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67 US REITs top Q4'18 earnings estimates

Among the 147 U.S. equity real estate investment trusts with market caps greater than $200 million and three or more S&P Global Market Intelligence earnings estimates, 67 topped their fourth-quarter 2018 consensus earnings estimates, while 39 fell short and 41 met expectations.

Thirteen of the 15 hotel REITs surpassed their fourth-quarter consensus S&P Global Market Intelligence funds from operations-per-share estimates, the largest proportion of any property type. Only three healthcare REITs, or about 19% of the sector, topped analyst estimates, while 64% of the specialty REITs — which include land, communications, timber, prison, energy infrastructure, casino and advertising REITs — fell short of their consensus earnings estimates.

Small-cap apartment REIT BRT Apartments Corp. led the sector with the largest earnings beat of the quarter, surpassing its FFO-per-share estimate by 36.8%, or 7 cents per share. During the quarter, BRT Apartments received $1.2 million, or 8 cents per share, of insurance recovery proceeds, after adjustment of noncontrolling interests of $352,000, or 2 cents per share. The proceeds stemmed from two properties damaged by fires earlier in the year as well as damage by Hurricane Harvey in September 2017.

At the other end of the spectrum, diversified REIT Colony Capital Inc. reported core FFO of 4 cents per share for the 2018 fourth quarter, 69.2% below the REIT's consensus estimate. Colony Capital's fourth-quarter core FFO was negatively impacted by $29 million of net investment losses, primarily related to the operating partnership's share of private equity secondaries mark-to-market adjustments and the associated tax effect from its 36.6% interest in Colony Credit Real Estate Inc.

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For further earnings analysis, try S&P Global Market Intelligence's Real Estate Beats & Misses Excel template. Other templates are also available in the Excel Template Library.