REIT - The State Of REITs: February 2022 Edition

• January was a brutal month for nearly all asset classes including the REIT sector, which endured a -5.66% total return.
• Micro cap (-1.65%) and small cap REITs (-5.47%) outperformed as mid caps (-5.87%) and large caps (-7.2%) suffered heavier losses.
• Only 12.57% of REIT securities had a positive total return in January.
• Health Care (-0.71%) and Hotels (-0.77%) outperformed all REIT property types in January. Land (-12.25%) and Manufactured Housing (-11.45%) REITs suffered the steepest declines.
• The average REIT NAV premium of +0.04% at the end of 2021 dropped to a -7.27% discount during January. The median NAV premium of +2.29% at the end of December flipped to a discount of -5.7% by the close of January.

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