VPN - The State Of REITs: February 2023 Edition

Summary

• The REIT sector sharply rebounded from a tough 2022 with an +11.77% total return in January 2023.
• Micro cap REITs (+16.16%) saw disproportionately strong gains in January, followed by double-digit returns for small caps (+11.79%), mid caps (+11.50%) and large caps (+10.07%).
• 96.91% of REIT securities had a positive total return in January.
• Hotel (+19.25%) and Advertising (+16.44%) outperformed all other REIT property types in January. Casino (+4.16%) and Shopping Center (+7.03%) REITs had the lowest average total return.
• The average REIT NAV discount narrowed from -23.62% to -14.31% during January. The median NAV discount also narrowed from -21.51% to -13.35%.

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