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

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2007 through 2010: REITs Survive the Great Recession

On February 7, 2007, REIT stocks had ascended to levels never previously experienced. That was the good news. The bad news was that the most horrendous bear market ever for REIT shares was about to unfold. The MCSI US REIT index (a price-only index) reached a closing high of 1233.66 on that date, and the ensuing bear market didn't end until REIT shares bottomed out on March 6, 2009, at 287.87. The mind-numbing peak-to-trough decline exceeded 76 percent in just over two years. REIT investors had never experienced anything like it. Some even worried about the very survival of the REIT industry, particularly when one of the largest and most widely respected REITs, General Growth Properties, filed ...

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