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Investing In Commercial Real Estate Via REITs
CNBC.com | March 13, 2012 | 06:36 PM EDT

One way to get into commercial real estate is via real estate investment trusts, Green Street Advisors’ Mike Kirby said Tuesday.

“The long-term outlook is still very good, and I think the basic point is that most people probably have too little exposure to commercial real estate as an asset class,” he said on “ Fast Money .”

Kirby named three favorites.

“The rich-get-richer theme is playing out in mall space, where the good malls get better and the weak malls get worse,” he said. “Taubman’s a strong play on that.”

Two other strong names included Equity Lifestyle Properties, which operates RV parks, and Extra Space Storage, an REIT involved in self-storage facilities.

With a decline in home-ownership rates, Kirby saw ongoing upside in REITs that operate apartment buildings.

Specifically, Kirby liked AvalonBay Communities, Equity Residential and UDR.

“Whether it’s through an active manager, through a mutual fund, or through an index approach through an ETF, I think both are effective,” he said.

As a second-derivative play, Shelter Harbor Capital’s Brian Kelly continued to like U.S. Gypsum.

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