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Global Real Estate Scorecard See how our global real estate benchmarks performed over the last quarter.

• The Dow Jones U.S. Select REIT fell 28.5% in Q1, underperforming the S&P 500® (-20%) and suffering its worst quarterly decline since March 2009.

• There was wide dispersion in U.S. REIT sector returns, as retail and hotels—which were most directly impacted by the pandemic—suffered losses in excess of 50%, while Industrial and Self-Storage REITs outperformed significantly.

• Aided by the relatively strong performance of cell tower REITs, the Dow Jones Equity All REIT outperformed the Dow Jones U.S. Select REIT by more than 5%.

• International REITs experienced declines similar in magnitude to the U.S., as the S&P Global ex-U.S. Property fell 27.6%. Europe and Asia Pacific experienced similar losses in USD terms.

• Among developed countries, Israel was the best performer for the quarter (up 17.2%) and Hong Kong was on the opposite side of the spectrum, down 14.1%. Emerging markets had a challenging quarter, with 14 of 19 markets underperforming. Greece had the lowest returns (-17.1%) and Turkey had the highest (up 20.6%) for the quarter.

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