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REIT returns were marginally higher in February, with sentiment turning more cautious as investors focused on REIT fourth quarter earnings reports and 2019 guidance, analysts said.

The total returns of the FTSE Nareit All REITs Index edged 0.5 percent higher, while the S&P 500 rose 3.2 percent. The total returns of the FTSE Nareit Mortgage REIT Index fell 1.0 percent, while the yield on the 10-year Treasury note gained 0.1 percent.

Taubman Centers, Inc. (NYSE: TCO) said Feb. 14 that it has agreed to sell half its interest in its three Asia shopping centers to The Blackstone Group in a transaction valued at $480 million. The centers are located in South Korea and China.

On a fourth quarter 2018 earnings call, CEO Robert Taubman said the transaction confirms the value the REIT has created with its Asia platform, noting the company is recycling capital through the deal and improving its liquidity by nearly $500 million.

REIT returns rebounded in January, and outpaced the broader market, as volatility continues to be a major factor.

The total returns of the FTSE Nareit All REITs Index rose 11.4 percent in January, while the S&P 500 rose 8.0 percent. The total returns of the FTSE Nareit Mortgage REIT Index gained 9.1 percent, while the yield on the 10-year Treasury note lost 0.1 percent.

In December, the FTSE Nareit All REITs Index fell 7.7 percent.