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The Earnings Report

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Gauging Supply Chain Risk In Volatile Times

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The Future of Risk Management Digitization in Credit Risk Management

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Climate Credit Analytics: Diving into the model

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How to use ESG Heat Maps in Credit Risk Analysis


The Earnings Report

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

* National Retail Properties Inc. disclosed second-quarter funds from operations of $87.9 million, or 59 cents per share, a 9.17% increase in the aggregate from $80.5 million, or 56 cents per share, in the 2016 second quarter.

Core FFO for the quarter rose year over year to $95.4 million, or 64 cents per share, from $84.4 million, or 59 cents per share, in the year-ago period.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 62 cents.

In reporting results, National Retail said it forecasts core FFO per share in the range of $2.46 to $2.50 for the full year, compared to previous guidance in the range of $2.44 to $2.48.

For the full year, the S&P Capital IQ consensus FFO-per-share estimate is $2.48.

* Independence Realty Trust Inc. disclosed second-quarter core FFO of $13.4 million, or 19 cents per share, a 24.34% rise in the aggregate from $10.8 million, or 22 cents per share, in the 2016 second quarter.

For the quarter, FFO totaled $8.7 million, or 12 cents per share, compared to $9.1 million, or 18 cents per share, in the year-ago period.

The S&P Capital IQ consensus FFO-per-share estimate for the second quarter was 18 cents per share.

Independence Realty forecast core FFO per share in the range of 73 cents to 76 cents for the full year, compared to previous guidance of 72 cents to 76 cents.

The S&P Capital IQ consensus FFO-per-share estimate for the full year is 74 cents.

* Armada Hoffler Properties Inc. disclosed second-quarter FFO of $14.2 million, or 24 cents per share, a gain of 21.56% in the aggregate from $11.7 million, or 24 cents per share, in the 2016 second quarter.

Normalized FFO for the second quarter totaled $14.7 million, or 25 cents per share, compared to $12.5 million, or 26 cents per share, in the 2016 quarter.

The S&P Capital IQ consensus FFO estimate for the second quarter was 25 cents per share.

Armada Hoffler forecast normalized FFO per share in the range of 97 cents to 99 cents for the full year.

The S&P Capital IQ consensus FFO-per-share estimate for 2017 is 98 cents.

* Government Properties Income Trust reported second-quarter FFO of $41.3 million, or 58 cents per share, a decrease of 4.66% in the aggregate from $43.3 million, or 61 cents per share, in the 2016 second quarter.

For the second quarter, normalized FFO amounted to $42.4 million, or 60 cents per share, compared to $43.4 million, or 61 cents per share, in the prior-year period.

The S&P Capital IQ consensus FFO estimate for the quarter was 59 cents per share.

* NexPoint Residential Trust Inc. reported second-quarter FFO of $1.7 million, or 8 cents per share, a 76.13% decline in the aggregate from $7.2 million, or 34 cents per share, in the prior-year period.

For the second quarter, core FFO slid to $6.0 million, or 28 cents per share, compared to $7.9 million, or 37 cents per share, while AFFO amounted to $7.4 million, a 10.66% decrease from $8.3 million in the comparable 2016 period.

On a per-share basis, AFFO was 34 cents in the second quarter, compared to 39 cents in the year-ago period.

The company noted that its net income declined to $9.9 million from $16.6 million in the year-ago quarter, primarily due to increased interest and depreciation and amortization expenses, among other items.

NexPoint Residential Trust forecasts FFO per share in the range of $1.12 to $1.20 for the full year, compared to previous guidance in the range of $1.55 to $1.64. The company also expects core FFO for the full year between $1.35 and $1.45 per share. The company previously offered core FFO guidance in the range of $1.58 to $1.67.

The S&P Capital IQ consensus FFO-per-share estimate is $1.60 for the full year.