It is normal for REIT values to move before the underlying fundamentals of commercial real estate, said Scott Robinson, assistant director of the New York University REIT Center. "Academically speaking, I would say you would generally see a six-month gap, depending on the underlying property type," he said. "Property types with shorter lease terms such as lodging and multifamily may experience a shorter gap, while property types with longer lease terms, notably office, would experience a longer gap."

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