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

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Ups and Downs

Before we examine the characteristics of the property types owned by REITs, let's first look at the general nature of real estate. Real estate prices and profits move in cycles, often predictable in type but not in length or severity. And there are two kinds of cycles: one is the “space market” cycle, which describes the supply of, and demand for, real estate space, and the other is the “capital markets” cycle, which relates to levels of investor demand for commercial real estate assets and the prices and valuations at which they trade.

If you're a long-term, conservative REIT investor, you might choose to buy and hold your REIT stocks even as their properties move through their inevitable up and down cycles. Nevertheless, you should ...

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