The State Of REITs: July 2025 Edition

REIT Performance In June, REITs continued to recover with a +2.56% average total return. However, the REIT sector again lagged the gains of the broader market with stronger performances from the NASDAQ (+6.6%), S&P 500 (+5.1%) and Dow Jones Industrial Average (+4.5%). The market cap weighted Vanguard Real Estate ETF (VNQ) underperformed the average REIT again in June (+0.69% vs. +2.56%), but has significantly outperformed year-to-date (+2.01% vs. -5.65%). The spread between the 2025 FFO multiples of large c ...