I' nvestors have been richly rewarded for owning real estate investment trusts in the wake of the biggest property bust in a , generation. They returned 64% in the two years through December. Now the trusts are trading at 21 times expected 2011 earnings, a 50% premium to the Standard & Poor's 500 earnings multiple. That's a serious warning sign, says Jon Fosheim, a veteran investor who runs Oak Hill REIT Management in Newport Beach, Calif. "Since commercial real estate is tied to the US. economy, if s unlikely REITs can generate outsize earnings going forward," he says.
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机译：在一代最大的房地产泡沫破灭之后，我的投资人因拥有房地产投资信托而获得了丰厚的回报。在截至12月的两年中，他们的回报率为64％。现在，这些信托的交易价格是2011年预期收益的21倍，比标准普尔500倍的收益倍数高50％。在加利福尼亚州纽波特比克（Newport Beach）运营Oak Hill REIT Management的资深投资者Jon Fosheim说，这是一个严重的警告信号。“由于商业房地产与美国经济息息相关，因此REIT不太可能带来超额收益。”他说。
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