Japan's real estate trusts rise from the abyss

Japan's 40 real estate investment trusts (Reits) are slowly and painfully recovering from their worst experience since they were introduced in 2001. However, some analysts still see major structural problems in the industry. But the good news first. On June 29, the Tokyo Stock Exchange Reits index reached a year-to-date high, finishing at 976.16 points. On Tuesday, it had slipped back to 973.14.  In fact, the Reits market has been quietly but steadily recovering since its 2009 nadir…