Research - FEBRUARY 5, 2021

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REITs start year with flat performance in January

by Loretta Clodfelter

U.S. REIT returns were virtually flat in January, as the FTSE Nareit Equity REITs Index recorded a gain of 0.1 percent. The S&P 500 Index fell 1.1 percent in the month.

Most property sectors recorded losses in the first month of the year, but the struggling regional mall sector rose 11.6 percent in January.

Simon Property Group, the largest mall REIT, saw its stock rise during January, following news that Taubman Centers’ shareholders approved the merger with the firm. The $3.4 billion acquisition priced Taubman at $43 per share.

Other strong REIT sectors in January were shopping centers, which rose 6.2 percent; data centers, which increased 3.4 percent; and apartments, which increased 2.0 percent.

Lodging/resorts REITs were among the sectors that lost the most ground in January, falling nearly 5.2 percent.

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