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The Guidance Report

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The Guidance Report

This roundup collects recentlyreported guidance from North American real estate companies.

* Welltower Inc.affirmed its guidancefor the 2016 full year in reporting its first-quarter earnings. The company expects normalized FFO to be in a rangeof $4.50 to $4.60 per share, representing a 3% to 5% increase.

The S&P Capital IQ consensus FFO-per-share estimate for the2016 full year is $4.56.

* Starwood Hotels& Resorts Worldwide Inc. raised its guidance for full-year EPS beforespecial items to approximately $3.00 to $3.06 from its previous estimate of $2.74 to $2.84. For the second quarter,the company expects EPS before special items to be approximately 69 cents to 74cents.

The S&P Capital IQ EPS estimates for the second quarter andfull year are 73 cents and $2.81, respectively.

* General GrowthProperties Inc., in reporting its first-quarter results, second-quarter earningsprojections and reaffirmed its outlook for the full year.

The company said it expects FFO per share for the second quarterin the range of 34 cents to 36 cents and reaffirmedits FFO-per-share guidance for the full year in the range of $1.52 to $1.56. NAREITFFO per share is predicted to reach a range of 33 cents to 35 cents in the secondquarter and a range of $1.48 to $1.52 in 2016.

The S&P Capital IQ consensus FFO-per-share estimates forthe 2016 second quarter and full year are 36 cents and $1.55, respectively.

* Extra Space StorageInc. boostedits full-year 2016 guidance while reporting year-over-year gains in FFO during thefirst quarter.

The company said FFO per share for the full year is forecastto be in the range of $3.59 to $3.66, from an earlier range of $3.57 to $3.65. Its per-share estimate forFFO as adjusted was also raised, to a range of $3.71 to $3.78 from an earlier rangeof $3.65 to $3.73.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year 2016 is $3.77.

* Taubman CentersInc. lifted its 2016 financial outlook in releasing its earnings forthe first quarter.

The company said it now expects FFO per share for the full yearin the range of $3.75 to $3.95, up from a priorrange of $3.45 to $3.65.

AFFO per share is expected to be in the range of $3.50 to $3.70.

The S&P Capital IQ consensus FFO- and AFFO-per-share estimatesfor 2016 are $3.69 and $2.95, respectively.

* In reporting its first-quarter results, Education Realty Trust Inc. boosted its core FFO-per-share/unit guidance for the fullyear to a range of $1.73 to $1.79 from a prior range of $1.70 to $1.76.

Excluding certain capital transactions, core FFO-per-share guidanceremains in the range of $1.77 to $1.84.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year 2016 is $1.75.

* National RetailProperties Inc. raisedits FFO and AFFO projections for 2016 in releasing its first-quarter earnings.

The company said it now expects FFO per share for the full yearin the range of $2.31 to $2.36, compared to a prior range of $2.29 to $2.35. AFFOper share is now projected to be in the range of $2.36 to $2.41, compared to anearlier range of $2.34 to $2.40.

The S&P Capital IQ consensus FFO- and AFFO-per-share estimatesfor the full year 2016 are $2.35 and $2.39, respectively.

* Retail Propertiesof America Inc., in reporting its first-quarter earnings, its operating FFO-per-shareoutlook for 2016 to a range of $1.03 to $1.07 from a prior range of $1.01 to $1.05.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year 2016 is $1.03.

* Preferred ApartmentCommunities Inc. issued its updated 2016 financial outlook, along withits first-quarter results.

The company said it now expects normalized FFO per share forthe full year in the range of $1.24 to $1.32, compared to a previous range of $1.23 to $1.33.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year 2016 is $1.29.

* Armada HofflerProperties Inc. lifted its full-year FFO-per-share guidance to 94 centsto 98 cents from its previous estimate of 93 cents to 97 cents.

The S&P Capital IQ consensus FFO-per-share estimate for theyear is 95 cents.

* With its first-quarter earnings, Alexandria Real Estate Equities Inc. adjusted its financialguidance for the full year 2016.

The company said FFO per share and FFO per share, as adjusted,are now forecast to be in the respective ranges of $4.15 to $4.25 and $5.46 to $5.56.Previously, the companyoffered FFO-per-share guidance in the range of $5.41 to $5.61.

The S&P Capital IQ consensus FFO-per-share estimate for thefull year 2016 is $5.52.

* Post PropertiesInc. updatedits 2016 FFO and AFFO projections in releasing its first-quarter financial results.

For the full year, FFO per share is now predicted to range between$3.12 and $3.22, and AFFO per share is now estimated to be in the range of $2.65to $2.75. Previously, the company projected FFO per share for the year to be inthe range of $3.10 to $3.22 and AFFO per share in the range of $2.63 to $2.75.

The S&P Capital IQ consensus FFO- and AFFO-per-share estimatesfor 2016 are $3.17 and $2.71, respectively.

* Piedmont OfficeRealty Trust Inc., in releasing its first-quarter earnings, its core FFO-per-share guidancefor the full year in the range of $1.58 to $1.66.

The S&P Capital IQ consensus FFO-per-share estimate for 2016is $1.62.

* In reporting its first-quarter financial results, offeredsecond-quarter estimates and adjusted its expectations for the full year.

AFFO per share attributable to common stockholders is predictedto be in the range of 36 cents to 38 cents for the second quarter and in the rangeof $1.19 to $1.28 for the full year. The company previously forecast that AFFO per share attributable to commonstockholders will hit a range of between $1.17 and $1.28 for the year.

The S&P Capital IQ consensus FFO-per-share estimates forthe 2016 second quarter and full year are 38 cents, with three analysts reporting,and $1.23, respectively.