WASHINGTON, DC-REITs continue to build gains, and based on year-to-date figures, appear to be on their way to providing shareholders with a solid 2011, according to the latest figures from the National Association of Real Estate Investment Trusts.

It reports that on a total return basis, the FTSE NAREIT All Equity REITs Index gained 5.11% for the month of April. The FTSE NAREIT All REITs Index rose by 4.89% that month. The general equity market, as measured by S&P 500, by contrast, rose 3%.

Year-to-date figures are also tracking well. From January to the end of April, the FTSE NAREIT All Equity REITs Index posted a 13% gain; for that same time period the FTSE NAREIT All REITs Index rose 12.02%. The S&P 500’s increase was 9.1%.

One area where REITs appear to be lagging, at least compared to 2010, is in initial public offerings. This year so far, according to NAREIT, the majority of REITs’ capital raising--$24.6 billion thus far--has come from secondary equity common and preferred share offering and unsecured debt. Only $1.1 billion has been raised in IPOs among three firms.

There will likely be additional, or alternative opportunities for growth for REITs, Brad Case, NAREIT’s VP of research and industry information, offers in a video posted to the association’s website. Namely, as reform of the GSEs gets underway, mortgage REITs will likely pick up some of the mortgages they can be expected to shed.