i.e. the p/e is meaningless...you should focus on the yield (p/e's are so overrated ex: I bought OMG in 2002, when the p/e was 400...and selling at $4...18 months later, it was at $30...i.e. sometimes it's actually better to look for high p/e stocks that people flee)
...just buying the dips, today...I got some DRH / CBL / VNQ today.(Thursday)
...reading articles about the BOJ accepting REIT debt now...to ease the sector there - REITS popped in Japan, nicely ( no, Japan is not the USA, but maybe we'll "get a clue")
... I'm also watching the big ground swell of interest in taking the toxic assets off of bank's balance sheets...I'm getting the feeling that the govt will have to do that very soon...and that should help financials, and REITS...
So, buy a little here...a little there...I sorta think that when things return to "normalcy" (or even 1/2 normalcy), we could see some excellent dividend yields, on our "buy-in prices" today...i.e. if dividend payouts go back up in 1-2 years, you might be looking at 10-20% returns later, based upon your low "buy-in" prices, today.
(think about the "concept" here...buying at a low "face value"/stock's price...and dividends will be / should be raised later, unless the world ends...your yield will be based upon TODAY'S 'BUY-IN)
GOOD LUCK...AND SPREAD THE BETS...VNQ might be a safer way for some, to get into the REITS...and only a 0.1% mgmt fee...