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Retail Earnings Updates: Stats of FFO, SSNOI and Lease Spreads On 7-02 Acadia Realty reported Q2-07 FFO of $8.8 million [$0.26/share] compared to $10.3 million [$0.30/share] for Q2-06. Year-to-date SSNOI for the retail portfolio decreased $0.5 million or 1.8% compared to 2006. Q2-07 SSNOI declined $0.4 million [2.8%]. These unfavorable variances were principally driven by the settlement of prior year common area maintenance reimbursement billings with certain tenants and the reversal of prior year over-accruals impacting same store NOI by $0.5 million and $0.8 million for the quarter and six months ended June 30, 2007, respectively. During Q2-07, Acadia executed 17,000 square feet of new leases at an average rent increase of 64% and 68,000 square feet of renewal leases at an average rent increase of 5% from the previous rents on a cash basis. Including the effect of the straight-lining of rents, new and renewal leases had an average rent increase of 75% and 13%, respectively. On 8-06 Saul Centers [BFS] reported Q2-07 $15.580 million [$0.67/share] compared to $14.048 million [$0.62/share] for Q2-06. Same property revenue for the total portfolio increased 4.7% and same property operating income increased 3.7% [3.1% for shopping centers and 5.9% for the office portfolio]. On 8-06 Cedar Shopping Centers reported Q2-07 FFO of $12.8 million [$0.28/share] as compared to $10.0 million, [$0.31/share] for Q2-06. FFO includes a one-time charge of approximately $1.5 million [$0.03/share] representing deferred payments over a period of years and non-cash charges relating to the retirement of the CFO. CDR has a development portfolio of between $300 and $400 million that it expects to begin to put into service over the next 18 to 24 months. On 7-24 Developers Diversified Realty reported Q2-07 FFO of $175.266 million [$1.26/share] compared to $123.576 million {$0.99/share] in Q2-06. SSNOI for the six-month period increased 2.2% over the prior-year comparable period. During Q2-07 DDR executed 140 new leases aggregating 713,318 square feet and 264 renewals aggregating 1,172,733 square feet. On a cash basis, rental rates on new leases increased 30.3% and rental rates on renewals increased 7.4%. Overall, rental rates for new leases and renewals increased 11.3%. On 7-31 Entertainment Properties Trust reported Q2-07 FFO of $26.7 million [$0.99/share] from $25.9 million [$0.97/share] in Q2-06. FFO for Q2-07 included a charge of $2.1 million [$0.08/share] as a result of the redemption of all Series A Preferred shares. Net income available to common shareholders (a substitute for SSNOI since that was not given) was $20.9 million [$0.78/share] compared to $18.2 million [$0.68/share] in Q2-06. On 8-07 Equity One reported Q2-07 FFO of $25.2 million [$0.34/share] compared to $30.8 million [$0.41/share] for Q2-06. FFO for Q2-07 includes $0.5 million [$0.01/share] of gains on land sales compared to $6.9 million [$0.09/share] for Q2-06. SSNOI growth excluding redevelopment was 4.6%. During Q2-07 EQY executed 47 new leases totaling 181,449 square feet. Leases with a new tenant replacing a prior tenant accounted for 40 of these leases and 165,315 square feet. On average, rents on these new leases are 25.6% higher than prior rents on a GAAP basis and 17.9% higher than prior rents on a cash basis. Also during the second quarter, the company renewed 80 leases for 186,631 square feet. On average, rents on renewal leases are 28.6% higher than prior rents on a GAAP basis and 17.1% higher than prior rents on a cash basis. EQY has three developments at a gross cost of $56.8 million and five redevelopments at a gross cost of $32.9 million underway. On 8-07 Getty Realty reported Q2-07 FFO of $11.3 million [$0.46/share] compared to $12.7 million [$0.51/share] in Q2-06. Rent received in Q2-07 was $19.2 million compared with $17.4 million for Q2-06. The increases in rent received were primarily due to rental income from property acquisitions and rent escalations. Environmental expenses in Q2-07 were $2.3 million compared to $0.8 million for Q2-06. The net increases were primarily due to a $1.5 million increase in change in estimated environmental costs, net of estimated recoveries from state underground storage tank funds, and a $0.7 million increase in environmental related litigation expenses and legal fees recorded in Q2-07 as compared to last year. On 8-06 Inland Real Estate reported Q2-07 FFO of $23.0 million [$0.35/share] compared to $22.2 million [$0.33/share]for Q2-06. SSNOI decreased $0.3 million or 1.1% to $29.2 million. During Q2-07 IRC executed 30 new leases comprise approximately 114,000 square feet with an average rental rate of $22.40 per square foot, a 37.7% increase over the average expiring rate. The 51 renewal leases comprise approximately 167,000 square feet with an average rental rate of $15.76 per square foot, a 12.4% increase over the average expiring rate. On 7-27 Kimco Realty reported Q2-07 FFO of $184.2 million [$0.71/share] compared to $133.3 million [$0.54/share] in Q2-06. SSNOI growth was 4.0% with redevelopment having no impact in the current quarter. SSNOI growth has averaged 4.6% over the past eight quarters. For the quarter, KIM signed a total of 259 leases totaling 947,000 square feet in its core holdings: 133 new leases for 406,000 square feet and 126 lease renewals for 541,000 square feet. The average increase in contractual base rent on new leases signed for the same space was approximately 11.3% on a cash basis. Kimco's shopping center portfolio includes 959 properties and it has more than 50 active redevelopment and development projects in its portfolio. On 8-08 Kite Realty reported Q2-07 FFO of $11.7 million [$0.31/share] compared to $10.3 million [$0.28/share] for Q2-06. On 7-25 Ramco-Gershenson Properties Trust reported Q2-07 FFO of $12.9 million [$0.60/share] compared with $13.5 million [$0.63/share] for Q2-06. In Q2-06 RPT had FFO gains related to the sale of assets to newly formed joint ventures as well as a significant lease termination fee. SSNOI growth was 3.4%. During Q2-07 RPT opened 21 new non-anchor stores, 37.6% over portfolio rental averages, and renewed 24 non-anchor leases, 12.9% over prior rental rates. On 8-01 Realty Income reported Q2-04 FFO of $48.8 million [$0.49/share] compared to $37.6 million [$0.43/share] for Q2-06. FFO per diluted common share before Crest's contribution, for Q2-07 was $0.44/share compared to $0.42/share for Q2-06. Same store rents on 1,560 properties under lease, during the three months ended June 30, 2007, increased 1.7% to $52.7 million compared to $51.8 million for Q2-06. On 8-01 Regency Centers reported Q2-07 FFO of $65.8 million [$0.94/share] compared to $64.6 million [$0.93/share] for Q2-06. SSNOI growth was 4.5% and Rental rate growth on a cash basis was 14.4%. On 7-26 Weingarten Realty reported Q2-07 FFO of $67.290 million [$0.75/share] compared to $63.165 million [$0.68/share] for Q2-06. WRI has 37 properties in various stages of development, up from 16 properties a year ago. SSNOI growth was 3.3%. Mall Earnings Updates: Stats of FFO, SSNOI and Lease Spreads On 8-02 CBL & Associates reported Q2-07 FFO of $85.948 million [$0.74/share - or $0.77/share excluding the gross preferred redemption charge of $3.6 million or $0.03/share] compared to $88.535 million [$0.76/share] in Q2-06. SSNOI for Q2-07 was 2.4%. Excluding lease termination fees, SSNOI for Q2-07 and six months ended 6-30-07 increased 2.6%. On 7-31 General Growth Properties reported Q2-07 core FFO [which excludes the Master Planned Communities segment] of $216.6 million [$0.73/share] compared to $184.1 million [$0.62/share] in Q2-06. Comparable NOI from consolidated properties in Q2-07 increased by 3.3% compared to Q2-06. Comparable NOI from unconsolidated properties increased by approximately 5.1%. Q2-07 NOI for the Master Planned Communities segment was $6.6 million for consolidated properties and $7.9 million for unconsolidated properties compared to $7.9 million and $4.7 million, respectively, in Q2-06. On 7-25 Glimcher Realty reported Q2-07 FFO of $16.0 million [$0.40/share] compared to $(26.9) million [a loss of $0.67/share] in Q2-06. Included in Q2-07 FFO was a $2.5 million impairment charge related to Northwest Mall in Houston, Texas and a write-off of approximately $1.0 million of discontinued development costs compared to an impairment charge of $48.8 million in Q2-06. FFO per share excluding impairment charges was $0.46 for Q2-07 compared to $0.55 for Q2-06. SSNOI for Q2-07 increased by 1.8% over Q2-06. Improvements in rents were partially offset by lower recovery rates. When excluding mall properties held-for-sale, NOI increased 2.4%. On 7-25 The Macerich Company reported Q2-07 FFO of $100.7 million [$1.04/share] compared to $85.327 million [$.96/share] for Q2-06. SSNOI in Q2-07 was $174.933 million compared to $169.191 million in Q2-06 [up 3.4%]. During Q2-07, Macerich signed 343,000 sq ft of specialty store leases at average initial rents of $43.71 per sq ft. Starting base rent on new lease signings was 26.2% higher than the expiring base rent. On 7-31 Pennsylvania Real Estate Investment reported Q2-07 FFO of $33.9 million [$0.82/share] compared to $32.9 million [$0.81/share] in Q2-06. NOI from consolidated properties and proportionate share of unconsolidated partnership properties was $72.9 million in Q2-07, unchanged from Q2-06. On 7-30 Simon Property Group reported Q2-07 FFO of $373.0 million [$1.31/share] compared to $358.4 million [$1.26] in Q2-06. [Not finding SSNOI or lease spreads, I am inlcuding the following info] Average rent per sq. ft. at SPG's regional malls in Q2-07 was $36.51 compared to $35.10 in Q2-06 - a 4.0% increase; at SPG's Premium Outlet Centers was $25.11 compared to $23.78 in Q2-06 - a 5.6% increase; and at Community/Lifestyle Centers was $12.03 compared to $11.65 in Q2-06 - a 3.3% increase. On 7-24 Taubman Centers reported Q2-07 FFO of $36.968 million [$0.68/share] compared to $29.563 million [$0.55/share] for Q2-06. Average rents in the consolidated properties were $43.64 compared to $42.88 for Q2-06 - up 1.8%. Net Operating Income growth was 9.8% in Q2-07 - Excluding all lease cancellation fees NOI growth was 6.4%. Rating Changes & Dividend Increases On 9-06 TCO declared a dividend of $0.375/share payable October 22, 2007 to shareholders of record on September 28, 2007. On 9-12 RPT declared a dividend of $0.4625/share payable on October 2, 2007, to shareholders of record on September 20, 2007. On 9-14 EPR declared a dividend of $0.76/share payable October 15, 2007 to shareholders of record as of September 28, 2007. On 9-17 IRC declared a distribution of $0.08167/share payable on October 17, 2007 to common stockholders of record at the close of business on October 1, 2007. On 9-19 O increased its dividend to $0.136125/share from $0.1355/share payable on October 15, 2007 to shareholders of record on October 1, 2007. On 9-21 BFS declared a dividend of $0.47/share to be paid October 31, 2007 to holders of record on October 17, 2007. On 9-10 Goldman Sachs upgraded WRI from sell to neutral. On 9-20 Credit Suisse initiated coverage of KIM at Outperform. Also on 9-20 Credit Suisse initiated coverage of REG at Neutral. On 8-22 O declared an increase in its monthly dividend to $0.1355/share payable 9-17 to shareholders of 9-04-07. On 8-31 EQY declared a cash dividend of $0.30 /share payable 9-28 to stockholders of 9-14-07. On 9-06 GRT declared a dividend of $0.4808/share payable on October 15, 2007 to shareholders of record on September 28, 2007. On 7-09 Banc of America Sec Initiated coverage of DDR at Neutral. On 7-12 Friedman Billings Upgraded KIM from Market Perform to Outperform. On 7-13 Cantor Fitzgerald Upgraded FT from Hold to Buy. On 8-08 Credit Suisse Upgraded O from Neutral to Outperform. On 8-17 Stifel Nicolaus Initiated coverage of REG at Hold. On 7-02 UBS Initiated coverage of TCO at Neutral. On 8-29 Citigroup Initiated coverage of PEI at Hold. NOTE #1: This page is ment to be a supplement for those already getting monthly sector updates from another source. Data entry errors sporadically happen here. There are metrics like SSNOI growth, debt/market cap, agency ratings on debt, organic growth in process to total market cap, and other ratios that should not be ignored but are not covered here. NOTE #2: This site's operator owns shares in DDR, GGP, KIM, and O - and this could distort the coverage of those REITs. Home Page Previous REIT Update Top Sites |