Hoya Capital

An update to the State of the #REIT Nation as we analyze current market conditions and fundamentals for the REIT industry.

Countdown To Tariff Day Real Estate Weekly Outlook: https://lnkd.in/dcM67KEw Ahead of the April 2nd tariff unveiling, US equity markets were under renewed pressure this week on downbeat data showing a further dip in consumer confidence and hotter-than-expected PCE inflation. As a turbulent first quarter wraps up, the updated GDPNow - the Atlanta Fed's closely watched GDP tracking model - forecasts growth of -2.8% overall and -0.5% on a "gold-adjusted basis." Posting weekly declines for the seventh time in the past nine weeks, the S&P 500 finished lower by 1.5% - extending its drawdown to 9.3% from its record-highs. Real estate equities were among the better performers, however, on signs that an interest rate-driven rebound in REIT stock prices may revive some 'animal spirits' after a three-year lull. Following a long drought of REIT IPO activity, SmartStop Self Storage - which operates 218 storage facilities in the U.S. and Canada - filed IPO paperwork to list on the New York Stock Exchange. REIT Academy & The Executive REIT Masterclass | The Daily REIT Beat Newsletter| Brad Thomas | Seeking Alpha | David Auerbach | Nareit | @Seeking Alpha | #REITs #Dividends #Investing #Income #Yield #RealEstate #Housing #Stocks #Bonds #HighYield #DividendInvesting #IncomeInvesting #Diversification #Inflation #realassets #investment

State of REITs: The Dark Age Is Over While the S&P 500 and other major benchmarks entered "correction territory" this month for the first time since 2023, U.S. REITs have meaningfully outperformed the broader equity market since mid-January. The rebound follows a truly forgettable three-year period for REITs dating back to the start of the Fed's rate hiking cycle in which REITs have accumulated 40 percentage points of underperformance. REITs remain as unloved as ever: The number of publicly listed REITs declined for a fourth-straight year in 2024. As an asset class, REITs are the single-largest "underweight" among institutional investors. Importantly, valuations - not property-level fundamentals - are responsible for the vast majority of the underperformance, setting the stage for a sustained REIT rebound if interest rates normalize. That said, a property portfolio is only as good as the balance sheet that finances it. And while public REITs own the best house in the neighborhood, they haven't been immune to the impacts of the lingering rate-driven distress around them. https://lnkd.in/eymBz_cB REIT Academy & The Executive REIT Masterclass | The Daily REIT Beat Newsletter | Brad Thomas | Seeking Alpha | David Auerbach | @Nareit | Seeking Alpha | #REITs #Dividends #Investing #Income #Yield #RealEstate #Housing #Stocks #Bonds #HighYield #DividendInvesting #IncomeInvesting #Diversification #Inflation #realassets #investment

📦 NSA Storage (NSA) - Hoya Hotseat National Storage Affiliates (NSA) is the fourth-largest self-storage REIT ($4.8B market cap), owning and managing over 1,000 storage facilities across 42 states. Paying the highest dividend yield in the sector, NSA's 70M square foot portfolio is focused primarily on secondary and tertiary markets, two-thirds of which are located in the Sunbelt region. NSA has grown through strategic acquisitions and partnerships with regional operators, creating a unique "PRO" (Participating Regional Operators) joint venture network that fosters local expertise while leveraging national scale. CEO David Cramer joins the Hoya Hotseat to discuss the company’s growth strategy, the advantages of its differentiated operating model, and the key long-term demand drivers and near-term market dynamics shaping the self-storage industry. Read the Full Transcript Here: https://lnkd.in/egfguxiN REIT Academy & The Executive REIT Masterclass | The Daily REIT Beat Newsletter | Seeking Alpha | David Auerbach | Nareit | Seeking Alpha | #REITs #Dividends #Investing #Income #Yield #RealEstate #Housing #Stocks #Bonds #HighYield #DividendInvesting #IncomeInvesting #Diversification #Inflation #realassets #investment

📊 Storage REIT IPO • Stocks Rally • Targeted Tariffs? REIT Daily Recap: https://lnkd.in/ev98bjfJ A new REIT on the horizon. Following a long drought of REIT IPO activity since Lineage Logistics' (LINE) record-sized listing last July, a new public REIT is set to enter the picture. California-based SmartStop Self Storage - which operates 218 storage facilities in the U.S. and Canada - filed IPO paperwork today to list on the New York Stock Exchange under ticker symbol SMA, seeking to raise as much as $972M. SMA plans to use the IPO proceeds to redeem 100% of its issued and outstanding Series A Preferred stock and to pay down existing debt. SmartStop initially filed for an IPO in April 2022 before pausing the NYSE listing amid unfavorable market conditions. SMA now plans to issue 27 million shares of common stock in a range of $28-36, implying a market value of roughly $1.8B and an enterprise value of $3.2B - positioning it as the fifth-largest storage REIT behind National Storage (NSA), but well ahead of Global Self Storage (SELF). The SmartStop platform was initially founded in 2008 with the launch of Strategic Storage Trust ("SST") - a non-traded REIT that was later sold to ExtraSpace (EXR) in 2015 for $1.4B. SST II launched in 2013, and subsequently consolidated several other SST funds under a single internally managed REIT. SMA's portfolio is relatively well-diversified regionally - with Toronto and Miami as its largest two markets - with an occupancy rate and rent profile that is comparable to that of its four larger REIT peers. REIT Academy & The Executive REIT Masterclass | The Daily REIT Beat Newsletter | Brad Thomas | Seeking Alpha | David Auerbach | Nareit | Seeking Alpha#REITs #Dividends #Investing #Income #Yield #RealEstate #Housing #Stocks #Bonds #HighYield #DividendInvesting #IncomeInvesting #Diversification #Inflation #realassets #investment

Certainly Uncertain Real Estate Weekly Outlook: https://lnkd.in/eeJ_YyHw US equity markets posted modest gains this week - snapping a four-week losing streak - as investors parsed commentary and updated forecasts from the Federal Reserve's policy meeting. Ahead of the looming April 2nd unveiling of reciprocal tariffs, investors were relieved by FOMC projections showing that 11-of-19 policy markets still expect at least two rate cuts this year. Disappointing retail sales data indicated that economic uncertainty is beginning to affect real-world consumer behavior. Housing market data was relatively solid, however, sparking an upward revision to the GDPNow forecast. Posting weekly gains for just the second time in the past eight weeks, the S&P 500 finished higher by 0.2% on the week, closing about 8% below its mid-February record highs. Real estate equities were mixed this week on a relatively quiet week of REIT-related newsflow. Three REITs hiked their dividends this week, raising the full-year total to 38. Cannabis REITs lagged for a second week after IIPR reported a major tenant default. REIT Academy & The Executive REIT Masterclass | The Daily REIT Beat Newsletter | Brad Thomas | Seeking Alpha | #REITs #Dividends #Investing #Income #Yield #RealEstate #Housing #Stocks #Bonds #HighYield #DividendInvesting #IncomeInvesting #Diversification #Inflation #realassets #investment

Weekly Performance #REIT Heat Map March 17th - March 21st, 2025

With so much content shared in 45 minutes, we wanted to share Edward Pitoniak's (CEO of VICI Properties Inc.) Q&A transcript highlighting this evolving experiential #REIT. If you would like to see the full video interview, send us a message.

🏥 American Healthcare REIT - Hoya Hotseat American Healthcare REIT (AHR) is a mid-cap healthcare REIT that owns a diverse portfolio of roughly 300 clinical properties across the United States. Among the newest public REITs via a 2024 IPO, AHR was formed through the merger of several non-traded REITs managed by Griffin-American. Including its majority stake in Trilogy Holdings - which operates the company’s Senior Health Campuses - roughly 45% of AHR’s portfolio is comprised of senior housing properties, 35% are skilled nursing facilities, and 20% are medical office properties. President & CEO Danny Prosky joins the Hoya Hotseat to discuss the company’s backstory, the merits of its strategy of investing across healthcare sub-sectors, and the key long-term demographic tailwinds and shorter-term challenges shaping the future of the healthcare sector. AHR Quick Facts: 🎂IPO Date: 2024 📈 Market Cap: $4.7B (Russell 2000) 💸 Dividend Yield: 3.32% (📅Quarterly) 🏦 Debt/EV Ratio: 29% 💳 S&P Credit Rating: N/A REIT Academy & The Executive REIT Masterclass | The Daily REIT Beat Newsletter| Seeking Alpha | David Auerbach | Nareit | Seeking Alpha | #REITs #Dividends #Investing #Income #Yield #RealEstate #Housing #Stocks #Bonds #HighYield #DividendInvesting #IncomeInvesting #Diversification #Inflation #realassets #investment