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Dividends Analysis

REITs Analysis

Summary

REIT earnings results were considerably better than consensus expectations, with 58 REITs - or 59% - raising full-year FFO guidance, well above the typical Q1 raise rate of 40-45%.

REITs have extended their year-to-date outperformance despite the recent jump in interest rates, as better earnings results and improving property-level trends helped offset renewed macro pressure.

Upside standouts included Hotel, Senior Housing, Data Center, Billboard, Cold Storage, Net Lease, and Retail REITs. Residential REITs saw improving rent growth trends as supply growth finally eases.

Better results, Biggers Deals.…