• Alex Pettee, CFA

Mortgage REITs: Earnings Recap

Updated: Sep 10, 2020

  • Mortgage REIT earnings season wrapped up this week. As with their Equity REIT peers, earnings reports were generally better-than-expected. We complied dividend and book value updates from all 42 mREITs.

  • After 31 of 42 mREITs cut or suspended dividends from March through June, we haven't seen any additional cuts since the start of July. One mREIT (Arbor Realty) raised distributions.

  • While a half-dozen mREITs had also initially suspended their preferred distribution, AG Mortgage and Xantas Capital are the only two mREITs that have yet to resume distributions on their preferreds.

  • Residential mREITs reported an average increase in reported tangible Book Value Per Share of 8.9% from Q1 to Q2 while commercial mREITs reported an average increase in BVPS of 0.2%.

  • Despite the dividend reductions, residential and commercial mREITs still pay a hearty dividend yield of 7.9% and 7.7%, respectively. Current payout levels appear sustainable if the economic recovery progresses.

To continue reading, click here to visit Seeking Alpha!

Glass Buildings

Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

apartment REITs
homebuilders ETFs
single family rental REITs
manufactured housing REITs
student housing REITs
data center REITs
Cell tower REITs
net lease REITs
industrial REITs
storage REITs
office REITs
mall REITs
REIT Preferreds and Bonds
hotel REITs
Timber REITs
healthcare REITs
Billboard REITs
shopping center REIT
High-Yield Real Estate ETFs
Real Estate CEFs
Casino REITs
cannabis REITs
prison REITs
mortgage REITs
real estate crowdfunding
REIT Portfolio Strategy
REITs Taxes
HOMZ_Logo_Just Ticker.png
ETF express.png

Explore our Real Estate Indexes

The Easy Way To Invest in Real Estate