SMTHP - Rents Paid Dividends Raised

• Nearly 200 REITs have reported earnings results over the past two weeks, providing critical information on the state of the real estate industry heading into year-end.
• Results were generally better-than-expected with roughly 90% of equity REITs beating consensus FFO estimates while more than 75% of the REITs that provide forward guidance boosted their full-year outlook.
• Self-storage REITs were again the upside standouts in Q3, raising their full-year FFO growth outlook by another 500 basis points to nearly 25% following a similarly-sized upward revision in Q2.
• Results from residential REITs were most striking, however, with rent growth now well into the double-digits across the country. Average new lease rates for apartments and SFRs soared over 20% in Q3.
• Among the "reopening sensitive" sectors, retail REITs reported solid results - even the flagging mall sector. Office and hotel REIT results were decent, while senior housing and SNF results weren't as poor as feared.

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