A number of REITS announced quarterly earnings in the past week. Here's a snapshot (thanks to ICSC SCTWeek) from some of the organizations that own grocery-anchored shopping centers in the Philadelphia region. It's nice to see that the results are generally positive.
Federal Realty posted $58.8 million in third-quarter funds from operations, up from $55.6 million a year ago. The firm reported $29.5 million in net earnings for the quarter, up from $27.3 million, while same-property net operating income was flat. The firm said rent per square foot rose 17 percent for the quarter.
Inland Real Estate reported an increase in third-quarter funds from operations, to $16 million from $7.9 million a year ago. Net income, meanwhile, was $5.4 million, versus a net loss of $8.4 million. Same-store net operating income was $24.7 million, off from $27.5 million, which the firm attributed to lower occupancy, a decrease in lease-termination income and other factors.
Kimco reported a 2.2 percent jump in same-property net operating income for the third quarter from a year ago. Net income slid to $17.5 million from $28.3 million a year ago. The firm blamed higher interest expenses, debt payments and the depreciation of some properties. Funds from operations slipped to $110.5 million from $112.5 million.
Funds from operations at PREIT during the third quarter slipped to $23.2 million year on year, from $25.6 million, but the firm stanched its losses to $3.6 million from $9.6 million a year ago.
Regency posted $50.9 million in third-quarter funds from operations, versus negative $46.4 million a year ago. The firm earned $9.9 million meanwhile, reversing an $84.1 million loss, and same-property net operating income increased 1 percent.