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The total returns of the FTSE Nareit All REITs Index rose 1.6% in July, while the S&P 500 gained 1.4%. The total returns of the FTSE Nareit Mortgage REIT Index rose 2.3%, while the yield on the 10-year Treasury note was flat in July.

For the year through July 31, the FTSE Nareit All REITs Index gained 20.6% versus 20.2% for the S&P 500.

David Rodgers, senior analyst at Baird, noted that “we’re seeing really good later cycle fundamentals in both demand and supply generally. We’re on a long tail of the economy and REITs should continue to benefit.”

For the second consecutive year, the number of new female REIT directors elected during the 2019 proxy season surpassed that of new male directors—outpacing trends seen in the broader market—according to FPL Associates/Ferguson Partners’ recently released 2019 REIT Board Composition and Diversity Report.

REITs posted modest gains in June and marginally outpaced the broader market on a year-to-date basis, as investors factored in macroeconomic events, the performance of the 10-year Treasury, and potential interest rate developments.

The total returns of the FTSE Nareit All REITs Index rose 1.6 percent in June, while the S&P 500 gained 7.1 percent. The total returns of the FTSE Nareit Mortgage REIT Index rose 5.1 percent in June, while the yield on the 10-year Treasury note dropped 0.1 percent.