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  • Alex Pettee, CFA

Beat And Boost: REIT Earnings Halftime Report

  • We're now at the halfway point of another newsworthy real estate earnings season. Results have so far been as impressive as any REIT earnings season in recent memory.

  • Roughly 95% of REITs have topped consensus earnings estimates, and of the 44 REITs that provide full-year funds from operations guidance, more than 80% have raised their full-year estimates.

  • Residential REIT results have been the most impressive with all housing-related REITs reporting significant upward guidance revisions as rental rates continue to soar across the nation.

  • Recovering valuations and ample access to capital have reignited the M&A "animal spirits" in the REIT world. We've seen five additional major REIT M&A deals since the start of June.

  • Industrial and shopping center REIT results have also been impressive. Technology REITs have reported solid but unspectacular results. Office REITs, however, continue to be an area of concern.

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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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