REIT Performance After a couple of tough months, the REIT sector rebounded in November with a +1.02% return. This narrows the year-to-date negative total return to -2.55% for the average REIT. REITs outperformed the broader market in November with average returns exceeding that of the Dow Jones Industrial Average (+0.5%), S&P 500 (+0.2%) and NASDAQ (-1.4%). The market cap weighted Vanguard Real Estate ETF (VNQ) more than doubled the return of the average REIT in November (+2.42% vs. +1.02%) and has handily ...

REIT Performance March was a tough month for REITs with a disappointing -4.92% total return. The REIT sector fell short of the Dow Jones Industrial Average (-4.1%), but saw smaller average losses than the S&P 500 (-5.6%) and NASDAQ (-8.1%). The market cap weighted Vanguard Real Estate ETF (VNQ) outperformed the average REIT in March (-2.58% vs. -4.92%) and has dramatically outperformed year-to-date (+2.69% vs. -3.36%). The spread between the 2025 FFO multiples of large cap REITs (18.1x) and small cap REITs ...