After a 33% return for the third quarter, some analysts suspect REITs might be trading at a premium to net asset value. But REITs remain well below their peak. Green Street Advisors said the value attributed to REITs by investors might reflect confidence that commercial property prices are due to increase. REITs' ability to access the public capital markets at a time when private funding is hard to come by also factors into their higher valuations, Green Street's Mike Kirby said.

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