Keepin' It Real  

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Earnings Recap: The REIT Revival Is Real

  • The domestic-focused, defensively-oriented REIT sector has been a standout so far in 2019 following several years of middling performance. 2Q19 earnings results confirmed the positive momentum.

  • REIT investors say good riddance to the "rising interest rate environment," a mantra that kept downward pressure on REIT valuations throughout much of the past half-decade.

  • The "REIT Rejuvenation" of 2019 has restored the coveted NAV premium for most sectors, giving these REITs the currency to re-open the acquisition pipeline which had essentially shutdown since 2017.

  • Earnings season was better than expected. 60% beat FFO estimates, which was roughly in line with historical averages. An impressive 50% of REITs raised guidance, however, which was well above historical averages.

  • FFO and dividends per share grew at the fastest rate since 2016. Occupancy reached new record highs, as did the size of the development pipeline.

  • To read the full report, click here to visit Seeking Alpha!


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