Since 2019, Hardman has published on its selected basket of 17 REITs which offer what we consider to be relative security of income. Here we update our previous two sector reports. Even post the recent bounce of volatile REITs such as British Land's near 20% rise on Monday, the Hardman basket has outperformed all-UK real estate stocks by 10% this year, after rising in 2019. Where from here? We see resilience, with 4.8% average dividend yields - dividends which are rising. 68% of underlying rents come from government, logistics or supermarkets. A very similar proportion is on indexed uplifts and most leases are over 10 (many over 15) years long.
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