Cumulative income (cash dividends) and capital appreciation (share price growth) of listed equity REITs and stocks in the U.S. from December 31, 1991 through July 31, 2017. Equity REIT returns are from the FTSE NAREIT All U.S. Equity REIT Index; stock returns are from the S&P 500 Index. REITs have provided substantially stronger total returns during the "modern REIT era." This chart is updated monthly. Questions? Contact me at bcase@nareit.com.

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$20,000
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12/89 12/91 12/93 12/95 12/97 12/99 12/01 12/03 12/05 12/07 12/09 12/11 12/13 12/15
MSCI All-Country World Stock Index FTSE EPRA/NAREIT Developed Real Estate Index
Price Return
Note: Based on monthly total returns and price appreciation returns, January 1990 – July 2017
Sources: NAREIT® analysis of data from IDP accessed through FactSet.
Dividends are an Important Component of Total Returns
Dividend and Capital Gains, January 1990 – July 2017
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12/89 12/91 12/93 12/95 12/97 12/99 12/01 12/03 12/05 12/07 12/09 12/11 12/13 12/15
Cumulative Capital Gains with Reinvestment
Cumulative Dividends with Reinvestment
Initial Investment
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12/89 12/91 12/93 12/95 12/97 12/99 12/01 12/03 12/05 12/07 12/09 12/11 12/13 12/15
Cumulative Capital Gains with Reinvestment
Cumulative Dividends with Reinvestment
Initial Investment
Standard & Poor’s 500 Stock Index FTSE NAREIT All U.S. Equity REIT Index
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