REITs Rally in Quarter

Wall Street Journal (08/13/08) P. C14; Hudson, Kris
From June 30 to Aug. 12, the Dow Jones Equity All REIT Index gained 3.5 percent, versus a 1-percent increase in the Standard & Poor's 500-stock index and a 2.9-percent jump in the Dow Jones Industrial Average. Though REIT stocks are more volatile since the start of the credit crisis, there are fewer concerns about access to the capital markets. Rising demand for rentals and ongoing funding from Fannie Mae and Freddie Mac bolstered apartment REITs 12 percent since the end of the second quarter, while office REITs Alexander's Inc. and Mack-Cali Realty Corp. posted the highest gains: 26.2 percent and 21.3 percent, respectively.