SOHOO - REIT Earnings Halftime Report
2025-11-03 09:00:00 ET
Hoya Capital
We're at the halfway point of real estate earnings season, with 72 of the 150 equity REITs and 22 of the 38 mortgage REITs representing 60% of the total market capitalization now having reported results. Overshadowed by one bombshell "miss" from a surprising culprit, REIT earnings season has actually been trending positively thus far. Of the 67 equity REITs that provide full-year guidance for Funds from Operations ("FFO"), 48 ( 72% ) raised their full-year outlook, 12 (18%) maintained their outlook, while just 7 ( 10% ) lowered their guidance - above the historical average "beat rate" for the third quarter of roughly 65%. Property-level metrics have posted similar trends, with roughly 60% of REITs raising their full-year Net Operating Income ("NOI") outlook - upside driven primarily by lower expenses rather than improved revenue growth - consistent with the "disinflation" theme observed last quarter....
REIT Earnings Halftime Report