Acquisitions are having an impact on REIT returns, NAREIT Vice President of Research Brad Case says. Retail REITs were up more than 10% in the past month, apartment REITs by 8% and lodging REITs by 6%. "Investors have been looking forward to the returns that REITs are going to be able to generate by acquiring high-quality properties at good prices," he says. Unlike private-sector companies, REITs do not have to put money to work within a particular time frame, which means they are less likely to overbid for an asset, he says.

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