ILPT - REIT Earnings Preview: Rents Paid Dividends Raised

• Real estate earnings season kicks off this week with more than 175 equity REITs, 40 equity REITs, and dozens of housing industry companies reporting earnings over the next five weeks.
• While missed rents and dividend cuts were the prevailing themes in the REIT sector in mid-2020, the vaccine-driven sector rotation has been the dominant theme over the past quarter.
• Normalizing rent collection and positive dividend commentary could be a positive catalyst to continue the recovery. We expect a historic year for dividend increases following the wave of pandemic-related cuts.
• Short-squeeze? Five of the most heavily-shorted REITs have doubled over the past quarter. The troubled sectors are not "out of the woods" yet and could struggle to meet elevated expectations.
• In this report, we discuss the themes and metrics we'll be watching across all of the major real estate property sectors this earnings season.

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