Equity REITs Earnings Queue For Nov 14: CSAL, PKY, LAND
Zacks Investment Research | Nov 10, 2016 09:16PM ET
We are now in the final stretch of the Q3 earnings season, with most companies having reported their quarterly figures. Though a lot of activity has already been witnessed over the past weeks in the real estate investment trust (REIT) space, results are still pouring in from this industry.
In fact, on Nov 14, Communications Sales & Leasing, Inc. (NASDAQ:CSAL) , Parkway, Inc. (NYSE:PKY) and Gladstone Land Corporation (NASDAQ:LAND) are slated to release their quarterly figures.
However, the REIT industry has witnessed a mixed earnings season thus far. Though the industry benefited from a sustained low-rate environment in the third quarter, the economic environment and individual market dynamics equally played a crucial role in their performances.
While REITs like Prologis, Inc. (NYSE:PLD) and SL Green Realty Corp. (NYSE:SLG) reported better-than-expected numbers; AvalonBay Communities, Inc. (NYSE:AVB) and Federal Realty Investment Trust (NYSE:FRT) failed to surpass expectations in the quarter.
Since, neither all REITs cater to the same asset class nor are they equally poised to surpass analyst’s expectations, we relied on the Zacks methodology, combining a favorable Zacks Rank – Zacks Rank #1 (Strong Buy) or 2 (Buy) or 3 (Hold) – and a positive .
The stock has a mixed record of surprises over the trailing four quarters. It has exceeded estimates in two occasions, met in another and missed in the other occasion. This is depicted in the graph below.
COMMUNICTNS S&L Price and EPS Surprise
Earnings ESP Filter .
Parkway, Inc. is an office REIT and is engaged in the ownership, acquisition, development and leasing of office assets primarily in Houston, TX. Parkway, Inc., formerly known as Parkway Properties Inc., is based in Orlando, U.S. Though it has a favorable Zacks Rank #3, its Earnings ESP of 0.00% makes surprise prediction difficult.
Over the trailing four quarters, the stock has exceeded estimates in three occasions and met in the other. This is depicted in the graph below.
Gladstone Land Corporation is a REIT which acquires and leases farmland to corporate and independent farmers. Gladstone Land Corporation is based in McLean, Virginia. Despite a favorable Zacks Rank #3, surprise prediction becomes difficult due to its -7.69% Earnings ESP.
The stock has a mixed surprise history. It has exceeded estimates in two, met in the other and missed in another period over the trailing four quarters, as demonstrated in the graph below.
GLADSTONE LAND Price and EPS Surprise
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