CHARLOTTESVILLE, VA-The total REIT IPOs since the start of the new year is now up to five, and their performance is a sure bet to inspire more. According to locally based SNL Financial, the IPOs raised nearly $1.2 billion.

What's more, they all—well virtually all—outperformed the broader markets. The five REITS are: Data center trust CyrusOne (which spun off from Cincinnati Bell); farm REIT Gladstone Land Corp.; Aviv REIT, which focuses on healthcare; diversified Armada Hoffler Properties; and single-family-focused American Residential Properties.

CyrusOne (with its $361-million IPO) posted a return of 17.8%, beating the SNL US REIT Equity index return by nearly 2.8%. Meanwhile, Gladstone (With a nearly $57 million offering) posted a total return of 14.1% through May 17. “The company's performance bested the SNL index 13.05% by 1.07%.

Aviv (its IPO was nearly $304 million) enjoyed returns of 51.5%. It overshadowed the index by 40 percentage points. Armada (which raised $190 million) outpaced the index by 54 basis points, posting returns of 2.26%.

American Residential was the only lackluster performer for the six months, with a -1% return. That compares with 1.59% for the index.

Despite that one glitch, the oiutlook is good for REITs. "The market as a whole appears to have generally favored real estate IPOs over the past several years," observes analyst Jason Lail. "Of the 17 US REIT IPOs that have taken place from 2011 to 2013, only five have lagged the broader market on a total return basis. Preferred Apartment Communities Inc. brings up the rear, and has lagged the broader REIT market returns by nearly 35 percentage points since its IPO on March 31, 2011. The company's portfolio of six operating multifamily properties ended the first quarter with 91.6% occupancy."