VNQ - The State Of REITs: June 2022 Edition

• The REIT sector has fallen in 4 of the first 5 months of 2022, including a -3.51% total return in May.
• Small cap (-2.26%) and mid cap (-3.46%) REITs outperformed, while large caps (-4.48%) and micro caps (-5.82%) saw deeper losses in May.
• Only 31.18% of REIT securities had a positive total return in May.
• Timber (+7.73%) and Health Care (+5.95%) led all property types in May. Advertising (-15.35%) and Industrial (-10.68%) REITs underperformed.
• The average REIT NAV discount widened from -11.94% to -15.59% during May. The median NAV discount also widened from -9.55% to -14.82%.

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