The State Of REITs: March 2026 Edition

2026-03-19 02:47:11 ET

REIT Performance

With another strong month in the black in February (+3.70%), REITs now average a +5.52% return two months into 2026. The REIT sector handily outpaced the broader market as February saw weak performances from the Dow Jones Industrial Average (+0.3%), S&P 500 (-0.8%), and NASDAQ (-3.3%). The market cap weighted Vanguard Real Estate ETF (VNQ) outpaced the average REIT in February (+5.39% vs. +3.70%) and year-to-date (8.24% vs. 5.52%). The spread between the 2026 FFO multiples of large cap REITs (17.4x) and small-cap REITs (13.5x) widened again in February as multiples expanded 1.0 turn for large caps and only 0.7 turns for small caps. Investors currently need to pay an average of 28.9% more for each dollar of FFO from large-cap REITs relative to small-cap REITs. In this monthly publication, I will provide REIT data on numerous metrics to help readers identify which property types and individual securities currently offer the best opportunities to achieve their investment goals....

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