For those who like boring, predictable earnings, two of my apartment reits posted Q3 results, IRT & MAA. Offices -- I recently posted BDN's low stock price resulting in a 12% yield. HIW (also office) just issued earnings and I bought more today -- 7% yield. But I am still light on office reits. Industrial reits are also posting nice earnings. Sorry -- not as exciting as META and others. I've been dumping gnl common stocks and moving $$$ to reits which are more recession proof and supply chain / inflation isolated.
IRT - apartments
“We delivered double-digit revenue and NOI growth in the third quarter, as our portfolio of assets in attractive markets continued to exhibit strong fundamentals,” said Scott Schaeffer, Chairman and CEO of IRT. “Our combined same-store portfolio NOI increased by 11.5%, led by blended lease over lease rental growth of 12.7%. We are seeing increasing occupancy levels at our non-value add communities in our fourth quarter-todate and as a result of our positive year-to-date operating performance, are maintaining our full year NOI and increasing our Core FFO per share growth guidance. Looking into 2023, we continue to believe that IRT is well positioned in the multifamily sector and will maintain a disciplined approach in growing our business while increasing shareholder value.”
MAA - apartments
Eric Bolton, Chairman and Chief Executive Officer, said, “We continue to see strong demand for apartment housing across our Sunbelt markets as steady growth in jobs and wages, along with positive new household formations and migration trends across our markets, fuels a growing need for housing. Our new development pipeline continues to expand as we work to respond to this growing demand. As evidenced by affordable rent-to-income ratios, strong rent payment performance, low resident turnover and strong occupancy, MAA is well positioned as we head into the new calendar year.” --- me: they raised 2022 FFO fcst to $8.45 from $8.25 per share.
BDN - office 12% dividend
“During the third quarter, we made excellent progress on our 2022 business plan highlighted by achieving 100% of our speculative revenue target based on the midpoint of our guidance,” stated Gerard H. Sweeney, President and Chief Executive Officer for Brandywine Realty Trust. “We continued to experience positive mark-to-market rent increases of 16.5% and 6.9% on an accrual and cash basis. Our portfolio experienced over 176,000 square feet of net absorption etc etc.... we are maintaining our 2022 FFO range of $1.36 to $1.40 per share.”
HIW office 7% dividend
“Our third quarter performance reflects the strong activity we continue to see across our markets. We leased over one million square feet of second gen office, including 518,000 square feet of new leases, our highest volume of new leasing since 2014, with net effective rents that were more than 20% above our prior five-quarter average. Importantly, we substantially backfilled our largest 2023 lease expiration. In addition to healthy operating metrics, we once again delivered excellent financial results....
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