John Barwick

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.

The FTSE Nareit All Equity REITs Index posted a total return of -5.9% and the FTSE Nareit Equity REITs Index fell 6.0% in August.