real estate investment trusts have not been the place to be in 2022—and while next year shouldn’t be worse it might not be all that much better it’s hard to overstate how bad 2022 has been for reits the ftse nareit all equity reits index has plunged 25 in 2022 the worst drop since 2008 and the thirdworst since at least 1975 business hasn’t been bad—funds from operations a metric used to gauge reit valuations have been growing at a highsingledigits rate—but higher interest rates and fears of an economic slowdown have taken their toll with multiples dropping from 245 times earrings at the start of the year to around 17 times currently according to btig data