Friday, May 11, 2018

US REIT Annaly Capital Management Generated March 2018 Quarter Earnings of $1.328 Bil, Up $888 Mil or Tripling Its March 2017 Quarter Earnings of $440 Mil, Due Predominately To Higher Net Gains On Interest Rate Swaps of $770 Mil and Higher Net Interest Income of $123 Mil ........................................................................................ The Other 23 Largest US REITs March 2018 Quarter Total Earnings Were Up Only 3% ........................................................................................ The Trump Tax Cuts Act Dramatically Lowers the REIT Beneficiary Income Tax Rate on REIT Income Distributions Made To Them

From a review of SEC filings, the below chart shows the US GAAP Pretax Income (Loss) From Continuing Operations, the US GAAP Net Income (Loss) From Continuing Operations and the related US GAAP Income Tax Expense for the March 2018 and 2017 Quarters for all US Real Estate Investment Trusts (REITs) with market caps above $10 Bil on April 30, 2018 and which have released their March 2018 earnings by May 10, 2018.
 US GAAP   US GAAP   US GAAP   US GAAP 
 US GAAP   US GAAP   Effective   Effective  Pretax Net
 US GAAP   Income   US GAAP   US GAAP   Income   US GAAP   Income   Income  Income Income
Pretax Tax Net Pretax Tax Net Tax Tax % Change % Change
Income Expense Income Income Expense Income Rate Rate March Qtr March Qtr
US REITs March Qtr March Qtr March Qtr March Qtr March Qtr March Qtr March Qtr March Qtr 2018 2018
Market Caps Above $10 Bil 2018 2018 2018 2017 2017 2017 2018 2017 vs 2017 vs 2017
mils $ mils $ mils $ mils $ mils $ mils $
Annaly Capital Management         1,328               -           1,328            441                1            440 0.0% 0.2% 201% 202%
All Other REITs
Simon Property Group            716               -              716            551               -              551 0.0% 0.0% 30% 30%
Welltower            454               -              454            338               -              338 0.0% 0.0% 34% 34%
Prologis            409              17            392            230              10            220 4.2% 4.3% 78% 78%
Public Storage            344               -              344            344            344 0.0% 0.0% 0% 0%
Weyerhaeuser            299              30            269            181              24            157 10.0% 13.3% 65% 71%
Host Hotels & Resorts            260                4            256            155               (6)            161 1.5% -3.9% 68% 59%
American Tower            249             (31)            280            334              27            307 -12.4% 8.1% -25% -9%
Equity Residential            221               -              221            150               -              150 0.0% 0.0% 47% 47%
Boston Properties            216               -              216            132               -              132 0.0% 0.0% 64% 64%
Alexandria Real Estate Equities            142               -              142              48               -                48 0.0% 0.0% 196% 196%
AvalonBay Community            142               -              142            236               -              236 0.0% 0.0% -40% -40%
Crown Castle            118                4            114            123                4            119 3.4% 3.3% -4% -4%
Digital Realty Trust            110               -              110              85               -                85 0.0% 0.0% 29% 29%
Essex Property Trust              97               -                97            188               -              188 0.0% 0.0% -48% -48%
Extra Space Storage              97                1              96              93                3              90 1.0% 3.2% 4% 7%
Realty Income Corp              84               -                84              89               -                89 0.0% 0.0% -6% -6%
Equinix              80              17              63              55              13              42 21.3% 23.6% 45% 50%
Ventas              77               (3)              80            153               (3)            156 -3.9% -2.0% -50% -49%
GGP Inc              66               -                66            115                5            110 0.0% 4.3% -43% -40%
Mid America Apartment Comm              51               -                51              43               -                43 0.0% 0.0% 19% 19%
SBA Communications              40                9              31              41                3              38 22.5% 7.3% -2% -18%
HCP Inc              38               (5)              43            458               (6)            464 -13.2% -1.3% -92% -91%
Vornado Realty Trust                2                1                1              60                2              58 50.0% 3.3% -97% -98%
Total 23 All Other REITs         4,312              44         4,268         4,202              76         4,126 1.0% 1.8% 3% 3%
Total all 24         5,640              44         5,596         4,643              77         4,566 0.8% 1.7% 21% 23%




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