Spring 2007, Vol 32, No 1 features

Abstract: Institutional investors like to point to the so-called Modern REIT Era to distinguish between the sleepy world of passive real estate investment trusts and the post-1991 boom when capitalization of U.S. REITs took off. In the following 15 years, U.S. REITS grew from less than $9 billion equity capitalization to more than $400 billion. Today a parallel evolution is taking place in many countries as REITs are adapted to meet the needs of European and Asian property capital markets.