Editor’s Desk
Cash is King
L
ike all companies today,
REITs are struggling
under the heavy weight
of a deepening reces-
sion and dramatically
constricted credit
markets. We see the signs of
both of these serious financial
challenges reflected every day in
news coverage about declining
GDP numbers, rising unem-
ployment, shrinking consumer
spending and banks’ tightening
lending standards.
In this challenging and
uncertain financial climate,
REIT management teams are
scrutinizing all costs and taking a conservative approach
to balance sheet management.
Holding on to cash is critical,
and REITs are doing exactly
that. They are concentrating
on retaining tenants, achieving
operating efficiencies, curtailing
development plans and reexamining dividend payouts.
REITs are actively addressing the challenges facing them,
and we invite you to learn more
about what individual companies are doing to strengthen
their balance sheets in this
issue’s cover story, “Capital is
King.”
Turning Pages
While we all would sooner forget the roller coaster gyrations
of the market in 2008, the ride
continues into 2009. As we finish up the first quarter of 2009,
we all ask the question, where
will real estate mutual funds go
from here? What can we expect
this year? Turn to “Life Goes on
After 2008” to read what strategies mutual fund managers have
in place for the coming year, and
where they expect to find opportunities for their investors.
Erin Corcoran
MANAGING EDITOR
PUBLISHER
Steven A. Wechsler
ASSOCIATE PUBLISHER
Sheldon M. Groner
EDITOR IN CHIEF
Ron Kuykendall
SENIOR MANAGING EDITOR
Matthew Bechard
MANAGING EDITOR
Erin Corcoran
ASSOCIATE EDITOR
Allen Kenney
VICE PRESIDENT, SALES
Chris Flood
V.P. & GENERAL MANAGER
Jeff Henriksen
ART DIRECTION & PRODUCTION
The Magazine Group
NATIONAL ADVERTISING SALES
Kathleen Thomas
Phone: (202) 721-1497
ADVERTISING TRAFFIC MANAGER
Anita Handy
Phone: (202) 331-7700
ARTICLE REPRINTS
PARS
Phone: (212) 221-9595
e-mail: reprints@parsintl.com
2009 EDITORIAL
ADVISORY BOARD
Jamie Behar
Managing Director, Real Estate &
Alternative Investments
Ralph Block
The Essential REIT
William E. Hauser
Prudential Real Estate Investors
Peter Slatin
Real Capital Analytics
Real Estate Portfolio® is the magazine for
investing in the REIT and publicly traded real
estate industry. It is published bimonthly
by the National Association of Real Estate
Investment Trusts® (NAREIT), 1875 I Street,
NW, Suite 600, Washington, DC 20006-5413.
Phone 202-739-9400.
©
Copyright 2009 by the National Association of
Real Estate Investment Trusts®. NAREIT and
Real Estate Portfolio are the exclusive registered trademarks of the National Association of
Real Estate Investment Trusts, Inc.
Opinions expressed herein do not necessarily
reflect those of the publisher or editors, nor
do they necessarily represent the policies or
positions of NAREIT. Investors should consult
with their own investment, legal or tax advisers
regarding the appropriateness of investing in any
of the securities or investment strategies discussed in this publication. Nothing herein should
be construed to be an endorsement by NAREIT
of any specific company or products or as an
offer to sell or a solicitation to buy any security or
other financial instrument or to participate in any
trading strategy. NAREIT expressly disclaims any
liability for the accuracy, timeliness or completeness of data in this publication. Unless otherwise
indicated, all data are derived from, and apply
only to, publicly traded real estate securities. Any
investment returns or performance data (past,
hypothetical, or otherwise) are not necessarily
indicative of future returns or performance.
We welcome your opinions and comments.
Please send them to the above address.
Real Estate Portfolio is the recipient of multiple
SNAP Excel Awards for Overall Excellence and
Design Excellence
