The JPMorgan U.S. Real Estate Fund is beating the Standard & Poor’s 500 Index for a seventh straight year.

The takeovers of real estate investment trusts, including Chicago-based Trizec Properties Inc. and Shurgard Storage Centers Inc. in Seattle, propelled the JPMorgan fund to a 30 percent gain in 2006, topping the S&P 500’s 13.5 percent advance. The fund avoids homebuilders

Rising rents are key.

Bedell is now focusing on REITs of offices and apartments because rents are rising in metropolitan regions such as New York and San Francisco.