• Alex Pettee, CFA

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.

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