CEM Study: REITs Outperform Private Real Estate by More Than 2.0% in DB Plans Assuntos Gerais MarkFord em 07/10/25 15:20 ConclusionThe CEM analysis concluded that over the 25-year period of study covering the years 1998 through 2022, REITs had the second highest average annual net return and relatively low correlations with other asset classes, implying good diversification benefits and strong risk-adjusted returns. The study also found that REITs outperform private real estate in all ownership style excluding internally managed direct.CEM Study: REITs Outperform Private Real Estate by More Than 2.0% in DB Plans | Nareit