• Alex Pettee, CFA

Rents Paid, Dividends Raised

  • Nearly 200 REITs have reported earnings results over the past two weeks, providing critical information on the state of the real estate industry heading into year-end.

  • Results were generally better-than-expected with roughly 90% of equity REITs beating consensus FFO estimates while more than 75% of the REITs that provide forward guidance boosted their full-year outlook.

  • Self-storage REITs were again the upside standouts in Q3, raising their full-year FFO growth outlook by another 500 basis points to nearly 25% following a similarly-sized upward revision in Q2.

  • Results from residential REITs were most striking, however, with rent growth now well into the double-digits across the country. Average new lease rates for apartments and SFRs soared over 20% in Q3.

  • Among the "reopening sensitive" sectors, retail REITs reported solid results - even the flagging mall sector. Office and hotel REIT results were decent, while senior housing and SNF results weren't as poor as feared.

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Disclosure: Hoya Capital Real Estate advises two Exchange-Traded Funds listed on the NYSE. In addition to any long positions listed below, Hoya Capital is long all components in the Hoya Capital Housing 100 Index and in the Hoya Capital High Dividend Yield Index. Index definitions and a complete list of holdings are available on our website.

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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