"The REIT stocks were affected by a macro environment with the shape of the yield curve and high inflation. However, now REITs are starting to get a bid. Investors are bullish on apartments and bearish on offices. Leasing spreads varied, but for the most part, were slightly negative to slightly positive. Numbers were less bad than the market valuation would have suggested. I see a growing case for a tactical move higher for REITs, given the low bar," says Vikram Malhotra.