John Barwick

The FTSE Nareit All Equity REITs Index posted a total return of 0.3% in April and the FTSE EPRA Nareit Global Extended Index rose 1.5%.

In 2023, four deals to acquire publicly-listed REITs have been announced, with a total deal value of $20.4 billion and 97% of the value reflecting acquisitions by listed REITs.

The FTSE Nareit All Equity REITs Index ended a tumultuous March down 1.7% for the month, and the FTSE EPRA Nareit Global Extended Index declined 2.3%.

On a year-to-date basis, the FTSE Nareit All Equity REITs Index is up 3.5% and the FTSE Nareit Equity REITs Index is up 5.4%.

All property sectors were positive in January, led by lodging/resorts at 17.1%, industrial at 13.7%, and data centers at 13.2%.

U.S. REITs raised $2.5 billion from secondary debt and equity offerings in the fourth quarter of 2022, down from $8.6 billion raised in Q3.

REITs underperformed broader markets in 2022, as the FTSE Nareit All Equity REITs Index posted a total return of -24.9% and the FTSE Nareit Equity REITs Index returned -24.4%.

REITs posted positive results for the second consecutive month in November and outperformed stocks for the first time since April, as the FTSE Nareit All Equity REITs Index rose 6.0% and the FTSE Nareit Equity REITs Index gained 5.8%.

REITs and stocks posted their first positive monthly performance since July.

U.S. REITs raised $6.2 billion from secondary debt and equity offerings in the third quarter of 2022, down from $11.1 billion raised in the second quarter.

In September, REITs and stocks posted their worst monthly performance since March 2020, as a hawkish Federal Reserve warned that measures to bring inflation under control could bring “some pain” to U.S. financial markets, and Treasury yields continued to rise.