By any measure, the performance of REIT stocks this year has been remarkable. The factor driving the trend is improved REIT liquidity, said Brad Case, vice president for research and industry information for the National Association of Real Estate Investment Trusts. "Investors are responding to the resolution of the liquidity crisis by publicly traded REITs," he said. The ability of public REITs to access capital through the public capital markets began improving earlier this year and became quite strong this summer, Case said.

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