# Professor Stijn Van Nieuwerburgh's research on REITs is featured

1 Faculty News May 26, 2017 ![ETF.com logo 192 x 144](/sites/default/files/styles/246w/public/assets/images/etf192x144.jpg?itok=C8lTqgkn)>

Excerpt from [ETF.com](http://www.etf.com/sections/index-investor-corner/swedroe-important-changes-nature-reits?nopaging=1) -- "As [Stijn Van Nieuwerburgh](http://www.stern.nyu.edu/faculty/bio/stijn-van-nieuwerburgh) shows in his April 2017 paper 'Why Are REITs Currently So Expensive?,' REIT valuations have changed over time. He showed that for the period 1972 through 2004, the price-dividend ratio (the inverse of the dividend yield, or D/P) on publicly owned REITs ranged between about 12 and 18."

[Read more](http://www.etf.com/sections/index-investor-corner/swedroe-important-changes-nature-reits?nopaging=1)