Who Paid The Rent? Earnings Halftime Report
We're at the halfway point of the most newsworthy and consequential REIT earnings season in a decade. Rent collection and dividend plans have been the primary focus of investors.
We've now tracked 33 equity REITs in our universe of 165 names to announce a cut or suspension of their dividends in addition to the majority of mortgage REITs.
What rent strikes? Rent collection has been largely a non-issue for residential REITs, who collected over 95% of April rents. Industrial, office, and healthcare rent collection have been similarly strong.
For retailers, if you're not essential, you're not probably paying the rent. Shopping center and net lease REITs have collected only half of April rents, ranging from 15% to 97%.
No many fireworks so far. Real estate earnings results thus far have generally been better-than-expected. We break down rent collection statistics for every REIT that has reported thus far.