The simple answer is that when bond yields go down, the relative value of REIT dividends go up. So, REITS tend to move in opposite direction of bond rate or anticipation thereof.
Consider that REITS pay dividends in the 5-8+% range. The 10-year treasury has moved from well above 5% to < 4.8% today. So, the relative value of the REIT dividend stream has become more valuable.
REITS may include apartments (rents have increased), commercial space, industrial space, some hold mortgages (yuck). The stock market has not assigned the same forward-looking pessimism to the commercial or apartment sectors that it has to the home builders.
