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- April 1, 2018: Vol. 30, Number 4

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REITs helped by leaning in

by Loretta Clodfelter

Female representation on REIT boards has increased in the past decade but still lags the broader business world, according to a study by Wells Fargo & Co. From 2006 to 2017, the average representation of women on REIT corporate boards rose from 8.4 percent to 15.5 percent. By comparison, female representation on the boards of S&P 500 companies is 22.0 percent.

In addition, REITs with more women on their corporate boards have outperformed, according to the Wells Fargo study. The researchers compared REITs with more than the average number of women on their boards to REITs without any women on their boards, and found the former companies outperformed the latter with “an average price outperformance of 193–233 basis points on a three to five years forward basis, and total return outperformance of 133–169 basis points, with a greater return per unit of risk.”

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