Today - Monday, April 27, 2015
- Q1 FFO of $1.75 per share up 7.4% from a year ago, $0.02 higher than guidance, but missing Street estimates by $0.08.
- For established communities, rental revenue up 4.3% due to higher average rental rates (occupancy was flat). NOI up 5.3%. Northern and Southern California and the Pacific NW were strong, with rental rates up 8.9%, 5.6%, and 6.2%, respectively. Mid-Atlantic renal rates lagged, up 0.1%.
- Q2 outlook: Core FFO of $1.80-$1.84.
- Conference call tomorrow at 11 ET
- Previously: AvalonBay Communities misses by $0.08, misses on revenue (April 27)
- AVB +0.3% after hours
4:33 PM| Comment!
- Q1 FFO of $91.3M or $1.28 per share vs. $83.1M and $1.17 one year ago.
- NOI of $136.4M up 10.3%. Same-property NOI up 2.3%, up 7.8% on cash basis.
- Executed leases for 1M square feet in Q1. Occupancy for operating properties of 96.8% up 20 bps from a year ago.
- Operating margins of 69% flat from a year ago.
- 2015 FFO per share guidance is narrowed to a dime and boosted by $0.02 at the midpoint, now $5.17-$5.27.
- Conference call tomorrow at 3 ET
- Previously: Alexandria Real Estate Equities beats by $0.02, beats on revenue (April 27)
- ARE flat after hours
4:25 PM| Comment!
4:23 PM| Comment!
- Q1 FFO of $309M or $0.32 per share vs. $292M and $0.31 one year ago.
- Same-store leased percentage of 95.8%. Same-store NOI up 3.3%.
- Initial rental rates for executed leases starting this year up 8.7% to $62.64 per square foot.
- Tenant sales (all less anchors) up 3.4% to $20.4B on a trailing 12-month basis, up 4.1% for the quarter.
- 2015 guidance: Full-year adjusted FFO of $1.31-$1.37 per share, with Q2 at $0.30-$0.32.
- Conference call tomorrow at 9 ET
- Previously: General Growth Properties FFO in-line, misses on revenue (April 27)
- GGP flat premarket
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4:17 PM| Comment!
- Q1 net spread and dollar roll income of $0.70 per share down from $0.92 in Q3. Quarterly dividend run rate of $0.66.
- Book value per share of $25.53 slips from $25.79 estimated one month ago and $25.74 at the start of the year. Today's close of $21.47 is a 15.9% discount to March 31 book.
- Economic return for the quarter - defined as the dividend plus/minus the change in book value of 1.7%, or 7.1% annualized.
- 8.4% CPR for the quarter vs. 9% in Q4. Net interest spread of 1.64% slips 21 basis points.
- "At-risk" leverage of 6.4x down from 6.9x in Q4. The CFO notes the company is operating at its lowest leverage level in more than six years - a conscious decision made by management in light of what it expects to be significant volatility.
- Earnings call tomorrow at 11 ET
- Previously: American Capital Agency misses by $0.04 (April 27)
- AGNC flat after hours
4:14 PM| Comment!
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