What We're Watching This REIT Earnings Season

2026-04-22 13:00:45 ET

Real Estate Earnings Preview

Real estate earnings season kicks into gear this week, and over the next month, we'll see results from over 160 equity REITs, 40 mortgage REITs, and dozens of housing industry companies. After another disappointing year in 2025 - the fourth straight year of underperformance versus major equity benchmarks - REITs have held onto their early-year momentum even amid the recent bout of geopolitical volatility tied to the Iran conflict. Sentiment has improved at the margin, underscored by the successful Janus Living IPO and a pair of pending REIT listings - an encouraging shift following the near-complete halt in public real estate IPO activity throughout 2025. Meanwhile, a growing number of REITs have pursued asset sales - either sizable portfolio dispositions or outright company sales - taking advantage of the still-wide valuation premium offered in private markets. Over the past quarter and into early 2026, the Equity REIT Index has solidly outpaced the S&P 500, though REITs still face a steep climb to close the roughly 60-percentage-point cumulative underperformance gap built up over the past four years. Performance leadership since the start of last earnings season has shifted back toward growth and consumer-sensitive property types, with Data Center, Retail, and Hotel REITs among the strongest performers, while Residential has lagged and Office remains more mixed despite a recent rebound....

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