REIT Performance
With August's +3.16% average total return, the REIT sector has now seen monthly gains in three of the first eight months of 2020. Year to date, REITs have suffered an average loss of -22.00%. The REIT sector underperformed the NASDAQ (+9.59%), S&P 500 (+7.01%) and Dow Jones Industrial Average (+7.57%) in August. The market cap weighted Vanguard Real Estate ETF (VNQ) underperformed the average REIT in August (+0.44% vs. +3.16%), but has endured much smaller losses year to date (-10.37% vs. -22.00%). The spread between the 2020 FFO multiples of large-cap