Equity REITs: Is There Room for Real Estate in Your Portfolio?
An equity real estate 投资 trust (REIT) uses the combined capital of many shareholders to buy and operate residential, 商业, 工业收入属性. Equity REITs of all stripes are listed on the major indexes and traded like stocks, so investors may receive a stable income derived mostly from real estate rents without having to finance and manage properties on their own. However, REIT share prices can be volatile and are sensitive to changes in interest rates.
你可以购买单个房地产投资信托基金的股份, just as you might buy shares in any publicly traded company, or you can invest through mutual funds or exchange-traded funds. The option to invest in a REIT fund may also be available in your tax-deferred workplace retirement plan. In 2023, it’s estimated that 50% of American households were invested in REITs through one or more of these channels.1
收入和多样化
A REIT must pay out at least 90% of its taxable income each year as shareholder dividends. 不像很多公司, 房地产投资信托基金通常不保留收益, which is why they may provide higher yields than many other types of equity 投资s. 2023年，股票REITs的收益率为3%.平均为9%，而平均为1%.美国股市涨幅为4%&标准普尔500指数.2
The real estate industry’s business model and distinct property markets offer a risk-return profile that differs from the other stock market sectors. 在某些方面, 房地产投资信托基金是一种独特的资产类别, and because their share prices do not always follow the movements of stocks or bonds, they can be a helpful tool to broaden asset allocation and increase diversification. Over the 10-year period ending in 2023, equity REITs had a 76% correlation with the S&P 500 and 56% correlation with the corporate and government bond market. 30年来的相关性甚至更低.3 (Diversification and asset allocation are methods used to help manage 投资 risk; they do not guarantee a profit or protect against 投资 loss.)
业绩对比：房地产投资信托基金vs. 股票
Source: National Association of Real Estate Investment Trusts, 2024. REITs are represented by the FTSE Nareit All Equity REITs Index. U.S. 股票由S&标准普尔500综合总回报指数. The performance of an unmanaged index is not indicative of the performance of any specific security. Individuals cannot invest directly in an index. Past performance is not a guarantee of future results. 实际结果会有所不同.
Rate-driven波动
Rising interest rates typically reduce demand and may push down values across property markets, and falling rates tend to have the opposite effect. REITs are directly impacted by the level of interest rates because they depend on debt to acquire rent-producing properties. 而且是在高速率的环境下, REIT dividends tend to be less appealing to investors when bonds are offering similar yields.
出于这些原因, REIT shares struggled in 2022 and well into 2023, but prices rebounded near the end of that year after Federal Reserve projections indicated that rates had likely peaked. 上市股本型房地产投资信托基金的回报率为11%.4% in 2023.4
Despite concerns about pockets of distress in the 商业 real estate market, the prospects for listed REITs may continue to improve as interest rates settle. 作为一个群体, listed REITs entered 2024 with solid balance sheets, 健康的债务比率, 以及进入资本市场的途径, so they could be in a good position to take advantage of buying opportunities.5
The return and principal value of all 投资s fluctuate with changes in market conditions. Shares, when sold, may be worth more or less than their original cost. Investments seeking to achieve higher yields also involve a higher degree of risk. There are inherent risks associated with real estate 投资s that could have an adverse effect on financial performance. These risks may include a deterioration in the economy or local real estate conditions, 租户违约, 财产管理不善, and changes in operating expenses (including insurance costs, 能源价格, 房地产税, 以及遵守法律的成本, 规定, 和政府政策).
共同基金和etf按招股说明书出售. Please consider the 投资 objectives, risks, charges, and expenses carefully before investing. 招股说明书, which contains this and other information about the 投资 company, can be obtained from your financial professional. Be sure to read the prospectus carefully before deciding whether to invest.