NEW YORK CITY—US equity REITs as a group outperformed the broader market once again in 2014. Both NAREIT and SNL Financial found that the REIT sector bested the total return and dividend yield of the S&P 500 by a wide margin, GlobeSt.com reported last month. For individual REITs, of course, the preceding 12 months, and in particular the quarter ending Dec. 31, produced varying results. However, a roundup of 15 publicly traded companies that reported their fourth-quarter and full-year results last week shows that all performed strongly, with some having years for the record books. Here they are, alphabetically by sector, beginning with half a dozen apartment REITs. 

Multifamily

Apartment Investment and Management Co. on Thursday reported that FY adjusted funds from operations rose 10% year over year to $1.68 per share, although its Q4 AFFO was flat compared to a year earlier. AIV also announced a 13.6% Y-O-Y increase in revenue per apartment unit to $1,669.

The Denver-based multifamily REIT provided FY 2015 FFO guidance in the range of $2.12 to $2.22 per share, and Q1 FFO guidance between 48 and 52 cents per share. Both figures are in accordance with the Zacks Equity Research consensus estimates: $2.21 per share and 52 cents per share for the year and quarter, respectively.

On Tuesday, Cleveland-based Associated Estates Realty Corp. reported that same-store NOI was up 3.3% Y-O-Y, while net income for the year rose to $2.49 per diluted common share, compared to $1.17 per diluted common share for 2013. Operating margins and occupancy also ticked up slightly. However, operating FFO for the year was flat compared to the prior year.

The 12 month-period that ended Dec. 31 was among “the best years in our history,” David J. Neithercut, Equity Residential's president and CEO, said Tuesday. Normalized FFO grew 11% Y-O-Y to 86 cents per share for the quarter, three cents ahead of the forecast from RBC Capital Markets for the Chicago-based REIT.

At Essex Property Trust Inc., headquartered in Palo Alto, CA, Q4 results similarly “topped expectations,” RBC analyst Mike Salinsky wrote Wednesday. The West Coast multifamily REIT grew its core FFO by 15.1% Y-O-Y for Q4 and 12.4%, exceeding the high end of its guidance. It also increased same-property gross revenues and NOI by 7.7% and 10.0%, respectively, compared to Q4 '13.

Home Properties Inc. on Thursday reported Q4 earnings of $1.14 per share, compared to 99 cents the year prior, and FFO of $1.16 per share compared to $1.11 per share in the prior year period. However, the Rochester, NY-based company said its results were negatively impacted by its decision to exit the business of developing new apartment communities, which it announced this past July.

UDR's Q4 AFFO was 39 cents per share, an increase Y-O-Y from Q3's 35 cents per share. For the full year, the Denver-based REIT reported AFFO of $1.52 per share, which missed the Zacks consensus estimate of $1.54. However, it too represented a Y-O-Y improvement from the prior-year figure of $1.39.

Retail

CBL & Associates Properties' same-center NOI increased 2.9% and 2.4% for Q4 and FY '14, respectively over the prior-year periods. AFFO grew 6.3% to 67 cents per diluted share in Q4 and 2.7% Y-O-Y to $2.28, the Chattanooga, TN-based shopping center REIT said Tuesday.

Kimco Realty Corp. said Thursday that its occupancy rate had reached its highest level since 2008. FFO increased 15.2% for Q4 and 7.4% for year over the comparable prior-year periods; FFO as adjusted increased 6.1% and 5.3%, respectively, during these same periods for the New Hyde Park, NY-based company. That being said, analysts from MLV & Co. noted that, with a range of $1.40 to $1.44 per share, KIM's FFO guidance for this year came in below their projection of $1.46 per share.

Kite Realty Group Trust had a year that CEO John Kite called “transformative” last Thursday, thanks largely to a $2.-1-billion merger with Inland Diversified Real Estate Trust, and its Q4 and FY '14 results were reflective of growth. FFO for the quarter was up 8.7% to 50 cents per diluted common share, while the Indianapolis-based company's AFFO for the year rose 18.8% to $1.77 per diluted common share.

The Macerich Co. on Wednesday reported quarterly FFO of $158.8 million or 99 cents per diluted share, coming in below the estimate of RBC by four cents per share but beating that estimate by two cents when debt extinguishment is factored out. The Santa Monica, CA-based REIT issued initial FFO guidance of $3.80 to $3.90 per share for the year, compared to RBC's estimate of $3.82 and consensus of $3.85. “We continue to expect MAC shares to perform in line with the group,” wrote RBC's Rich Moore.

Office

Driven by the acquisition of additional interests in Brookfield Office Properties Inc. and General Growth Properties Inc., Brookfield Property Partners saw its Q4 company FFO rise to $190 million from $146 million in the year-ago period. For the full year, FFO was $758 million, with net income of $1.5 billion for Q4 and $3.7 billion for the year. In keeping with these results, the Hamilton, Bermuda-based company said Wednesday it had increased its quarterly distribution by 6%.

Brandywine Realty Trust beat Wall Street analysts' estimates with its quarterly FFO and revenues of 30 cents per share and $147.8 million, respectively. However, FFO for the year was hurt by the Radnor, PA REIT's $8.9-million loss from the early extinguishment of debt and $2.1 million of other expenses offsetting a $1.2-million gain. Accordingly, the FY FFO of $1.34 per share came in a penny below the year prior.  

Healthcare

With a total return of 44.7% for the year, Alexandria Real Estate Equities Inc. saw its Q4 rise 6% Y-O-Y to $1.23 per diluted share and full-year FFO increase 9.1% to $4.80 per share. Chairman and CEO Joel Marcus says the Pasadena, CA-based company remains confident in its ability to deliver “consistent and solid growth in FFO per share and NAV in 2015,” and RBC analysts concur. “We are reiterating our 'outperform' rating and increasing our price target to $105/share,” the firm's Michael Carroll wrote in a report.

While management at BioMed Realty Trust had cautioned that expiration of a number of higher-rent leases would be a drag on same-store NOI, MLV & Co. said the San Diego-based REIT's Q4 FFO of 36 cents per share was “in line with consensus and our estimate.” The company had its best year yet for leasing, with 2.8 million square feet of deals, and raised its FFO guidance for this year.

Industrial

Thursday's Q4 and FY report from Denver-based DCT Industrial Trust capped the REIT's best year to date for leasing. FFO for the quarter and year rose 5% to 47 cents per share and $1.89, respectively. Net income for Q4 doubled Y-O-Y to 34 cents per diluted share.