ILPT - REIT Earnings Preview: Who Paid The Rent?

• Who paid the rent? Real estate earnings season kicks off this week with more than 200 REITs and housing industry companies reporting earnings over the next month.
• Rent collection - a metric that was rarely reported in the pre-COVID-19 era - has become the most critical statistic tracked by investors due to its impact on dividend-paying capacity.
• Dividend cuts have been a major theme throughout the pandemic. 65 of 170 equity REITs have reduced their dividend, but since the start of Q3, dividend increases have outnumbered cuts.
• REITs enter third-quarter earnings season as the third-worst performing out of 11 GICS equity sectors. Improving rent collection and dividend commentary could be a positive catalyst to drive a recovery.
• While many commercial property sectors have struggled, several "essential" property sectors have thrived throughout the pandemic. We discuss the trends that we're watching this earnings season in each of the real estate property sectors.

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