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  • Alex Pettee, CFA

Rents Paid, Dividends Raised: REIT Earnings Recap

  • Flying under-the-radar during Election season, a frenzy of real estate earnings reports over the last three weeks have provided critical information on the state of the commercial real estate sector.

  • Roughly two-thirds of the 170 equity REITs in our coverage universe beat consensus FFO estimates while nearly two dozen REITs boosted full-year guidance compared to just one that lowered it.

  • The wave of dividend cuts during the pandemic has been reversed. Eight REITs boosted their dividend above pre-pandemic rates, bringing the total to 39 equity REITs and 2 mortgage REITs.

  • We did see some fireworks as well. Two troubled mall REITs filed for Chapter 11 bankruptcy protection as the pandemic finally pushed these struggling landlords over the edge.

  • The bifurcation between "essential" and "non-essential" sectors widened. Residential REITs were the positive standouts this quarter on the resilient strength of the housing sector while retail REITs continue to stumble.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at 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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