Most counterintuitive data from Q1: REITs outperformed the broader market FTSE Nareit All Equity REITs +2.22%. S&P 500 during the same period: -7.05% Leading the gains were self-storage (+9.2%) and strip centers (+8.6%). The biggest drop was office REITs (-12.8%)—AI-induced anxiety over white-collar workspaces is now reflected in stock prices. Data center REITs are benefiting from AI, while office REITs are bearing the brunt of AI-related concerns. Same theme, completely opposite pricing. Interesting