trending Market Intelligence /marketintelligence/en/news-insights/trending/uyfsqdhy02bqw0hvyigd4g2 content esgSubNav
In This List

The Earnings Report

Blog

Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Blog

Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

Blog

Real Estate News & Analysis: May Edition


The Earnings Report

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

* Host Hotels & Resorts Inc. reported NAREIT funds from operations for the 2017 fourth quarter of $306.0 million, or 41 cents per share, a rise in the aggregate from $304.0 million, or 41 cents per share, logged in the 2016 fourth quarter. Adjusted FFO for the fourth quarter grew year over year to $312.0 million, or 42 cents per share, from $304.0 million, or 41 cents per share.

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

The lodging REIT reported a 1.2% year-over-year fall in NAREIT FFO for the full year 2017. In the aggregate, results totaled $1.24 billion, or $1.68 per share, compared with $1.26 billion, or $1.69 per share, in 2016. AFFO for the full year came to $1.25 billion, or $1.69 per share, a 0.6% decrease from $1.26 billion, or $1.69 per share, the previous year.

The S&P Capital IQ consensus FFO estimate for the quarter was 39 cents per share. For the full year 2017, the S&P Capital IQ consensus estimate for FFO was $1.66 per share.

In reporting results, Host Hotels said it forecasts NAREIT and adjusted FFO per share to both sit within the range of $1.60 to $1.70 for the 2018 full year. The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is $1.66.

* Shopping center REIT Acadia Realty Trust disclosed FFO attributable to common shareholders and common operating partnership unit holders for the 2017 fourth quarter of $33.1 million, or 37 cents per share/unit, marking a decrease in the aggregate from $33.8 million, or 39 cents per share/unit, in the 2016 fourth quarter. For the 2017 fourth quarter, FFO as adjusted for special items declined to $31.0 million, or 35 cents per share, from $35.0 million, or 40 cents per share, in the 2016 period.

The company reported a 15.0% year-over-year gain in FFO attributable to common shareholders for the 2017 full year. In the aggregate, results totaled $134.7 million, or $1.51 per share, representing a year-over-year increase compared with $117.1 million, or $1.44 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 33 cents. For full-year 2017, the S&P Capital IQ consensus estimate for FFO was $1.47 per share.

In reporting results, Acadia Realty said it forecasts FFO per share in the range of $1.33 to $1.45 for the 2018 full year. For the 2018 full year, the S&P Capital IQ consensus FFO-per-share estimate stands at $1.40.

* Single-family rental REIT Invitation Homes Inc. disclosed 2017 fourth-quarter FFO of $54.4 million, or 13 cents per share, a 46.7% rise in the aggregate from $37.1 million in the corresponding 2016 period. For the quarter, core FFO grew 90.8% from the year-ago period to $120.3 million, or 29 cents per share, from $63.1 million.

For the full year 2017, the company reported a 0.1% year-over-year fall in FFO. In the aggregate, results totaled $168.4 million, or 50 cents per share, compared with $168.5 million a year earlier. Core FFO for the full year came to $351.1 million, or $1.04 per share, a 37.4% increase in the aggregate from $255.5 million in 2016.

The S&P Capital IQ consensus FFO estimate for the 2017 fourth quarter was 27 cents per share. For full-year 2017, the S&P Capital IQ consensus estimate for FFO was 99 cents per share.

In reporting results, Invitation Homes said it expects core FFO per share in the range of $1.13 to $1.21 for the 2018 full year. The company also forecasts AFFO for the 2018 full year at between 94 cents and $1.02 per share. For the 2018 full year, the S&P Capital IQ consensus FFO-per-share estimate is $1.20.

* New York-focused office and retail landlord Empire State Realty Trust Inc. reported 2017 fourth-quarter FFO attributable to common stockholders and noncontrolling interests of $72.5 million, or 24 cents per share, an increase in the aggregate from $72.2 million, or 24 cents per share, in the 2016 fourth quarter. For the reporting quarter, modified FFO attributable to common stockholders and noncontrolling interests gained on an annual basis to $74.5 million, or 25 cents per share, from $74.2 million, or 25 cents per share.

For the full year 2017, the company disclosed a 6.1% year-over-year rise in FFO attributable to common stockholders and noncontrolling interests. In the aggregate, results totaled $276.5 million, or 93 cents per share, compared with $260.5 million, or 94 cents per share, during the year-ago period. Modified FFO attributable to common stockholders and noncontrolling interests for the full year amounted to $284.3 million, or 95 cents per share, a 6.0% increase from $268.4 million, or 97 cents per share, logged the previous year.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 25 cents. For the 2017 full year, the S&P Capital IQ consensus estimate for FFO was 96 cents per share.

* Sun Communities Inc. disclosed 2017 fourth-quarter FFO attributable to company common stockholders and dilutive convertible securities of 92 cents per share, compared to 75 cents per share in the 2016 fourth quarter. Core FFO attributable to company common stockholders and dilutive convertible securities for the fourth quarter totaled 98 cents per share, compared to 91 cents per share in the fourth quarter of 2016.

The manufactured-home REIT reported FFO attributable to company common stockholders and dilutive convertible securities for the 2017 full year of $3.95 per share, compared with $3.22 per share in 2016. Core FFO attributable to company common stockholders and dilutive convertible securities for the full year came to $4.17 per share, compared with $3.79 per share in the year-ago period.

The S&P Capital IQ consensus FFO-per-share estimate for the 2017 fourth quarter was 98 cents. For the 2017 full year, the S&P Capital IQ consensus estimate for FFO was $4.17 per share.

In reporting results, the company said it expects core FFO per share in the range of $4.48 to $4.58 for the 2018 full year. The company also expects core FFO for the 2018 first quarter to come in at between $1.12 and $1.14 per share.

The S&P Capital IQ consensus FFO-per-share estimates for the 2018 first quarter and full year are $1.18 and $4.53, respectively.

* First Industrial Realty Trust Inc. reported 2017 fourth-quarter NAREIT FFO allocable to common stockholders and unit holders of $51.1 million, or 41 cents per share/unit, a 12.3% rise in the aggregate from $45.5 million, or 38 cents per share/unit, in the comparable 2016 period. For the fourth quarter, AFFO rose 24.7% from the year-ago period to $39.2 million from $31.5 million.

For the 2017 full year, the company posted a 10.9% year-over-year increase in NAREIT FFO allocable to common stockholders and unit holders to $192.3 million, or $1.57 per share/unit, from $173.4 million, or $1.45 per share/unit. AFFO for the 2017 full year amounted to $156.3 million, an 18.0% increase from $132.5 million in 2016.

The S&P Capital IQ consensus FFO estimate for the 2017 fourth quarter was 40 cents per share. For the 2017 full year, the S&P Capital IQ consensus estimate for FFO was $1.55 per share.

The industrial REIT expects NAREIT-defined FFO per share/unit in the range of $1.54 to $1.64 for the 2018 full year. The company also expects FFO before restructuring charge for the 2018 full year of $1.55 to $1.65 per share/unit.

The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is $1.64.

* Life Storage Inc. disclosed FFO available to common shareholders for the 2017 fourth quarter of $50.8 million, or $1.09 per share, marking a 14.3% fall in the aggregate from $59.3 million, or $1.28 per share, in the 2016 fourth quarter. For the 2017 fourth quarter, AFFO increased from the year-ago period to $62.3 million, or $1.34 per share, from $60.7 million, or $1.31 per share.

For the 2017 full year, the self-storage REIT posted a 22.1% year-over-year gain in FFO. In the aggregate, results totaled $229.1 million, or $4.93 per share, compared with $187.6 million, or $4.32 per share, in the year-ago period. AFFO for the 2017 full year came to $247.0 million, or $5.31 per share, a 9.5% increase from $225.5 million, or $5.19 per share, in 2016.

The S&P Capital IQ consensus FFO-per-share estimate for the 2017 reporting quarter was $1.31. For the 2017 full year, the S&P Capital IQ consensus estimate for FFO was $5.27 per share.

In reporting results, Self-Storage REIT Life Storage said it forecasts FFO per share in the range of $1.24 to $1.28 for the 2018 first quarter and $5.33 to $5.43 for the 2018 full year. The S&P Capital IQ consensus FFO-per-share estimate for the 2018 first quarter is $1.29, while analysts expect FFO per share for the 2018 full year at $5.38.

* Retail Opportunity Investments Corp. disclosed FFO for the 2017 fourth quarter of $37.0 million, or 30 cents per share, an 11.7% increase in the aggregate from $33.2 million, or 27 cents per share, in the 2016 fourth quarter. The shopping center REIT reported an 11.3% year-over-year increase in FFO for the full year. In the aggregate, results totaled $138.9 million, or $1.14 per share, compared with $124.8 million, or $1.08 per share, in the year-ago period.

The S&P Capital IQ consensus FFO estimate for the 2017 fourth quarter was 29 cents per share. For full-year 2017, the S&P Capital IQ consensus estimate for FFO was $1.13 per share.

In reporting results, the company said it expects FFO per share in the range of $1.16 to $1.20 for the 2018 full year. The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is $1.20.

* Sabra Health Care REIT Inc. reported normalized FFO attributable to common stockholders for the 2017 fourth quarter of $117.9 million, or 66 cents per share, a gain of 190.3% in the aggregate from $40.6 million, or 62 cents per share, in the 2016 fourth quarter. AFFO attributable to common stockholders for the 2017 fourth quarter rose 174.9% year over year to $106.6 million, or 60 cents per share, from $38.8 million, or 59 cents per share.

The healthcare REIT posted a 64.6% year-over-year rise in normalized FFO attributable to common stockholders for the 2017 full year. In the aggregate, results totaled $257.5 million, or $2.43 per share, compared with $156.4 million, or $2.39 per share. Normalized AFFO attributable to common stockholders for the 2017 full year were $245.1 million, or $2.31 per share, a 64.7% increase from $148.9 million, or $2.26 per share, in 2016.

The S&P Capital IQ consensus FFO estimate for the 2017 reporting quarter was 67 cents per share. For the 2017 full year, the S&P Capital IQ consensus estimate for FFO was $2.45 per share.

In reporting results, Sabra Health Care said it forecasts normalized FFO per share attributable to common stockholders in the range of $2.48 to $2.56 for the 2018 full year, compared to the previous guidance in the range of $2.48 to $2.54. The company also forecasts normalized AFFO attributable to common stockholders for the 2018 full year at between $2.28 and $2.36 per share. The company previously provided normalized AFFO guidance in the range of $2.33 to $2.39 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is $2.49.

* CyrusOne Inc. disclosed 2017 fourth-quarter normalized FFO of $78.4 million, or 84 cents per share, marking a gain of 39.0% in the aggregate from $56.4 million, or 68 cents per share, in the 2016 fourth quarter. The data center REIT reported a 32.7% year-over-year rise in normalized FFO for the 2017 full year. In the aggregate, results totaled $278.9 million, or $3.12 per share, compared with $210.2 million, or $2.66 per share, a year ago.

The S&P Capital IQ consensus FFO estimate for the 2017 fourth quarter was 80 cents per share. For the 2017 full year, the S&P Capital IQ consensus estimate for FFO was $3.03 per share.

CyrusOne forecasts normalized FFO per share in the range of $3.18 to $3.28 for the 2018 full year. The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is $3.39.

* Shopping center REIT Weingarten Realty Investors reported 2017 fourth-quarter NAREIT FFO of $77.4 million, or 60 cents per share, a decrease in the aggregate from $78.9 million, or 61 cents per share, in the 2016 fourth quarter. For the quarter, core FFO fell year over year to $78.5 million from $79.4 million, with the per-share equivalent remaining flat at 61 cents.

The company disclosed a 6.1% year-over-year gain in NAREIT FFO for the 2017 full year. In the aggregate, results totaled $311.6 million, or $2.40 per share, compared with $293.7 million, or $2.28 per share. Core FFO for the 2017 full year totaled $318.4 million, or $2.45 per share, a 5.8% increase from $300.9 million, or $2.34 per share, in 2016.

The S&P Capital IQ consensus FFO-per-share estimate for the 2017 fourth quarter was 61 cents. For full-year 2017, the S&P Capital IQ consensus estimate for FFO was $2.42 per share.

The company expects NAREIT FFO and core FFO per share in the range of $2.27 to $2.33 for the 2018 full year. For the 2018 full year, the S&P Capital IQ consensus FFO-per-share estimate is $2.40.

Additional coverage

Realty Income reports 11.6% YOY increase in AFFO in Q4'17