Research - JULY 9, 2014

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REITs advance in June, finish strong second quarter

by Loretta Clodfelter

U.S. REITs returned 1.07 percent in June, according to the FTSE NAREIT All Equity REITs Index. REITs finished a strong second quarter with a total return of 7.13 percent in the second quarter and 16.25 percent year-to-date.

An equity research report from Oppenheimer & Co. notes that June saw small- and mid-cap REITs begin to outperform large-cap REITs, a reversal from April and May. The movement could signal increasing interest in secondary markets.

The report notes: “Small- and mid-cap REITs often focus on secondary markets, which are more likely to have assets for sale at prices that are accretive to REITs’ FFO and NAV or to have higher initial development returns. If the trend continues, we believe it could show that we are mid-cycle in REITs with large-cap dominance giving way t

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