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The State Of REITs: December 2022 Edition - Seeking Alpha

REITs continued to recover in November yet still on average remain far below where they began the year, thus far averaging a -18.42% total return YTD. The REIT sector averaged a +3.33% return in November, which underperformed the NASDAQ (+4.5%), S&P 500 (+5.6%) and the Dow Jones Industrial Average (+6.0%). The market cap weighted Vanguard Real Estate ETF (VNQ) had a better total return than the average REIT in November (+6.15% vs. +3.33%), but remains deeper in the red YTD (-22.33% vs. -18.42%). The spread between the 2023 FFO multiples of large cap REITs (17.5x) and small cap REITs (12.1x) widened in November as multiples expanded by 1.1 turns for large caps and 0.8 turns for small ...

seekingalpha.com     Dec 20, 2022