Earnings Roundup: See How These 5 Retail REITs Fared In Q3
These five retail real estate investment trusts reported their Q3 earnings this week. Take a look at how each fared in the past quarter below.
American Assets Trust Inc (AAT)
The San Diego-based REIT reported net profits that missed Wall Street expectations. Net income was $8.5M, down from the $13.6M in profits reported the year prior. The REIT attributed the drop this quarter to the sale of its Rancho Carmel Plaza that was completed during the third quarter of last year.
Ramco Gershenson Properties Trust (RPT)
Ramco Gershenson met Wall Street expectations this week, reporting funds from operations (a figure used by REITs to determine cash flow) totaling $29.7M, or 34 cents a share—right in line with analyst expectations. The shopping mall owner posted revenue of $64.1M in Q3, which also met analyst estimates.
Regency Centers Corp (REG)
Regency Centers' profits fell in the third quarter compared to the previous year as several of the REITs properties changed hands. Net income was $5.3M in Q3 compared to the $53.7M reported a year ago, though it met Wall Street analyst estimates. Funds from operations were up in Q3 to $84.3M, compared to the $72.2M posted in the year-ago quarter. Year-to-date the Jacksonville, FL-based shopping center operator has sold 16 properties for a total of $115.8M. The REIT also bought the Khalaine shopping center in Seattle for $36M.
Retail Properties of America Inc (RPAI)
During Q3, the REIT sold off $231.2M worth of property, including seven single-user retail assets and five non-target multi-tenant retail assets. Funds from operations were up to $64.9M compared to $53.7M in the year-ago quarter.
Taubman Centers Inc (TCO)
Taubman Centers beat the street with funds for operations that exceeded Wall Street analyst expectations. Funds from operations totaled $57.6M for the quarter, or 96 cents a share, whereas analysts expected 89 cents a share. Comparable center net operating income was up 4.5% in Q3 and average rents for the quarter were up 1.3% to $60.23/SF, compared to $59.44/SF the previous quarter.
