Another batch of retail REITs reported second-quarter numbers this week. Results were positive across the board, with leasing spreads in the double digits driving same-center NOI growth for many companies.
Brixmor reported same-center NOI growth of 3.8 percent in the second quarter due to record leasing activity. The REIT said FFO grew 12.2 percent compared to the second quarter of 2013. Blended leasing spreads were 11 percent, said CEO Michael Carroll.
Cedar Realty Trust’s same-center NOI grew 2 percent in the second quarter. Leasing spreads at its 60 properties were 8.9 percent, and FFO grew to $11.2 million from $9 million in the second quarter of 2013.
Inland Real Estate Corp.’s second-quarter FFO was $22.9 million, compared to $25.9 million for the second quarter of 2013. Same-center NOI grew 0.3 percent. Leasing spreads for renewals were 10.8 percent, while spreads for new leases were 14.8 percent. The REIT owns interests in 135 properties.
Tanger Factory Outlet Centers reported a second-quarter FFO increase of 8.3 percent compared to the same period in 2013. “Strong tenant demand for space provided a tailwind for our business in the first half,” said president and CEO Steven Tanger. Same-center NOI increased 3.3 percent, while blended leasing spreads were 22.9 percent, up from 22.1 percent for the second quarter of 2013.
Regency Centers reported second-quarter FFO of $65.9 million, up from $61.8 million for the same period in 2013. Same-center NOI grew 3.8 percent. Leasing spreads at its 328 properties were 42.5 percent on new leases and 7.1 percent on renewals.
Retail Properties of America reported FFO of $63.8 million for the second quarter, at its 224 properties, down from $88.2 million for the same period in 2013. Same-center NOI grew 4.8 percent thanks to increased occupancy. Blended leasing spreads were 6 percent.
Rouse Properties reported second-quarter same-center NOI of $33.1 million, down slightly from $34.0 million from the same period in 2013. Same-center NOI was actually up modestly for the quarter after adjusting for expenses related to settling some lawsuits, the firm’s president and CEO said. The REIT’s second-quarter blended releasing spreads were 7.7 percent. FFO was $21.4 million for the quarter, up from $17.2 million the same period in 2013.
Kite Realty said second-quarter FFO at its 50 properties was $14.1 million, compared to $10.1 million for the same period in the prior year. Same-center NOI grew 4.4 percent. Blended leasing spreads were 13.9 percent.
Saul Centers said second-quarter same-center NOI grew 8.5 percent at its 58 properties. Second-quarter FFO increased 26.4 percent to $21.5 million compared to the second quarter of 2013.