![]() ![]() ![]() The company is perfect for my dividend growth portfolio, thanks to secular tailwinds, inflation protection, a healthy balance sheet, and a fantastic track record of dividend growth and outperforming capital gains, which I expect to continue. This residential real estate company is focused on manufactured housing communities, recreational vehicle communities, and marinas. One of the stocks I had on my radar for many years is Equity LifeStyle Properties ( NYSE: ELS). This consists of Extra Space Storage ( EXR ) and Public Storage ( PSA ). I have 9.2% real estate exposure while I am writing this. and casino REIT MGM Growth Properties LLC also drew down the maximum capacity available under their facilities.In a number of articles, I've said that I wanted to increase my real estate exposure. Outside the hotel sector, net-lease-focused STORE Capital Corp. Six hotel REITs in total - including Park Hotels - withdrew the full remaining capacity available on their revolving credit facilities. Pebblebrook Hotel Trust also withdrew roughly $478.2 million of its credit facility, leaving $31.8 million of remaining capacity, while RLJ Lodging Trust withdrew $400 million of its $600 million facility and Ryman Hospitality Properties Inc. ![]() Host Hotels & Resorts Inc., the largest hotel REIT by market capitalization, withdrew $1.49 billion during the quarter, nearly the entire capacity of its $1.5 billion facility, followed by Park Hotels & Resorts Inc., which drew down its full $1 billion capacity. Hotel REITs also drew down the majority of their credit facility capacity during the quarter. drew down $660.6 million from its $1.5 billion revolving credit facility during the quarter, while CBL Properties withdrew $365 million and Washington Prime Group Inc. As of March 31, Simon still had $3.63 billion of remaining capacity under its credit facilities, the third-most capacity of any REIT.Īlso in the mall sector, Macerich Co. equity REIT, at $3.76 billion, bringing the total amount outstanding under its revolving credit facilities to $3.875 billion at quarter-end. had the full $30 million capacity available under its facility at quarter-end.Īll seven regional mall REITs utilized their credit facilities during the quarter, raising $5.49 billion. was the sole shopping center REIT to pay back part of the outstanding balance under its revolving credit facility during the quarter, and Retail Value Inc. Wheeler Real Estate Investment Trust Inc. at $640 million and Brixmor Property Group Inc. Nearly every shopping center REIT tapped its credit facility, bringing the segment total to $5.65 billion.įederal Realty Investment Trust drew down $990 million of its $1 billion facility, followed by Retail Properties of America Inc. Retail REITs - comprising shopping center, regional mall, single-tenant and outlet center landlords - collectively drew down $13.18 billion. On a market-cap basis, 99.3% of REITs analyzed have credit facilities. Of the REITs included in the analysis, 165 carry credit facilities. The combined market capitalization for those REITs was $1.180 trillion at June 9. This analysis includes all 175 publicly traded REITs that trade on the Nasdaq, NYSE or NYSE American and that had reported earnings as of June 9. Retail and hotel landlords, which both saw their properties closed and/or operations drastically scaled back, were the most aggressive in tapping their credit facilities. At March 31, REITs in aggregate had drawn down $61.90 billion, a 150.5% increase compared to the $24.71 billion drawn at year-end 2019.Įconomic conditions deteriorated rapidly in the first quarter as municipalities enacted social distancing policies in an effort to combat the spread of COVID-19. real estate investment trusts drew down $37.19 billion from their credit facilities. Editor's note: Click here to download the charts and underlying data used in this analysis.Īs the coronavirus pandemic gripped the world in the first quarter, U.S. ![]()
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