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Josh Olazabal, Amit Arora
Real Estate Investment Trusts (REITs) have not only survived one of the worst real estate downturns in modern history, but have actually been thriving during the past several years. How is this possible, given the depths and persistence of the housing and commercial property market meltdown? In our view, this resiliency can be attributed to a number of attributes, which PIMCO collectively refers to as “the REIT model.”
Past performance is not a guarantee or a reliable indicator of future results. All investments contain risk and may lose value. REITs are subject to risk, such as poor performance by the manager, adverse changes to tax laws or failure to qualify for tax-free pass-through of income. Investing in the bond market is subject to certain risks including market, interest-rate, issuer, credit, and inflation risk; investments may be worth more or less than the original cost when redeemed. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities. PIMCO may or may not own the securities referenced and, if such securities are owned, no representation is being made that such securities will continue to be held.
No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. Pacific Investment Management Company LLC, 840 Newport Center Drive, Newport Beach, CA 92660, 800-387-4626. ©2014, PIMCO.
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