3 REITs With The Best Reported Earnings This Week

With dozens of real estate investment trusts (REITs) earnings being released weekly during earnings season, it's never easy for investors to determine which earnings reports are the best. There are many variables to consider, such as earnings, revenue, estimates, and comparisons between the present quarter vs the same quarter one year ago.

To quickly determine which reports could lead to the most share price appreciation, investors need to assess two main things- did the company beat the consensus estimates on earnings (Earnings per share (EPS), Funds from operations (FFO), or Adjusted Funds from options (AFFO)) & revenue (aka sales), and did the company beat its previous earnings and revenue from one year ago?

If the answer to all of the above is "yes," the investor can usually expect a substantial gain in share price. But if there were some "misses" along with the "beats," the share price may see little to no gain or even a loss.

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Take a look at three REITs that not only beat the street estimates on earnings and revenue this week but also topped the results reported in the same quarter one year ago:

Omega Healthcare Investors Inc OHI is a Hunt Valley, MD triple-net equity health care Real Estate Investment Trust (REIT). It provides financing, capital, and triple-net leasing to 73 different operators among 880 senior housing, skilled nursing, and assisted living facilities across 42 states throughout the U.S. and the United Kingdom. Operators run these facilities and Omega Healthcare Investors has no part in the day-to-day management. Omega has approximately $10.0 billion worth of real estate investments. Texas and Indiana are the two states with the largest number of Omega facilities.

On May 2, Omega Healthcare Investors reported its first quarter 2024 operating results. AFFO of $0.68 per share beat the analyst consensus estimate of $0.66 and topped AFFO of $0.66 per share from Q1 2023. Revenue of $243.299 million was above the analyst consensus estimate of $231.639 million and was an 11.50% increase over revenue of $218.202 million in Q1 2023.

Omega Healthcare also affirmed its full-year 2024 AFFO guidance of $2.70-$2.80.

At least one analyst was satisfied. On May 6, JMP Securities analyst Aaron Hecht reiterated a Market Perform rating on Omega Healthcare.

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Safehold Inc SAFE Safehold Inc is a New York City based, externally managed specialized REIT that acquires, manages, and ultimately produces income from a $6.4 billion portfolio of 135 ground net leases in 20 unique U.S. markets. Safehold diversifies across property types such as multifamily, office, hotel, retail, industrial, life science, student, and senior housing.

On May 6, Safehold reported its first-quarter operating results. FFO or $0.43 per share beat the estimates of $0.39 per share and was up from $0.41 in Q1 2023. Revenue of $93.20 million beat the street estimate of $88.08 million and was an 18.99% improvement over revenue of $78.33 million in Q1 2023.

On May 7, JMP Securities analyst Mitch Germain reaffirmed a Market Outperform rating for Safehold and maintained a price target of $35.

Urban Edge Properties UE is a New York based REIT that manages, acquires, and develops retail properties in urban communities. Most assets are located in the Washington, D.C. to Boston corridor. It owns 76 properties totaling 17.4 million square feet of gross leasable space. Some of its largest tenants include investment grade TJX Companies Inc TJX, Burlington Stores Inc BURL, Target Corp TGT, Lowe's Companies Inc LOW, and Best BuyCo Inc BBY. 75% of its assets are in grocery-anchored strip malls.

On May 7, Urban Edge Properties reported its first quarter 2024 operating results. AFFO of $0.33 per share beat the estimate of $0.30 and topped AFFO of $0.32 in Q1 2023. Revenue of $109.62 million beat the street view of $107.69 million and was ahead of Q1 revenue of $99.44 million.

Urban Edge also raised its full-year 2024 AFFO guidance from $1.24-$1.29 per share to $1.27-$1.32 per share.

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