Parkway's share price is up about 86% since then, making it the top-performing U.S.-listed REIT over that period, according to financial research company FactSet.
Gosman wanted to use the tax benefits of Santa Anita's paired-share REIT structure to aggressively acquire and operate more properties.
Its largest nursing-home tenant is Genesis HealthCare, which operates more than 80% of the REIT's skilled-nursing portfolio.
Tanger Factory Outlet Centers, whose malls sell cheap name-brand clothing, is estimated to be up 7.2%, which is 2.7 points better than this REIT's five-year record.
Tanger Factory Outlet Centers (nyse: SKT - news - people ), whose malls sell cheap name-brand clothing, is estimated to be up 7.2%, which is 2.7 points better than this REIT's five-year record.
Never mind that the Bloomberg REIT index yields a mere 4%, a discount of 0.6 percentage points to the ten-year Treasury note--and a most expressive contrast to the REIT's 8.1% yield in March 2000, which at the time was a two-point premium to the ten-year note.
Fortunately, one soft market can't derail a well-diversified REIT, notes PaineWebber's Boston.
According to NAREIT, the U.S. equity REIT sector boasts an overall year-to-date total return of 23.57 percent (through August 1), outperforming the average equity REIT sector by around 36 percent.
If there's any solace for REIT owners in all this, it's that Fosheim's bearishness has proved ill-timed in the past.
With this in mind, let's have a closer look at Toledo-based Health Care REIT.
The last New York area publicly-listed company to list shares as a REIT was S.L. Green (SLG).
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The listing of the REIT the fourth sponsored by Temasek's real-estate arm, Mapletree Investments Pte.
But as a practical matter, the widely-reported FFO figure is a good gauge of a REIT's financial health.
When Congress decided to remove the paired-share REIT tax shelter on all future acquisitions, Gosman's basic plan came apart.
In many cases, REIT earnings exceeded Wall Street's expectations, with owners of high-end shopping malls and self-storage space posting the largest gains.
While the REIT's stock is in the doldrums, keep in mind that eight-year-old Prologis boasts a profitable history of selling older properties and using the recycled capital on new ventures.
"The creation of the REIT is expected to build long-term value both for Loblaw and the REIT, " said Galen Weston, Loblaw's executive chairman, in a statement.
Now, because of the REIT's tax advantages, he can achieve comparable returns with lower interest rates paid by higher-quality customers.
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