• Alex Pettee, CFA

REIT Earnings Recap: Mega-Mergers And Roaring Rents

Summary

  • REIT earnings season has provided critical information on the state of the real estate industry - a much-needed check-in amid fears of a potential "fourth wave" of the COVID pandemic.

  • Results were significantly better-than-expected with roughly 95% of equity REITs beating consensus FFO estimates while more than 75% of the REITs that provide forward guidance boosted their full-year outlook.

  • More remarkable was the unprecedented magnitude of these upward revisions. More than a dozen REITs boosted their full-year FFO growth outlook by more than 1,000 basis points from last quarter.

  • Continuing a dramatic rebound, self-storage REITs led the charge in Q2 while residential REITs reported surging rents across the nation. Shopping center REITs reported their most impressive quarter in a decade.

  • Too Soon To Declare Victory? Just when mall, office, and hotel REITs were seeing daylight, amplified COVID restrictions threaten another dark winter, prompting a rotation back into "essential" property sectors.

Real Estate Daily Recap

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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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