The FTSE Nareit All Equity REITs Index rose 9.0% in April, in a month of strong returns across the FTSE Nareit U.S. Real Estate Index Series. Broader markets also rebounded, with the Dow Jones U.S. Total Stock Market rising 10.4% and the Russell 1000 gaining 10.1%.
On a year-to-date basis, REITs continue to outperform, with the All Equity REITs index returning 13.1% compared to a 6.0% gain for the Dow Jones U.S. Total Stock Market and 5.5% for the Russell 1000. This performance comes as financial markets rebounded following a cessation of open hostilities in the Middle East conflict, though a long-term resolution remains outstanding.
The yield on the 10-year Treasury rose 7 basis points during the month to close at 4.39%, narrowly below the March high of 4.44% and up from 3.96% as of the start of the conflict with Iran. As of April 30, the dividend yield on the FTSE Nareit All Equity REITs index was 3.68% and the FTSE Nareit Mortgage REITs Index yielded 12.10%, compared to 1.06% for the S&P 500.
As shown in the chart above, data centers, specialty, and lodging/resorts lead on a year-to-date basis, posting respective total returns of 39.8%, 24.5%, and 16.6%.
REITs were already having a strong year before the outbreak of conflict in the Middle East, as reflected in the chart above. Data centers led with a total return of 22.3%, followed by specialty at 21.8%, and self-storage at 17.3%.
The chart above shows that, as active hostilities proceeded through March, all sectors except data centers were negative, along with the broader market. Data centers posted a narrow 1.3% gain, while timberland was essentially flat with a -0.4% loss. The All Equity REITs index fell 6.1%, narrowly trailing the Russell 1000’s -5.0% return. Self-storage and telecommunications suffered the most, with respective returns of -10.8% and -10.1%.
Performance across property sectors was overwhelmingly positive in April, leading to a broad-based recovery. Office was the top performer for the month with a total return of 13.6%, a significant rebound following earlier volatility. Data centers and lodging/resorts followed closely, posting monthly gains of 12.9% and 11.3%, respectively, while self-storage and telecommunications also saw robust growth of 10.8% and 10.5%, respectively.
The table above shows the broad-based rally REITs have seen in 2026 compared to 2025, led by data centers, specialty, and lodging/resorts.
Mortgage REITs also performed strongly in April as the FTSE Nareit Mortgage REITs Index rose 7.4%. Home financing rose 8.4% for the month, while commercial financing was up 4.5%.