资本重新审视保租房REITs

Core Viewpoint - The investment attitude of institutions towards rental housing REITs has become cautious due to the continuous decline in rental market prices and the increasing supply of affordable rental housing, leading to intensified competition. Institutions now prioritize tangible operational performance data over cyclical concepts and narratives [1][6][18]. Group 1: Investment Interest and Performance - The head of a community management organization for affordable rental housing REITs has noted a significant increase in interest from various financial institutions, including insurance and private equity funds, in the operational strength and expected annual dividend rates of these REITs [2][3]. - Affordable rental housing REITs are perceived as more stable compared to other REIT sectors, with rental rates and income remaining relatively stable, attracting capital and pushing up market valuations [4][5]. - As of June 30, 2025, the eight listed affordable rental housing REITs had an average increase of approximately 52% from their issuance price, with an average increase of about 20% this year, outperforming the overall REIT market [4][5]. Group 2: Concerns and Market Dynamics - Financial institutions have raised concerns about whether affordable rental housing REITs can maintain a 4% annual dividend rate amidst falling housing prices and increasing supply in the long-term rental market [6][8]. - Data from the first half of 2025 indicates a 3.6% year-on-year decline in rental prices across 55 cities, with the supply of affordable rental housing continuing to grow, intensifying competition in the market [9][6]. Group 3: Strategies for Stability - To address investor concerns, affordable rental housing REITs are considering expansion and optimizing community management to enhance operational efficiency and maintain dividend rates [16][17]. - Recent initiatives include collaborating with large enterprises to attract employees through rental subsidies, stabilizing occupancy rates and rental income [18][17]. - The introduction of new assets through expansion is seen as a quick way to enhance overall dividend rates and operational performance, with recent expansions showing promising projected cash flow distribution rates [11][12].