RITA - The State Of REITs: April 2022 Edition

• After back-to-back negative return months at the start of the year, REITs began the recovery process in March with a +4.93% total return.
• Large cap (+6.83%), small cap (+5.48%) and mid cap REITs (+5.31%) outperformed, whereas micro caps (-4.30%) fell sharply.
• 86.71% of REIT securities had a positive total return in March.
• Land (+10.30%) and Health Care (+9.31%) saw the strongest performance of all REIT property types in March. Malls (-4.44%) and Timber (+1.51%) REITs underperformed.
• The average REIT NAV discount narrowed from -9.96% to -6.62% during March. The median NAV discount also narrowed from -8.86% to -6.27%.

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