VRAI - REIT Dividend Revival: Earnings Halftime Report

• We're now at the halfway point of another newsworthy REIT earnings season. Results thus far have generally been better than expected as dividend cuts have given way to dividend boosts.
• Rents paid, dividends raised: 18 equity REITs have boosted their dividend this year, the majority of which were among the 52 REITs that increased their dividend last year.
• Rent collection - and interest collection for mREITs - has recovered to "normalized" levels across all major property sectors outside of retail. Mall REITs continue to report difficulty collecting rents.
• The "essential" property sectors - housing, technology, and logistics - have continued to build on their momentum. The "urban exodus" and "suburban revival" continue to be major themes in Q4 results.
• Industrial REITs, sunbelt-focused apartment REITs, and homebuilders have been the positive standouts. The back half of earnings season could bring more fireworks, however, as many of the more-troubled REITs have yet to report results.

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