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Article: REITs TOOK DEVASTATING EARLY HIT, BUT FINISHED ON UPSWING; NAREIT index was down 43% through June 30, but up 51% from market bottom.(News)
- Article from:
- Investment News
- Article date:
- October 26, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Arleen Jacobius
LIKE THE proverbial canary in the coal mine, assets of the largest managers of real estate investment trusts were first to feel the shock wave of volatile world markets.
According to sister publication Pensions & Investments' survey of the largest real estate money managers, total REIT assets fell 44%, to $128.9 billion, while U.S. institutional tax-exempt assets invested in REITs fell by 36%, to $44.1 billion, for the 12-month period ended June 30. The return of the FTSE NAREIT Composite Index was -43.3% for the period.
Performance of the top REIT managers is all over the map. For example, Barclays Global Investors ...