CYXT - State Of The REIT Nation

• In our "State of the REIT Sector" report, we analyze recently-released NAREIT T-Tracker data to review high-level REIT fundamentals over the past quarter through a series of charts.
• REIT company-level metrics have exhibited a substantial rebound over the last year as FFO and dividends per share have now fully recovered the sharp declines from early in the pandemic.
• From the prior year, FFO rose 20.8% in Q2 and nearly 100 REITs across have now boosted their dividends this year. Dividend payout ratios remain historically low, indicating embedded growth.
• REITs are no longer "cheap" but that's quite alright. Premium valuations have revived the "animal spirits" and sparked a much-needed wave of M&A and IPO activity and facilitated external growth.
• This time was indeed different for most REITs due to harsh lessons learned from past crises. External growth may be just getting started as REIT balance sheets - and access to capital - have never been stronger.

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