THE EXPERTS AGREE. REIT should be a part of euery serious investor's diversified portfolio. All the essentials are there―low volatility, consistent and steady profits, impressive dividends, convenient liquidity, low correlation with other asset classes, and, most importantly, professional manage-ment REITs are real estate investments with all the advantages stocks but none of the management woes or illiquid-ity that come with owning individual rental properties. The growing importance of the REIT industry is underscored by Standard & Poor's decision in 2001 to include REIT shares in their major indices, including the S&P 500Index.

REITs―and investing in them―are less complicated than direct real estate invest -ment. Yet to take advantage of asset class, you need to understand their unique features and performance characteristics. Inuesting in REIT―Reuised &Updated Edi-tion is an enlightening look at what REITs are, how they work, what properties they own, and why they deserve an important place in your portfolio. Its first edition was the clear leader in the marketplace. This new revised edition is essential reading for anyone purchasing REITs.

RALPH L. BLOCK, J.D.,has been involved with REIT investing for the past thirty years, as an individual investor, investment adviser, professional money manager, author, publisher, and consultant. He was Chief REIT portfolio Manager for Bay Isle Financial LLG from1993 to 2003, portfolio manger for Undiscovered Managers REIT Fund from 1998 through 2003, and is presently the owner and proprietor of Essentinl REITPublishing Co., which develops and publishes REIT industry commentary for investors. He also wries The Essential REIT newsletter. Before becoming a professional REIT investor Ralph was a business lawyer for more than twenty-five years.