REITs proved their model is resilient to stresses during the recession, Josh Olazabal, vice president and credit analyst with PIMCO, said at REITWorld 2012: NAREIT's Annual Convention for All Things REIT. He attributes the resiliency in part to REIT bonds' covenant packages. "During the downturn, we saw that those limitations on debt basically kept the companies from going overboard and essentially ensured that they would be viable through the downturn," he said.