Capital growth as reflected in the attached Bloomberg chart. You have selected WHL a quality retail stock, and to compare apples with apples leave out SAC, and use the comparisons with RES, NEPI, ROC, SRE to name a few. Remember, none of these, being dual listed, are fully taxable (except RES which is local) - they are only subject to 15% withholding tax as mentioned often in the past. What is surprising is that even the much maligned locally listed SAC was able to comprehensively outperform WHL over the past year on capital growth (despite the adverse economy and higher bond yields) plus your current (historic) dividend yield for SAC is 7,98% (or 4,7% after tax if you are in the 41% marginal tax bracket - there is no withholding tax payable on locally listed REITS).
Most of the REITS are currently fully valued, as is WHL, and very dependent on the economy and the correlation with long bond yields. They have done me good over the past 12 years.
