SCANA

Clarus

NEXTDC Limited

Leggett & Platt

Li Auto Inc.

Gramercy Property Trust

Gladstone Land

Affiliated Mgr Grp 6.375 % Notes 2012-15.8.42 Sr

Blend Labs

Mack-Cali Realty

iShares International Developed Real Estate ETF

IFGL tracks a market-cap-weighted index of companies that own or develop real estate throughout the developed world, excluding the United States.

Alpine Global Premier Properties Fund

Cambria Global Real Estate ETF

Xtrackers California Municipal Bond ETF

Fidelity MSCI Real Estate ETF

First Trust S&P REIT Index Fund

FlexShares Global Quality Real Estate Index Fund

Home Appreciation US REIT ETF

Xtrackers International Real Estate ETF

Hoya Capital Housing ETF

iShares Cohen & Steers REIT ETF

CBRE Global Real Estate Income Fund

Pacer Benchmark Industrial Real Estate SCTR ETF

IREIT - Marketvector Quality REIT Index ETF

iShares U.S. Home Construction ETF

iShares U.S. Real Estate ETF

Nuveen Real Estate Income Fund

Invesco KBW Premium Yield Equity REIT ETF

VanEck Mortgage REIT Income ETF

Direxion Daily Homebuilders & Supplies Bull 3X Shares

NETLease Corporate Real Estate ETF

Neuberger Berman Real Estate Securities Income Fund Inc

Nuveen Short-Term REIT ETF

InfraCap REIT Preferred ETF

For income-focused investors willing to venture outside the United States, Canadian REITs offer appealing qualities as a potential portfolio diversifier alongside their larger and more established U.S. peers. Canadian REITs, on average, offer higher monthly dividend yields and trade at lower P/FFO multiples compared to their U.S. counterparts, but typically have weaker balance sheets with higher debt ratios. In this report, we take a quick look at 30 Canadian REITs and break down the industry on a sector-by-sector level. We also take a deep dive into H&R REIT.

Canadian REITs: Higher Yield Up North

JPMorgan BetaBuilders MSCI US REIT ETF

Direxion Daily Real Estate Bull 3x Shares

Direxion Daily Real Estate Bear 3x Shares

First Trust Alerian Disruptive

Nuveen Real Asset Income & Growth Fund

US Diversified Real Estate ETF

Invesco Active US Real Estate

iShares Global REIT ETF

ALPS Active REIT ETF

ProShares Short Real Estate

Cohen And Steers Total Return Realty Fund

Cohen & Steers Reit And Preferred Income Fund Inc

Cohen & Steers Quality Income Realty Fund

REIT index performance can be a leading indicator for the asset class as a whole. Our latest Asset Allocation recorded a strong quarter for listed real estate, showing signs of long-awaited resurgence. REITs send encouraging signals. A deeper analysis of sectoral returns since the Great Financial Crisis reveals no clear pattern, vindicating broad sectoral exposure.

Listed Real Estate: Searching For Positive Signals While Reviewing The Case For REITs

Janus Henderson U.S. Real Estate ETF

Invesco Dynamic Building & Construction ETF

iShares Mortgage Real Estate ETF

iShares Residential Real Estate ETF

IQ US Real Estate Small Cap ETF

Invesco S&P 500 Equal Weight Real Estate ETF

SPDR Dow Jones REIT ETF

Schwab U.S. REIT ETF

Global X SuperDividend REIT ETF

Pacer Funds Trust-Pacer Benchmark Data & Infrastructure Real Estate Sector ETF

iShares Core U.S. REIT ETF

Vanguard Real Estate ETF

SPDR S&P Homebuilders ETF

Real Estate Select Sector SPDR Fund

DoubleLine Commercial Real Estate ETF

Invesco Real Assets ESG ETF

SPDR Dow Jones Global Real Estate ETF

SPDR Dow Jones International Real Estate ETF

Vanguard Global ex-U.S. Real Estate ETF

iShares International Developed Property ETF

The history of construction spending since 1993 reveals that this data tends to weaken prior to recessions. For a recent dip in Residential Construction attributed to the rise in mortgage rates, this indicator is charging higher.

Construction Spending Rises

Prologis

NAREIT has developed a financial metric called Funds From Operations, or FFO, that investors in REITs can use to better evaluate their financial performance. Dividend income plays a big role in why investors would seek to own stocks in REITs. What makes the FFO information valuable to investors is its correlation with the dividends paid out by REITs.

Connecting FFO To DPS For REITs

Blackstone Group

CBRE Group

Americold Realty

EastGroup Properties

First Industrial Realty Trust

Industrial Logistics Properties

Indus Realty Trust Inc

Jones Lang LaSalle

Lexington Realty

No slowdown here. After the worst year of performance on record in 2022, Industrial REITs have rebounded this year after earnings results showed a surprising re-strengthening of property-level fundamentals. Recent earnings results showed that demand continues to substantially outpace available supply. Rent growth reaccelerated in early-2023, with rental spreads averaging over 40%, while occupancy rates climbed to fresh record.

Industrial REITs: We Love Logistics

CubeSmart

Extra Space Storage

Life Storage

National Storage Affiliates Trust

Storage REITs are the best-performing property sector this year after lagging in late 2022, lifted by surprisingly solid earnings results and a thawing of the previously icy-cold housing market. Storage demand is driven largely by housing activity – specifically, home sales and rental market turnover - and the recent moderation in mortgage rates has eased concern of a deepening housing recession.

Storage Wars

Apartment Income REIT Corp

Apartment Investment and Management

American Homes 4 Rent

AvalonBay Communities

BRT Apartments

Clipper Realty

Camden Property

Centerspace REIT

Elme Communities

Equity LifeStyle Properties

Essex Property Trust

Invitation Homes

Apartment REITs were the second-worst-performing property sector in 2022 - barely outperforming the troubled office sector - despite delivering a record year of operating performance highlighted by 20% FFO growth. Following two years of historic rent growth, there is little doubt that growth will moderate over the coming quarters. Market consensus sees a "hard landing" with rising vacancies and declining rents.

Apartment REITs: Tracking For Soft Landing

Despite delivering the strongest earnings growth of any property sector in 2022, Self-Storage REITs have stumbled of late amid a post-pandemic demand normalization and pressure from elevated supply growth. Storage demand is driven largely by housing activity – specifically home sales and rental market turnover. Rental market turnover finished 2022 near historic-lows while home sales also dipped to decade-lows.

Storage REITs: Downsized Demand

Amazon

FedEx

Home Depot

Lowe's

Pressured by global recession concerns, Industrial REITs dipped by 30% in 2022 - the sector's worst year on record- snapping a seven-year streak of outperformance over the broader REIT Index. The frenzied investment in logistics space clashed with already-tight supply, fueling an incredible surge in rent growth across logistics and warehouse properties. Market rents have soared 50% since early 2021.

Industrial REITs: Shortages Become Gluts

Beazer Homes USA

Century Communities

CatchMark Timber Trust

Invesco MSCI Global Timber ETF

D.R. Horton

WisdomTree Global ex-US Real Estate Fund

First Trust FTSE EPRA/NAREIT Developed Markets Real Estate

Hovnanian Enterprises

Hovnanian Enterprises, Inc. Pfd Shs Series A

KB Home

Across the land, there are few better inflation hedges than land itself. Timber REITs own nearly 30 million acres of land, more acreage than the smallest U.S. five states combined. Truly an "organic growth" sector, Timber REITs - which were initially slammed at the outside of the pandemic - have come roaring back to life over the last twelve months.

Timber REITs: Renewable Dividends

Acadia Realty Trust

Saul Centers

Brixmor Property Group

Cedar Realty Trust

CoStar Group

Federal Realty Investment Trust

InvenTrust Properties Corp

Kimco Realty

Kite Realty Group

Macerich

Bouncing back from punishing pandemic-related declines, Shopping Center REITs are on the cusp of a full recovery across all critical metrics but Omicron introduces fresh uncertainty and also potential opportunity. The retail landscape has improved dramatically this year. Retail sales are on-pace to rise over 15% this year while store closings are on pace for the lowest level in a decade.

Shopping Center REITs: Bargain Hunting

British American Tobacco

Imperial Brands PLC

Iron Mountain

iShares Russell 1000 Value ETF

Altria

Philip Morris

Global X Superdividend ETF

SPDR S&P Dividend ETF

The US dollar is at its weakest point in two years. We examine what a "weak dollar" means.

Weak Dollar? Hedge With High Dividends, Yields +9%

Arbor Realty Trust

American Campus Communities

Agree Realty

AGNC Investment

Great Ajax

Great Ajax Corp. 7.25 % Convertible Notes 2017-30.04.24 Global

ARMOUR Residential REIT

Black Knight

CBL & Associates Properties

CyrusOne

SPDR Dow Jones Industrial Average ETF

Digital Realty Trust

Ellington Financial

iShares iBoxx High Yield Corporate Bond ETF

iShares 7-10 Year Treasury Bond ETF

Tech wreck: The "unofficial end" of summer came with one final "splash" in its final days as volatility returned to U.S. equity markets following several months of relative tranquility.

REITs Unfazed By Tech Wreck

GRI Bio Inc

UBS London ETRACS Monthly Pay 2xLeveraged MSCI US REIT Index ETN 2015-5.5.45 Sr Lkd to MSCI US REIT Index Series A Var Rt

RMR Real Estate Income Fund

Where To Find Value In REITs

As global rates are likely to remain low and some developed economies have come up with upbeat first-quarter growth, investors can play the global real estate ETFs for income and capital gains.

4 Global REIT ETFs for Solid Income & Capital Gains

News for iShares International Developed Real Estate ETF ETF (IFGL)