Word: reit
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Dates: during 1990-1999
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...REIT investors have enjoyed a spectacular 35% gain in the past 12 months. That's why Barton Biggs, chief global strategist at Morgan Stanley, recently cut his exposure, noting that the stocks trade for 27% more than the underlying property they own. But that premium may be justified, given that REITs make it easy to buy and sell commercial real estate for any size portfolio. Besides, property values are rising from the ashes of the '80s bust, and rents are going up too. Biggs believes REITs will return 12% over the next 12 months. Steve Hash, an analyst at Lehman...