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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


The Earnings Report

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

* Chatham Lodging Trust disclosed second-quarter funds from operations attributable to common share and unit holders of $25.2 million, a decline of 5.1% in the aggregate from $26.5 million in the 2016 second quarter.

Adjusted FFO for the quarter fell 6.1% from the year-ago period to $25.2 million, or 65 cents per share, from $26.8 million, or 69 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the second quarter was 64 cents.

Chatham expects AFFO per share in the range of 63 cents to 67 cents for the third quarter. The company also forecasts AFFO for the full year between $2.07 and $2.17 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the third quarter is 67 cents, while analysts expect FFO per share for the full year at $2.18.

* Choice Hotels International Inc. reported second-quarter net income of $45.0 million, or 79 cents per share, compared to $38.8 million, or 68 cents per share, in the year-ago period.

Adjusted net income totaled $45.0 million, or 79 cents per share, compared to $40.2 million, or 71 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the second quarter was 77 cents.

Choice Hotels forecasts adjusted EPS in the range of 90 cents to 92 cents for the third quarter. The company also expects adjusted EPS for the full year at between $2.81 and $2.86.

For the third quarter, the S&P Capital IQ consensus normalized EPS estimate is 94 cents, while analysts expect normalized EPS for the full year of $2.83.

* Jones Lang LaSalle Inc. disclosed net income attributable to common shareholders of $78.2 million for the second quarter, down from $78.8 million in the 2016 second quarter. EPS came to $1.71 and adjusted EPS came to $1.82 for the quarter, compared to EPS and adjusted EPS of $1.73 and $1.93, respectively, in the 2016 quarter.

* Chesapeake Lodging Trust disclosed AFFO for the second quarter of $38.2 million, or 65 cents per share, a fall of 13.1% in the aggregate from $43.9 million, or 75 cents per share, in the 2016 second quarter.

The S&P Capital IQ consensus FFO estimate for the second quarter was 62 cents per share.

Chesapeake Lodging forecasts AFFO per share in the range of 62 cents to 66 cents for the third quarter.

The S&P Capital IQ consensus FFO-per-share estimate for the third quarter is 63 cents.

* Brookfield Property Partners LP disclosed second-quarter company FFO of $258.0 million, or 37 cents per share, a gain of 3.2% in the aggregate from $250.0 million, or 35 cents per share, in the 2016 second quarter.

The S&P Capital IQ consensus FFO-per-share estimate for the second quarter was 34 cents.

* Slate Retail REIT disclosed FFO for the second quarter of $12.7 million, or 30 cents per share, a rise of 6.2% in the aggregate from $12.0 million, or 35 cents per share, in the year-ago period.

For the second quarter, AFFO rose 4.9% on an annual basis to $10.7 million, or 25 cents per share, from $10.2 million, or 29 cents per share.

The S&P Capital IQ consensus FFO estimate for the quarter was 32 cents per share.

Additional coverage

GGP Inc. logs Q2 results