Although we think that US equity REITs may have further to fall, we don’t expect them to continue to underperform the broader US stock market. The key reason is that we don’t expect Treasury yields to rise further. In fact, given our forecast for the 10-year Treasury yield to fall back in 2023, and a handful of other factors, we envisage US equity REITs outperforming by a small margin over the next year or so.
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