The global economy is currently in a 'Goldilocks' state. This is probably the optimal environment for REITs in my opinion. Markets are facing enough headwinds for the Fed to turn dovish and pause rate hikes in 2019. But these headwinds are still not severe enough to send the global economy into a deep recession yet. Both factors are beneficial to REITs. 1) No rate hikes means the REITs' interest payment burden is stable. 2) No deep recession means the tenants won't default on their leases. Several well-run, high-quality REITs could even achieve DPU & NAV growth year-on-year despite a rising rate environment throughout 2018!
While people were saying among themselves it cannot be done, it was done