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Are Heavy Sales a Sell Signal?

A pattern has emerged in the REIT universe: Insiders are selling big and rarely buying. In the first quarter, REIT insiders sold $169 million worth of stock while buying just $1.1 million. That followed a fourth quarter in 2004 during which insiders sold $271 million vs. purchases of $33 million, according to data compiled by Lehman Brothers REIT analyst David Harris.

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