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   Real Estate Visionary
A Conversation With Vornado's Steven Roth



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features
Finding Their Niche
Companies occupying highly specialized property types have a lot to offer investors, the challenge lies in getting them (and analysts) to notice
Buy or Build
In today’s market, are REITs better off using acquisitions or development—or a combination of both—to fuel growth?
Expanding the REIT Horizon
Five years after the passage of the REIT Modernization Act made taxable REIT subsidiaries possible, TRS continue expanding business opportunities for REITs
Westfield’s Worldwide Web
When you think about truly global REITs The Westfield Group instantly comes to mind. Find out what allows this regional mall developer to flourish in every country it enters
cover


R. Scot Sellers:
TAKING STOCK

The Road Ahead

EDITOR'S DESK
The Roth Report

DEVELOPMENTS
Plurality vs. majority for board elections; REITs play to save in the Energy Star Challenge; In Phocas with a new investment advisory firm; W.P. Carey purchases German retail facilities; REITs make the grade; GE brings European deals to life; welcome to the Hotel California; and REITs ring the bell

REIT Reality
Did you know that REIT stocks boost the total return performance of a portfolio over time in part because the correlation of REIT returns with the returns to other stocks and bonds has declined significantly?

FOUR QUICK QUESTIONS
With Morgan Stanley’s Greg Whyte

REIT SNAPSHOT
Gladstone Commercial Corporation takes on hard-to-finance tenants

WINDOW ON WASHINGTON
Rep. Barney Frank on homeland security, the Terrorism Risk Insurance Act and REITs’ role in the economy

ONE-ON-ONE
Weighing LaSalle Hotel Properties’ upscale options with Jon Bortz

SECTOR SPOTLIGHT
Self-storage REITs boost market penetration and sector leadership

CAPITAL MARKETS
Q&A with Mike Kirby

INTERNATIONAL INSIGHTS
Israel gets the green light for REITs

FUND FOCUS
Profile of the Goldman Sachs Real Estate Securities Fund

NAMES TO NOTE
People making news and moves in the REIT and publicly traded real estate industry

BY THE NUMBERS
Stock Challenge update; FFO per share growth by sector; hotel debt and capitalization; and industry snapshot

IN CLOSING
Thoughts on the flow of information


Real Estate Portfolio® is the magazine for the REIT and publicly traded real estate industry.

It is published bimonthly by the National Association of Real Estate Investment Trusts® (NAREIT),
1875 Eye Street, NW, Suite 600, Washington, DC 20006–5413.
Phone 202-739-9400.