According to CNBC, real estate investment trusts are holding up better than in past rate-hike cycles because property fundamentals are outweighing higher borrowing costs, according to Cohen & Steers and Hoya Capital Real Estate. Cohen & Steers said correlations between REIT returns and 10-year Treasury yield changes have shifted over time, while Seth Laughlin said REIT earnings are up 9% this year and are likely to rise about 8% next year. David Auerbach said REIT and interest-rate correlations are at their lowest level in about four years, and 58 of 98 REITs that provided full-year guidance raised their outlook. The FTSE NAREIT All REIT Index is up more than 6% year to date, with hotel and lodging, data centers and senior housing posting double-digit gains, while multifamily apartment REITs remain in negative territory amid oversupply and weaker rents.