JRE - Short On Supply High On Demand: REIT Earnings Preview

• Real estate earnings season kicks off this week. We'll see results from more than 175 equity REITs, 40 mortgage REITs, and dozens of housing industry companies over the next month.
• REITs enter second-quarter earnings season as the best-performing asset class this year with total returns over 25%. 69 equity REITs and 19 mortgage REITs have raised their dividends this year.
• Residential REITs have been the positive standouts over the last quarter following a slate of impressive Q1 earnings results and recent data showing a historic surge in apartment and single-family rents.
• In addition to soaring residential rents, the other major theme over the past several months has been the revival of REIT "animal spirits" as recovering valuations and ample access to capital have sparked a wave of M&A deals.
• Short on Supply, High On Demand. 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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