The bull-run by real-estate investment trusts ran out of steam during the second quarter as broader stock-market concerns, fueled by the European debt crisis, prompted investors to trim their holdings.

Overall, REITS declined 3% in the second quarter through Tuesday, as measured by the Dow Jones Equity All REIT index. That was better than the overall stock market, which declined 8.5%, based on the Dow Jones Industrial Average. But the latest REIT results pale in comparison to the previous two quarters; REITS posted gains of 10% in the first quarter, and 9.4% in the fourth quarter of last year.

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