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  • Alex Pettee, CFA

State Of The REIT Nation

  • In our "State of the REIT Sector" report, we analyze recently-released NAREIT T-Tracker data to review high-level REIT fundamentals over the past quarter through a series of charts.

  • REIT company-level metrics have exhibited a substantial rebound over the last year as FFO and dividends per share have now fully recovered the sharp declines from early in the pandemic.

  • From the prior year, FFO rose 20.8% in Q2 and nearly 100 REITs across have now boosted their dividends this year. Dividend payout ratios remain historically low, indicating embedded growth.

  • REITs are no longer "cheap" but that's quite alright. Premium valuations have revived the "animal spirits" and sparked a much-needed wave of M&A and IPO activity and facilitated external growth.

  • This time was indeed different for most REITs due to harsh lessons learned from past crises. External growth may be just getting started as REIT balance sheets - and access to capital - have never been stronger.

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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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