• Real estate earnings season kicks off this week. We'll see results from more than 175 equity REITs, 40 mortgage REITs, and dozens of housing industry companies over the next month.
• REITs enter fourth-quarter earnings season at an interesting crossroads, having been the best-performing asset class of 2021 but also one of the weakest through the first three weeks of 2022.
• REIT property-level fundamentals remain on an upward-trajectory and we expect another strong quarter from residential REITs, in particular, as recent data indicates that rents continue to soar by double-digit rates.
• Cell Tower REITs - the most heavily-weighted sector in the major REIT indexes - will be a major focus this earnings season amid concerns over delays in the 5G rollout.
• Pullbacks related to the "rates up, REITs down" paradigm have historically proven to be buying opportunities. We continue to emphasize the importance of diversification across property sectors and market capitalization tiers.

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