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Quote:

How are the REIT's still levitating?

Because they are a surprisingly diverse group of businesses. They ain't all malls.

Of the top 10 components of IYR, you have 1 leveraged owner of MBS, 1 owner of apartment buildings, 1 timber company, 2 health care real estate comapanies, 1 self-storage comapany, 1 hotel owner, and 3 traditional "commercial" real estate REITS (some retail, some office space). The REIT index isn't as exposed to CRE problems as we might like.

NLY: he company invests primarily in mortgage pass-through certificates, collateralized mortgage obligations, agency callable debentures, and other mortgage-backed securities

BXP: the ownership and development of office properties. Its properties are located in Boston, Massachusetts; Washington, D.C.; midtown Manhattan, New York; San Francisco, California; and Princeton, New Jersey

EQR: the acquisition, development, and management of multifamily properties in the United States.

HCP: invests in health care-related properties and provides mortgage financing on health care facilities.

HST: engages in the ownership and operation of hotel properties.

PCL: owns and manages timberlands in the United States.

PSA: engages in the acquisition, development, ownership, and operation of self-storage facilities in the United States and Europe.

SPG: engages in the ownership, development, and management of retail real estate properties.

VTR: owns, and leases healthcare related and senior housing facilities.

VNO: owned 111 office properties aggregating approximately 30.7 million square feet in the New York City metropolitan area, as well as in the Washington D.C. and Northern Virginia area; 111 retail properties in 9 states and Puerto Rico aggregating approximately 16.2 million square feet; and 10 properties in 6 states approximately 9.5 million square feet of showroom and office space.

2009-07-22 19:05:19


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