The summer is usually marked with changes such as graduations and weddings. Real Estate Portfolio is no exception. Keen-eyed readers will notice that I am not Matthew Bechard, who was recently promoted to senior director of communications at NAREIT. He has done an outstanding job as editor in chief of the publication for the past five years and it is now my turn to take the reins.

Most recently, I was the editor for the Missile Defense Agency's publication The Shield and prior to that, I was the manager of publications and editor for SOCAP's CRM magazine.

On a personal note, it has been an exciting few months integrating myself into the NAREIT and Portfolio team.

July is the start of the third quarter, and it also is a time for change. Most companies are reviewing the first half of 2006 and are adjusting their formula to meet their year-end targets. This is especially true in the REIT industry with how companies are reviewing their corporate governance and making changes in their business structure.

Corporate governance plays an important part on a corporation's accountability and should optimize results and focus on economic efficiency both internally and externally. In regards to this essential topic, turn to "Inside the Boardroom." This article features opinions from several leading REIT CEOs on critical governance-related issues facing the industry today.

In relation to other industries, real estate continues to shine, according to Institutional Shareholder Services' Corporate Governance Quotient (CGQ). To read why the real estate industry again ranked second among all industries, turn to Professional Perspectives.

Also In This Issue

Joint ventures are becoming an increasingly popular trend for REITs to finance real estate and diversify their revenues with additional advisory and management fees. Turn to "Joint Ventures: How the Deal is Done" to read about REITs that have successfully been using this tool.

A number of REITs continue to build their portfolios and bottom lines from the ground up. REITs are showing themselves to be developers that are every bit as savvy as real estate operating companies (REOCs) and private developers. Turn to "Breaking Ground" to read more on the state of developments.

Also, be sure to visit realestate portfolio.com for additonal articles on Hong Kong REITs, new SEC guidelines and a profile of the Henderson Property Fund.

Erin Corcoran
Editor-in-Chief