Real estate investment trusts are not getting hit as hard by rising interest rates this time because their fundamentals are strong. REIT earnings are growing at roughly 9% this year and expected to reach around 8% next year, while development pipelines are roughly 40% below their 2022 peak, supporting valuations. The FTSE NAREIT All REIT Index is up over 6% year-to-date. Hotel, data center, and senior housing sectors are leading with double-digit returns, while multifamily REITs remain pressured by oversupply. Of the 98 REITs providing full-year guidance, 58 raised their outlook.
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