In the last two weeks, numerous real estate investment trusts (REITs) have surpassed Wall Street’s lowered expectations by revealing third-quarter earnings that either met or exceeded the estimates or displayed an improvement from the third quarter of 2022. Historically, share prices typically climb when companies report improved earnings, often leading to analyst upgrades that further boost the price.
Let’s take a look at three REITs, each from different sub-sectors, that beat consensus estimates and have received analyst upgrades. Check out the latest private market insights on Benzinga Real Estate.
Welltower Inc. (NYSE:WELL) is a Toledo, Ohio-based healthcare REIT that owns interests in housing for seniors, post-acute communities, and outpatient medical properties. Welltower reported its third-quarter operating results on Oct. 30, with funds from operations (FFO) of $0.92 per share, exceeding the estimates. Additionally, revenue was $1.66 billion, beating the consensus estimate and showing a 12.65% increase over third-quarter 2022 revenue. Analysts have been quite upbeat about Welltower, with Raymond James analyst Jonathan Hughes upgrading the stock to Strong Buy and other analysts also raising their price targets and ratings.
Essex Property Trust Inc. (NYSE:ESS) is a San Mateo, California-based residential REIT that reported FFO of $3.78 per share, slightly exceeding analysts’ expectations. Despite a slight revenue miss, analysts were impressed, with BMO Capital Markets analyst John Kim upgrading Essex Property Trust’s rating and announcing a $225 price target.
Rexford Industrial Realty Inc. (NYSE:RXR) is a Los Angeles-based industrial REIT that announced third-quarter operating results on Oct. 18, beating the consensus estimate and receiving positive ratings and price target increases from analysts.
The Weekly REIT Report by Benzinga provides access to the greatest opportunities in today’s real estate investment market, helping investors identify incredible opportunities before it’s too late. Access the report for free by signing up for the Weekly REIT Report on Benzinga. If you’re an active investor, Benzinga Pro is the #1 trading tool that can supercharge your stock market game – start your 14-day trial now!
This article on Three REITs That Beat Estimates And Received Analyst Upgrades originally appeared on Benzinga.com. © 2023 Benzinga.com. Note: Benzinga does not provide investment advice. All rights reserved.
