REITS are on fire because bonds are on fire. Bonds are
on fire because the markets (and Uncle Ben and Timmie) are rightfully scared shiteless about potential deflation.
So what happens now? (A) The bond market is right and the economy goes into the schitter taking the whole market with it, including the REITS. (B) The economy does actually recover and the bond market is wrong, rates then move up and fixed income investments tincluding REITS get hammered.