... separate and dis-tinct asset class. Furthermore, despite their stable and predictable cash flows and steady dividends, REIT stocks have, at times, been very unpopular with investors. In 1998 and ... properties and later having to sell them at a loss (e.g., American Health Properties) ◆ Expanding too quickly and taking on too much debt in the process (e.g., Patriot American Hospitality and Factory ... economic and real estate climates, be able to grow its FFO at a pace beyond a mid–single digit rate unless it has access to additional equity capital. There will always be another bear market and, ...