Market Commentary

The FTSE Nareit All Equity REITs Index was down 1.3% for the week, a more modest decline than the 2.3% drop in the Russell 1000.

Year-to-date total returns for All Equity REITs stands at 31.9% and 35.2% for Equity REITs.

EY’s latest REIT Economic Contributions report estimates REITs supported 2.93 million full time equivalent jobs in the U.S in 2020, producing $197.0 billion in labor income.

Year-to-date total returns for All Equity REITs stands at 31.8% and 34.9% for Equity REITs.

The FTSE Nareit All Equity REITs index rose 1.5% for the week ending Nov. 5 while the FTSE Nareit Equity REITs index rose 1.8%.

In 2021 REIT capital market activity has been highlighted by the announcement of eleven REIT mergers.

The return-to-office of employees who have worked from home during the pandemic is rebounding, after a pause during the Delta variant surge of COVID-19.

Last week’s increase raised the year-to-date returns above 30%, to 30.2%.

Last week’s gain, which came after five consecutive weeks of downward moves, brought year-to-date returns to 27.1%.

Many of the 19.6 million employees who continue to telecommute because of the pandemic are likely to return to the office in the first half of next year.

REIT share prices were little changed last week, with the FTSE Nareit All Equity REITs Index total return edging down 0.3%.

The large specialist ownership base for REITs can help investors in direct and indirect ways.