"Recent Evidence on the Interest Rate Sensitivity of REITs," UCLA Economic Letter, January 2015

The link below is to my article demonstrating that the 10 year U.S. Treasury yields accounted for 79% of REIT  relative performance compared to the S&P 500 between January 2, 2013 - November 7, 2014.

http://www.anderson.ucla.edu/Documents/areas/ctr/ziman/UCLA_Economic_Letter_Shulman_01-26-15.pdf

In a Wall Street Journal Blog on REITs and Interest Rates

I was quoted this morning in a Wall Street Journal Blog on REITs and interest rates citing a forthcoming article for the Ziman Center for Real Estate at UCLA. The URL to the article is at:


http://blogs.wsj.com/developments/2015/01/26/david-shulman-the-answer-is-to-the-big-reitrate-question-is-79/

I will post the full article later today.