Impairment Charges Hammer Shopping Center REITs In The Fourth Quarter (2/24)
Feb 24, 2009 1:26 PM
Oakbrook, Ill.-based Inland Real Estate Corp. (NYSE: IRC) missed consensus estimates by $0.10 per share. The company reported FFO per share of $0.26 in the fourth quarter, down 27.8 percent from $0.36 per share during the same quarter in 2007. Occupancy at Inland’s 14.5-million-square-foot portfolio fell 150 basis points, to 94.1 percent from 95.6 percent a year ago. Its same-store NOI declined 2.9 percent for the quarter.
Greenwich, Conn.-based Urstadt Biddle Properties (NYSE: UBA and UBP), missed consensus estimates by $0.04 per share. The company’s FFO of $0.28 per share in the fourth quarter fell 6.7 percent from the $0.30 per share earned during the same quarter in 2007. Its occupancy fell 160 basis points, to 95.0 from 96.0 percent in the same quarter last year.
Kite Realty Group Trust (NYSE: KRG), an Indianapolis-based REIT, missed consensus estimates by $0.02 per share, with fourth quarter FFO of $0.24 per share. The figure represents a decline of 29.4 percent from $0.34 per share in the fourth quarter of 2007. Occupancy at Kite’s 5.6-million-square-foot portfolio fell 190 basis points, to 92.3 percent from 94.2 percent. Its same-store NOI decreased 1.2 percent.
Federal Realty Investment Trust (NYSE: FRT) missed consensus estimates by $0.01 per share, with fourth quarter FFO of $0.99 per share. This represented an increase of 7.0 percent from the fourth quarter of 2007, when Federal’s FFO reached $0.92 per share. Occupancy at the company’s portfolio declined 170 basis points, to 95.0 percent from 96.7 percent a year ago. Its same-store NOI rose 5.5 percent during the quarter.
Acadia Realty Trust (NYSE: AKR) missed consensus estimates by $0.01 per share. The company reported FFO of $0.12 per share for the fourth quarter, a 58.6 percent decline from $0.29 per share in the fourth quarter of 2007. Acadia’s portfolio occupancy fell 90 basis points during the period, to 93.3 percent from 94.2 percent, but its same-store NOI rose 1.2 percent.
Companies that have yet to release their earnings include Equity One (NYSE: EQY), which is scheduled to report on Feb. 25, and Cedar Shopping Centers (NYSE: CDR), which will report in March.
--Elaine Misonzhnik
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