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To say the coronavirus bear market has been hard on REITs would be an understatement. While the S&P 500 was down about 35% at its lowest point (thus far), the Vanguard Real Estate Index Fund(VNQ)was down 44%. And the damage in many individual REITs was far worse.
As an example, triple-net retail REIT VEREIT (VER) dropped 65%.
REIT prices should be lower. The next two quarters promise to be an unmitigated disaster for REIT earnings. Recessions have come and gone. But we’ve never had a situation where large swaths