REITs still are highly correlated to real estate despite the fact they trade and react like equity, says Michael Hudgins, vice president and global REIT strategist at JPMorgan Asset Management. In short, they still have the best of both worlds. "With a long-term recovery in real estate valuations ahead, there are good prospects for total returns for REITs," Hudgins said. At the same time, they can react to short-term events such as a lower interest rate.

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