Klaus Vedfelt Over the past decade, REITs operated in a low interest rate environment where cheap capital and declining yields fueled a long-term rally for commercial real estate assets. Long-term falling yields of income-producing assets supported elevated REIT valuations and declining capitalization rates in the open market. For real estate investors, this was an easy street with year after year of strong returns. REITs excelled over this era where investors found themselves in a "cannot lose" environment ...