The State Of REITs: February 2026 Edition

REIT Performance REITs kicked off 2025 with a solid +1.09% average total return in January. The REIT sector’s January performance was largely in line with the broader market. REITs outperformed the NASDAQ (+1.0%), but fell short of the S&P 500 (+1.4%) and Dow Jones Industrial Average (+1.8%). The market cap-weighted Vanguard Real Estate Index Fund ETF (VNQ) outpaced the average REIT in January (+2.61% vs. +1.09%). The spread between the 2026 FFO multiples of large-cap REITs (16.4x) and small-cap REITs (12.8 ...