As a bona fide stock-watching junkie, I learned long ago that the ride on Wall Street requires a strong stomach and even stronger shock absorbers. And to say that the last few weeks have been a roller-coaster ride would be a great understatement.

But this week, something just short of amazing happened. Four real estate firms released positive earnings reports, something that has been happening for weeks and even months with little or no reaction from investors. But upon close examination of these real estate companies, I was thrilled to see that all four are being rewarded by Wall Street for improved financial performance.

Has the industry finally turned the corner? Are investors spooked enough by the gyrations of tech stocks and the fears associated with apparent inflationary tendencies to flee toward good ol’ real estate? Well, I won’t go so far as to agree with those theories, but the following evidence may go a long way toward cheering a short-changed industry tired of being shunned the money.

Case No. 1: Correctional Properties Trust showed a 16 percent increase in revenue when compared with the first quarter last year.

“We are maintaining our conservative risk profile with no speculative projects or facility occupancy risk,” said Charles Jones, president and CEO of the real estate investment trust. “We are experiencing increasing lease rates in our industry as reflected by our acquisition this past quarter.”

Correctional Properties Trust (NYSE: CPV), with its relatively low profile and small revenue stream, wouldn’t seem to be a candidate for stock market recovery. On average, only 17,100 of its shares change hands each day, and just a couple of weeks ago the company sank to its 52-week low of $9 7/8, compared to almost $18 a year ago.

But the stock suddenly has rebounded to $11 ¹/2, and the tick shows nothing but pluses. And with a lowly 9 price-to-earnings ratio, the stock seems to have a great deal of room for further improvement.

Case No. 2: Weingarten Realty Investors (NYSE: WRI), announced a nearly 10 percent increase in funds from operations for the first quarter, when compared to the first three months of 1999. Rental revenue was up more than 11 percent, and occupancy was over 90 percent for the company.

Stanford Alexander, Weingarten’s chairman and CEO, attributed the strong results to new developments and acquisitions that came on-line in late 1999, as well as the increased rental revenues from existing properties.

Since its debt was upgraded this quarter, the company’s shares have shown strong and steady improvement, from a year-low $34 9/16 in February to an almost year-high $40 this week. Although it is nearing its highs, Weingarten’s stock also has a great deal of room for improvement, with a price-to-earnings ratio of only 14. But its volume, while low, has remained consistently ahead of the real estate pack at 31,300 shares per day.

Case No. 3: One of the steadier players in today’s roundup, Washington Real Estate Investment Trust (NYSE: WRE) also suffers from a horrendous price-to-earnings ratio of only 12. The stock just recently has rebounded, however, to near its 52-week high. Now at around $16, just weeks ago the stock hovered close to its year-low at around $14.

Washington REIT announced an impressive 17 percent increase in FFO for the first quarter.

“WRIT’s FFO growth is due to the excellent performance of recent acquisitions, combined with the strong core portfolio net operating income increase of 9.3 percent,” said Edmund Cronin, Jr., president and CEO.

Case No. 4: Perhaps the most impressive Wall Street turnaround has been posted by First Industrial Realty Trust, Inc. (NYSE: FR). First Industrial this week announced a first-quarter increase in FFO of 10 percent per share. Occupancy is up, and the disposal of a few non-core assets has vastly improved financial performance.

In late October, First Industrial’s stock price was at its year-low of $23 ¹/4, but recent announcements and better money-making have boosted the stock to its year-high of close to $30. But once again, a price-to-earnings ratio of nearly 12 makes WRIT an attractive buy.

Volume in these and other real estate stocks shows a steady increase over the last few months. And with the fundamentals attractive, perhaps an end to the drought is on its way