Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

REIT Earnings Preview: Who Paid The Rent?

  • Who paid the rent? Real estate earnings season kicks off this week with more than 175 REITs and dozens of housing industry companies reporting earnings over the next month.

  • Rent collection - a metric that was rarely reported in the pre-COVID era - has become the most critical statistic tracked by investors due to its impact on dividend-paying capacity.

  • Dividend cuts have been a major theme throughout the pandemic. 65 of 170 equity REITs have reduced their dividend, but since the start of Q3, dividend increases have outnumbered cuts.

  • REITs enter third-quarter earnings season as the 3rd-worst-performing out of 11 GICS equity sectors. Improving rent collection and dividend commentary could be a positive catalyst to drive a recovery.

  • While many commercial property sectors have struggled, several "essential" property sectors have thrived throughout the pandemic. We discuss the trends that we're watching this earnings season in each of the real estate property sectors.

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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 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.

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