Where Good Rei Ts May Be Lurking

Look for owners of full-service hotels and big-city offices and apartment complexes

To real estate's savviest investors, timing the cycle is simple. Just think baseball. "It is definitely the first inning," insists property and publishing magnate Mortimer B. Zuckerman, who just registered for a $903 million initial public offering of his vast real estate portfolio. "It is the sixth or seventh," declares vulture fund investor Thomas J. Barrack Jr., who has moved beyond buildings to buying operating businesses.

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