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By The Numbers
A Topsy-Turvy Year for Real Estate Funds
Most real estate funds have underperformed the Morgan Stanley REIT Index thus far in 2001. Here’s why it may not be as bad as it sounds.

Analyst's Notebook
The Power of Two
Using discounted cash flow analysis alongside its NAV-based pricing model, Green Street Advisors gains added insight into a real estate stock’s risk and long-term growth prospects.

Point Of View
War, Recession, & REITs
Though Lehman Brothers analysts remain bullish on real estate investment trusts, the onset of war and recession has caused them to adopt a more defensive posture.

Parting Shot
The Revolution
Necessity is the mother of invention ...

TrizecHahn To Become U.S. REIT
Heritage Files Its IPO

Investor's Guide
REIT/REOC performance, valuation, and analysis

Cover Story
Cover Story
New York Mayor Rudy Giuliani says it could take a year or longer for downtown Manhattan to dig out from under the rubble created by the September 11 terrorist attack on the World Trade Center. A close look at the tragedy’s impact on office owners and tenants.
Special Report
REITs Join the Club
Standard & Poor’s reversed its long-standing ban on real estate investment trusts in its equity indices, saying Equity Office Properties will be included in the S&P 500 after the close of trading on October 9. What’s the impact of joining the club?

Editor's Note
No Words

Under The Microscope
The Minnows Still Beat the Sharks
After a boom of IPOs in the mid-1990s, REITs began consolidating. Thirty-six mergers and acquisitions have been announced since 1996. But have the deals pannedout for investors?

Investment Fundamentals
The Impact of Market Variations on Cap Rates
Cap rates move like P/E ratios but only if appraisers form expectations about future income growth by looking myopically backward and not forward. Understanding the idiosyncrasies of appraisal-based pricing.