• The "REIT Recovery" from the pandemic is essentially complete as FFO levels are back to pre-pandemic levels. Dividend payouts have lagged, however, setting the stage for significant growth in 2022.
• While REITs have pulled back into "cheap" territory in early 2022, REITs benefited from premium valuations over the past year which helped to jump-start external growth and awaken animal spirits.
• REIT external growth comes in two forms: buying and building. REITs acquired $67.8B in net assets in 2021 – the highest since 2015 - while the REIT development pipeline remains at record-highs.
• REIT balance sheets are as strong as they've ever been across all critical metrics, which served them well during the pandemic-related volatility, and should be a cushion to buffer the impact from the geopolitical issues in early 2022.
• In our "State of the REIT Sector" report, we analyze recently-released NAREIT T-Tracker data to review high-level REIT fundamentals over the past quarter through a series of charts.

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