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AvalonBay's Q1 FFO Beats Estimates, Occupancy Rises Y/Y
ZACKS· 2025-05-01 17:35
Core Viewpoint - AvalonBay Communities (AVB) reported a strong first-quarter 2025 performance with core funds from operations (FFO) per share of $2.83, exceeding expectations and showing a year-over-year increase of 4.8% [1] Financial Performance - Total revenues for the quarter were $745.9 million, slightly missing the consensus estimate but reflecting a 4.6% increase year-over-year [2] - Same-store residential revenues rose 3% year-over-year to $693.1 million, while same-store residential operating expenses increased by 4% to $214.76 million, resulting in a 2.6% rise in same-store residential NOI to $478.3 million [3] - The same-store average revenue per occupied home increased to $3,032, up 2.9% from $2,946 in the prior year, with economic occupancy at 96%, a rise of 10 basis points year-over-year [4] Development and Acquisitions - As of March 31, 2025, AvalonBay had 19 wholly owned development communities under construction, expected to contain 6,595 apartment homes and 69,000 square feet of commercial space, with a total estimated capital cost of $2.5 billion [5] - In February 2025, AVB entered agreements to acquire eight apartment communities in Texas, acquiring two communities in Austin for $187 million and six communities in Dallas-Fort Worth for $431.5 million [6] Dispositions - During the quarter, AVB sold a community in Wilton, CT, for $65.1 million, resulting in a GAAP gain of $56.48 million, marking its exit from the Connecticut market [7] Balance Sheet Position - As of March 31, 2025, AVB had $53.26 million in unrestricted cash and no borrowings under its unsecured revolving credit facility, with outstanding borrowings of $224.9 million under its commercial paper note program [8] - The annualized net debt-to-core EBITDAre ratio for the January-March period was 4.3 times, with an unencumbered NOI of 95% for the year ended March 31, 2025 [8] 2025 Outlook - AvalonBay reaffirmed its full-year 2025 core FFO per share guidance between $11.14 and $11.64, with the current consensus estimate at $11.41 [9] - The company expects same-store residential revenue growth of 2-4% and operating expense increases of 3-5.2%, projecting same-store residential NOI expansion of 1.3-3.5% [9] - For Q2 2025, core FFO per share is expected to be in the range of $2.72-$2.82, lower than the current consensus estimate of $2.85 [10] Performance of Other Residential REITs - Equity Residential reported first-quarter 2025 normalized FFO per share of 95 cents, exceeding estimates, while Mid-America Apartment Communities reported core FFO per share of $2.20, surpassing expectations but showing a slight year-over-year decline [11]
Public Storage Q1 FFO Beats Estimates, Occupancy Falls
ZACKS· 2025-05-01 16:50
Core Insights - Public Storage (PSA) reported first-quarter 2025 core funds from operations (FFO) per share of $4.12, exceeding the Zacks Consensus Estimate of $4.06 and reflecting a 2.2% year-over-year increase from $4.03 [1] - Quarterly revenues reached $1.18 billion, surpassing the Zacks Consensus Estimate of $1.17 billion and also showing a 2.2% year-over-year growth [2] Financial Performance - Same-store revenues increased by 0.1% year over year to $934.5 million, driven by higher realized annual rent per occupied square foot, despite a decline in occupancy [3] - Realized annual rental income per occupied square foot rose by 0.6% to $22.48, while weighted average square foot occupancy decreased by 0.6% to 91.5% [3] - Same-store net operating income (NOI) remained nearly flat at $691.5 million, with an additional $13.5 million in NOI growth from non-same-store facilities due to acquisitions [4] - The same-store direct NOI margin was stable at 77.1%, while interest expenses increased by 6.2% to $72 million [5] Portfolio Activity - In Q1 2025, PSA acquired nine self-storage facilities for $141 million, adding 0.7 million net rentable square feet [6] - Following March 31, 2025, PSA was under contract to acquire five additional facilities for $43.2 million, contributing another 0.4 million net rentable square feet [6] - The company has ongoing development projects expected to add around 2.4 million net rentable square feet at an estimated cost of $492.9 million [7] Balance Sheet Position - As of March 31, 2025, PSA had $287.2 million in cash and equivalents, a decrease from $447.4 million at the end of 2024 [8] 2025 Guidance - PSA reaffirmed its 2025 core FFO per share guidance in the range of $16.35-$17.00, with the Zacks Consensus Estimate at $16.79 [9] - The company anticipates a 1.3% decline to 0.8% growth in same-store revenues and a 2.5% to 4% rise in same-store expenses [10]
Host Hotels & Resorts(HST) - 2025 Q1 - Earnings Call Transcript
2025-05-01 16:02
Host Hotels & Resorts (HST) Q1 2025 Earnings Call May 01, 2025 11:00 AM ET Company Participants Jaime Marcus - SVP, Investor RelationsJames Risoleo - President, CEO & DirectorSourav Ghosh - Executive VP & CFOAri Klein - Director - Equity ResearchDuane Pfennigwerth - Senior Managing DirectorDavid Katz - Managing DirectorJay Kornreich - VP - Equity ResearchJack Armstrong - Equity Research AssociateFloris van Dijkum - Managing DirectorSmedes Rose - Director Conference Call Participants Chris Woronka - AnalystS ...
UDR's Q1 FFOA Meets Estimates, Revenues Increase Year Over Year
ZACKS· 2025-05-01 15:30
UDR Inc. (UDR) reported first-quarter 2025 funds from operations as adjusted (FFOA) per share of 61 cents, in line with the Zacks Consensus Estimate. The figure remained unchanged year over year.Results reflect year-over-year growth in same-store net operating income (NOI), led by higher occupancy and an effective blended lease rate. However, a rise in other operating expenses and general and administrative expenses undermined the performance to an extent. The company reaffirmed its 2025 guidance.Quarterly ...
Ventas Q1 FFO and Revenues Top Estimates, Same-Store Cash NOI Rises
ZACKS· 2025-05-01 15:25
Ventas, Inc. (VTR) reported first-quarter 2025 normalized funds from operations (FFO) per share of 84 cents, beating the Zacks Consensus Estimate of 82 cents. The reported figure increased 7.7% from the prior-year quarter’s tally.Results reflect an increase in same-store cash net operating income (NOI), led by higher investments and improved same-store average occupancy in the Senior Housing Operating Portfolio (“SHOP”).VTR clocked in revenues of $1.36 billion in the first quarter, surpassing the Zacks Cons ...
Invitation Homes' FFO and Revenues Beat Estimates in Q1
ZACKS· 2025-05-01 15:10
Invitation Homes Inc. (INVH) reported first-quarter 2025 core funds from operations (FFO) per share of 48 cents, beating the Zacks Consensus Estimate of 47 cents. The reported figure compared favorably with the prior-year quarter’s 47 cents.Results reflect higher same-store net operating income (NOI) and same-store blended rent. However, lower occupancy marred the performance to an extent.Total revenues of $674.5 million surpassed the Zacks Consensus Estimate of $669.4 million. The figure also improved 4.4% ...
Haverty Furniture(HVT) - 2025 Q1 - Earnings Call Transcript
2025-05-01 15:02
Haverty Furniture Companies (HVT) Q1 2025 Earnings Call May 01, 2025 10:00 AM ET Company Participants Richard Hare - EVP & CFOSteven Burdette - President & CEO Conference Call Participants Anthony Lebiedzinski - Senior Equity Research AnalystCristina Fernández - Managing Director & Senior Equity Research Analyst Operator As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Richard Hare, Chief Financial Officer. Thank you, sir. You may begin. Richard Hare Thank you, ...
Host Hotels & Resorts(HST) - 2025 Q1 - Earnings Call Transcript
2025-05-01 15:00
Host Hotels & Resorts (HST) Q1 2025 Earnings Call May 01, 2025 11:00 AM ET Speaker0 Good morning, and welcome to the Host Hotels and Resorts First Quarter twenty twenty five Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Jamie Marcus, Senior Vice President of Investor Relations. Please go ahead. Thank you, and good morning, everyone. Speaker1 Before we begin, please note that many of the comments made today are considered to be forward looking s ...
Equinix's Q1 AFFO & Revenues Beat Estimates, '25 View Raised
ZACKS· 2025-05-01 14:55
Core Viewpoint - Equinix Inc. reported strong financial results for Q1 2025, with adjusted funds from operations (AFFO) per share of $9.67, exceeding estimates and reflecting a 9.1% year-over-year increase, driven by robust demand for digital infrastructure and services [1][2] Financial Performance - Total quarterly revenues reached $2.23 billion, surpassing the Zacks Consensus Estimate of $2.22 billion, and increased by 4.6% year over year [2] - Recurring revenues were $2.087 billion, up 3.8% from the previous year, while non-recurring revenues rose 17.9% to $138 million [3] - Adjusted EBITDA was reported at $1.067 billion, a 7.6% increase year over year, with an adjusted EBITDA margin of 48% [4] - AFFO increased by 12.3% from the prior year to $947 million [4] Balance Sheet Position - As of March 31, 2025, Equinix had $7.6 billion in available liquidity and total debt of approximately $18.2 billion, with a net leverage ratio of 3.4 [5] Dividend Announcement - Equinix's board declared a quarterly cash dividend of $4.69 per share, payable on June 18, 2025, to shareholders on record as of May 21, 2025 [6] 2025 Guidance Revision - For Q2 2025, Equinix projects revenues between $2.244 billion and $2.264 billion, indicating a 1% increase over the prior quarter, with adjusted EBITDA expected in the range of $1.095-$1.115 billion [7] - The company raised its 2025 AFFO per share guidance to between $37.36 and $38.17, suggesting a 7-9% increase from the previous year [7] - Total revenue for 2025 is estimated to be between $9.175 billion and $9.275 billion, reflecting a growth of 5-6% from 2024 [8]
NNN REIT (NNN) Q1 FFO and Revenues Surpass Estimates
ZACKS· 2025-05-01 14:46
NNN REIT (NNN) came out with quarterly funds from operations (FFO) of $0.87 per share, beating the Zacks Consensus Estimate of $0.83 per share. This compares to FFO of $0.84 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 4.82%. A quarter ago, it was expected that this retail real estate investment trust would post FFO of $0.82 per share when it actually produced FFO of $0.82, delivering no surprise.Over the last four quarters, the ...