NEW YORK CITY—Although the REIT sector as a whole underperformed the S&P 500 during the third quarter, some individual companies posted especially strong Q3 results after the markets closed on Monday and before they opened on Tuesday. The hotel sector in particular was marked by gainers such as Chatham Lodging Trust and RLJ Lodging Trust—in line with a Q3 report from Duff & Phelps Investment Management Co. that increased the sector weighting for lodging REITs—although the seven sectors represented in the most recent round of earnings reports each included some notable year-over-year increases. Alphabetically by sector, here are highlights from Q3:

Healthcare REITs

HCP, headquartered in Irvine, CA, saw Q3 funds from operations of $377.3 million, or $0.82 per share, compared to $336.1 million, or $0.75 per share the year prior. Adjusted FFO, however, fell $0.04 per share to $345.5 million from the third quarter of 2013.

Health Care REIT Inc. says it earned quarterly normalized FFO and FAD per share of $1.04 and $0.91, respectively, this past quarter, representing 7% and 6% increases from Q3 '13. These earnings results are primarily attributable to strong quarterly operating results as well as $2.3 billion of investments over the past 12 months, according to Toledo, OH-based HCN.

Newcastle Investment Corp., which is planning to spin off New Senior Investment Group as a separately traded REIT this Thursday, reported AFFO of $41 million, or $0.66 per WA basic share. That compares to the New York City-based REIT's AFFO of $62 million, or $1.06 per basic share, in the prior year period.

Sabra Health Care REIT, based in Irvine, CA, reported normalized FFO, normalized AFFO and net income attributable to common stockholders per diluted common share were $0.51, $0.51 and $0.31, respectively, compared to $0.47, $0.43 and $0.24, respectively, for Q3 2013. A note to clients from MLV & Co. on Tuesday reiterated the “buy” rating on SBRA, notwithstanding a “bumpy” quarter.

Hotel REITs

CLDT, which saw a 10.5% Y-O-Y increase in RevPAR to $142, posted an 86% FFO increase to $20.1 million for the quarter, while AFFO per diluted share advanced 52% to$0.73 from $0.48, exceeding consensus estimates. “We continue to see ongoing RevPAR growth above historical averages for our portfolio and remain very bullish with respect to our prospects for meaningful top-line growth in 2015 and beyond,” says Jeffrey Fisher, CLDT's president and CEO.

Chesapeake Lodging Trust (Annapolis, MD) posted AFFO for Q3 of $32.8 million or $0.65 per diluted common share and nine-month AFFO of $76.4 million or $1.53 per share. That compares to $29.1 million or 61 cents per share in Q3 of '13, and nine-month AFFO of $62.6 million, or $1.34 per share, a year ago. James L. Francis, president and CEO of CHSP, says the firm is “extremely pleased with our hotel portfolio's performance during the third quarter with our 16-hotel portfolio delivering RevPAR growth of 11.4%, significantly the industry average of 9.2%.”

At Hospitality Properties Trust (Newton, MA), Q3's normalized FFO were $129.2 million, or $0.86 per basic and diluted share, compared to $106.6 million, or $0.76 per basic and diluted share, in the year-ago period. HPT says the 13.2% increase is due primarily to increases in annual minimum returns and rents that resulted from HPT's funding of improvements to its hotels and travel centers; increases in FF&E reserve income and deposits under its hotel agreements; and lower interest expense as a result of debt refinancings.

Buoyed by increases in pro forma RevPAR, hotel EBITDA and consolidated hotel EBITDA, Bethesda, MD-based RLJ saw AFFO rise 34.2% to $87.4 million for the quarter. “Our strong results have allowed us to increase our dividend meaningfully and continue to deliver significant value to our shareholders,” says Thomas J. Baltimore Jr., RLJ's president and CEO.

Industrial REITs

Los Angeles-based Rexford Industrial Realty reported recurring FFO of $0.23 per diluted share for the quarter ended Sept. 30. Adjusting for non-recurring items, FFO was $0.21 per diluted share. “We continue to achieve strong results within our portfolio, benefitting from the consistent execution of our operating and leasing strategies, as well as our success in sourcing and closing attractive new investments within our core Southern California infill submarkets,” says co-CEOs Michael Frankel and Howard Schwimmer.

Multifamily REITs

Bluerock Residential Growth REIT's Q3 results included AFFO of $0.22 per share, at the top end of the company's guidance and up sharply from a loss of $0.34 per share in Q3 '13. “We anticipate continued AFFO growth in the fourth quarter, as we successfully deployed the remaining capital from our IPO in the second quarter,” says Ramin Kamfar, the New York City-based REIT's chairman and CEO.

Net Lease REITs

Gramercy Property Trust Inc.reported a net loss to common stockholders of $7.5 million, or $0.06 per diluted common share for Q3, during which it generated FFO of $4.6 million, or $0.04 per diluted common share. Headquartered in New York City, GPT reaffirmed its previous guidance of estimated quarterly run-rate FFO for of $0.09 to $0.11 per common share for Q4.

Spirit Realty Capital, headquartered in Scottsdale, AZ, saw Q3 FFO of $0.20 per share, compared to $0.08 per share for the same quarter a year earlier. For the first nine months of 2014, FFO totaled $156.3 million, or $0.41 per share, up from $71.1 million or $0.33 per share the year prior.

W. P. Carey Inc. (New York City) has reported Q3 AFFO of $114.4 million, or $1.13 per diluted share. That's down 6.4% and 6.6%, respectively, from AFFO of $122.2 million, or $1.21 per diluted share, from Q2, due mainly to lower structuring revenue resulting from reduced investment activity on behalf of WPC's managed REITs. On a Y-O-Y basis, however, AFFO and AFFO per diluted share increased 60.9% and 9.7%, respectively, from $71.1 million, or $1.03 per diluted share.

Office REITs

Equity Commonwealth, now chaired by Sam Zell, reported Q3 FFO of $207.2 million, or $1.61 per basic share and $1.59 per diluted share, compared to Q3 '13 FFO of $53.5 million, or $0.45 per basic and diluted share. FFO during the most recent quarter was positively impacted by EQC's sale of its entire stake in Select Income REIT, for $704.8 million.

Q3 FFO for New York City-based Vornado Realty Trust was $217.4 million, or $1.15 per diluted share, compared to $210.6 million, or $1.12 per diluted share for the prior year's quarter. Adjusting FFO for certain items that affect comparability which are listed in the table below, FFO for the quarters ended Sept. 30 of this year and last year was $248.2 million and $231.9 million, or $1.31 and $1.23 per diluted share, respectively.

Retail REITs

Houston-based AmREIT Inc., which earlier this week announced it would be acquired by Edens Investment Trust for $763 million, reported core FFO of $5.0 million, or $0.26 per share, compared to $4.5 million, or $0.24 per share, the year prior. For the nine months that ended Sept. 30, core FFO was $14.2 million, or $0.72 per share, compared to $12.9 million, or $0.76 per share, for the first nine months of the year prior.

Forest City Enterprises' operating FFO for the quarter was $61.6 million, a 44% increase compared with $42.9 million for the same three-month period a year ago. For the first nine months of 2014, the Cleveland-based REIT's operating FFO was $170.3 million, compared with $112.7 million the year prior.

Glimcher Realty Trust's FFO for Q3 was $38.3 million, or $0.26 per share, compared to $24.7 million, or $0.17 per share, a year ago, while AFFO for the quarter was $27.6 million, or $0.19 per share. “We remain focused on our performance while also continuing to move forward with the strategic merger with Washington Prime, which we expect to close in the first quarter,” says Michael P. Glimcher, chairman and CEO of the Columbus, OH-based REIT.

For Inland Real Estate Corp. (Oak Brook, IL), Q3 meant recurring FFO per weighted average common share of $0.24 for the Q3, unchanged from a year earlier. Recurring FFO for the first nine months of 2014 rose 4.5% Y-O-Y to $0.70 per weighted average common share of $0.70, representing an increase of 4.5%, compared to the same period in 2013.

A New York City-based owner of regional enclosed malls, Rouse Properties saw core FFO increase 10.8% per share to $23.7 million, or $0.41 per diluted share, as compared to $18.7 million, or $0.37 per diluted share in the prior year period. The company also saw core NOI increase to $47.6 million from $38.4 million the year prior.

Bethesda, MD-based Washington Prime Group, which soon will acquire Glimcher, saw Q3 FFO of $79.5 million or $0.42 per diluted share, compared to $86.4 million or $0.46 per diluted share in the prior year period. Included in Q3 FFO for this year is increased interest expense of $9.4 million as well as $2.5 million of expenses related to the proposed merger with Glimcher.