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Weakness Persists in Q3
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Rolling REIT Correlations
(Click on Graph to View Full Size Image) Correlations Push to New HighsAs volatility in the broader markets has moved higher in recent weeks, correlations have pushed to new highs. The correlation between REITs and the DJII now stands at 0.703. The correlation between REITs and the NASDAQ Composite Index stands at 0.711. The correlation between REITs and the S&P 500 stands at 0.727. All of these correlation levels are currently at their all time highs. 
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2008 NAREIT REIT Week Investor Forum
Conferences on REITcafe RSS: www.REITcafe.com/conferences.xml
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Ten Most Popular Podcast Downloads
Week Ending: Sunday, July 13, 2008
- REITtalk: Home Properties
(Original Program Date: Apr 12, 2006) - REITtalk: Pepper Hamilton
(Original Program Date: Apr 17, 2006) - Conferences on REITcafe: Global Investment Mandates: Trends and Predictions
(Original Program Date: Apr 2, 2008) - REITtalk: Ashford Hospitality Trust
(Original Program Date: Nov 19, 2007) - REITtalk: Advantus Capital Management
(Original Program Date: Feb 1, 2006) - Conferences on REITcafe: REITs and Emerging Markets
(Original Program Date: Apr 3, 2008) - REITtalk: American Campus Communities
(Original Program Date: Jan 27, 2006) - REITcalls: RPT Earnings Call 2008 Q1
(Original Program Date: Apr 30, 2008) - REITcalls: EQY Earnings Call 2007 Q2
(Original Program Date: Aug 8, 2007) - REITtalk: The Hotel Market Forecast
(Original Program Date: Sep 12, 2007)
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The Essential REIT:
The Good and the Bad
(And Sometimes the Ugly).
The year 2008 has nearly reached its mid-point. In some respects, it's been a surprising year, and in others just boring. On the surprise side, REIT stocks are like the Iraqi government. Despised by many, and the target of frequent attacks, both have hung in there surprisingly well. Through June 18, REITs' price-only return, per the MSCI REIT index (RMZ), was -0.7%, easily exceeding the returns of the S&P 500 and other equity indices. The S&P index was down 8.9% at that date. One logical explanation for this outperformance is that REIT earnings, protected in most cases by long-term leases and an economy that's weak but not imploding, are proving resilient, albeit the rate of growth is decelerating. Also, REIT stocks have become much more attractive on the basis of their prospective internal rates of return (IRRs).
But the REIT universe has also been boring this year. Privatizations have been conspicuous by their absence, and strategic mergers and other deals have been as rare as a drop in gasoline prices. Boston Properties bought some of Mr. Macklowe's NYC properties, and Sunstone Hotels sold the Century Plaza; that's about it. Volatility in REIT stocks has declined, notwithstanding occasional trading days (and sometimes weeks, such as this one), when they look like crazed lemurs. REIT management teams are, wisely, husbanding their capital, and refraining from large acquisitions. In this environment, of course, where liquidity is king, this is a smart strategy. The net result, however, is that watching the doings of most REIT organizations is only a bit less boring that watching a curling competition in Scotland.
But while excitement is often overrated, we do enjoy the occasional surprise. So let's review a few REIT stock developments that have surprised this interested observer – both positive and negative. Let's get the bad stuff out of the way first…
Click here to read the latest issue of The Essential REIT on REITcafe.
Please click here if you would like to subscribe to The Essential REIT via e-mail.
REIT Volatility Moves Higher
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Global REIT volatility, as measured by the REITcafe Volatility Index (RVI), has surged higher in the past week, ending the week on Friday, July 11th at 200.71. The RVI is now 90.60 points above its recent low of 110.12 set on June 4th.
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REITcalls:
Q2 Earnings Kick Off This Week...
The following conference calls will be available on REITcalls over the next two weeks (all times shown are Eastern Time Zone):
Click here to go to REITcalls now.
Wednesday, July 16, 2008
1:00 PM
- AMB Property Corp.
Tuesday, July 22, 2008
1:00 PM
- Liberty Property Trust
Wednesday, July 23, 2008
10:00 AM
- Boston Properties, Inc.
Thursday, July 24, 2008
10:00 AM
- ProLogis
2:00 PM
- Colonial Properties Trust
Friday, July 25, 2008
10:00 AM
- Developers Diversified Realty Corporation
11:00 AM
- Taubman Centers, Inc.
2:00 PM
- Washington Real Estate Investment Trust
Stay Ahead of the Pack...
REIT earnings season kicks off this week and REITcalls will provide podcasts of 57 REIT earnings conference calls. To make sure you don't miss any of this quarter's calls, sign up for the REITcalls E-mail Alert. At the end of each day during earnings season you will be notified of the latest calls added to REITcalls, as well as upcoming calls. REITcalls allows you to listen to company earnings calls at your convenience as well as providing full-text search capabilities for all conference calls hosted on REITcalls.
Click here to subscribe to the REITcalls E-mail Alert
Click here to visit REITcalls on REITcafe.com
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REITnews:
REIT News Updated Throughout The Day
Visit REITcafe's REITnews page now to see the latest REIT and real estate news. Our news feeds from PRNewswire, Business Wire, Market Wire, and American City Business Journals are updated every five minutes, giving you the latest in industry and company news throughout the day.
If getting the latest REIT news is important to you, just make REITnews your home page and every time you turn on your computer you'll have the latest news at your fingertips. So visit the REITnews page now, and see what's happening in your world.
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REIT News On Your Blackberry
For those of you that want to stay on top of the REIT industry when you're away from your computer, REITcafe has gone mobile. You can now now get the latest REIT news right on your Blackberry, Treo, or any other mobile internet device. Just go to www.REITcafe.com/mobile and the latest in REIT news will be immediately available right on your mobile device.
If knowing what is happening in the REIT industry is important to you or your business, don't let another day go by without REITcafe Mobile.
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"Around The Block"
Ralph Block on REITs and Investing
Ralph Block, respected author and investor, shares his unique perspective on REITs, investments, and the economy at large.
Visit Ralph's blog today and see what he has to say about the news and issues impacting REITs and REIT investors. Whether you agree with his views or not, you can always count on Ralph to provide an interesting take on the markets.
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REITtalk Transcripts Available
Transcripts of REITtalk are available on Pods In Print (www.podsinprint.com). Pods In Print provides transcripts of podcasts from numerous websites. The transcripts are available through a monthly or annual subscription ($12.95 per month/$120 per year). For anyone interested in trying Pods In Print, a 14-day free trial is available.
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