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Investing in REITs: Real Estate Investment Trusts, 4th Edition by Ralph L. Block

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Larger REITs: Is Bigger Really Better?

A crucial point concerning the nature of today's REITs is that, until the IPO boom of 1993 to 1994, most REITs were fairly small companies with limited capabilities. They acquired real estate, and most were able to manage their holdings reasonably well. Many were able to upgrade their properties from time to time, and thus increase their enterprise value and FFO at a faster pace than if they had employed a purely passive buy-and-hold strategy, but very few were able to develop properties. In 1993 and 1994, however, all of this changed when a large number of new REITs with well-established development capabilities went public.

There are times in various real estate cycles when it is simply not going to be ...

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