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Losers Of REIT Earnings Season
2026-05-14 · via All Articles on Seeking Alpha

Summary

  • Not Every REIT Joined The Rally: Part 2 focuses on laggards and in-line performers - sectors where recovery timelines slipped, results underwhelmed, or elevated rates exposed lingering balance sheet issues.
  • Weakness centered on Farmland, Commercial Mortgage, Lab Space, and Self-Storage REITs, where delayed troughs, credit provisions, book-value pressure, weak rents, and refinancing constraints persisted.
  • Mortgage Stress Hasn’t Fully Cleared: Commercial mortgage REITs still faced multifamily bridge-loan and office credit stress, while residential mortgage REITs saw book values pressured by rate volatility and uneven dividend-coverage.
  • Several Sectors Were Fine, Not Flashy: Industrial, Medical Office, Strip Center, Casino, Cell Tower, Manufactured Housing, and Cannabis REITs delivered stable results but lacked upside surprises.
  • M&A Still Put A Floor Under Valuations: Even among laggards and in-line performers, private-market activity remained central, with healthcare takeouts and strategic interest reinforcing valuation support for discounted public REITs.
  • iREIT®+HOYA Capital members get exclusive access to our real-world portfolio. See all our investments here »
Elevated view of Philadelphia skyline

Yongyuan Dai/DigitalVision via Getty Images

Winners & Losers of REIT Earnings Season

In Part 1 of our Earnings Recap, we highlighted the Winners of REIT Earnings Season and the key takeaways from roughly 200 reports across equity REITs, mortgage REITs, and homebuilders

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of RIET, HOMZ, IRET, ALL HOLDINGS IN THE IREIT+HOYA PORTFOLIOS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Hoya Capital Research & Index Innovations ("Hoya Capital") is an affiliate of Hoya Capital Real Estate, a registered investment advisory firm based in Rowayton, Connecticut, that provides investment advisory services to ETFs, individuals, and institutions. Hoya Capital Research & Index Innovations provides non-advisory services, including market commentary, research, and index administration focused on publicly traded securities in the real estate industry. This published commentary is for informational and educational purposes only. Nothing on this site nor any commentary published by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. This commentary is impersonal and should not be considered a recommendation that any particular security, portfolio of securities, or investment strategy is suitable for any specific individual, nor should it be viewed as a solicitation or offer for any advisory service offered by Hoya Capital Real Estate. Please consult with your investment, tax, or legal adviser regarding your individual circumstances before investing. The views and opinions in all published commentary are as of the date of publication and are subject to change without notice. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Any market data quoted represents past performance, which is no guarantee of future results. There is no guarantee that any historical trend illustrated herein will be repeated in the future, and there is no way to predict precisely when such a trend will begin. There is no guarantee that any outlook made in this commentary will be realized. Readers should understand that investing involves risk, and loss of principal is possible. Investments in real estate companies and/or housing industry companies involve unique risks, as do investments in ETFs. The information presented does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. An investor cannot invest directly in an index, and index performance does not reflect the deduction of any fees, expenses, or taxes. Hoya Capital Real Estate and Hoya Capital Research & Index Innovations have no business relationship with any company discussed or mentioned and never receive compensation from any company discussed or mentioned. Hoya Capital Real Estate, its affiliates, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and in our published commentary. A complete list of holdings and additional important disclosures is available at www.HoyaCapital.com.

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