Winners Of REIT Earnings Season

2025-05-19 10:00:00 ET

Summary

• In Part 2 of our Earnings Recap, we present a sector-by-sector breakdown of the Winners of REIT Earnings Season, discussing incremental positives/negatives and noting the individual standouts.
• Technology REITs were the notable upside standouts, with all three Data Center REITs and two of the three Cell Tower REITs raising their full-year FFO outlook citing surprisingly solid demand.
• Results from Residential REITs were surprisingly solid, with single-family rental and apartment REITs confirming that rent growth has reaccelerated slightly in early 2025 after two years of sluggish trends.
• Relatedly, results from Self-Storage REITs were modestly encouraging as new lease rates appear to be stabilizing after eight straight quarters of double-digit annualized declines.
• Mortgage REITs - both residential and commercial - reported steady results with no major "blow-ups" during the post-Liberation Day interest rate volatility, which was the most extreme since the early COVID turmoil.

Winners of REIT Earnings Season

In Part 1 of our Earnings Recap - REIT Earnings Scorecard - we discussed the high-level takeaways from the roughly 200 reports from equity REITs, mortgage REITs, and homebuilders over the past six weeks. Here in Part 2 of this report, we discuss the Winners of REIT Earnings Season - followed by Part 3 discussing the Losers of REIT Earnings Season. ...

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