• Did the rent get paid? Rent collection and dividend cuts were the primary themes of the most newsworthy and consequential REIT earnings season since the Great Financial Crisis.
• Rent collection was largely a non-issue for residential REITs, who collected over 95% of April rents. Industrial, office, self-storage, and healthcare rent collection metrics were similarly strong.
• Economic shutdowns ravaged the economically-sensitive property sectors and punished highly-levered REITs. 50 equity REITs - primarily retail and lodging REITs - announced a cut or suspension of their dividends.
• 2020 was poised to be a solid year of growth for REITs prior to the pandemic. Even with a faster-than-expected reopening, fundamental metrics are likely to be the weakest since at least 2009.
• Equity and Mortgage REITs have rebounded significantly in recent weeks, but sector-level selectivity remains especially critical. "Essential" sectors like residential, industrial, and technology will bifurcate from troubled sectors.

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