REITs outperform broader market in 2008

Real estate investment trusts outperformed other major market benchmarks during the first five months of the year.
JUN 02, 2008
By  Bloomberg
Real estate investment trusts outperformed other major market benchmarks during the first five months of the year. The FTSE NAREIT all-REIT index showed that REITs were up 6.5%, for the period, while equity REITs rose 8.2%. The Standard & Poor’s 500 stock index, by contrast, was down 3.8%. The Nasdaq Composite Index fell 4.9%, and the Russell 2000 Index, slipped 1.8%. Self-storage and residential REITs were the biggest gainers, posting returns of 21.1% and 15.6% respectively. The REIT gains have helped the group recover from last year’s trouncing when they were sold off along with financial stocks. Equity REITs posted a return of -17.8% last year. “The REIT downturn of 2007 and early 2008 mirrored the duration and severity of the downturn in 1989-1990,” according to a statement from the National Association of Real Estate Investment Trusts in Washington. “Having reached a trough in February, the REIT market has steadily risen the past three months.”

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