Tour Eiffel has a 5.7% earnings yield, a full percentage point greater than the French ten-year, whereas U.S. REITs average just a half-point over the ten-year T note.
Australian institutions have been co-investing with U.S. REITs.
But Thornburg has a marketing advantage over other REITs -- he can claim he's helping charities.
If you'd like a current yield that's shenanigan free, turn to publicly traded REITs like Mack-Cali Realty.
The third came in 1998 when the long-term capital management debacle and Russia's default sent low-grade bond prices plummeting, crushing high-debt REITs like Criimi Mae and Laser Mortgage Management with margin calls.
Compare that with Boston Properties (nyse: BXP - news - people ), one of the few U.S. REITs that builds its own, with just 2% of its holdings under construction.
FORBES: The U.K. has joined the REIT revolution. Buy sparingly.
Collections of properties that kick off rental income, REITs have clocked an annual 24% total return--that's appreciation plus dividends--over the past three years, versus the broad stock index's 7.5%.
Burton left General Electric (nyse: GE - news - people )'s pension fund management arm to join ING in 1995, convinced REITs would come to dominate U.S. commercial real estate.
There's a strong case to be made that REITs are a good thing to have in your portfolio long-term.
Behringer's president, Robert Aisner, says his trust shouldn't be compared with established public REITs because one-year-old Behringer is only beginning.
Steve DeLaney of JMP Securities says REITs can borrow against 95% to 97% of a government-backed mortgage security's value in the repo market.
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