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

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2000 to 2007: Credibility and Market Acceptance

Eventually, as a result of the deep and painful 1998 and 1999 bear market, REIT prices became extraordinarily cheap, in many cases trading at discounts of 20 to 25 percent below their estimated NAVs. Meanwhile, real estate markets were holding up well during that time-frame, as occupancy and rental rates moved higher in response to the strong economy, boosting REITs' FFO growth and asset values. Against this backdrop, dot-com and technology stocks had become exceedingly expensive, and were topping out; indeed, March 2000 was to be the high-water mark for the Nasdaq and most tech, dot-com, and telecommunications stocks. Value investing was about to become popular again, and REITs were quintessential ...

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