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  • Alex Pettee, CFA

REIT Dividend Revival: Earnings Halftime Report

  • We're now at the halfway point of another newsworthy REIT earnings season. Results thus far have generally been better than expected as dividend cuts have given way to dividend boosts.

  • Rents paid, dividends raised: 18 equity REITs have boosted their dividend this year, the majority of which were among the 52 REITs that increased their dividend last year.

  • Rent collection - and interest collection for mREITs - has recovered to "normalized" levels across all major property sectors outside of retail. Mall REITs continue to report difficulty collecting rents.

  • The "essential" property sectors - housing, technology, and logistics - have continued to build on their momentum. The "urban exodus" and "suburban revival" continue to be major themes in Q4 results.

  • Industrial REITs, sunbelt-focused apartment REITs, and homebuilders have been the positive standouts. The back half of earnings season could bring more fireworks, however, as many of the more-troubled REITs have yet to report results.

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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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Hoya Capital Research & Index Innovations is an affiliated index provider and research firm that builds custom indexes tracking U.S. commercial and residential real estate sectors, including indexes tracked by exchange-traded funds (ETFs). 

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