Real estate investment trusts are an integral part of the real estate industry and have come a long way since the early days of industry specialization. A year ago it was unclear what sectors would improve the most, and we were surprised to find that all of the REITs gained in some ways. This economy has, in certain respects, been kinder to some REITs than others, and the past year in particular has been instrumental in helping some firms recover from lost residents, fated tenancies and collapsed major leases. One trend that has been fascinating to watch has been the amazing resiliency of these property companies, which at times included changing strategies while reacting to market signals. This past year has been more an era of improvement than expansion, and it provides for the successful positioning of our list leaders in each segment.
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