In the first half of 2024, the real estate investment trust (REIT) group underperformed, as markets repeatedly pushed back their expectations for Fed interest rate cuts. As we head into the third quarter, real estate is the only negative sector on a YTD basis, which pretty effectively highlights the challenges this group has faced so far. With markets now expecting maybe one rate cut this year, at best, data from S&P Global (SPGI) indicates that U.S. REITs wrapped up the month of May at an average 16.5% discount to net asset value (NAV) – extending a string of double-digit NAV discounts, but o…