Skip to main content Accessibility statement
  • Reset your password
  • Create new account
  • Reset your password
Filter by Type
  • Join Nareit
  • Login

Main navigation

  • What's a REIT? Open submenu
    • What's a REIT?
    • REIT Basics
    • Types of REITs
    • REIT Sectors
    • REIT Glossary
    • REIT FAQs
    • The History of REITs
    • How to Form a REIT
    REIT Sectors
    Explore REIT Sectors

    REITs invest in the majority of real estate property types, including offices, apartment buildings, warehouses, retail centers, medical facilities, data centers, cell towers, infrastructure and hotels. 

    Learn more
  • Investing in REITs Open submenu
    • Investing in REITs
    • Why Invest in REITs
    • How to Invest in REITs
    • REIT Directory
    • List of REIT Funds
    • ESG (Sustainability)
    • REIT Assets by State
    • Global Real Estate
    • Investor Resources
    ESG Dashboard
    ESG Dashboard

    The REIT ESG Dashboard identifies and tracks environmental, social, and governance (ESG) key performance indicators for the U.S. REIT industry.

    Learn more
  • REIT Data Open submenu
    • REIT Data
    • REIT Indexes
    • REIT Market Data
    • Research Library
    NYC skyline
    2022 Outlook for the Economy, Commercial Real Estate and REITs

    When assessing the outlook for REITs and commercial real estate in 2022 and beyond, it is helpful to distinguish between impermanent or cyclical effects and the longer-term structural changes that result from changes in behavior.

    Learn more
  • Industry News Open submenu
    • Industry News
    • Publications
    • REIT Magazine
    • Advertising
    • Media Contacts
    May/June header
    REIT Magazine

    The May/June issue of REIT magazine features a roundtable discussion with IR executives on key issues for 2022, a look at pension funds are deploying more capital to REITs, REIT support for LGBTQ+ employees, and much more.

    Read the latest issue
  • Events Open submenu
    • Upcoming Events
    • CEO Forum & Advocacy Day
    • ESG Workshop
    • REITweek
    • REITwise
    • REITworks
    • REITworld
    • REIT IR Symposium
    Nareit's REITworks: 2022 Conference
    REITworks: 2022 Conference

    Nareit’s REITworks is an educational conference where industry professionals will have the opportunity to learn about the latest ESG developments impacting the real estate sector. REITworks will be held Sept. 12-13 in La Quinta, California.  

    Learn more
  • About Nareit Open submenu
    • About Nareit
    • Leadership Team
    • Membership
    • Nareit Brand
    • Nareit Foundation
    • Advocacy
    • Industry Awards
    • Career Resources
    Membership
    Nareit Membership

    For 60 years, Nareit has led the U.S. REIT industry by ensuring its members’ best interests are promoted by providing unparalleled advocacy, investor outreach, continuing education and networking. 

    Learn more

Brad Case

Market Commentary
Downside Beta and Upside Beta: REITs Have Generally Protected Against Stock Market Declines

REITs have generally protected against stock market declines, with downside beta typically well below one; moreover, their upside beta has usually been higher, giving investors a chance to “have it both ways.”

01/10/2019
Market Commentary
In the Wake of Stock Market Turmoil: Returns, Volatility, Correlation, Beta, Diversification Benefits, and Forward Expectations for REITs

December 2018 was bitter for investors. Total returns in the broad REIT market were -7.73 percent—but that was good news compared with large-cap stocks (-9.03 percent according to the S&P 500), small-cap stocks (-11.88 percent for the Russell 2000) and especially small-cap value stocks (-12.09 percent).

01/04/2019
Market Commentary
IRR is an Easily Manipulated “Performance” Metric

Most private equity investment managers measure their performance using IRR, and illustrates how SLOCs and forward commitments can be used to manipulate IRR computations to make performance appear better than it really is. 

09/05/2018
Market Commentary
The REIT-Stock Correlation Has NOT “Spiked to One” During Market Crises

It is often said that “correlations spike to one during a crisis,” but REIT-stock correlations have actually been lower during the worst stock market downturns in history, reinforcing the case for REITs as a portfolio diversifier even during crises.

08/21/2018
Market Commentary
Inflation Protection from REITs: Constructing a Diversified Inflation-Protecting Portfolio

How to construct an inflation-protecting portfolio without exposing yourself to the risk of guessing wrong about an increase the inflation rate.

07/20/2018
Market Commentary
Inflation Protection from REITs: Don’t Jump Out of the Frying Pan Into the Fire

Investors who depend on commodity investments to protect against inflation risk negative returns if inflation doesn’t meet their expectations, whereas REITs have historically provided strong returns in both high-inflation and low-inflation environments.

07/18/2018
Market Commentary
Inflation Protection from REITs: Solving a Growing Problem

Ask anybody which investments “hedge” against inflation, and real estate is one of the three that pretty much everybody will identify, along with commodities and inflation-linked bonds

07/16/2018
Market Commentary
Sharpe Ratios for REITs by Property Type

REIT diversification benefits come not merely from their low correlations to other assets but also from their historically strong risk-adjusted returns. 

05/31/2018
Market Commentary
Return Correlations between REITs and the Broad Stock Market by Property Type

REIT returns generally have low correlations with returns from the broad stock market.  Some REIT property sectors—including Health Care, Self Storage, Residential, Infrastructure, and Data Centers—seem to be especially defensive with average correlations of 65 percent or less even during periods encompassing market crises.

05/22/2018
Market Commentary
REIT Total Returns by Property Type: The Value of Exposure to All Sectors of the Real Estate Market

It should come as no surprise that the top-performing sector of the REIT market varies through time, suggesting that most investors will want to maintain exposure to every part of the real estate asset class.

05/14/2018
Market Commentary
REIT Beta by Property Type: Most REIT Sectors Have Brought Down Portfolio Volatility Most of the Time

REITs have provided that diversification benefit because their underlying returns are driven by the real estate market cycle, which is very different from the business cycle that drives the returns of most other companies in the stock market.

05/02/2018
Market Commentary
The Big Volatility Disconnect: Non-REIT Stock Volatility Jumped in March and April, but REIT Volatility Did Not

For well over a year now, disappointing REIT returns have been blamed on expectations for rising interest rates, and short-term increases in REIT volatility have been blamed on uncertainty regarding the timing and magnitude of interest-rate changes.

04/30/2018

Pagination

  • Page 1
  • Next page ››
bcase@nareit.com
Portrait of Brad Case

Brad Case is Nareit's senior vice president, research and industry information. He conducts original research on the role of real estate investing through REITs in institutional and individual investment portfolios, assists in managing Nareit's sponsored research agenda, and monitors and facilitates REIT-related research by independent academics.

Subscribe to Brad Case

Get Daily Real Estate News

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube
  • RSS Feed

©Copyright Nareit 2022. All rights reserved.

1875 | Street, NW
Suite 500
Washington, D.C. 20006

1-202-739-9400
1-800-3-NAREIT
1-202-739-9401 (fax)

Footer links

  • Search
  • RSS feeds
  • Privacy
  • Cookie Policy
  • Terms of Use
  • Contact Us

Nareit® is the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate and capital markets. Nareit's members are REITs and other businesses throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses. National Association of Real Estate Investment Trusts® and Nareit® are registered trademarks of the National Association of Real Estate Investment Trusts (Nareit).

LEED Certificate