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Analyst Decries REIT Selloff

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Raymond James & Associates Inc. analyst Paul Puryear upgraded eight real estate investment trusts today in the belief that the recent sell-off in the sector has been overdone.

“Enough, already!” he wrote in a note. “Given our years of real estate experience, we can recognize compelling value when it appears.”

Mr. Puryear said there's been an “unprecedented sell-off among REIT stocks” that caused REIT prices plummet more than 30% so far in October.

He blames “indiscriminant selling” by hedge funds, closed-end funds' facing redemptions and broader market turmoil for the decline.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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