estate back from a near-death experience in the early 1990s. But according to some speakers at last week's Urban Land Institute convention in Washington, the medicine doesn't necessarily go down easily.

Just look at the drubbing real estate investment trusts have taken in the past year. The Morgan Stanley REIT index is off more than 20% from the beginning of 1998, and most stocks are trading below liquidation value.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.