Initial Q2 REIT Earnings: A Mixed-Bag of Results Across Subsectors
Portfolio Pulse from Ethan Roberts
The Q2 2023 earnings for several bellwether REITs have been released, showing mixed results across different real estate subsectors. Equity LifeStyle Properties (ELS) reported FFO of $0.66, in line with estimates, and revenue of $370 million, missing estimates. Prologis (PLD) reported FFO of $1.83, beating estimates, and revenue of $1.65 billion, missing estimates. SL Green Realty (SLG) reported FFO of $1.43, beating estimates, and total revenue of $221.07 million, beating estimates. Crown Castle (CCI) reported FFO of $2.05, beating estimates, and revenue of $1.87 billion, beating estimates.
July 20, 2023 | 8:17 pm
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NEUTRAL IMPACT
ELS reported Q2 2023 FFO in line with estimates and revenue slightly below estimates. Shares initially fell but have since recovered.
ELS's earnings were in line with expectations for FFO but missed on revenue, causing a temporary dip in the stock price. However, the stock has since recovered, indicating that the market has absorbed this news.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
CCI reported Q2 2023 FFO and revenue above estimates but cut its full-year guidance. Shares fell following the earnings announcement.
CCI beat both FFO and revenue estimates but cut its full-year guidance, which likely disappointed investors and led to a drop in the stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
PLD reported Q2 2023 FFO above estimates and revenue below estimates. Shares fell following the earnings announcement.
PLD's earnings beat expectations for FFO but missed on revenue, causing a drop in the stock price. This suggests that the market was disappointed with the revenue miss.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
SLG reported Q2 2023 FFO and revenue above estimates. Shares fell following the earnings announcement.
Despite beating both FFO and revenue estimates, SLG's stock price fell after the earnings announcement. This could be due to other factors not mentioned in the article.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100