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The Earnings Report

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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.

* Hudson Pacific Properties Inc. reported funds from operations (excluding certain items) to common stockholders and unit holders for the 2017 fourth quarter of $81.7 million, or 52 cents per share, a 20.1% rise in the aggregate from $68.0 million, or 46 cents per share, in the 2016 fourth quarter.

The company reported a 17.7% year-over-year gain in FFO (excluding certain items) for the full year 2017. In the aggregate, results totaled $307.8 million, or $1.99 per share, compared with $261.5 million, or $1.78 per share.

The S&P Capital IQ consensus FFO estimate for the 2017 fourth quarter was 50 cents per share.

In reporting results, Hudson Pacific said it forecasts FFO (excluding certain items) per share in the range of $1.87 to $1.95 for the 2018 full year.

The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is $1.91.

* Kimco Realty Corp. reported FFO available to the company's shareholders for the 2017 fourth quarter of $160.1 million, or 38 cents per share, a decline in the aggregate from $163.0 million, or 38 cents per share, in the 2016 fourth quarter.

For the quarter, FFO as adjusted rose on an annual basis to $166.4 million, or 39 cents per share, from $160.4 million, or 38 cents per share.

The S&P Capital IQ consensus FFO estimate for the 2017 fourth quarter was 38 cents per share.

Kimco Realty forecasts FFO per share in the range of $1.42 to $1.46 for the 2018 full year.

* Canadian REIT disclosed 2017 fourth-quarter FFO of C$61.2 million, or 83 cents per unit, a fall in the aggregate from C$61.5 million, or 84 cents per unit, in the prior-year period.

For the quarter, AFFO gained 16.4% from the year-ago period to C$46.8 million, or 64 cents per unit, from $40.2 million, or 55 cents per unit.

The company disclosed a 2.5% year-over-year gain in FFO for the full year. In the aggregate, results totaled C$245.8 million, or $3.35 per unit, compared with C$239.8 million, or $3.28 per unit.

AFFO for the full year 2017 totaled C$202.9 million, or $2.77 per unit, a 9.8% increase from C$184.8 million, or $2.53 per unit, the previous year.

The S&P Capital IQ consensus FFO-per-share estimate for the 2017 fourth quarter was 81 cents.

For the full year, the S&P Capital IQ consensus estimate for FFO was C$3.28 per share.

* DDR Corp. reported FFO attributable to common shareholders for the 2017 fourth quarter of $95.1 million, or 26 cents per share, a decline of 14.4% in the aggregate from $111.2 million, or 30 cents per share, in the 2016 fourth quarter.

Operating FFO for the quarter declined 6.5% on an annual basis to $103.8 million, or 28 cents per share, from $111.1 million, or 30 cents per share.

For the full year 2017, the company disclosed a 44.9% year-over-year decrease in FFO. In the aggregate, results totaled $256.8 million, or 70 cents per share, compared with $466.2 million, or $1.27 per share.

Operating FFO for the full year 2017 were $432.4 million, or $1.18 per share, a 7.7% decrease from $468.4 million, or $1.28 per share, in 2016.

The S&P Capital IQ consensus FFO estimate for the 2017 fourth quarter was 26 cents per share.

For the full year 2017, the S&P Capital IQ consensus estimate for FFO was $1.02 per share.

DDR expects operating FFO per share at 15 cents for the 2018 third quarter.

* Columbia Property Trust Inc. disclosed 2017 fourth-quarter FFO of $36.3 million, a decrease of 19.6% in the aggregate from $45.2 million in the 2016 fourth quarter.

For the quarter, normalized FFO decreased 15.4% on an annual basis to $38.2 million, or 32 cents per share, from $45.2 million, or 37 cents per share.

For the full year 2017, the company disclosed a 27.6% year-over-year decrease in FFO. In the aggregate, results totaled $134.6 million, compared with $186.1 million.

Normalized FFO for the full year 2017 came to $138.4 million, or $1.14 per share, a 32.5% decrease from $205.0 million, or $1.66 per share, the previous year.

The S&P Capital IQ consensus FFO estimate for the 2017 fourth quarter was 31 cents per share.

For the full year 2017, the S&P Capital IQ consensus estimate for FFO was $1.14 per share.

Columbia Property Trust expects normalized FFO per share in the range of $1.41 to $1.46 for the 2018 full year.

For the 2018 full year, the S&P Capital IQ consensus FFO-per-share estimate is $1.42.

* CubeSmart disclosed FFO attributable to common shareholders and operating partnership unit holders for the 2017 fourth quarter of $76.6 million, or 42 cents per share, a 17.7% rise in the aggregate from $65.1 million, or 36 cents per share, in the 2016 fourth quarter.

For the quarter, FFO as adjusted grew 10.7% from the year-ago period to $76.3 million, or 41 cents per share, from $69.0 million, or 38 cents per share.

The company reported a 15.0% year-over-year rise in FFO for the full year 2017. In the aggregate, results totaled $289.1 million, or $1.57 per share, compared with $251.4 million, or $1.38 per share.

FFO as adjusted for full year 2017 totaled $291.5 million, or $1.59 per share, an 11.6% increase from $261.2 million, or $1.44 per share, in 2016.

The S&P Capital IQ consensus FFO estimate for the quarter was 41 cents per share.

For full year 2017, the S&P Capital IQ consensus estimate for FFO was $1.58 per share.

In reporting results, CubeSmart said it forecasts FFO as adjusted per share in the range of $1.60 to $1.65 for the 2018 full year. The company also expects FFO as adjusted for the 2018 first quarter at between 38 cents and 39 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is $1.64, while analysts expect FFO per share for the 2018 first quarter at 39 cents.

* STAG Industrial Inc. disclosed 2017 fourth-quarter FFO attributable to common shareholders and unit holders of $43.9 million, an increase of 51.2% in the aggregate from $29.0 million in the 2016 fourth quarter.

Core FFO for the quarter increased 32.9% from the year-ago period to $44.0 million, or 44 cents per share, from $33.1 million, or 42 cents per share.

The company disclosed a 48.4% year-over-year gain in FFO for the full year 2017. In the aggregate, results totaled $150.6 million, compared with $101.5 million.

Core FFO for the year amounted to $159.3 million, or $1.69 per share, a 34.6% increase from $118.3 million, or $1.58 per share, in the year-ago period.

The S&P Capital IQ consensus FFO estimate for the 2017 fourth quarter was 44 cents per share.

For the full year 2017, the S&P Capital IQ consensus estimate for FFO was $1.69 per share.

* Washington Real Estate Investment Trust disclosed 2017 fourth-quarter NAREIT FFO of $35.4 million, or 45 cents per share, a rise of 11.7% in the aggregate from $31.7 million, or 42 cents per share, in the 2016 fourth quarter.

For the quarter, core FFO rose 7.9% from the year-ago period to $34.4 million, or 44 cents per share, from $31.8 million, or 43 cents per share.

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

For the full year 2017, the company reported an 11.9% year-over-year rise in NAREIT FFO. In the aggregate, results totaled $141.0 million, or $1.83 per share, compared with $126.0 million, or $1.74 per share.

Core FFO for the year were $140.2 million, or $1.82 per share, a 9.8% increase from $127.7 million, or $1.76 per share, in the year-ago period.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 44 cents.

For the full year 2017, the S&P Capital IQ consensus estimate for FFO was $1.82 per share.

Washington REIT expects NAREIT FFO per share in the range of $1.82 to $1.90 for the 2018 full year. The company also expects core FFO for the 2018 full year at between $1.82 and $1.90 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is $1.86.

* Healthcare Trust of America Inc. disclosed 2017 fourth-quarter FFO attributable to common stockholders of $85.6 million, or 41 cents per share, a gain of 40.4% in the aggregate from $60.9 million, or 42 cents per share, in the corresponding 2016 period.

Normalized FFO for the quarter increased 45.7% year over year to $86.7 million, or 42 cents per share, from $59.5 million, or 41 cents per share.

For the full year 2017, the company reported a 31.8% year-over-year gain in FFO. In the aggregate, results totaled $284.2 million, or $1.53 per share, compared with $215.6 million, or $1.54 per share.

Normalized FFO for the year were $302.0 million, or $1.63 per share, a 34.1% increase from $225.2 million, or $1.61 per share, in the year-ago period.

The S&P Capital IQ consensus FFO estimate for the 2017 fourth quarter was 42 cents per share.

For the full year 2017, the S&P Capital IQ consensus estimate for FFO was $1.64 per share.

* Paramount Group Inc. disclosed FFO attributable to common stockholders for the 2017 fourth quarter of $48.1 million, or 20 cents per share, a 17.3% rise in the aggregate from $41.0 million, or 18 cents per share, in the 2016 fourth quarter.

Core FFO for the quarter gained 32.3% year over year to $51.6 million, or 22 cents per share, from $39.0 million, or 17 cents per share.

The company posted a 5.3% year-over-year rise in FFO for the full year 2017. In the aggregate, results totaled $205.6 million, or 87 cents per share, compared with $195.1 million, or 89 cents per share.

Core FFO for the year totaled $210.1 million, or 89 cents per share, a 14.4% increase from $183.6 million, or 84 cents per share, in the year-ago period.

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

For the full year 2017, the S&P Capital IQ consensus estimate for FFO was 90 cents per share.

In reporting results, Paramount said it expects core FFO per share in the range of 92 cents to 96 cents for the 2018 full year.

The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is 95 cents.

Additional coverage

Digital Realty posts 24% YOY gain Q4'17 FFO