NEW YORK CITY—In a recent analysis titled REITs Snap Three Week Losing Streak, analyst James Sullivan of locally based Cowen and Co. noted that the health care, hotel, apartments, and office sectors outperformed in the week, while industrial, strip center, and mall trailed. Apartments are the only sector with positive total returns YTD, the report says.

While hotel, for example, did outperform this week, looking deeper into the risks, the report says that risks include: cyclical economic weakness reducing room demand from business and leisure segments; increasing transportation cost and/or lower airline capacity reducing travel volumes generally; excessive room supply growth leading to declines in pricing and occupancy; relative hotel brand performance; labor cost pressures; weaker-than-expected development yields; increasing cap rates; higher interest rates; and lack of liquidity in either the debt or equity capital markets.

And the risks for malls, according to the report, which trailed this week, include: cyclical economic weakness that leads to declines in consumer spending and demand for spaces from retailers; loss of retail market share to on-line retailers; changing merchandising trends leading to tenant insolvency and store closings; weaker than expected development yields; increasing cap rates; higher interest rates; and lack of liquidity in either the debt or equity capital markets.