U.S. REITs rose in March but remain in negative territory at the close of first quarter 2024. The FTSE Nareit Equity REITs Index rose 2.1 percent in March but is down 0.2 percent year-to-date. REITs rose 2.0 percent in February but fell by 4.2 percent in January.
REITs have been underperforming the broader equities market in 2024, as the S&P 500 Index is up 10.6 percent through March, while the Nasdaq Composite Index and Dow Jones Industrial Average rose 9.3 percent and 6.1 percent, respectively, year-to-date.
By property sector, the strongest REIT performance in March was recorded by the regional malls sector, which rose 6.8 percent. Investor sentiment regarding the retail sector appears to be improving. Regional mall REITs increased 11.0 percent in the first quarter.
Other standout performances were turned in by apa