Core Insights - Office REITs experienced significant losses during the recent REIT earnings season, as reported by Hoya Capital, a leading source for sector-level REIT analysis [1] - Following a strong performance in Q4, office leasing volumes for Q1 2025 were disappointing, indicating a potential downturn in the sector [1] Summary by Category Industry Performance - Office REITs were identified as one of the main losers in the REIT earnings season, highlighting challenges within the sector [1] Leasing Activity - The office leasing volumes for Q1 2025 fell short of expectations after a robust Q4, suggesting a decline in demand for office space [1]

Group 1 - Hotel REITs experienced significant declines during the Q1 earnings season, with 7 out of 15 U.S. hotel REITs lowering their FFO guidance, indicating a challenging environment for the sector [1] - Forward bookings have softened due to increased uncertainty, particularly affecting group bookings, which have shown notable weakness [1] - The overall performance of hotel REITs suggests a cautious outlook as the market navigates these challenges [1]