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Real-Estate Stocks Are Taking a Hit From Bond-Market Move

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For the first four trading days of November, the Bloomberg Barclays U.S. Aggregate Index had a total return of negative 0.50%. That’s a big move for investors, given that the bond index has an annual yield of 2.2%, but it is also significant for real-estate investment trusts.

Most indexes of so-called property REITs were down about 3.7% over the same period, even though the S&P 500 was up 1.3%.

REITs...