Prologis

American Tower

Equinix

Crown Castle International

Public Storage

Realty Income Corp

Welltower

Simon Property Group

Vici Properties

Digital Realty Trust

Fidelity MSCI Real Estate ETF

FREL tracks a cap-weighted index of US REIT and real estate companies across the entire market-cap spectrum.

Alexandria Real Estate Equities

JPMorgan BetaBuilders MSCI US REIT ETF

Direxion Daily Real Estate Bull 3x Shares

Direxion Daily Real Estate Bear 3x Shares

First Trust S&P REIT Index Fund

Hudson Pacific Properties

iShares Cohen & Steers REIT ETF

iShares U.S. Real Estate ETF

Nuveen Real Estate Income Fund

Invesco KBW Premium Yield Equity REIT ETF

Neuberger Berman Real Estate Securities Income Fund Inc

US Diversified Real Estate ETF

Invesco Active US Real Estate

ALPS Active REIT ETF

ProShares Short Real Estate

Cohen And Steers Total Return Realty Fund

Cohen & Steers Reit And Preferred Income Fund Inc

Cohen & Steers Quality Income Realty Fund

SPDR Dow Jones REIT ETF

Schwab U.S. REIT ETF

Seven Hills Realty Trust

ProShares UltraShort Real Estate

Pacer Funds Trust-Pacer Benchmark Data & Infrastructure Real Estate Sector ETF

ProShares Ultra Real Estate

This article will unveil our analysis, providing you with some insight toward understanding the current state of the REIT market and its future potential, particularly in the realm of sustainable investments. Real estate plays a significant role in climate change, both as a contributor to greenhouse gas emissions and as a sector that is highly vulnerable to the physical impacts of a changing climate. Investing in sustainable REITs allows investors to have a real-world impact through their portfolio.

Navigating The Sustainable REIT Market: Green Alpha's Essential Guide

iShares Core U.S. REIT ETF

Vanguard Real Estate ETF

A lot of investors appear to think that REITs will drop lower. They believe that their valuations aren't low enough. Do they have a point? We take a closer look and issue a warning to those REIT investors who are trying to time the market.

Important Warning For REIT Investors

Ashford Hospitality Trust

Apple Hospitality REIT

Braemar Hotels & Resorts Inc

Blackstone Group

Host Hotels & Resorts

Hersha Hospitality Trust Class A

Summit Hotel Properties

Park Hotels & Resorts

Ryman Hospitality Properties

Despite lingering recession concerns, hotel REITs are pacing for a second-straight year of outperformance after punishing early-pandemic declines, buoyed by steady post-pandemic operating improvement and the long-awaited return of dividends. The final pandemic-era travel restrictions were lifted last week with the ending of the vaccine mandate for foreign arrivals. International travel demand should provide a healthy tailwind over the coming quarters.

Hotel REITs: Pandemic Is Officially Over

American Assets

Armada Hoffler Properties

Alexander's

Alpine Global Premier Properties Fund

Brookfield Asset Management

Brandywine Realty

Cambria Global Real Estate ETF

Boston Properties

City Office REIT

CIM Commercial Trust

Cousins Properties

Easterly Government Properties

Douglas Emmett

Elme Communities

Equity Commonwealth

Empire State Realty Trust

Invesco S&P 500 Equal Weight Real Estate ETF

Franklin Street Properties Corp.

FlexShares Global Quality Real Estate Index Fund

Xtrackers International Real Estate ETF

Highwoods Properties

Hoya Capital Housing ETF

The new pariah of the commercial real estate sector, Office REITs, have remained in free-fall in recent months, plunging another 30% this year following a plunge of nearly 40% last year. Just how bad is it? The surge in interest rates has turned a weak-but-manageable situation into a bleak one, but there is more nuance than what the prevailing narrative would suggest.

Office REITs: The New Malls

Arbor Realty Trust

AFC Gamma

Great Ajax

Angel Oak Mortgage

Apollo Commercial Real Estate Finance

Bed Bath & Beyond Inc

Brixmor Property Group

Blackstone Mortgage Trust

Cherry Hill Mortgage

Diversified Healthcare Trust

Dynex Capital

Farmland Partners

After covering the Winners of REIT Earnings Season earlier this week, Part 2 of our Earnings Recap focuses on the worst-performing property sectors and common threads shared by these laggards. While there were upside standouts and some solid reports within these lagging property sectors, the losers of REIT earnings season included: Office, Mortgage, Land & Agriculture, Retail, and Non-Traded REITs.

Losers Of REIT Earnings Season

American Homes 4 Rent

AvalonBay Communities

Centerspace REIT

EastGroup Properties

Equity LifeStyle Properties

EPR Properties

Essential Properties Realty Trust Inc

Gaming and Leisure Properties

Invitation Homes

Independence Realty Trust

Medical Properties Trust

You wouldn't know it by reading the mainstream financial press, but there's more to commercial real estate than office buildings. Obscured by office pain, REITs delivered surprisingly strong first quarter results. Of the 83 equity REITs that provide full-year Funds from Operations ("FFO") guidance, 37 (44%) raised their full-year earnings outlook, while 5 (6%) lowered guidance.

Winners Of REIT Earnings Season

Ares Commercial Real Estate

Agree Realty

Broadstone Net Lease

Americold Realty

Macerich

U.S. equity markets finished lower on a turbulent week after the Federal Reserve continued its historically-aggressive monetary tightening course, sparking renewed turmoil in the regional banking sector. After closing at its highest levels since early February last week, the S&P 500 slipped 0.8% this week, using a late-week rebound to pare its steepest four-day declines since the SVB collapse.

Fed Hikes, Turmoil Ensues

CBRE Group

First Industrial Realty Trust

iShares International Developed Real Estate ETF

CBRE Global Real Estate Income Fund

Industrial Logistics Properties

Pacer Benchmark Industrial Real Estate SCTR ETF

Indus Realty Trust Inc

Jones Lang LaSalle

Lexington Realty

VanEck Mortgage REIT Income ETF

No slowdown here. After the worst year of performance on record in 2022, Industrial REITs have rebounded this year after earnings results showed a surprising re-strengthening of property-level fundamentals. Recent earnings results showed that demand continues to substantially outpace available supply. Rent growth reaccelerated in early-2023, with rental spreads averaging over 40%, while occupancy rates climbed to fresh record.

Industrial REITs: We Love Logistics

Community Healthcare Trust

Equity Residential

Essex Property Trust

We're now at the halfway point of real estate earnings season with roughly 60 equity REITs and 14 mortgage REITs representing 50% of the total market capitalization having reported first-quarter. Results thus far have been better than the prevailing narrative would suggest. Of the 49 REITs that provide guidance, 23 (47%) raised their full-year earnings outlook while 5 (10%) lowered.

REIT Earnings Halftime Report

Camden Property

Kimco Realty

KKR Real Estate Finance Trust

Ladder Capital

Mid-America Apartment Communities

U.S. equity markets extended their rebound this week as a strong slate of earnings reports clashed with renewed concerns over financial instability and economic data that provided fodder for both bulls and bears. Closing at its highest levels since early February, the S&P 500 advanced 0.9%, but gains were skewed towards larger companies. The Mid-Cap 400 slipped 0.3%, and the Small-Cap 600 declined 1.0%.

Tale Of 2 Cities

AGNC Investment

BrightSpire Capital

D.R. Horton

Franklin BSP Realty Trust Inc

Housing Recession Is Over

Goldman Sachs Future Real Estate And Infrastructure Equity ETF

Home Appreciation US REIT ETF

Janus Henderson U.S. Real Estate ETF

NETLease Corporate Real Estate ETF

Nuveen Short-Term REIT ETF

Office Properties Income Trust

PotlatchDeltic

Strategic Residential & Apartment Real Estate ETF

iShares Residential Real Estate ETF

Hoya Capital High Dividend Yield ETF

ETFB Green SRI REITs ETF

IQ US Real Estate Small Cap ETF

iStar Inc

SL Green Realty

Global X SuperDividend REIT ETF

Virtus Real Asset Income ETF

WisdomTree New Economy Real Es

Real Estate Select Sector SPDR Fund

The REIT sector fell again in March with a -6.11% total return. Large cap (-1.99%) and mid cap (-4.56%) REITs saw modestly negative total returns in March, while small caps (-6.76%) and micro caps (-15.50%) were deeper in the red.

The State Of REITs: April 2023 Edition

Ellington Residential Mortgage REIT

Ellington Financial

Orchid Island Capital

U.S. equity markets finished broadly higher this past week after a critical slate of inflation data provided further evidence of a definitive cool-down in inflationary pressures. After narrowly snapping a three-week winning streak in the prior week, the S&P 500 advanced 0.8% this week, while the Mid-Cap 400 and Small-Cap 600 posted gains of over 1%.

Inflation's Last Stand

CubeSmart

Extra Space Storage

iShares U.S. Home Construction ETF

Life Storage

Direxion Daily Homebuilders & Supplies Bull 3X Shares

National Storage Affiliates Trust

InfraCap REIT Preferred ETF

Storage REITs are the best-performing property sector this year after lagging in late 2022, lifted by surprisingly solid earnings results and a thawing of the previously icy-cold housing market. Storage demand is driven largely by housing activity – specifically, home sales and rental market turnover - and the recent moderation in mortgage rates has eased concern of a deepening housing recession.

Storage Wars

CBL & Associates Properties

Innovative Industrial Properties

With recent distress across office markets seizing the headlines, Mall REITs are no longer the "Problem Child" of the REIT sector, particularly after weaker players and lower-tier malls closed shop. Following three years of rental rate and occupancy declines, the supply-demand dynamic has recently favored retail landlords, rewarding many retail REITs with some long-elusive pricing power.

Mall REITs: Only The Strong Shall Survive

Plymouth Industrial REIT

iShares Mortgage Real Estate ETF

Rexford Industrial Realty

U.S. equity markets snapped a three-week winning streak while benchmark interest rates dipped to seven-month lows after a critical slate of employment data revealed some cracking in the long-resilient labor markets. Following its strongest weekly advance in five months, the S&P 500 finished fractionally lower this week, while the Mid-Cap 400 and Small-Cap 600 each posted steeper declines of over 2.5%.

Cracks Emerge In Jobs Market

Bluerock Homes Trust Inc

Black Knight

CoStar Group

Lennar

NexPoint Real Estate Finance

NexPoint Diversified Real Estate Trust

NexPoint Residential Trust

Offerpad Solutions

Opendoor

PulteGroup

One of the best-performing property sectors this year, Single-Family Rental REITs have rebounded as the previously-sluggish U.S. housing sector has shown signs of life amid a moderation in mortgage rates. The dire predictions of a "hard landing" in rental markets have been rebuffed in recent months by steadying rental rates and strong occupancy trends seen across the major rent indexes.

Single-Family Rental REITs: Renting The American Dream

Arlington Asset Investment

Invesco Mortgage Capital

U.S. equity markets concluded a wild first-quarter with their best week of 2023 as easing contagion concerns and further evidence of cooling price pressures lifted markets to a third-straight weekly gain. Pushing its gains to 7.5% for the quarter, the S&P 500 posted its best week since last November with gains of 3.4%. The tech-heavy Nasdaq 100 climbed into "bull market".

Wild Quarter Ends With Optimism

AST SpaceMobile

Altice USA

Cell Tower REITs have been one of the weakest-performing property sectors since early 2022, an uncharacteristic stretch of poor performance following a half-decade of industry-leading returns. Concern over the long-term competitive positioning of land-based cellular networks in the ever-evolving telecommunications industry has been amplified by the accelerated rollout of satellite-based networks offering some mobile connectivity.

Cell Tower REITs: 5G's Killer App

News for Fidelity MSCI Real Estate ETF ETF (FREL)