TRNO - The State Of REITs: May 2022 Edition

• March’s REIT recovery was short-lived, as the REIT sector plunged -5.85% in April.
• Large cap (-3.30%) and mid-cap (-5.39%) REITs outperformed, whereas small caps (-7.37%) and micro caps (-9.20%) suffered deeper April losses.
• Only 19.88% of REIT securities had a positive total return in April.
• Student Housing (+15.54%) and Timber (+4.75%) achieved strong gains in a tough month for the REIT sector. Malls (-13.96%) and Health Care (-11.53%) REITs badly underperformed.
• The average REIT NAV discount widened from -6.62% to -11.94% during April. The median NAV discount also widened from -6.27% to -9.55%.

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