The purpose of the study is to analyze critically the importance of physical market cycles for the performance of REITs on a sector- and company-level. This is done in a two-tiered analysis. First, by analyzing the underlying assets ñ the property holdings ñ that REITs have in different markets over 48 quarters and combining them with the corresponding market cycles. Second, analyzing the link between the ìphysical market cycleî of a REIT sector or company with performance measures like FFO (proxy for profitability), stock price and FFO-multiples (proxy for pricing).