- An interesting variant case for the outperformance of REITs this year - beating the S&P 500 by 822 basis points - comes from Goldman's Andrew Rosivach, who says interest rates have not been a good determinant of REIT relative performance and fund flows have been only marginally positive YTD.
- Instead, he says, the best reason for the move this year is lower equity issuance. With most, if not all, of the sector trading well below book value, managements have refrained from raising capital - just $1.9B so far in 2014 compared to $41.4B for all of last year.
- Related ETFs: IYR, VNQ, REM, DRN, REZ, URE, SRS, RWR, ICF, SCHH, DRV, ROOF, KBWY, RTL, REK, FRI, FTY, PSR, FNIO, WREI
Lack of equity issuance behind REIT move says Goldman
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