Should I continue to DCA into Syfe REIT+? I've been doing it for 4 years consistently and have never seen any profits. What's the point of DCA-ing into a portfolio that is negative even in the long ?

I think maybe you could ask yourself some questions to consider that may help you in making decision moving forward.

1. What was your expected investment horizon or duration? 5yrs? 10 yrs?
2. Are you expecting to use that investment amount anytime soon? Like big purchases.
3. What do you want to achieve by investing in this particular portfolio?
4. How much downside is your threshold?
5. Other than looking at the appreciation value, have you factor in the dividends accumulated that have been reinvested?

For me I have started invest in the same portfolio 3 years ago, and I plan to continue because I believe the past 1 year ++ downside was due to the high interest rate (cause by high inflation) and my end goal is to achieve value appreciation at the same time building the portfolio big enough to earn a substantial dividends in the future.

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“Time in the market beats timing the market – almost always,” wrote investment analyst Kenneth Fisher in an article for USA Today in 2018, giving passive investors a useful catchphrase.

4 years is not very long in terms of investment time horizon. It happens to be that these are the relatively hard years for REITs, for its value appreciation. But for dividend returned, it still serves its purpose. Another purpose to invest in REITs (a small portion of your total portfolio), is that REITs, theoretical is less correlated to equities, gives you a bit of more diversification. Probably should not be stressed with the bad returns in short term, but re-evaluate your investment purpose and time horizon, your overall portfolio and decide for optimal investment strategy, instead of panic selling at low price.

To address the results, REITs have been depressed since the start of COVID as interest rates soared + the recent news that rates will stay higher for longer and there's even possibility of rates hike implies that REITs might stay depressed for longer.

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That said, objectively speaking, if your primary and initial intent when investing in REITs is to collect dividends, it would have served its purpose as most big names are still posting YoY DPU growth which would have resulted in the overall REIT+ portfolio generating higher dividend income.

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From a value perspective, I feel like this depressed state wouldn't stay forever, and every industry and sector is bound to go through ups and downs (just so happens that REITs are down for longer this period due to feds policy to manage recession).

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I'm a dividend investor myself and have only added to my positions albeit by investing in individual REITs and while bias, would urge you to consider your initial objective, the value proposition REITs now offers at this price point and whether you are comfortable weathering this out for the foreseeable future as interest rates stays high.