elxeneize Following a spectacular year of total returns and relative outperformance in 2021, multifamily REITs have underperformed the MSCI U.S. REIT Index (Bloomberg: RMZ). The underperformance for multifamily REITs has been a product of both the macro environment (rising interest rates) and record high apartment deliveries, especially in Sun Belt markets. While the fears are for the most part justified, the underperformance looks to be overdone, especially for those predominantly with Sun Belt exposure. W ...