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Hoya Capital Real Estate, LLC

Invest@HoyaCapital.com

(833) HOYA-CAP

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Hoya Capital Real Estate ("Hoya Capital") is an SEC-registered investment advisory firm that provides investment management services to ETFs, individuals, and institutions, focusing on portfolio and index management of publicly traded securities in the real estate industry. Nothing on this site is intended to be investment advice or an offer to buy or sell securities. The risks of investing in real estate securities are similar to those associated with direct investments in real estate, including falling property values, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest rate changes and market recessions. No representation or warranty is made as to the efficacy of any particular strategy or fund, or the actual returns that may be achieved. An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Data quoted represents past performance, which is no guarantee of future results. The views and opinions in the preceding commentary are as of the date of publication and are subject to change without notice. The information presented does not reflect the performance of any fund or other account managed or serviced by Hoya Capital, and there is no guarantee that investors will experience the type of performance reflected. There is no guarantee that any historical trend illustrated herein will be repeated in the future, and there is no way to predict precisely when such a trend will begin. There is no guarantee that any trend cited in this market commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice, is not intended to predict or depict performance of any investment and does not constitute a recommendation or an offer for a particular security. We consider the information in this presentation to be accurate, but we do not represent that it is complete. It should not be relied upon as investment advice or as the sole source of suitability for investment. Please consult with your investment, tax or legal adviser regarding your individual circumstances before investing.

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The Easy Way To Invest In Real Estate

Economics, Housing, & Commercial Real Estate Analysis

​Keepin' It Real 

Apartment REITs
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Data Center REITs
Mall REITs
Net Lease REITs
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  • Alex Pettee, CFA
    • Feb 28
    • 1 min read

Mall REITs: Merger Madness

  • Mall meltdown? The bleeding continues for the long-struggling mall REIT sector, which woefully underperformed the REIT average for a fourth straight year in 2019, pain that has dragged into 2020.

  • Desperate times call for desperate measures. Merger madness has taken hold in early 2020 as Simon scooped up Taubman as well as retailer Forever 21 in a fairly unprecedented move.

  • Despite a relatively strong year for overall retail sales, store closings surged in 2019 to the highest level since the recession as razor-thin retail margins continue to get squeezed.

  • Excluding Simon and Taubman- which have delivered steady albeit uninspiring results - average FFO growth dipped 12% in 2019 and is expected to plunge another 20% in 2020.

  • While the fundamental outlook remains bleak for the lower-productivity mall REITs teetering on the edge of relevancy, M&A speculation brings a glimmer of hope amid an ongoing fight for survival.

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Hotel REITs
Single Family Rental REITs
Mobile Home REITs
Healthcare REITs
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