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NEW YORK CITY-For the third week in a row, the Morgan Stanley Real Estate Index closed Thursday at an all-time high, 398.62, up 1.2% from the week before. The next day, however, the RMS slipped, as did the broader indices, although year-to-date it is up 8.4%, as reported in the Bear Stearns Real Estate Monitor on June 22.

Thus far, the index is beating the Dow Jones Industrial Average (down 1.7%) by more than 10% for the year. It is much farther ahead of the S&P 500 (-7.2%) and the Nasdaq (-17.6%).

Investors added $25 million to real estate mutual funds for the week ending June 20, raising total assets to $11.3 billion when coupled with a $70 million increase in market value.

Over the last month, large cap REITs have been outperforming their small cap counterparts. In early 2001, the small caps were leading the way. The Monitor believes this turnabout is sustainable because of evidence that investors and pension funds now regard the larger, more liquid firms as more attractive.

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