Word: reits
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...will favor stocks of familiar companies with solid balance sheets that do well on the rebound. Often such stocks also carry the highest dividend yields. Look at banks (AmSouth, U.S. Bancorp), basic materials (Dow Chemical, Lubrizol), energy (Consol Energy), manufacturers (Dana, Ford), real estate investment trusts (AMB Property, Federal REIT), utilities (Con Edison), and food and tobacco (UST, Philip Morris...
...will favor stocks of familiar companies with solid balance sheets that do well on the rebound. Often such stocks also carry the highest dividend yields. Look at banks (AmSouth, U.S. Bancorp), basic materials (Dow Chemical, Lubrizol), energy (Consol Energy), manufacturers (Dana, Ford), real estate investment trusts (AMB Property, Federal REIT), utilities (Con Edison), and food and tobacco (UST, Philip Morris...
...PROPERTY WE TRUST Real estate investment trusts generate money from property holdings. REITs argue they're normal operating companies unrepresented in the S&P 500. Special tax laws categorize REITs as nonequity assets, but growth in the '90s--from a $9 billion market cap to $139 billion--may have changed that. S&P will soon decide the trusts' status. Separately, three investment firms last week tweaked their REIT accounting, saying they'd forecast results per share, as with equities...
WAREHOUSE DEAL Tight availability of industrial space and increasing storage demand (fueled in part by dotcom retailers) are giving a big boost to the industrial REIT sector. It's up 27% year to date, according to the National Association of Real Estate Investment Trusts. Unlike, say, the hotel industry's cycle of boom and bust, industrials tend to offer more stable returns over the long haul while serving as a hedge against inflation...
...expect that REIT shares will remain under pressure until the market sees more evidence that public ownership of real estate companies really does put a leash on the boom-bust mentality. The good news is that such evidence is building, as last fall's pullback suggests, and that REIT shares are so depressed--many trade below their breakup values--that they represent a real buy. If you're looking for a way to hedge your com bets, consider quality names like Boston Properties and Equity Office, or a REIT index fund, including Vanguard...