REIT Performance REITs averaged a modest decline in July (-1.17%), again falling short of the broader market which saw positive returns from the NASDAQ (+3.7%), S&P 500 (+2.2%) and Dow Jones Industrial Average (+0.2%). The market cap weighted Vanguard Real Estate ETF (VNQ) slightly outperformed the average REIT in July (+0.09% vs. -1.17%) and has dramatically outperformed year-to-date (+2.10% vs. -6.42%). The spread between the 2025 FFO multiples of large cap REITs (17.6x) and small cap REITs (13.0x) widene ...