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  • Alex Pettee, CFA

Beat And Boost: REIT Earnings Halftime Report

  • We're now at the halfway point of another newsworthy REIT earnings season. The major themes this quarter have been "Beat and Boost" and the revival of long-dormant "Animal Spirits."

  • Nearly 90% of REITs have topped consensus earnings estimates. Of the 57 REITs and homebuilders that provide full-year guidance, nearly two-thirds have raised their full-year estimates.

  • Positive surprises thus far in Q1 have been primarily in the residential REIT sectors where self-storage, manufactured housing, and sunbelt-focused apartment REITs have reported stellar results.

  • Recovering valuations and ample access to capital have reignited the M&A "animal spirits" in the REIT world. Q1 saw mergers to form the largest net lease and shopping center REITs.

  • SPAC Mania also swept the REIT sector in Q1. "PropTech" remains a major area of focus as companies seek to improve the efficiency, productivity, and margins of the real estate ecosystem.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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Hoya Capital Research & Index Innovations is an affiliated index provider and research firm that builds custom indexes tracking U.S. commercial and residential real estate sectors, including indexes tracked by exchange-traded funds (ETFs). 

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