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Property values nationwide dipped about 0.3 percent in April, as measured by the FTSE NAREIT PureProperty Index Series.
Brad Case, NAREIT’s senior vice president for research and industry information, noted that property values were firmer in the Midwest and East regions, both of which saw values increase in the range of 0.6 to 0.7 percent. On the other hand, property values declined by roughly 1.5 percent in the South and 1.1 percent in the West.
In the latest edition of Quick Study, Brad Case, NAREIT’s senior vice president for research and industry information, said recent trends in the REIT market reversed somewhat during April.
The total returns of the FTSE/NAREIT All REIT Index fell 1.7 percent in April, while the S&P 500 Index added 0.4 percent.
“You could characterize April as a rebalancing month, where some of the sectors that have outperformed recently underperformed. Overall, it wasn’t a month of very large movements,” Case said.
REITs dipped slightly in April, but the industry continued to outpace the broader market on a year-to-date basis.
The total returns of the FTSE/NAREIT All REIT Index fell 1.7 percent in April, while the S&P 500 Index added 0.4 percent. Through the end of April, the total returns of the FTSE/NAREIT All REIT Index were 4.1 percent, while the S&P 500 Index was 1.7 percent higher. The yield on the 10-year Treasury note was 0.5 percent lower during the first four months of the year.
REIT returns lost ground in April as broader macroeconomic factors exerted pressure throughout the sector.
The total returns of the FTSE/NAREIT All REIT Index slipped 4.7 percent in April, while the S&P 500 Index gained 1.0 percent. The yield on the 10-year Treasury note rose 0.1 percent for the month.
Jeffrey Langbaum, senior REIT analyst at Bloomberg Intelligence, said negative economic indicators released in April, including weaker-than-expected first quarter gross domestic product, caused a pullback in REIT share prices.
In the latest edition of Quick Study, Brad Case, NAREIT’s senior vice president for research and industry information, discussed a down month for REITs during April.
The total returns of the FTSE NAREIT All REITs Index dipped approximately 4.7 percent in April, following a gain of 1.2 percent the month before.
“It was a difficult month for REIT investors,” Case said, although he stressed that it wasn’t a good month for investors in any asset class.
In the latest edition of Quick Study, Brad Case, NAREIT’s senior vice president for research and industry information, offered an analysis of how the REIT market performed in April and what has driven REIT performance so far in 2014.
REITs showed renewed vigor in April as the FTSE NAREIT All REIT Index posted total returns of 2.9 percent and outpaced the 0.7 percent return for the S&P 500 Index. April’s advances were an improvement on the 0.3 percent return that REITs had in March.
REIT advances in April followed a solid showing in the first quarter of 2014, when gains for the FTSE NAREIT All REITs Index stood at 8.6 percent.
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