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Nearly $4 billion of unit investment trusts that invest in real estate investment trusts have been sold since late last year. So, what's the problem?  Super DRIPs provide REITs with features not found in conventional dividend reinvestment plans, including control over how much capital comes in to the plan.  Most real estate fund managers have for some time handily outperformed their rele- vant benchmarks. For the first time in recent memory, that's no longer the case.  Despite solid growth in cash flows and the strong underlying fundamentals of the commercial property markets, REITs continue to trail the Standard & Poor's 500-Stock Index by a wide margin this year, observes Goldman Sachs & Co.'s David Kostin. 
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No one expected that Alan Leventhal and Lionel Fortin, who ran Beacon Properties day-to-day prior to its merger with Equity Office Properties late last year, to sit on the sidelines for very long. Then again, not many people thought they would be back this fast either. |
 When Larry Raiman downgraded REITs on February 12, he took some flack. Today, the call Raiman and his team at Donaldson, Lufkin & Jenrette made looks downright prescient So what's Raiman's outlook for REITs now?  Alpine U.S. Real Estate isn't for the faint-of-heart. But investors with a more aggressive bent would be hard pressed to find a real estate fund better suited to their taste.  Is the REIT market experiencing one of its periodic lulls, often followed by a strong run, or is the market conveying a far more ominous message? |
 
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