CHARLOTTESVILLE, VA—A number of office REITs beat their estimates for the second quarter, according to an analysis by SNL Financial. The asset class in both the public and private sector has been struggling since the recession and the slow but steady employment recovery. Now, as many indicators continue to point to solid growth, it appears that these assets are coming back into favor.
Equity Commonwealth, for example, bested its second-quarter FFO estimate by more than 20%. SL Green Realty beat its Q2 FFO estimate 13%; Hudson Pacific Properties by 11.54%; BioMed Realty by 10.39%; Highwood Properties by 9.12%; Colombia Property Trust by 6.53%, Mack-Cali Realty by 6.43% and Cousins Properties by 5.88%.
Specialty REIT Farmland Partners, by contrast, had a 286.5% miss on the company's second-quarter FFO estimate. Also diversified REIT Gramercy Property Trust had a 190.23% loss.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
