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Winners Of REIT Earnings Season


  • Nearly 200 U.S. REITs have reported second quarter earnings results over the past month, providing critical information on the state of the commercial and residential real estate industry.
  • Of the 86 equity REITs that provide full-year Funds from Operations ("FFO") guidance, 52% raised their full-year earnings outlook while 28% lowered guidance, a "beat rate" that was below Q1.
  • Buoyant residential rent growth- particularly in the supply-constrained single-family space - was one of the prevailing themes of the quarter, fueling a particularly strong set of reports from residential REITs.
  • Retail REITs have enjoyed an under-discussed revival over the past 18-24 months as store openings have considerably outpaced store closings over the past two years, driving occupancy rates to record highs and fueling impressive double-digit rent growth.
  • Office REITs have posted the strongest stock performance this earnings season as results have been "less bad" than feared, and there are signs that the "return to the office" has picked up steam. In Part 1 of our Earnings Recap, we discuss the Winners of REIT Earnings Season.
  • Hoya Capital Income Builder members get exclusive access to our real-world portfolio. See all our investments here »

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Real Estate Earnings Recap

Nearly 200 U.S. REITs have reported second quarter earnings results over the past month, providing critical information on the state of the commercial and residential real estate industry. As discussed in our Halftime Report, REIT

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Alex Pettee is President and Director of Research and ETFs at Hoya Capital. Hoya manages institutional and individual portfolios of publicly traded real estate securities.

Alex leads the investing group Hoya Capital Income Builder. The service features a team of analysts focusing on real income-producing asset classes that offer the opportunity for reliable income, diversification, and inflation hedging. Learn More.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of RIET, HOMZ, ALL HOLDINGS IN THE INCOME BUILDER REIT FOCUSED INCOME & DIVIDEND GROWTH PORTFOLIO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Hoya Capital Research & Index Innovations (“Hoya Capital”) is an affiliate of Hoya Capital Real Estate, a registered investment advisory firm based in Rowayton, Connecticut that provides investment advisory services to ETFs, individuals, and institutions. Hoya Capital Research & Index Innovations provides non-advisory services including market commentary, research, and index administration focused on publicly traded securities in the real estate industry. This published commentary is for informational and educational purposes only. Nothing on this site nor any commentary published by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. This commentary is impersonal and should not be considered a recommendation that any particular security, portfolio of securities, or investment strategy is suitable for any specific individual, nor should it be viewed as a solicitation or offer for any advisory service offered by Hoya Capital Real Estate. Please consult with your investment, tax, or legal adviser regarding your individual circumstances before investing. The views and opinions in all published commentary are as of the date of publication and are subject to change without notice. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. Any market data quoted represents past performance, which is no guarantee of future results. There is no guarantee that any historical trend illustrated herein will be repeated in the future, and there is no way to predict precisely when such a trend will begin. There is no guarantee that any outlook made in this commentary will be realized. Readers should understand that investing involves risk and loss of principal is possible. Investments in real estate companies and/or housing industry companies involve unique risks, as do investments in ETFs. The information presented does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Hoya Capital Real Estate and Hoya Capital Research & Index Innovations have no business relationship with any company discussed or mentioned and never receive compensation from any company discussed or mentioned. Hoya Capital Real Estate, its affiliates, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings and additional important disclosures is available at www.HoyaCapital.com.

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Comments (19)

Question for the group. I did very well in the office REIT meltdown. And as said they were the winners for this past quarter. But who were the losers from the winning office REIT group that we should bet on?
Ethan Roberts profile picture
@GuyRien1 Over the past 13 weeks, office REIT losers were: EQC -7.78%, CMCT -8.73%, and PSTL -0.81%. Biggest winners were VNO, SLG, HPP, and BXP, all with huge gains.
@Ethan Roberts Thanks CMCT is so under-covered I can't form an opinion on them (last article was from 2021!). PSTL isn't worth the low dividend.

Now EQC is interesting and I have a small posiiton in it. It's essentially Sam Zell's fund. Zell was brilliant! He sold all his office properties 5+ years ago and EQC is just a huge pile of money with minimum assets. If Zell was still alive I'd invest lots in it, but I don't know the quality of people running it now.

Thanks again.
Ethan Roberts profile picture
@GuyRien1 David Helfand was the hand picked successor by Sam Zell. He worked with Sam Zell for more than two decades. Here's some info on him. www.kellogg.northwestern.edu/...
siestadreamer profile picture
I understand that conditions (Covid, inflation, Fed actions) are stacked against REITs, but I’m dismayed by their continued underperformance. My patience may not extend beyond year end.
StevenK1 profile picture
@siestadreamer You will want to read this then...

siestadreamer profile picture
@StevenK1 — Thanks. Timely and helpful.
Very informative thank you
That is a lot of data! Will need to read some more of that later.
ryansdad profile picture
Great article like always !
Road-runner profile picture
All my REITs are really underperforming at the moment (ARE, VICI, WY, PLD). Hard to put more money into them when everything else just keeps rallying.
StevenK1 profile picture
@Road-runner hug a BDC, and it will hug you back.
Thanks. I have seen them referenced from time to time. I guess I need to start reading up on them. Just another tool.
Road-runner profile picture
@StevenK1 I'm where @Marconi69 is. Any you like in particular?
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