It looks like the REIT rebound in March, when 18 of the 19 REIT property types yielded positive returns and outperformed broader markets, was a mirage.

REITs still outperformed broader markets in April—but only because their losses weren't as steep as the Dow (-4.82%), S&P 500 (-8.80%) or the NASDAQ (-13.26%): REITs averaged -5.85% returns last month, with only three of 19 sectors in positive territory, according to data compiled by S&P Global.

Overall, most REITs have now been in the red for three of the first four months of 2022.

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