresponding 2016 period.

For the quarter, AFFO decreased 5.0% on an annual, aggregate basis to $99.1 million, or 21 cents per share, from $104.4 million, or 22 cents per share.

The S&P Capital IQ consensus FFO estimate for the second quarter was 20 cents per share.

In reporting results, Spirit said it forecasts AFFO per share in the range of 80 cents to 84 cents for the full year, compared to previous guidance in the same range.

The S&P Capital IQ consensus AFFO-per-share estimate for the full year is 80 cents.

* Paramount Group Inc. reported second-quarter core funds from operations attributable to common stockholders of $54.6 million, or 23 cents per share, a 9.0% rise in the aggregate from $50.1 million, or 23 cents per share, in the 2016 second quarter.

FFO for the quarter grew 14.9% year over year to $62.3 million, or 27 cents per share, from $54.2 million, or 25 cents per share.

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

Paramount Group estimates core FFO per share in the range of 86 cents to 90 cents for the full year, compared to previous guidance in the range of 83 cents to 87 cents. It also expects FFO per share in a range of 90 cents to 94 cents.

For the full year, the S&P Capital IQ consensus FFO-per-share estimate is 86 cents.

* EPR Properties disclosed FFO available to common shareholders for the second quarter of $85.0 million, or $1.15 per share, a 17.7% rise in the aggregate from $72.2 million, or $1.13 per share, in the comparable 2016 period.

FFO as adjusted available to common shareholders for the quarter gained 26.9% year over year to $94.9 million, or $1.29 per share, from $74.7 million, or $1.17 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was $1.25.

In reporting results, EPR Properties said it expects FFO as adjusted per share in the range of $5.05 to $5.20 for the full year.

For the full year, the S&P Capital IQ consensus FFO-per-share estimate is $5.13.

* Forest City Realty Trust Inc. disclosed funds from operations for the second quarter of $103.5 million, or 39 cents per share, an 8.2% rise in the aggregate from $95.7 million, or 36 cents per share, in the comparable 2016 period.

The S&P Capital IQ consensus FFO-per-share estimate for the second quarter was 37 cents.

Forest City Realty expects operating FFO per share in the range of $1.50 to $1.55 for the full year.

The S&P Capital IQ consensus FFO-per-share estimate for the full year is $1.53.

* RLJ Lodging Trust reported FFO for the second quarter of $80.6 million, a 19.0% decrease in the aggregate from $99.5 million in the 2016 second quarter.

For the second quarter, AFFO fell 13.1% year over year to $88.8 million, or 71 cents per share, from $102.1 million, or 82 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 70 cents.

* Seritage Growth Properties reported FFO per common share and unit as defined by NAREIT for the second quarter of $25.7 million, or 46 cents per share, a 19.7% decrease in the aggregate from $32.1 million, or 58 cents per share, in the corresponding 2016 period.

* OUTFRONT Media Inc. reported FFO for the second quarter of $79.7 million, or 57 cents per share, a 0.6% increase in the aggregate from $79.2 million, or 57 cents per share, in the 2016 second quarter.

AFFO for the second quarter decreased 10.2% from the year-ago period to $78.1 million, or 56 cents per share, from $87.0, or 63 cents per share.

* Red Lion Hotels Corp. disclosed net loss attributable to the company for the second quarter of $66,000, compared with the net income of $163,000 in the 2016 second quarter.

For the second quarter, adjusted net income came to $264,000, or 1 cent per share, compared with $865,000, or 4 cents per share, in the year-ago period.

* St. Joe Co. disclosed net income attributable to company for the second quarter of $10.8 million, or 15 cents per share, a 500.0% rise in the aggregate from $1.8 million, or 2 cents per share, in the 2016 second quarter.

* Saul Centers Inc. reported funds from operations available to common stockholders and noncontrolling interests for the second quarter of $23.0 million, or 78 cents per share, a rise of 9.5% in the aggregate from $21.0 million, or 73 cents per share, in the 2016 second quarter.

The S&P Capital IQ consensus FFO estimate for the quarter was 79 cents per share.

* Monogram Residential Trust Inc. disclosed second-quarter NAREIT-defined FFO of $12.4 million, or 7 cents per share, a 3.7% rise in the aggregate from $12.0 million, or 7 cents per share, in the 2016 second quarter.

For the second quarter, core FFO rose 13.5% year over year to $16.2 million, or 10 cents per share, from $14.3 million, or 9 cents per share.

AFFO for the second quarter came in at $17.1 million, a 16.6% increase year over year from $14.7 million. In the second quarter, AFFO were 10 cents per share, compared with 9 cents in the prior-year period.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 9 cents.

Additional coverage

Regency Centers reports YOY FFO gain in Q2, adjusts guidance

RioCan funds from operations up 10.1% YOY in Q2