Record: 1 Real Estate: Making the REIT Picks. Business Week Online; 7/1/2008, p6-6, 1p Interview *INTERVIEWS *REAL estate business *FINANCE *JOB creation *REFINANCING *REAL estate investment trusts *INTEREST rates Investing Real Estate Stock Recommendations NAICS/Industry Codes522292 Real Estate Credit 525910 Open-End Investment Funds 525930 Real Estate Investment Trusts LEE, David — Interviews An interview with David Lee, manager of T. Rowe Price Real Estate Fund, is presented. Lee tells that T.
Rowe is outperforming in the market and correlates closely with job creation. He informs that real estate companies can refinance their debts despite the liquidity crisis. He also mentions the benefits of real estate investment trusts from the Federal Reserve’s interest rate hike. 994 0007-7135 32988646 Business Source Premier
Section: Top News INVESTING Q&A
Real Estate: Making the REIT Picks
David Lee of T. Rowe Price Real Estate Fund tells how he’s outperforming rivals — and the stock market — and what property groups he likes now
After a great run, real estate investments have suffered over the past year, with the average real estate mutual fund down 18%, according to Morningstar. David Lee has managed the $2.5 billion T. Rowe Price Real Estate Fund (TRREX) since it opened in October 1997, so he has seen tough times before. In the two years after the fund started, shares of real estate investment trusts [REITs] lost almost 20%, even as the Standard & Poor’s 500-stock index raced ahead 50%. “Even my family was calling up saying they were going to disown me,” Lee jokes.
But starting in 2000, real estate shares went on an incredible seven-year run, ignoring the Internet crash and more than doubling, on average. Lee’s fund has gained almost 13% a year over the past 10 years, beating the S&P 500 by more than 8 percentage points annually and performing better than three-quarters of all real estate funds. Boston-based BusinessWeek correspondent Aaron Pressman spoke with Lee at Morningstar’s (MORN) annual conference in Chicago on June 27.
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