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The Earnings Report

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Real Estate News & Analysis: April Edition

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COVID-19 Impact & Recovery: Investment Banking

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COVID-19 Impact & Recovery: Governments

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COVID-19 Impact & Recovery: U.S. Utilities and Power


The Earnings Report

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

* Hospitality Properties Trust said its funds from operations available for common shareholders for the second quarter came to $1.20 per share, compared with the S&P Global Market Intelligence consensus FFO estimate of $1.07 per share, with five analysts reporting.

The per-share results increased 26.3% year over year from 95 cents. FFO available for common shareholders totaled $197.0 million, an increase of 26.4% from $155.9 million in the year-earlier period.

The hotel real estate investment trust's second-quarter normalized FFO grew year over year to $176.2 million, or $1.07 per share, from $173.6 million, or $1.06 per share.

* LaSalle Hotel Properties said its second-quarter FFO attributable to common shareholders and unit holders came to 71 cents per share, compared with the S&P Global Market Intelligence consensus FFO estimate of 77 cents per share.

The per-share results declined 9.0% year over year from 78 cents. FFO totaled $78.4 million, a decline of 11.3% from $88.5 million in the prior-year period.

The full-service hotel REIT's adjusted FFO for the quarter declined from the prior-year period to $88.3 million, or 80 cents per share, from $91.5 million, or 81 cents per share.

* Uniti Group Inc. said its FFO attributable to common shareholders for the second quarter amounted to 50 cents per share, compared with the S&P Global Market Intelligence consensus FFO estimate of 54 cents per share, with five analysts reporting.

The per-share results climbed 13.6% year over year from 44 cents. FFO totaled $87.6 million, an increase of 18.5% from $73.9 million in the prior-year period.

AFFO rose 7.8% year over year to $109.4 million, or 62 cents per share, from $101.4 million, or 60 cents per share.

The communications REIT revised the midpoint of its 2018 AFFO-per-share guidance to $2.52 from $2.57.

* Diversified REIT JBG SMITH Properties said its FFO attributable to common shareholders for the second quarter came to $36.2 million, or 31 cents per share, while core FFO attributable to common shareholders totaled $53.1 million, or 45 cents per share.

* Americold Realty Trust said its core FFO applicable to common shareholders for the second quarter amounted to $43.1 million, or 29 cents per share, compared with $25.0 million in the year-earlier period.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the quarter was 26 cents.

The temperature-controlled warehouse owner and operator's AFFO for the quarter rose 101.6% from the prior-year period to $39.8 million, or 27 cents per share, from $19.7 million.

* H&R Real Estate Investment Trust said its FFO for the second quarter amounted to 44 Canadian cents per stapled unit, compared with the S&P Global Market Intelligence consensus FFO estimate of 43 cents per share.

The per-unit results decreased 6.4% year over year from 47 cents. The Canada-based diversified REIT's FFO for the quarter totaled C$131.9 million, a decrease of 7.4% from C$142.4 million in the prior-year period.

* Canada's Chartwell Retirement Residences said its second-quarter FFO came to 23 Canadian cents per unit, compared with the S&P Global Market Intelligence consensus FFO estimate of 23 cents per share, with five analysts reporting.

The per-unit results rose 9.5% year over year from 21 cents. FFO totaled C$48.9 million, a gain of 16.9% from C$41.9 million in the prior-year period.

* SmartCentres REIT said its second-quarter FFO totaled C$91.0 million, a rise of 6.3% from C$85.6 million in the year-earlier period.

The shopping center REIT's second-quarter FFO with one-time adjustment and transactional FFO rose 6.8% year over year to C$95.0 million, or 59 cents per unit, from C$88.9 million, or 57 cents per unit.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the quarter was 56 cents.

* Canadian Apartment Properties Real Estate Investment Trust disclosed second-quarter normalized funds from operations of C$76.8 million, or 53 Canadian cents per share, a 14.7% increase on a per-share basis from C$63.6 million, or 46 cents per share, in the comparable 2017 period.

FFO for the quarter gained 21.2% in the aggregate year over year to C$76.2 million from C$62.8 million. The S&P Global Market Intelligence consensus FFO-per-share estimate for the quarter was 48 cents.

Additional coverage

Invitation Homes logs 16% YOY gain in Q2 core FFO per share