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By Ethan Roberts, Benzinga
May was a good month for holding real estate investment trusts (REITs). On the strength of first quarter earnings that surpassed analyst estimates, about 70% of all REITs were profitable last month, despite concerns that the Federal Reserve won't lower interest rates soon. The Vanguard Real Estate Index Fund ETF (NYSE:VNQ) finished 4.56% higher in May. The first half saw large gains, but almost half of the profits eroded between May 15 and 30.
As has been the case for several months, the best-performing REITs in May were neither the most well-known nor the largest in the real estate sector. However, the total returns of each were impressive. Take a look:
Hannon Armstrong Sustnbl Infrstr Cap Inc (NYSE:HASI) — Hannon Armstrong Sustainable Infrastructure is an Annapolis, MD-based mortgage REIT (mREIT) that provides mortgage loans for renewable energy projects and owns stakes in a portfolio of solar and wind projects, renewable natural gas (RNG) plants and other energy-efficient endeavors. Its business model and $12.0 billion portfolio are designed to invest in energy transitions that may improve the climate future. Hannon Armstrong joined the S&P Small Cap 600 in mid-September 2023.
Hannon Armstrong has benefited from the Biden Administration's funding of energy-efficient projects this year. Its share price has soared over the past month from its first quarter earnings report on May 7:
On May 9, Hannon Armstrong declared a quarterly dividend of $0.415, up from $0.40 in the previous quarter. The dividend is payable on July 12 for shareholders of record on July 3. The annualized dividend of $1.66 yields 4.99%.
On May 20, Hannon Armstrong secured a BBB- investment grade rating from Fitch Ratings. Hannon had previously received a rating of Baa3 from Moody's Investors Service in June 2022. Fitch noted several positives about Hannon Armstrong, including “solid operating performance” and “improved funding flexibility.” According to CFO Marc Pangburn, the second investment grade rating will help Hannon Armstrong increase its access to low-cost and long-duration debt capital.
Hannon Armstrong followed up an April total return of 13.84% with a solid 33.13% gain in May, leading all REITs in monthly performance. Overall, Hannon Armstrong has a total return of 22.79% year-to-date.
Americold Realty Trust Inc. (NYSE:COLD) is a specialized industrial REIT based in Atlanta, GA. It owns and operates temperature-controlled storage warehouses and services food producers and retailers who need cold storage. Americold has 241 locations across the U.S., Canada, Australia, New Zealand, and Argentina and has been in business for 120 years.
On May 9, Americold reported its first quarter 2024 operating results.
- FFO of $0.27 per share beat the consensus estimate of $0.25 and was 22.73% above FFO of $0.22 in Q1 2023.
- Revenue of $664.98 million missed the consensus estimate of $679.49 million and declined slightly from $676.49 million in Q1 2023.
The earnings caught the eye of a few analysts. On May 24, Barclays analyst Anthony Powell maintained Americold at Equal-Weight and raised the price target from $25 to $26. A few days earlier, Scotiabank analyst Greg McGinniss upgraded Americold from Sector Perform to Sector Outperform and raised the price target from $27 to $30.
Investors focused on the FFO beat and ignored the weaker revenue, making Americold the second-best-performing REIT in May with a 21.39% total return. This was a nice rebound, as year-to-date, Americold still has a total return of -11.25%.
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Strawberry Fields REIT Inc. (NYSEAMERICAN: STRW) is a South Bend, IN-based, self-managed, and self-administered health care REIT that owns and operates 107 triple-net skilled nursing facilities, assisted living and other post-acute health care properties in states like Arkansas, Illinois, Indiana, Kentucky, Michigan, and Ohio. Strawberry Fields REIT was founded in 2004, had its IPO in 2022, and began trading on the NYSE in 2023.
On May 9, Strawberry Fields REIT announced its first quarter operating results.
- Non-GAAP earnings per share (EPS) of $0.68 beat the consensus estimate of $0.57 and improved from $0.53 in Q1 2023.
- Revenue of $105.82 million topped estimates of $40.67 million and Q1 2023 revenue of $31.89 million.
FFO of $0.27 per share beat the analyst consensus estimate of $0.25 and the Q1 2023 FFO of $0.22.
Revenue of $664.98 million missed the consensus estimate of $679.63 million and was below Q1 2023 revenue of $676.39 million.
On May 30, it was announced that Strawberry Fields REIT would be one of seven companies added to the Russell Microcap Index after the market closes on June 28.
Strawberry Fields had a total return of 19.67% in May and an incredible year-to-date return of 42.21%. It is a fast-growing REIT that acquired 24 properties in 2023. Its performance was also assisted by recent overall strength among the REITs in the Healthcare REIT subsector.
Note: Only REITs above $4.00 were considered for this article.
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