Earnings Scorecard: 11 of 17 real estate companies beat revenue estimates this week

With the earnings season picking pace, 17 companies in the State Street Real Estate Select Sector SPDR ETF (XLRE) reported quarterly results this week, with a majority beating revenue and EPS estimates.

Of the 17 firms, revenues earned by 11 firms topped market estimates, while six companies reported lower-than-expected revenue. On the EPS front, 12 companies beat wall street estimates and three firms missed, while two companies were in line with the analyst consensus.

The XLRE has gained over 6% year-to-date, compared to the S&P 500’s more than 10% return.

Below are the key quarterly reports from the top three REIT companies this week:

American Tower (AMT): The company beat market expectation in Q3, reflecting solid leasing demand for its telecommunications infrastructure and an outperforming data centers segment. The REIT posted Q3 adjusted FFO per share of $2.87, beating the Visible Alpha consensus of $2.80. Total operating revenue came in at $2.79B, topping the $2.76B consensus. The REIT raised its full-year guidance, expecting an adjusted FFO per share of $11.04-$11.16, and adjusted EBITDA is expected to be $7.248B-$7.303B.

Vici Properties (VICI): The REIT that invests in casino and entertainment properties posted Q3 adjusted FFO per share of $0.62, in line with the Visible Alpha consensus. Total revenue was $1.07B, beating the $1.06B consensus. Raising the outlook, the company now expects 2026 adjusted FFO per share of $2.47-$2.48 vs. the Visible Alpha consensus of $2.47 and its prior outlook of $2.45-$2.47.

Federal Realty Invs Trust (FRT): The retail REIT exceeded analyst expectations in Q3 and raised the full-year core FFO guidance to $7.54 to $7.58 from $7.48 to $7.56, above the consensus of $7.55 at the midpoint. In Q3, core FFO per diluted share reached $1.87 from $1.77 in the same period a year ago, above the Visible Alpha consensus of $1.85. Total revenue increased to $339.02M from $322.25M.

For the coming week, 10 REIT stocks are set to report their financial results, of which Realty Income (O), Vivmark Residential (VMRK), Simon Property Group (SPG), and Iron Mountain (IRM) are widely watched.