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REIT returns were higher in March and outperformed the broader market during both the month and the first quarter of the year. Solid gains were posted across most sectors.

The total returns of the FTSE Nareit All REITs Index rose 4.2 percent in March, while the S&P 500 advanced 1.9 percent. The total returns of the FTSE Nareit Mortgage REIT Index also rose 1.9 percent in March, while the yield on the 10-year Treasury note fell 0.3 percent.

For the first quarter, the FTSE All REITs Index rose 16.7 percent while the S&P 500 rose 13.7 percent.

Cousins Properties (NYSE: CUZ) and TIER REIT, Inc. (NYSE: TIER) said March 25 that they have agreed to merge in a 100 percent stock-for-stock transaction. The new company will have a combined portfolio of over 21 million square feet, an equity market capitalization of approximately $5.9 billion, and a total market capitalization of approximately $7.8 billion.

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.