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Industrial, residential REITs expected to report growth in Q4 FFO per share

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Industrial, residential REITs expected to report growth in Q4 FFO per share

Consensus S&P Global Market Intelligence estimates forecast regional mall and hotel real estate investment trusts to report the largest year-over-year decline in funds from operations per share in the fourth quarter, at 9.2% and 8.4% on a median basis, respectively.

In the mall sector, Simon Property Group Inc.'s consensus FFO-per-share estimate is $2.95 for the fourth quarter, 8.7% below the $3.23 per share reported by the REIT for the year-ago period and 3.3% below the $3.05 per share for the third quarter of 2019.

Taubman Centers Inc. has a consensus estimate of 87 cents per share, a 1-cent-gain year over year, but 1 cent lower than its earnings per share the quarter prior.

Macerich Co. and Pennsylvania Real Estate Investment Trust, meanwhile, are expected to report year-over-year declines in FFO per share of 9.6% and 24.1%, respectively.

On the other hand, consensus analyst estimates indicate the industrial and residential sectors will report the largest increases year over year in FFO per share, at medians of 6.4% and 4.6%, respectively.

Prologis Inc., the largest industrial REIT by market capitalization, is expected to report FFO of 84 cents per share, a 5.0% gain year over year.

Cannabis-oriented Innovative Industrial Properties Inc. followed, with its consensus estimate for the fourth quarter up 174.5% over year-ago results.

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