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10 Best Performing REITs & REIT ETFs over the last 10 Years

Since the Federal Reserve just announced a half-point cut, its first cut since 2020, investor behavior around various asset classes is likely to change. One asset class that might see the most significant shift in behavior due to the recent rate cut is real estate, and an investment vehicle that might be poised to benefit from this shift is REITs and REIT ETFs. 

Current home and property owners looking to move have been “locked in” to low-rate mortgages, causing headwinds for housing demand. However, mortgage rates have fallen from their 7.8% peak, and now, after the first rate cut of the cycle, real estate investors might be anticipating a spur in demand due to lower financing costs. 

The Fed’s rate cut on September 18th serves as a milestone in the Fed’s battle with inflation, indicating that inflation has fallen within the desired range. During the last sustained period of price stability, from August 2018 to July 2019, real estate emerged as the top-performing asset class. 

line graph showing asset class performance from August 2018 through July 2019, with real estate and fixed income assets outperforming others during a period of CPI stability.

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Given real estate’s outperformance during the last controlled inflation regime, we analyzed the performance of one of the most accessible real estate investment vehicles — REITs and REIT ETFs — over the past 1, 3, 5, and 10 years.

For insights on how other asset classes have fared during similar periods of price stability, download our latest white paper: Which Asset Classes Perform Best as Inflation is Driven Lower?

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What is a REIT?

A Real Estate Investment Trust, or REIT, is a company that owns, operates, and/or finances income-producing real estate. It offers individual investors income potential (in the form of dividends) from real estate without buying the properties directly. 

REITs function similarly to mutual funds in how they pool and disperse capital across various investments. However, they focus exclusively on real estate assets, such as office buildings, shopping malls, apartments, and warehouses. REITs can specialize in specific types of real estate or have a broader real estate portfolio.

Established in the US by Congress in 1960 via the Cigar Excise Tax Extension, REITs must adhere to regulatory requirements set forth by the SEC, such as investing at least 75% of their total assets in real estate and generating at least 75% of their gross income from property rents or mortgage interest. ​This structure exempts REITs from corporate income taxes provided they distribute at least 90% of their taxable income to shareholders as dividends, underscoring their appeal as high-yield investment vehicles.

Investors seeking more diversification can access REITs through mutual funds or ETFs, which pool multiple REITs and can provide diversification across various real estate sectors. 

The primary benefits of REITs include high income potential and liquidity (compared to traditional real estate investing), making them attractive to everyday investors. However, they also pose risks like interest rate sensitivity, which can influence property values and investment yields. Moreover, the obligation to distribute most of their income limits their ability to reinvest in their business and provide growth opportunities compared to other equities. 

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Best Performing REITs YTD

These are the top-performing REITs year-to-date in 2024, as of August 30, 2024.

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A line chart displaying the total returns of the best-performing REITs in 2024 from December 29, 2023, to August 30, 2024. The REITs listed include: Iron Mountain Inc. (IRM) – 64.40% Net Lease Office Properties (NLOP) – 64.02% ACRES Commercial Realty Corp (ACR) – 60.60% SL Green Realty Corp (SLG) – 53.06% National Health Investors Inc (NHI) – 49.89% Highwoods Properties Inc (HIW) – 48.36% TPG RE Finance Trust Inc (TRTX) – 47.78% Piedmont Office Realty Trust Inc (PDM) – 44.40% NexPoint Residential Trust Inc (NXRT) – 41.25% Independence Realty Trust Inc (IRT) – 38.35% Dow Jones US Real Estate Index (^DJUSRE) – 10.15%. Date Range: 12/29/2023 – 08/30/2024.

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Best Performing REIT ETFs YTD

These are the top-performing REIT ETFs year-to-date in 2024, as of August 30, 2024. If you’re interested in the best-performing ETFs overall over the last 10 years, check out this article. 

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A line chart showing the total returns of the best-performing REIT ETFs from December 29, 2023, to August 30, 2024. The top performer is Residential REIT ETF (HAUS) with a 21.58% total return, followed by: iShares Residential & Multisector RE ETF (REZ) – 19.72% Invesco Real Assets ESG ETF (IVRA) – 13.77% Intelligent Real Estate ETF (REAI) – 13.52% Invesco S&P 500 Equal Weight RE ETF (RSPR) – 13.13% Other ETFs include Vident U.S. Diversified Real Estate ETF (PPTY) and VanEck Office and Commercial REIT ETF (DESK). The Dow Jones US Real Estate Index (^DJUSRE) has a 10.15% return. Date Range: 12/29/2023 – 08/30/2024.

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Best Performing REITs over the last year 

These are the top-performing REITs over the last year, as of August 30, 2024.

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A line chart showing the total returns of the best-performing REITs over the past year, from August 31, 2023, to August 30, 2024. The top performer is Iron Mountain Inc. (IRM) with an 84.64% total return, followed by: ACRES Commercial Realty Corp (ACR) – 82.19% SL Green Realty Corp (SLG) – 81.29% National Health Investors Inc (NHI) – 69.26% Outfront Media Inc (OUT) – 60.53% Other REITs listed include: Acadia Realty Trust (AKR), Simon Property Group Inc (SPG), and Modiv Industrial Inc (MDV). The Dow Jones US Real Estate Index (^DJUSRE) has a total return of 20.50%. Date Range: 08/31/2023 – 08/30/2024.

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Best Performing REIT ETFs over the last year

These are the top-performing REIT ETFs over the last year, as of August 30, 2024.

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A line chart showing the total returns of the best-performing REIT ETFs from August 31, 2023, to August 30, 2024. Residential REIT ETF (HAUS) leads with a 29.21% total return. Other top performers include: iShares Residential & Multisector RE ETF (REZ) – 26.54% Invesco S&P 500 Equal Weight RE ETF (RSPR) – 23.19% Invesco Real Assets ESG ETF (IVRA) – 22.66% iShares Core US REIT ETF (USRT) – 22.20% The Dow Jones US Real Estate Index (^DJUSRE) has a 20.50% return. Date Range: 08/31/2023 – 08/30/2024.

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Best Performing REITs over the last 3 years 

These are the top-performing REITs on an annualized basis between August 31, 2021, and August 30, 2024. (InvenTrust Properties Corp (IVT) began trading on the NYSE on October 21, 2021. Prior to that, it was trading OTC and had a 1:10 reverse split earlier in the year that drove its price down).

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A line chart depicting the best-performing REITs from August 31, 2021, to August 30, 2024. The top performer is InvenTrust Properties Corp (IVT) with a total return of 196.03%. Other REITs include: Iron Mountain Inc. (IRM) – 170.8% Tanger Inc (SKT) – 108.2% Seven Hills Realty Trust (SEVN) – 70.85% National Health Investors Inc. (NHI) – 64.69%. Date Range: 08/31/2021 – 08/30/2024.

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Best Performing REIT ETFs over the 3 years

These are the top-performing REIT ETFs on an annualized basis between August 31, 2021, and August 30, 2024.

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A line chart showing top REIT ETFs' total returns from August 31, 2021, to August 30, 2024. Invesco Real Assets ESG ETF (IVRA) leads with a 21.53% return. Other ETFs include: ALPS Active REIT ETF – 8.28% Invesco KBW Premium Yield REIT ETF – 7.04% Date Range: 08/31/2021 – 08/30/2024.

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Best Performing REITs over the last 5 years 

These are the top-performing REITs on an annualized basis between August 31, 2019, and August 30, 2024 (InvenTrust Properties Corp (IVT) began trading on the NYSE on October 21, 2021).

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A line chart representing the top-performing REITs from August 30, 2019, to August 30, 2024. Iron Mountain Inc. (IRM) leads with a 373.1% return. Other REITs include: Tanger Inc (SKT) – 177.6% Kite Realty Group Trust (KRG) – 131.2%. Date Range: 08/30/2019 – 08/30/2024.

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Best Performing REIT ETFs over the last 5 years

These are the top-performing REIT ETFs on an annualized basis between August 31, 2019, and August 30, 2024.

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A line chart showing the best-performing REIT ETFs from August 30, 2019, to August 30, 2024. The Pacer Benchmark Industrial REIT ETF (INDS) leads with a 50.62% total return. Other ETFs listed include: Invesco S&P 500 Equal Weight RE ETF (RSPR) – 39.86% The Real Estate Select Sector SPDR ETF (XLRE) – 31.49%. Date Range: 08/30/2019 – 08/30/2024.

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Best Performing REITs over the last 10 years 

These are the top-performing REITs on an annualized basis between August 31, 2014, and August 30, 2024.

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A line chart showing the performance of top REITs from August 29, 2014, to August 30, 2024. Iron Mountain Inc. (IRM) leads with a 541.5% return. Other top performers include: CareTrust REIT Inc. (CTRE) – 476.8% Arbor Realty Trust Inc. (ABR) – 415.3%. Date Range: 08/29/2014 – 08/30/2024.

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Best Performing REIT ETFs over the last 10 years

These are the top-performing REIT ETFs on an annualized basis between August 29, 2014, and August 30, 2024.

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A line chart depicting the best-performing REIT ETFs from August 29, 2014, to August 30, 2024. iShares Residential & Multisector RE ETF (REZ) leads with a 119.3% return. Other ETFs include: iShares Core US REIT ETF (USRT) – 91.67% iShares Cohen & Steers REIT ETF (ICF) – 91.45%. Date Range: 08/29/2014 – 08/30/2024.

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What was the Growth of $10,000 Over the Last 10 Years?

If you invested $10,000 10 years ago into any of the ten best-performing REITs over the last 10 years, your balance today would be no less than $40K.

The best-performing REIT in the last 10 years was Iron Mountain Inc (IRM). A $10,000 investment into IRM 10 years ago would be worth over $60K today. Right behind it was the CareTrust REIT Inc (CTRE); investing $10,000 into CTRE back in 2014 would’ve turned into over $55K.

A line chart showing the growth of $10,000 invested in the best-performing REITs from August 29, 2014, to August 30, 2024. Iron Mountain Inc. (IRM) shows the largest growth to $64,150. Other REITs listed include: CareTrust REIT Inc. (CTRE) – $57,680 Arbor Realty Trust Inc. (ABR) – $51,530. Date Range: 08/29/2014 – 08/30/2024.

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However, if you invested $10,000 10 years ago into any of the ten best-performing REIT ETFs over the last 10 years, your balance today would be at least $14K, while diversifying across a broader pool of underlying investments than with a typical REIT.

The best-performing REIT ETF in the last 10 years was the iShares Residential & Multisector Real Estate ETF (REZ). A $10,000 investment in REZ 10 years ago would be worth over $21K today. The second best-performing REIT ETF was the iShares Core US REIT ETF (USRT); investing $10,000 in USRT back in 2014 would’ve turned into over $19K.

A line chart showing the growth of $10,000 invested in top REIT ETFs from August 29, 2014, to August 30, 2024. iShares Residential & Multisector RE ETF (REZ) leads with a growth to $21,930. Other ETFs listed include: iShares Core US REIT ETF (USRT) – $19,170 iShares Cohen & Steers REIT ETF (ICF) – $19,140. Date Range: 08/29/2014 – 08/30/2024.

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