Keepin' It Real  

Economics, Housing, & Commercial Real Estate Analysis

ETF express.png
  • Alex Pettee, CFA

Net Lease REITs: Reopening Revival

  • Net Lease REITs were punished by the coronavirus-related economic shutdowns, but have rebounded over the last several months as key shutdown-sensitive tenants reopen their doors and as rent collection improves.

  • Rent collection has improved sequentially from a low of 65% in April to 90% in July as the majority of tenants have now reopened. Theaters and gyms remain the soft spots.

  • Net Lease REITs had previously defied the 'retail apocalypse' headwinds over the past half-decade by investing in these experience-based retail categories, which have become liabilities in the coronavirus era.

  • Lackluster rent collection in the second quarter led to record-declines in operating metrics and forced four of the fifteen net lease REITs to reduce or eliminate their dividend since the start of the pandemic.

  • While several "experience-heavy" REITs continue to have their backs against the walls, the sector as a whole remains on a relatively firm footing as four net lease REITs have actually increased their dividend in 2020.

To continue reading, click here to visit Seeking Alpha!

REIT Forum HOYA AD.png
  • Facebook Social Icon
  • Twitter Social Icon
  • LinkedIn Social Icon

Hoya Capital Real Estate, LLC

(833) HOYA-CAP

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. It is not possible to invest directly in an index. Index performance cited in this website or commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Nothing on this site nor any published commentary by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and should not be considered a complete discussion of all factors and risks. Data quoted represents past performance, which is no guarantee of future results. Investing involves risk. Loss of principal is possible. Investments in companies involved in the real estate and housing industries involve unique risks, as do investments in ETFs, mutual funds, and other securities. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliate, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings and other important disclosures and definitions are available by clicking the links below.

Privacy Policy 

 Client Relationship Summary 

Hoya Capital's ADV Part 2

Important Disclosures, Definitions, & List of Holdings 


The Easy Way To Invest In Real Estate