The Morgan Stanley REIT Index hit a high in late 1997 and then began a slide that, apart from a short-lived rally last spring, has made one-third its value disappear.

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Although REITs aren't the same bargain they were in 2000, over the past five years, the widely-followed Morgan Stanley REIT Index (amex: RMS - news - people ), which measures total return--including dividends-- has risen 20.4% per year.

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Morgan Stanley's REIT Index is down 24% so far this year, and most REITs sell at an average of close to 10% discount to their net underlying asset values, according to Jon Fosheim of Green Street Advisors.

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