Following up last year’s 37.5% return, the first quarter’s closing was an all-time high for the SNL Equity REIT Index. By comparison, the S&P 500 and the Russell 3000 returned 1.3% and 2.2% respectively during the first quarter, according to a news release.
Particularly strong performances in the sector were notched during the quarter by retail REITs (18.9%), health-care REITs (17.2%) and industrial REITs (12.6%). Among the lagging property sectors, residential posted a total return of 4.6%.
Conversely, the office sector underperformed the SNL Equity REIT Index during the first quarter of 2004 with a total return of 9.5%.
SNL Financial is the leading provider of information on the nation’s real estate investment trusts, energy, banking, insurance, and financial services industries.