November was a difficult month for REIT investors, who lost most of the gains posted in the previous month, says Brad Case, NAREIT's senior vice president for research and industry information. Returns for the FTSE/NAREIT All REIT Index dropped 4% for the month, compared with a 3% gain in the S&P 500. There has been a loss of 14% in the REIT market since May 21, Case notes.

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