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Most US REITs beat Q3'17 earnings estimates

Publicly traded U.S. equity real estate investment trusts beat S&P Capital IQ per-share earnings estimates by a median of 0.76% in the third quarter, with 93 of the 146 REITs included in the analysis topping estimates, three hitting their targets and 50 falling short.

Among the top-performing sectors, all data center and self-storage REITs included in this analysis beat their estimates, while the diversified sector was the only one to have the majority of its companies miss their projected earnings targets.

The largest beat of the quarter came from multifamily REIT Bluerock Residential Growth REIT Inc. Bluerock's funds from operations per share of negative five cents constituted a 45.9% beat of its S&P Capital IQ FFO estimate of negative nine cents per share. Bluerock attributed much of its total revenue growth to the past year's significant investment activity and pointed to this year's sale of four properties as an offsetting factor.

At the other end, Community Healthcare Trust Inc. posted the largest miss of the quarter, falling short of its 39 cents-per-share S&P Capital IQ FFO estimate by 20.5%. Community Healthcare cited an equity offering, completed July 26, used to repay the balance on a revolving credit facility, as a driver of its year-over-year decrease in normalized FFO.

Conversely, while the healthcare sector had the second-largest percentage of misses, Global Medical REIT Inc.'s FFO of 21 cents per share bested its S&P Capital IQ estimate by 37.5%, representing the second-largest beat of the quarter. In its earnings release, Global Medical REIT pointed to its growing portfolio as a factor in its higher rental revenues.

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Use SNL's Real Estate Beats & Misses Template to examine the actual and percentage beat/miss for a specific REIT sector. Other templates are available in SNL's template library.