My 2 cents.
REITs are similar to equities in terms of correlation, being an equity/property hybrid. When the market sentiment is good or bad, REIT prices will go up or down, respectively. Similarly, when a particular sector whose REITs are dependent on income from (e.g. manufacturing >> industrial REIT, tourism levels >> hospitality + a certain extent retail REITs), it will follow the up/down condition of that sector.
That being said, REITs do not go all the way until zero value, unlike company equities where it could go bust overnight, because they have hard tangible assets (i.e. the buildings) which will not "disappear". Besides market sentiment, the competency of the REIT managers is also another key to the differences of prices from a REIT's NAV.