WITH A 26% GAIN OVER THE past year the MSCI U.S. REIT Index did almost twice as well as the S&P 500. So are REITs now expensive? That's hard to say. Based on a multiple of earnings adjusted to factor in the quirks in how REITs are structured, they're on the costly side versus stocks, says real estate research firm Green Street Advisors. Comparing REITs' un-levered returns to yields on Baa-rated bonds, they still look pretty cheap, Green Street adds.
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机译：过去一年中，MSCI美国房地产投资信托指数的涨幅为26％，几乎是标准普尔500指数的两倍。那么，房地产投资信托现在昂贵吗？很难说。房地产研究公司Green Street Advisors表示，根据调整后的多种收益（考虑到REIT的结构怪异），它们相对于股票而言成本较高。格林街补充说，将房地产投资信托基金的非杠杆收益与Baa级债券的收益率进行比较，它们看起来仍然很便宜。
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