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Dividend Cuts And Overdue Rent: REIT Earnings Recap

Published Thu, 28 May 2020 12:23:16 -0400 on Seeking Alpha

Did the rent get paid? Rent collection and dividend cuts were the primary themes of the most newsworthy and consequential REIT earnings season since the Great Financial Crisis.
Rent collection was largely a non-issue for residential REITs, who collected over 95% of April rents. Industrial, office, self-storage, and healthcare rent collection metrics were similarly strong.
Economic shutdowns ravaged the economically-sensitive property sectors and punished highly-levered REITs. 50 equity REITs - primarily retail and lodging REITs - announced a cut or suspension of their dividends.
2020 was poised to be a solid year of growth for REITs prior to the pandemic. Even with a faster-than-expected reopening, fundamental metrics are likely to be the weakest since at least 2009.
Equity and Mortgage REITs have rebounded significantly in recent weeks, but sector-level selectivity remains especially critical. "Essential" sectors like residential, industrial, and technology will bifurcate from troubled sectors.
Real Estate Earnings Recap
Did the rent get paid? Rent collection and dividend cuts were the primary themes of the most newsworthy and consequential REIT earnings season since the Great Financial Crisis. In this Real Estate Earnings Halftime Report, we break down rent collection statistics for every property sector and analyze the recently released NAREIT T-Tracker data to review the REIT fundamentals over the past quarter and forecast what they could mean for the rest of 2020.

(Hoya Capital Real Estate, Co-Produced with Brad Thomas)
Earnings season is now officially complete for the equity and mortgage REIT sectors with a few late-reporting stragglers reporting results this week. While the real estate sector is far from out of the woods - and several troubled REIT sectors are still very much in the thick of it - REIT earnings season was a pleasant surprise for many investors expecting the worst. Rent collection proved to be largely a... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
CBL & ASSOCIATES PROPERTIES 1.38   0.0 -0.95 0.35 27.34
ARLINGTON ASSET INVESTMENT 5.55   0.0 -1.21 0.90 16.58
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 5.68   0.0 -1.81 0.84 14.58
ANNALY CAPITAL MANAGEMENT 8.60   0.0 -3.32 1.20 14.00
NEW RESIDENTIAL INVESTMENT 14.98   18.0 0.83 2.00 13.28
ANWORTH MORTGAGE ASSET 3.39   0.0 -0.98 0.44 13.17
NEW YORK MORTGAGE TRUST 6.14   12.0 0.51 0.80 12.74
AMERICAN CAPITAL AGENCY 15.64   0.0 -1.54 1.92 12.21
DYNEX CAPITAL 15.16   0.0 -10.26 1.80 12.06
ARMOUR RESIDENTIAL REIT 17.26   0.0 -9.30 2.04 12.03
INVESCO MORTGAGE CAPITAL 15.18   0.0 -1.01 1.80 11.80
AG MORTGAGE INVESTMENT TRUST 17.47   6.1 2.87 1.90 10.89
MFA FINANCIAL 7.39   10.4 0.71 0.80 10.81
CHIMERA INVESTMENT 19.57   21.5 0.91 2.00 10.23
APOLLO COMMERCIAL REAL ESTATE FINANCE 19.35   12.6 1.54 1.84 9.57
ARBOR REALTY TRUST 12.77   9.1 1.40 1.16 9.21
MACERICH 33.33   43.9 0.76 3.00 8.91
ALPINE GLOBAL PREMIER PROPERTIES FUND 6.15   0.0 0.00 0.00 7.95
NUVEEN DIVERSIFIED DIVIDEND AND INCOME FUND 11.08   0.0 0.00 0.00 7.75
HERSHA HOSPITALITY TRUST 15.01   0.0 -0.54 1.12 7.42
ASHFORD HOSPITALITY TRUST 3.22   0.0 -1.82 0.24 7.34
PREFERRED APARTMENT COMMUNITIES 14.60   0.0 -1.61 1.05 7.19
NUVEEN REAL ESTATE INCOME FUND 10.71   0.0 0.00 0.00 6.99
BLACKSTONE MORTGAGE TRUST 36.16   14.5 2.49 2.48 6.94
CITY OFFICE REIT 13.89   0.0 -0.39 0.94 6.92
OMEGA HEALTHCARE INVESTORS 41.16   32.4 1.27 2.64 6.57
SUMMIT HOTEL PROPERTIES 12.04   13.8 0.87 0.72 6.18
EPR PROPERTIES 77.15   22.8 3.38 4.50 5.84
BRIXMOR PROPERTY GROUP 19.68   16.5 1.19 1.12 5.68
KIMCO REALTY 20.39   25.5 0.80 1.12 5.57
PHYSICIANS REALTY TRUST 17.27   61.7 0.28 0.92 5.36
MEDICAL PROPERTIES TRUST 18.94   7.3 2.61 1.04 5.30
INDEPENDENCE REALTY TRUST 14.04   35.1 0.40 0.72 5.25
PEBBLEBROOK HOTEL TRUST 28.65   0.0 -0.41 1.52 5.23
NATIONAL HEALTH INVESTORS 82.87   23.1 3.59 4.20 5.14
HANNON ARMSTRONG 27.95   32.5 0.86 1.34 4.96
MONMOUTH REAL ESTATE INVESTMENT 14.31   0.0 -0.03 0.68 4.86
ARMADA HOFFLER PROPERTIES 18.04   53.1 0.34 0.84 4.75
LTC PROPERTIES 49.71   18.6 2.67 2.28 4.63
HOST HOTELS & RESORTS 17.08   11.5 1.48 0.80 4.59
HEALTHCARE TRUST OF AMERICA 28.29   27.5 1.03 1.26 4.45
CORESITE REALTY 116.12   54.5 2.13 4.88 4.43
GETTY REALTY 32.62   27.6 1.18 1.40 4.40
LEXINGTON REALTY TRUST 10.09   8.4 1.20 0.41 4.10
AMERICAN CAMPUS COMMUNITIES 47.29   78.8 0.60 1.88 4.05
INVESTORS REAL ESTATE 71.99   0.0 0.00 2.80 3.93
ACADIA REALTY TRUST 29.00   63.0 0.46 1.12 3.88
LIFE STORAGE 103.91   23.2 4.47 4.00 3.87
NATIONAL RETAIL PROPERTIES 54.39   35.8 1.52 2.06 3.81
REALTY INCOME 74.49   56.9 1.31 2.72 3.69
CUBESMART 35.29   37.5 0.94 1.28 3.65
DIGITAL REALTY 126.53   116.1 1.09 4.32 3.38
LIBERTY PROPERTY TRUST 51.36   16.1 3.19 1.64 3.21
AGREE REALTY 72.00   40.4 1.78 2.28 3.20
EXTRA SPACE STORAGE 117.00   34.7 3.37 3.60 3.11
FEDERAL REALTY INVESTMENT TRUST 135.76   40.4 3.36 4.20 3.00
CAMDEN PROPERTY TRUST 108.97   66.4 1.64 3.20 2.91
BOSTON PROPERTIES 133.43   39.0 3.42 3.80 2.90
AVALONBAY COMMUNITIES 209.53   31.6 6.62 6.08 2.89
EQUITY RESIDENTIAL 85.36   42.7 2.00 2.27 2.69
DUKE REALTY 32.39   49.8 0.65 0.86 2.66
ALEXANDRIA REAL ESTATE EQUITIES 153.38   44.2 3.47 4.00 2.64
CYRUSONE 74.17   0.0 -0.69 2.00 2.53
ESSEX PROPERTY TRUST 324.02   52.2 6.21 7.80 2.43
NEXPOINT RESIDENTIAL TRUST 46.28   0.0 -0.72 1.10 2.42
FIRST INDUSTRIAL REALTY TRUST 39.03   34.2 1.14 0.92 2.39
EASTGROUP PROPERTIES 125.56   50.2 2.50 3.00 2.34
EQUITY LIFESTYLE PROPERTIES 132.21   44.7 2.96 2.45 1.90
AMERICAN TOWER 218.85   66.3 3.30 3.68 1.70
ISHARES COHEN & STEERS REALTY MAJORS INDEX FUND 118.41   0.0 0.00 0.00 0.00

CBL & ASSOCIATES PROPERTIES - CBL
CBL & ASSOCIATES PROPERTIES - CBL  


Older articles featuring Cbl & Associates Properties (CBL):
Retail REITs: Double-Digit Yields, Secular Shifts And Mean-Reversion
We Need To Talk About Dividend Cuts - They Are A Necessary Evil
REIT Preferreds: Higher-Yield Without Excess Risk
Our High Yield REIT Portfolio - Optimizing Rebound Potential
Now Is Not The Time To Be A High-Yield REIT Investor
Macerich: Debunking Three Bear Theses, Including Why I Want A Dividend Cut
Introducing This Growing Dividend Portfolio
Washington Prime Is Undervalued Regardless If It Cuts The Dividend
Our 2020 High Yield REIT Portfolio
These REITs Are Likely To Cut Their Dividend In 2020

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