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HCN Reports FFO of $0.79 vs. $0.73 in Q3-06 HCN reported Q3-07 FFO of $63.830 million [$0.79/share] compared to $45.898 million [$0.73/share] in Q3-06. Net income available to common stockholders were $24.529 million [$0.30/share] compared to $21.480 million [$.034/share] in Q3-06. Why the big difference? Depreciation [subtracted from net income] grew from $24 million to $40 million. FAD (Funds available for distribution) in were $66.379 million [$.82/share] compared to $48.032 million [$0.76/share] in Q3-06. The FAD payout ratio was 80% compared to 84% in Q3-06. HCP Reports FFO of $0.52 vs. $0.50 in Q3-06 HCP reported Q3-07 FFO of $109.0 million [$0.52/share] compared $69.4 million [$0.50/share] in Q3-06. Q3-07's FFO includes the impact of merger-related charges [with CNL Retirement Properties] of $0.05/share. Net income applicable to common shares was $316.9 million [$1.53/share] compared to $71.5 million [$0.52/share] in Q3-06. Q3-07's net income includes gains on sales of real estate and real estate interest of $286.2 million. On August 1, 2007, we closed our acquisition of SEUSA for aggregate cash consideration of approximately $3.0 billion. SEUSA’s life science portfolio is concentrated in the San Francisco Bay Area and San Diego County and comprises 83 existing properties representing approximately 5.2 million square feet and an established development pipeline of 3.8 million square feet upon completion. HR Reports FFO of $0.31 vs. $0.50 in Q3-06 HR reported Q3-07 FFO of $14.6 million [$0.31/share] compared with $23.8 million [$0.50/share] for Q3-06. Before the $4.1 million non-cash impairment charge [from selling HR's senior living portfolio], FFO would have been $0.39/share. Funds available for distribution (FAD) was $0.42/share. Net income was $5.5 million [$0.12/share] versus $8.1 million [$0.17/share] in Q3-06. Net income included a gain of $3.6 million related to the disposition of two senior living properties and a non-cash impairment charge totaling $4.1 million related to the sale of a facility. LTC Reports FFO of $0.50 vs. $0.47 in Q2-06 LTC reported Q3-07 FFO of $11.444 million [$0.48/share] compared to $10.914 million [$0.46/share] in Q3-06. Diluted FFO including non-cash compensation charges in 2007 and subtracting a IRS settlement that benefitted 2006 were $0.46/share in Q3-07 and $0.41/share in Q3-06. Net income available to common stockholders was $7.2 million [$0.31/share] compared to $6.8 million [$0.29/share] in Q3-06. LTC invested $0.9 million under agreements to expand and renovate 18 properties. The total commitment under these agreements is $12.1 million, of which $8.6 million had been invested as of 9-30-07. These investments are at an average yield of approximately 10%. Additionally, LTC invested $17.3 million during Q3-07 to repurchase a total of 825,956 shares of common stock. NHP Reports FFO of $0.55 vs. $0.49 in Q3-06 NHP reported FFO of $52.926 million [$0.55/share] compared to $42.627 million [$0.49/share] in Q3-06. Net Income was $57.742 million [$0.58/share] compared to $31.719 million [$0.17/share] in Q3-06. It appeared that Q3-07 net income included $0.20/share from the gain of sales of properties. NHP closed on $150 million of accretive investments, bringing their total for 2007 to $685 million, with over $300 million of investments expected to close in Q4. OHI Reports FFO of $0.32 vs. $0.32 in Q3-06 OHI reported FFO of $22.0 million [$0.32/share] compared to $19.3 million [$0.32/share] in Q3-06. Q3-07's FFO includes a $1.6 million non-cash provision for impairment, $0.5 million of non-cash restricted stock expense, a $0.1 million reduction in OHI’s provision for income taxes and $0.1 million of non-cash consolidation adjustments due to Financial Accounting Standards Board Interpretation No. 46. Net income available to common stockholders was $12.869 million [$0.19/share] compared to $12.143 million [$0.20/share] in Q3-06. The increase in net income dolloars was due primarily to approximately $240 million in new investments made throughout 2006 and 2007, the impact of an allowance adjustment of $5.0 million [$0.08/share] with respect to straight-line rent recognition recorded in Q1-07. SNH Reports FFO of $0.41 vs. $0.39 in Q3-06 SNH reported FFO of $34.1 million [$0.41/share] compared to $27.7 million [$0.39/share] in Q3-06. Net income was $20.6 million [$0.25/share] compared to $15.4 million [$0.21/share] in Q3-06. In September SNH agreed to purchase six wellness centers leased to Starmark Holdings for $76.8 million. SNH will use cash on hand and borrowings under our revolving credit facility along with assuming a mortgage for $14.9 million at 6.9% per annum. In October 2007, SNH agreed to purchase six senior living properties for $78.5 million that are leased to Five Star Quality Care. SNH expects to fund these acquisitions using cash on hand. UHT Reports FFO of $0.61 vs. $0.59 in Q2-06 UHT reported FFO of $7.2 million [$.61/share] as compared $7.0 million [$.59/share] in Q3-06. Net income was $4.4 million [$.37/share] as compared to $15.7 million [$1.32/share] in Q3-06. In Q3-06 UHT had a gain of $11.3 million [$0.95/share] related to the recovery of replacement costs of real estate at Chalmette Medical Center. VTR Reports Normalized FFO of $0.66 vs. $0.64 in Q3-06 VTR reported Normalized FFO of $88.693 million [$0.66/share] compared to $82.056 million [$0.70/share] in Q3-06 from the spreadsheet data or $67.0 million [$0.64/share] in the headline data - I was not able to reconcile the differences. Actual FFO was $97.143 million [$0.73/share] compared to $102.212 million [$0.87/sahre] in Q3-06 - but contained one time events like an $18 million gain on hedges of currency in 2006, and a deferred tax benefit of $9.9 million in 2007 and $5.8 million in 2007, partially offset by merger related expenses. FAD was $82.124 million [$.73/share] compared to $76.553 million [$.87/share] in Q3-06. Q2-07 FFO's HCN Reports Normalized FFO of $0.78 vs. $0.74 in Q2-06. HCP Reports FFO of $0.58 vs. $0.47 in Q2-06. HR Reports FFO of $0.40 vs. $0.58 in Q2-06. LTC Reports FFO of $0.50 vs. $0.47 in Q2-06. NHP Reports FFO of $0.51 vs. $0.48 in Q2-06. OHI Reports FFO of $0.33 vs. $0.39 in Q2-06. VTR Reports Normalized FFO of $0.70 vs. $0.68 in Q2-06. SNH Reports FFO of $0.33 vs. $0.39 in Q2-06. UHT Reports FFO of $0.63 vs. $0.63 in Q2-06. ADC Reports FFO of $0.62 vs. $0.59 in Q3-06 ADC reported Q3-07 FFO of $5.170 million [$0.62/share] compared $4.901 million [$0.59/share] in Q3-06. Construction in progress balance totaled approximately $11.378 million. Net Income was $3.613 million [$0.47/share] compared to $3.406 million [$0.44/share] in Q3-06. EPR Reports FFO of $1.10 vs. $0.95 in Q3-06 EPR reported Q3-07 FFO of $29.6 million [$1.10/share] compared to $25.5 million [$0.95/share] in Q3-06. During the quarter EPR purchased the land and winery facilities associated with four vineyards under long-term triple-net leases for $41.5 million and completed development of a megaplex theatre property for a total development cost of $9.7 million. EPR had two theatre development projects under construction expected to have a total of 30 screens and their development costs are expected to be $25.6 million. GTY Reports FFO of $0.46 vs. $0.50 in Q3-06 GTY reported Q3-07 FFO of $11.5 million [$0.46/share] compared to $12.5 million [$0.50/share] in Q3-06. FFO in Q3-07 contained higher environmental, general and administrative costs. Revenues from rental properties were $20.3 million as compared to $18.0 million in Q3-06. Net environmental expenses were $2.8 million as compared to $1.6 million in Q3-06. LSE Reports FFO of $0.29 vs. $0.22 in Q3-06 LSE reported Q3-07 FFO of $13.3 million [$0.29/share] compared to $7.4 million [$.22/share] in Q3-06. Since the end of Q3 LSE has Repurchased $15 million in stock. LXP Reports FFO of $0.46 vs. - $0.00 in Q2-06 LXP reported Q3-07 FFO of $50.370 million [$0.46/share] compared to a loss of $0.313 million [$0.00/share] in Q3-06. During the quarter LXP sold $119.5 million in real estate and repurchased 513,000 shares at an average price of $20.00 per share. O Reports FFO of $0.47 vs. $0.43 in Q2-06 O reported Q3-07 FFO of $46.6 million [$0.47/share] as compared to $38.0 million [$0.43/share] for Q3-06. FFO per share before Crest’s contribution was $0.45/share as compared to $0.42/share for Q3-06. Same store rents increased 1.4% to $52.28 million. During Q3-07 O invested $314.6 million in 218 new properties with an initial average lease rate of 8.6%. OLP Reports FFO of $0.47 vs. $0.44 in Q2-06 OLP reported Q3-07 FFO of $4.723 million [$0.47/share] compared to $4.348 million [$0.44/share] in Q3-06. Rental income increased by $953,000 [11.5%] over Q3-06, primarily a result of property acquisitions. Operating expenses increased by $356,000 [10.5%]. NNN Reports FFO of $0.46 vs. $0.38 in Q2-06 NNN reported Q3-07 FFO of $30.872 million [$0.46/share] compared to $21.917 million [$0.38/share] in Q3-06. During the quarter NNN issued 479,780 shares of common stock generating $10.9 million of net proceeds and issued $250 million of 6.875% senior unsecured notes due in 2017 generating net proceeds of $247.5 million. NNN invested $544.6 million in acquiring 193 properties with an aggregate 1,735,000 square feet of GLA while selling 27 properties [719,000 square feet of GLA] with net proceeds of $114.6 million, resulting in a gain of $46.9 million. Q2-07 Earnings Summary ADC Reports FFO of $0.62 vs. $0.59 in Q2-06. AFR Reports FFO of $0.01 vs. - $0.06 in Q2-06. EPR Reports FFO of $0.99 vs. $0.97 in Q2-06. GTY Reports FFO of $0.46 vs. $0.51 in Q2-06. LSE Reports FFO of $0.22 vs. $0.23 in Q2-06. LXP Reports FFO of $0.54 vs. - $0.60 in Q2-06. O Reports FFO of $0.49 vs. $0.43 in Q2-06. OLP Reports FFO of $0.47 vs. $0.53 in Q2-06. NNN Reports FFO of $0.47 vs. $0.42 in Q2-06. On 10-12 HCN declared a dividend of $0.64/share payable November 20, 2007, to stockholders of record on November 2, 2007. On 10-25 HCP declared a dividend of $0.445/share to be paid on November 19, 2007 to stockholders of record as of the close of business on November 5, 2007. On 10-23 HR declared a dividend of $0.385/share payable on December 3, 2007 to shareholders of record on November 15, 2007. On 10-04 LTC declared dividends of $0.125/share per month for the months of October, November and December 2007, payable on October 31, November 30 and December 29, 2007, respectively, to shareholders of record on October 23, November 21 and December 21, 2007, respectively. On 10-19 NHP declared a dividend of $0.41/share to be paid on December 7, 2007 to shareholders of record on November 16, 2007. On 10-16 OHI declared a dividend of $0.28/share to be paid November 15, 2007 to common stockholders of record on October 31, 2007. On 10-11 SNH declared a dividend of $0.35/share to be paid to common shareholders of record of 10-22 and distributed on or about November 15, 2007. On 9-06 UHT declared a dividend of $0.575/share to be paid 9-28 to shareholders of record as of September 17, 2007. On 9-05 VTR declared a dividend of $0.475/share payable 9-28 to stockholders of record on September 17, 2007. On 12-03 ADC declared a dividend of $.50/share payable January 4, 2008 to shareholders of record at the close of business on December 21, 2007. On 12-03 UHT declared a dividend of $0.58/share payable December 31, 2007 to shareholders of record as of December 17, 2007. On 12-10 OLP declared a dividend of $0.36/share payable on January 3, 2008 to stockholders of record on December 21, 2007. On 12-14 LSE declared a dividend of $0.20 /share to be paid Jan. 15 to shareholders of record Dec. 31. On 12-04 HCN [Health Care REIT] said it anticipates gross proceeds of about $147.5 million from a public offering of 3.5 million shares of its common stock. On 12-07 Keefe Bruyette Initiated HCP at Market Perform, HR at Outperform, NHP at Outperform, and SNH at Market Perform. [A reminder to take analyst upgrades with a grain of salt] On 7-02 UBS upgraded AFR [back when it sold for $10.56 vs. $7.68 as of 11-21] to buy from neutral, citing valuation. The broker also told clients that discussions with management have improved its outlook for the company's dividend safety and growth profile. It said that plans in place to release the Harborside space, restructure the Dana portfolio and refinance the convertible bond in 2009 should allow the company to maintain its current dividend. [Stifel Nicolaus had Upgraded AFR on 4-11 when AFR sold for $10.28. Banc of America was neutral on AFR.] Home Page Previous REIT Update Top Sites |