The total return on share investment is the current income plus appreciation.
Appreciation can be due to inflation.
It can be due to real growth in value. It can reflect shares which sold below value rising to real value. The entire REIT world is studying the yields available on REIT stocks in the current market place. The differences between the REIT stock market capitalization and the values of the real estate in the private market are very substantial. This article discusses a unique strategy, leveraging up with other REIT securities and then shifting to a REIT share repurchase program.