The publicly traded landlords--the real estate investment trusts, that is--are beaten down.
Bustling office towers, lively shopping malls, thronged hotels: All have done well in recent years for the real estate investment trusts that own them.
Liquidity has improved, thanks to the widespread use of real-estate investment trusts (REITs). (The American-based National Association of Real Estate Investment Trusts commissioned the Ibbotson study.) But the global enthusiasm for REITs, together with the growing trend for property launches in the British mutual-fund sector, has a top-of-the-market feel.
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This trend is benefitting some of the largest real estate investment trusts, including AvalonBay Communities and Equity Residential, says Rent.com President Peggy Abkemeier.
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While hedge funds have also capitalized on the trend, mortgage real estate investment trusts have been among the biggest winners from the thirst for yield and relatively limited supply.
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In the 1990s, real estate investment trusts have generally kept debt low, 50% on average.
Another area of the market from which the gurus fled: real estate investment trusts.
The vast majority of real estate investment trusts--known as equity REITs--pay mostly cash for high-grade commercial properties.
His Vornado Realty Trust doesn't accept the conventional wisdom that real estate investment trusts must focus on one kind of property.
The law mandated that real estate investment trusts pay out no less than 90% of their income to their investors as taxable dividends.
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The strong showing of commercial-mortgage REITs during the quarter reflected their high dividend yield of an average of 7%, according to the National Association of Real Estate Investment Trusts.
Over the past ten years mall REITs have turned in an annualized 17% versus 16% for office and industrial properties, 14% for strip shopping centers and 12% for apartments, according to the National Association of Real Estate Investment Trusts.
"The market was treating retail real estate investment trusts exactly like retailers, which is not quite right, " says Adamo.
This year, the hurt could spread to real estate investment trusts (REITs), which may have a harder time finding lenders for their commercial properties, and the rest of us, who may be dragged into a recession the realty mess.
The biggest news here is the duel to win Equity Office Properties, one of the nation's largest office real estate investment trusts.
The foundation is sagging again on real estate investment trusts.
We omitted financial services, limited partnerships, energy and utility companies and real estate investment trusts from the list.
Paced by real estate investment trusts, the financial sector has accounted for 11 of 32 U.S. IPOs according to Ipreo.
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If you just look at private (non-traded) real estate investment trusts, the agency would find a prime example of an oversold product.
Investors have been richly rewarded for owning real estate investment trusts in the wake of the biggest property bust in a generation.
Shayne has toyed with other kinds of securities, such as real estate investment trusts, the occasional stock index fund (to get quick exposure to the overall market), and even a mortgage-backed securities fund.
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Highly leveraged private equity buyers have left real estate investment trusts in the dust over the past three years, but the REITs are now in a strong cash position, operating with usually no more than 50% leverage and with access to relatively cheap money.
Most of the real estate companies that have converted to real estate investment trusts have seen their stock take off.
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Real estate investment trusts are on the move again, and Ross Smotrich, an analyst at Barclays Capital, thinks now is a perfect time to buy blue-chip REITs at bargain prices. (For another take on REITs, see page 108.) He likes Boston Properties ( BXP, 50) , which owns classy office buildings like Boston's Prudential Tower, San Francisco's Embarcadero Center and, in Manhattan, 399 Park Avenue, Times Square Tower and Citigroup Center.
The fund invests in publicly traded real estate operating companies or investment trusts.
As the unemployment number goes down and excess supply leaves the rental market, rents will go up and real estate investment trusts will benefit.
Real estate investment trusts continue to be the stronger housing-related bet.
As an average investor, one way you can follow the money and invest in the lifestyle of the rich and famous is to own shares in real estate investment trusts (REITs).
Castle Point Capital is mainly invested in financial service companies and real estate investment trusts, similar to the private equity orientation of a related company, Stone Point Capital, also headquartered in Greenwich, Conn, home to many large private hedge fund operations.
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Shopping centers, which play host to day-to-day necessities--drugstores, hair salons, laundries--are down 0.5%. (The big malls, owned by powerful players like real estate investment trusts, are finding meager advances in same-store sales at their department stores and boutiques.) Warehouses, their growth pace off only half a point to 4%, are still much in demand.
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