reit replay news headlines mutual beneficiaries · values at approximately $308.2 million, rbc...

Wednesday, March 19, 2008

One SNL Plaza, P.O. Box 2124, Charlottesville, VA 22902 Phone: 434.977.1600 News fax: 434.293.0407 snl.com© 2008, SNL Financial LC. All Rights Reserved. Proprietary and Confidential. Use limited and subject to SNL license.SNLFinancial

REIT Replay

Mutual beneficiariesmailto:[email protected] LaTasha Durrett

REITs and the broader markets racked up big gains on Tuesday, March 18.

The Federal Open Market Committee voted to lower its target for the federal funds rate by 75 basis points to 2.25%.

The Fed said in its March 18 release announcing the news that recent information indicates that the outlook for economic activity has weakened further. It noted that growth in consumer spending has slowed, labor markets have softened, financial markets remain under “considerable” stress and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters.

As Keefe Bruyette & Woods analyst Brian Gardner noted in a research note following the announcement, this is the sixth consecu-tive rate cut by the Fed.

Gardner also pointed out that Dallas Fed President Richard Fisher and Philadelphia Fed President Charles Plosser voted for a less aggressive rate cut on March 18.

Is Florida hitting rock bottom?By Zach Carter

Some industry observers are optimistic about the recovery of the Florida banking market, despite regulatory concerns about deep-ening problems in the residential and CRE markets, where specula-tor loans are turning sour, and as migration to the state sinks into the swamps.http://www.snl.com/interactivex/article.aspx?Id=7497616

Can Fed cuts quash volatility?By Zach Carter

In yet another attempt to improve liquidity for U.S. banks struggling to stay on their feet amid a tidal wave of souring debt, the Federal Reserve’s Federal Open Market Committee on March 18 cut both the federal funds and the discount interest rates by 75 basis points each.http://www.snl.com/interactivex/article.aspx?Id=7498515

If you experience difficulties or have any questions, please e-mail us at [email protected] or call us at 888-275-2822.

http://www.snl.com/interactivex/MyInteractive.aspx

continued on page 3

continued on page 3continued on page 2

SEC files settled securities fraud charges against REIT manager

mailto:[email protected] LaTasha Durrett

The SEC on March 18 filed settled securities fraud charges against W.P. Carey & Co., a REIT manager, and two of the firm’s senior execu-tives for paying undisclosed compensation to a brokerage firm that sold REITs to investors.

W.P. Carey did not disclose the payments to the broker/dealer, as it was required to do in the REITs’ offering documents, and misrepre-sented the payments in the REITs’ periodic filings, according to a news release from the SEC.

The SEC complaint names as defendants W.P. Carey & Co.; former W.P. Carey CFO John Park, who until March 17 also served as manag-ing director of strategic planning at W.P. Carey and is currently an employee in charge of strategic planning; and former chief account-ing officer and current managing director Claude Fernandez.

Carey Financial LLC, a broker/dealer subsidiary of W.P. Carey, was also named in the complaint.

The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, makes several allegations in addition to the alle-gations that the firm failed to disclose payments to the broker/dealer and misrepresented payments in periodic filings made by REITs it was managing.

News HeadlinesE q u i t yhttp://www.snl.com/interactivex/snapshot.aspx?id=111908Alexandria Real Estate Equities Inc. AREClose: $94.22 +4.55 (+5.1%) Vol: 528,000 (139% of Avg.)Alexandria Real Estate Equities Inc. said March 18 that it is com-mencing an underwritten public offering of 10 million shares of series D cumulative convertible preferred stock for estimated gross proceeds of $250.0 million.

The shares will be convertible into shares of Alexandria common stock.

The company said JPMorgan Securities Inc., Citi and Merrill Lynch & Co. are acting as joint book-running managers in connection with the offering.

The dividend rate, conversion rate and offering price will be deter-mined by negotiations between the company and the underwriters. Alexandria will grant the underwriters a 30-day option to purchase up to 1.5 million additional shares to cover overallotments, if any.

Alexandria said it intends to use the net proceeds from the offering to reduce the outstanding balance on its unsecured line of credit, which it uses from time to time to provide funds for general working

mailto:[email protected]

http://www.snl.com/interactivex/snapshot.aspx?id=111908

http://www.snl.com/interactivex/MyInteractive.aspx

http://www.snl.com/interactivex/article.aspx?Id=7497616

http://www.snl.com/interactivex/article.aspx?Id=7498515




REIT Replay continued

“The last time two FOMC members dissented was in September 2002 when the FOMC voted to leave rates unchanged and former Federal Reserve Governor Edward Gramlich and former Dallas Fed President Robert McTeer dissented,” Gardner said.

In real estate news

In the wake of the March 16 announcement that JPMorgan Chase & Co. agreed to acquire Bear Stearns Cos. Inc. in a stock deal SNL values at approximately $308.2 million, RBC Capital Markets analysts released a report focusing on office exposure to financial services.

Analysts at RBC said in a March 18 research report that lowered demand for space that accompanies recessionary slowdowns must be considered for any real estate property type.

“We continue to believe that companies with long term leases are much less exposed to a recession or slowdown that is relatively short in duration,” the analysts said.

However, they followed this statement by adding that no property type is likely to be totally insulated from the impact of a “long, drawn-out recession.”

According to the RBC analysts, recent headlines suggest that many of the major financial institutions could experience layoffs of 10% to 20%.

They noted that even if certain financial services companies reduce their work forces, the rent on that office space must be paid unless the parent company files for bankruptcy. The analysts said empty space puts more pressure on market rents.

Looking at certain REITs in its coverage universe and Highwoods Properties Inc. and Vornado Realty Trust, which the group does not cover, the research team at RBC found that SL Green Realty Corp. has the highest revenue base exposure to the financial service industry.

The least amount of exposure belongs to companies that have more heavily relied upon government and related tenants over time, including First Potomac Realty Trust, HRPT Properties Trust and Corporate Office Properties Trust, with First Potomac showing the least exposure.

Shares of SL Green rose 3.57% to $79.52 on Tuesday, while First Potomac shares rose 5.10% to $15.05.

Analysts Bill Carrier and Sheila McGrath at Keefe Bruyette & Woods initiated coverage of manufactured housing REIT Equity Lifestyle Properties Inc.

Carrier and McGrath said in their March 18 report that Equity Lifestyle presents investors with an “attractive opportunity” to invest in the largest manufactured housing REIT.

“Demographics are strong for ELS’s age-restricted communities, with baby boomers reaching retirement age,” the analysts said. “Even during this period of slow new home sales, in our view, ELS is well-positioned to grow earnings at an above-average pace with below-average risk.”

Carrier and McGrath placed an “outperform” rating and a 12-month price target of $53 per share on the company.

Shares of Equity Lifestyle jumped 7.61% to $50.22 on March 18.

While Carrier and McGrath were diving into something new, Stifel Nicolaus analysts Rod Petrik and Simon Yarmak upgraded Post Properties Inc. to a “buy” rating from “hold.”

On March 17, The REIT Newshound reported that Cadim and Williams Realty Advisors LLC did not make a bid for Post.

The analysts at Stifel said they are establishing a target price of $42 per share for Post, representing a 9.0% discount to the analysts’ liquidation value and an implied 6.6% cap rate.

“We believe there is some risk that management does not com-plete the formal sales process it started and stiff arms potential bid-ders,” Petrik and Yarmak said in a March 18 report. “While we continue to believe that there is liquidity in single asset transactions, $3 billion deals have become a challenge in this market. We would assume larger portfolio transactions would trade at a discount. The company may be best served by separating assets into two or three portfolios to maximize value.”

Post Properties rose 4.93% to $37.02 on Tuesday.

Market Movement

The MSCI US REIT Index (RMZ) rose 4.79% to 870.29, and the SNL US REIT Equity Index traded up 4.75% to 223.13 with 108 winners, one loser and seven companies closing flat.

The Dow Jones Industrial Average rose 3.51% to 12,392.66, while the S&P 500 increased 4.24% to 1,330.74.

The SNL US Homebuilders Index skyrocketed 9.76% to 298.81 with 20 winners, one loser and two companies closing flat.

The SNL US Gaming Index traded up 3.85% to 452.19 with 12 win-ners, two losers and four companies closing flat.

The yield on the 10-year Treasury rose to 3.47% from Monday’s 3.31%.

In Macro News

In macro housing data news, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development said in a joint report that privately owned housing starts in February were at a seasonally adjusted annual rate of 1.065 million, 0.6% below the revised January estimate of 1.071 million.

Single-family housing starts in February fell 6.7% to a rate of 707,000 from 758,000 in January. The February rate for units in build-ings with at least five units totaled 331,000.

The number of authorized building permits for privately owned housing units fell 7.8% in February to a seasonally adjusted annual rate of 978,000 from the revised January rate of 1.061 million. Year over year, February permits dropped 36.5% from 1.541 million.

Single-family authorizations decreased 6.2% to a rate of 639,000 in February, compared to 681,000 in January.

Calyon Securities analyst Sireen Hajj said in a March 18 research note that the decline in building permits suggests more weakness in the coming months.

“Our bearish view reflects the weak underlying fundamentals of excess supply,” Hajj said. “It will take a pullback in new construction to whittle down the inventory overhang and this process is likely to continue depressing homebuilding throughout the year.”

Further, Hajj believes that tighter credit and lending standards have limited sales of homes, and that home price declines have led poten-tial buyers to wait in anticipation of additional price concessions.




The Real Estate Industry Delivered to Your Desk via E-mail Each MorningPublished by: SNL Financial LC (ISSN 1090-4190) © 2008

Subscription Rate: 250 issues for $996

Jenny Paurys, Editor Moira Dickinson, Assistant Editor Paul Henderson, Director, News Leah Gronning, Product Manager Keven Lindemann, Director, Real Estate

Michael Chinn, President Pat LaBua, Director, Subscriptions

Subscription Sales: E-mail: [email protected] Phone: 434.951.7797 Fax: 434.817.5330Advertising: E-mail: [email protected] Phone: 434.951.7829 Fax: 434.817.5330

One SNL Plaza P.O. Box 2124 Charlottesville, VA 22902 Phone: (434) 977-1600 News fax: (434) 293-0407http://www.snl.com mailto:[email protected]

To submit news for publication, fax releases to (434) 293-0407 or email the news department at [email protected]. SNL reserves editorial judgment concerning all submissions.

SNLFinancial

TM

“This exacerbates the difficulties of those who want to sell a home that they can no longer afford as their mortgage rate resets higher. Hence, mortgage delinquencies are likely to increase further in the coming months,” he said.

The U.S. Department of Labor also released its Producer Price Index for finished goods on Tuesday. The PPI rose 0.3% in February on a sea-sonally adjusted basis. The increase follows a 1.0% advance in January and a 0.3% decline in December.

Before seasonal adjustment, the PPI increased 0.2% in February to 172.2.

http://www.snl.com/interactivex/researchrpts/researchreportdetails.aspx?KD=7494358&KF=5782014&KI=103066�Click to view the full filing


http://www.snl.com/interactivex/feedback.aspx?Id=7499708&Action=estory� E-mail this story.

REIT Replay continued

SEC continued from page 1

The complaint also alleges that the firm did not disclose payment for proxy solicitation services when in 2002 it proposed to merge two of its affiliated REITs, subject to approval by shareholders of the REITs.

W.P. Carey caused the two REITs to pay $100,000 to a broker/dealer that had sold the REITs’ shares to investors to solicit shareholder votes in favor of the merger. In the registration statement and proxy materials for the merger, W.P. Carey failed to disclose the $100,000 payment that Park authorized to the broker/dealer for proxy solicita-tion services.

Additionally, the SEC alleges that in 2002 and 2003, W.P. Carey and Carey Financial offered and sold more than $235 million of one of the affiliated REITs’ shares without a registration statement being in effect, in violation of the registration provisions of federal securities laws.

According to the news release from the SEC, to settle the charges, W.P. Carey agreed to pay approximately $30 million, consisting of approximately $20 million in disgorgement and interest and $10 million in penalties. Park’s settlement includes a five-year bar from serving as an officer or director of a public company and a $240,000 penalty. Fernandez’s settlement includes a two-year suspension from appearing before the SEC as an accountant and a $75,000 penalty.

The defendants agreed to settle the charges without admitting or denying the allegations of the complaint. In addition to the financial penalties, W.P. Carey agreed to a permanent injunction from violating the anti-fraud, reporting, proxy, books and records, and registration provisions of the federal securities laws.

The disgorgement and prejudgment interest will be distributed to the affected REITs. Carey Financial agreed to a permanent injunction from violating the registration provisions of the federal securities laws.

Park additionally agreed to a permanent injunction from violating, or aiding and abetting violations of, the antifraud, reporting, proxy, and books and records provisions of federal securities laws.

Fernandez agreed to a permanent injunction from violating, or aid-ing and abetting violations of, the anti-fraud, reporting, and books and records provisions of the federal securities laws.

All of the settlements are subject to court approval. The SEC said its investigation is ongoing.

COMPANY REFERENCED IN THIS ARTICLE:W.P. Carey & Co. LLC http://www.snl.com/interactivex/feedback.aspx?Id=7499517&Action=estory� E-mail this story.

News Headlines continued from page 1

capital and other corporate purposes, including the selective devel-opment, redevelopment and acquisition of life science properties.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7499895-8794�Click to view the Press Release of 03/18/08 for Alexandria Real Estate.


http://www.snl.com/interactivex/snapshot.aspx?id=4082048American Financial Realty Trust AFRClose: $7.48 +0.39 (+5.5%) Vol: 2,156,500 (96% of Avg.)http://www.snl.com/interactivex/snapshot.aspx?id=4092552Gramercy Capital Corp. GKKClose: $17.89 +0.89 (+5.2%) Vol: 468,566 (125% of Avg.)http://www.snl.com/interactivex/snapshot.aspx?id=113065SL Green Realty Corp. SLGClose: $79.52 +2.74 (+3.6%) Vol: 2,376,634 (289% of Avg.)Gramercy Capital Corp. said March 18 that its board of directors

http://www.snl.com/interactivex/researchrpts/researchreportdetails.aspx?KD=7494358&KF=5782014&KI=103066


http://www.snl.com/interactivex/feedback.aspx?Id=7499708&Action=estory


http://www.snl.com/interactivex/doc.aspx?CDID=A-7499895-8794





http://www.snl.com





authorized, and the company declared, its quarterly dividend of 63 cents per common share for the quarter ending March 31.

The first-quarter dividend is payable April 15.

Based on Gramercy’s March 17 closing price of $17.00, the regular quarterly distribution represents an annualized dividend yield of 14.82%.

Gramercy’s merger agreement with American Financial Realty Trust requires the company to pay its first-quarter dividend to former American Financial stockholders who will become the company’s stockholders following the merger.

As a result, the record date for Gramercy’s first-quarter dividend cannot be set prior to the closing of the American Financial transac-tion. Gramercy currently anticipates that the closing of its acquisi-tion of American Financial will occur on or about March 31.

Accordingly, the company’s board has determined that the record date for its first-quarter dividend will be April 2.

However, if the closing of the transaction is delayed for any reason to a date later than April 1, the record date for the company’s first-quarter dividend will be the first business day immediately follow-ing the closing date of the merger transaction.

Gramercy’s board also authorized a dividend for the company’s series A preferred stock for Jan. 1 through March 31 of 50.781 cents, reflecting an annualized distribution of $2.03125.

Dividends are payable April 15 to shareholders of record at the close of business on March 31.

Gramercy Capital is externally managed by GKK Manager LLC, which is a majority-owned subsidiary of SL Green Realty Corp.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7495922-9317�Click to view the Press Release of 03/18/08 for SL Green Realty Corp.


http://www.snl.com/interactivex/snapshot.aspx?id=103094Camden Property Trust CPTClose: $52.78 +1.74 (+3.4%) Vol: 1,669,403 (223% of Avg.)Camden Property Trust said in a Form 8-K filed March 18 that it appointed D. Keith Oden to the position of president, effective March 14.

Prior to this time, Oden served as Camden’s president and COO.

Also effective March 14, the company appointed H. Malcolm Stewart to the position of COO.

Stewart previously served as Camden’s executive vice president of real estate investments and chief investment officer.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7500218-11882�Click to view the 8-K of 03/18/08 for Camden Property Trust.


LaTasha Durrettmailto:[email protected]

http://www.snl.com/interactivex/snapshot.aspx?id=4094472Feldman Mall Properties Inc. FMPClose: $2.58 +0.17 (+7.1%) Vol: 69,200 (71% of Avg.)Feldman Mall Properties Inc. on March 18 filed an extension with the Securities and Exchange Commission for additional time to file its annual report on Form 10-K for the year ended Dec. 31, 2007.

The company requires the extension in order to complete its nor-mally required year-end reporting requirements and assessment of the effectiveness of its internal controls over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act of 2002.

The company intends to file its annual report on Form 10-K for full year 2007 by no later than April 1.

Further, the company expects to include additional, detailed prop-erty-related information in the filing of the report and intends to provide an update on strategic alternatives, cost savings initiatives and property level performance.

In its March 18 notification of late filing, Feldman said it anticipates a significant change in results of operations from the corresponding period for the last fiscal year to be reflected by the earnings state-ments to be included in the report.

Recently, Feldman came under fire from a shareholder who said the company’s board of directors is disconnected from the company.

On Dec. 21, 2007, the company said that while it remained com-mitted to exploring alternatives, it did not believe a sale, merger or other strategic alternative was imminent under market conditions at the time.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7499899-7770�Click to view the Non-timely Filing Notice of 03/18/08 for Feldman Mall Properties Inc.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7500066-12901�Click to view the Press Release of 03/18/08 for Feldman Mall Properties Inc.


LaTasha Durrettmailto:[email protected]

http://www.snl.com/interactivex/snapshot.aspx?id=103084General Growth Properties Inc. GGPClose: $33.01 +1.36 (+4.3%) Vol: 9,193,001 (316% of Avg.)Standard & Poor’s Rating Services on March 18 lowered its corporate credit rating on General Growth Properties Inc. to BB+ from BBB- and lowered its ratings on approximately $5 billion of its unsecured debt to BB- from BB+.

The outlook remains negative.

The rating agency said it lowered the company’s unsecured debt ratings to coincide with its current notching policies, which take into consideration the effect of elevated secured debt levels within a REIT’s capital structure.

General Growth’s “fairly significant” future refinancing and develop-ment funding needs and its “lower-than-anticipated” total debt and dividend coverage metrics contributed to the downgrades, accord-ing to S&P credit analyst Linda Phelps.

“However, the operating performance of the company’s core retail business remains solid, supported by a high-quality, well-diversified portfolio and a strong market position as one of the top two players in the highly concentrated U.S. regional mall sector,” the analyst said in a news release.

S&P said it expects General Growth to make “significant progress” in satisfying its near-term capital needs, which will push the compa-ny’s outlook to stable, while “any refinancing stumble” or increased deterioration in its financial profile would push ratings lower.


http://www.snl.com/interactivex/snapshot.aspx?id=4092552Gramercy Capital Corp. GKKhttp://www.snl.com/interactivex/snapshot.aspx?id=4082048American Financial Realty Trust AFRGramercy Capital Corp. said March 18 that its board authorized a quarterly dividend of 63 cents per common share for the quarter ending March 31.

News Headlines continued
















http://www.nareit.com/meetings/index.cfm

Save the date and plan on attending this

educational investor forum featuring senior

REIT executives and real estate experts from

the U.S. and Germany in this one-day conference.For a complete agendas and registration information, visit:

www.nareit.com/meetings/index.cfm

REIT DayInvestor Forum

April

2008 Frankfurt

Thursday, April 10, 2008STEIGENBERGER Frankfurter Hof Hotel

TM

Presented By:Sponsored By:

http://www.nareit.com/meetings/index.cfm



The first-quarter dividend is payable April 15 to shareholders of record on the closing of the company’s merger agreement with American Financial Realty Trust.

The company’s board also authorized a dividend for the company’s series A preferred stock for the period of Jan. 1 through March 31 of 50.781 cents, reflecting an annualized distribution of $2.03125.

Dividends are payable April 15 to shareholders of record on March 31.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7495921-9573�Click to view the Press Release of 03/18/08 for Gramercy Capital Corp.


http://www.snl.com/interactivex/snapshot.aspx?id=102952Health Care REIT Inc. HCNClose: $44.30 +1.23 (+2.9%) Vol: 1,070,555 (118% of Avg.)Health Care REIT Inc. said in a Form 8-K filed March 18 that Fred Klipsch, vice chairman of the company, entered into a plan on March 13 to sell 63,338 shares of the company’s common stock between March 17 and May 30.

Also on March 13, Frederick Farrar, executive vice president of the company, entered into a plan to sell 19,500 shares of the company’s common stock between March 17 and Dec. 31.

The company said its board of directors on Jan. 28, 2003, adopted a resolution modifying its insider trading policy to allow insiders to sell securities of the company pursuant to prearranged trading plans.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7495073-11360�Click to view the 8-K of 03/18/08 for Health Care REIT Inc.


http://www.snl.com/interactivex/snapshot.aspx?id=4041118Host Hotels & Resorts Inc. HSTClose: $16.31 +0.53 (+3.4%) Vol: 8,597,479 (157% of Avg.)Host Hotels & Resorts Inc. said in a Form 8-K filed March 17 that on March 12, Host Hotels & Resorts LP, for whom the company acts as sole general partner, issued 5,575,540 common partnership interests, representing a 1% interest in Host Hotels & Resorts LP, to outside limited partners in Pacific Gateway Ltd., which owns the San Diego Marriott Hotel and Marina.

The common partnership interests were issued in a private place-ment, and the number of common partnership interests issued was based on the company’s March 12 closing price of $16.68 per share of its common stock.

The company said that in exchange for the issuance of the com-mon partnership interests, the outside limited partners of Pacific Gateway assigned their remaining approximately 10% partnership interests in Pacific Gateway, and other economic rights, including the right to receive 1.7% of San Diego Marriott Hotel and Marina sales, to a wholly owned subsidiary of Host Hotels & Resorts LP.

As a result of the transaction, Host Hotels & Resorts LP now owns 100% of the interests in San Diego Marriott Hotel and Marina.

The company said that under the terms of the third amended and restated agreement of limited partnership of Host Hotels & Resorts LP, dated as of Feb. 22, 2007, as amended, holders of limited part-nership interests have a common partnership interest redemption right which, subject to the terms and conditions of the agreement, permits the redemption of common partnership interests for cash, or at the election of the company, registered shares of common stock of the company.

If the common partnership interests are redeemed for shares of common stock, the company will issue the shares of common stock in a private placement.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7493312-10856�Click to view the 8-K of 03/17/08 for Host Hotels & Resorts.


http://www.snl.com/interactivex/snapshot.aspx?id=4087483Whitestone REIT Whitestone REIT on March 11 entered into the sixth amendment to its revolving credit agreement to extend the maturity date to Oct. 1 from March 11.

In a Form 8-K filed March 17, the company said the amendment also decreases the required minimum ratio of consolidated rolling four-quarter EBITDA expenses to total interest expense, including capi-talized interest, to a ratio of 1.55-to-1.0 from a ratio of 2.0-to-1.0.

The amendment decreases the required minimum ratio of con-solidated EBITDA expenses to total interest expense, including capitalized interest, principal amortization, capital expenditures and preferred stock dividends, to a ratio of 1.40-to-1.0 from a ratio of 1.50-to-1.0.

In addition, the amendment adds a requirement that declared or subsequently made dividends not be allowed to increase above the fourth-quarter 2007 level. If the number of issued and outstanding shares decreases, then the dividend payout must decrease propor-tionately. The outstanding amounts under the credit facility accrue interest at the company’s option at either LIBOR or the applicable base rate on the basis of a 360-day year, plus the applicable LIBOR margin of 2.625% or applicable base margin of 1.625%.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7492862-9572�Click to view the 8-K of 03/17/08 for Whitestone REIT.


Kinjal Sathwaramailto:[email protected]

http://www.snl.com/interactivex/snapshot.aspx?id=102951Winthrop Realty Trust FURClose: $5.00 +0.13 (+2.7%) Vol: 207,000 (92% of Avg.)Winthrop Realty Trust said March 17 that it elected Steven Zalkind as a trustee with immediate effect, to fill the vacancy caused by the resignation of Bruce Berkowitz.

Berkowitz, who serves Fairholme Capital Management LLC, resigned owing to time constraints on March 14. He has served as a member of Winthrop’s board since 2000.

Currently, Zalkind serves as the chairman and CEO of Resource Investments Ltd. LLC.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7492565-9572�Click to view the Press Release of 03/17/08 for Winthrop Realty Trust.


R E O C shttp://www.snl.com/interactivex/snapshot.aspx?id=102955Starwood Hotels & Resorts Worldwide Inc. HOTClose: $49.90 +0.90 (+1.8%) Vol: 4,074,895 (141% of Avg.)Starwood Hotels & Resorts Worldwide Inc. said March 17 that its Starwood vacation ownership division opened The Phoenician Residences, a fractional ownership community in Scottsdale, Ariz.

The residences are located on the grounds of the company’s 250-acre The Phoenician resort.

Starwood Hotels & Resorts said the community, currently consisting




















http://www.snl.com/real_estate_ea/company_listing.pdf

SNL has added even more piecesto our global coverage.Nearly 60% of the world’s REITs are located outside of the United States, and SNL Real Estate continues to keep pace. We’ve added 12 new companies to our already impressive list of more than 200 organizations in 22 countries.

Our latest additions:Ascott Residence Trust (A68U-SES)Cambridge Industrial Trust (J91U-SES)CapitaRetail China Trust (AU8U-SES)CDL Hospitality Trusts (J85-SES)Eurocastle Investment Ltd. (ECT-AMS)First Real Estate Investment Trust (AW9U-SES)

Frasers Centrepoint Trust (J69U-SES)K-REIT Asia (K71U-SES)MacarthurCook Industrial REIT (BU5U-SES)Macquarie MEAG Prime REIT (P40U-SES)Pirelli & C. Real Estate SpA (PCRE.MI-MIL)Spazio Investment NV (SPNV-LON)

Click here to view a complete listing of our Europe/Asia-Pacific [email protected] 888.275.2822 snl.com

of seven units, offers two- and three-bedroom floor plans ranging from 1,400 to 2,400 square feet.

The residences are currently for sale, with membership prices for fractional interests ranging from $150,000 to $400,000, depending on the specific floor plan, location and weeks selected.

Starwood Hotels & Resorts said another five units are scheduled to be added in the future.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7492241-11366�Click to view the Press Release of 03/17/08 for Starwood Hotels & Resorts.


http://www.snl.com/interactivex/snapshot.aspx?id=102955Starwood Hotels & Resorts Worldwide Inc. HOTStarwood Hotels & Resorts Worldwide Inc. said March 17 that its brand aloft began accepting reservations for five of its U.S. proper-ties that will open between Aug. 14 and Oct. 8.

Reservations are being accepted for the Ontario-Rancho Cucamonga, Calif., aloft and the Rogers-Bentonville, Ark., aloft, opening Aug. 14; the Lexington, Mass., aloft, opening Sept. 1; the Charleston Airport and Convention Center aloft in South Carolina, opening Sept. 4; and the Philadelphia Airport aloft, opening Oct. 8.



http://www.snl.com/interactivex/snapshot.aspx?id=102955Starwood Hotels & Resorts Worldwide Inc. HOTStarwood Hotels & Resorts Worldwide Inc. said March 18 that it plans to open an aloft hotel in Bolingbrook, Ill.

The 155-room hotel owned by LTD Management is scheduled to open in July 2009.

The company said the first aloft hotels are targeted to open in 2008.



H o m e b u i l d e r shttp://www.snl.com/interactivex/snapshot.aspx?id=4050445Levitt Corp. LEVClose: $1.50 +0.04 (+2.7%) Vol: 319,600 (110% of Avg.)Levitt Corp. said in a Form 10-K filed March 17 that it faces a number of risks related to the Nov. 12, 2007, bankruptcy filing of its home-building subsidiary, Levitt and Sons.

The company said the subsidiary had $33.3 million in surety bonds related to its ongoing projects at the time of the bankruptcy filing and that in the event those obligations are drawn and paid by the surety, Levitt Corp. could be responsible for up to $12.0 million plus costs and expenses in accordance with the surety indemnity agree-ment for the instruments.











http://www.snl.com/real_estate_ea/company_listing.pdf



As of Dec. 31, 2007, Levitt Corp. recorded $1.8 million in surety bonds accrual at the company related to certain bonds where its management considers it probable that the company will be required to reimburse the surety under the indemnity agreement.

The company said it is unclear given the uncertainty involved in the bankruptcy cases whether and to what extent the outstanding sure-ty bonds of Levitt and Sons will be drawn and the extent to which it may be responsible for additional amounts beyond that accrual.

Levitt Corp. did note that it is unlikely that it would have the ability to receive any repayment, assets or other consideration as recovery of any amount it is required to pay. If losses on additional surety bonds are identified, the company said it will need to take addi-tional charges associated with its exposure under its indemnities, which may have a material adverse effect on Levitt Corp.’s results of operations and financial condition.

Additionally, the company said another risk factor involved with the bankruptcy is that its outstanding advances due from Levitt and Sons may not be repaid.

At Nov. 9, 2007, when the company deconsolidated the subsidiary from its financial statements, Levitt Corp. had a negative investment in Levitt and Sons of $123.0 million, and there were outstanding advances due from the subsidiary of $67.8 million at Levitt Corp., resulting in a net negative investment of $55.2 million.

Since the bankruptcy cases were filed, Levitt Corp. said it has also incurred certain administrative costs in the amount of $1.4 million related to post petition services. The payment by Levitt and Sons of its outstanding advances and the post petition services expenses are subject to the risks inherent to creditors in the Chapter 11 cases.

The company said Levitt and Sons may not have sufficient assets to repay Levitt Corp. for advances made to the subsidiary or the post petition services and it is likely that some, if not all, of the amounts will not be recovered.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7493270-11618�Click to view the 10-K of 03/17/08 for Levitt Corporation.


Ethan Brattonmailto:[email protected]

http://www.snl.com/interactivex/snapshot.aspx?id=4050445Levitt Corp. LEVLevitt Corp. on March 17 reported a 2007 fourth-quarter net loss of $8.3 million, or a loss of 9 cents per share, compared to a net loss of $10.7 million, or a loss of 53 cents per share, reported in the 2006 fourth quarter.

For the full year, the company reported a net loss of $234.6 million, or a loss of $6.00 per share, compared to a net loss of $9.2 million, or a loss of 46 cents per share, reported in 2006.

The Thomson First Call mean EPS estimates, with one analyst report-ing, for the 2007 fourth quarter and full year were a loss of 21 cents and loss of $3.61, respectively.

Levitt said the fourth-quarter results include various expenses related to the bankruptcy of its homebuilding subsidiary, Levitt and Sons, while the full-year results include impairment charges of $217.6 million related to the Levitt and Sons inventory of real estate, compared to $36.8 million in 2006.

Levitt Corp. Chairman and CEO Alan Levan said in a news release that the company decided to stop financially supporting Levitt and Sons due to sales declines, increased cancellations, inventory oversupply and the subsidiary’s failure to renegotiate its outstand-ing debt.

“We concluded that the decline in the housing market was so severe and prospects for any recovery in the near-term were so remote that without a restructuring of Levitt and Sons’ debt, there was no way for Levitt and Sons to sustain its operations,” he said.

As result of the Levitt and Sons deconsolidation on Nov. 9, 2007, Levitt Corp. eliminated all future operations of Levitt and Sons from its financial results, according to Levan. The company records any remaining investment in the homebuilding subsidiary, net of out-standing advances due from the subsidiary, as a cost method invest-ment. Additionally, the company will only recognize income to the extent of cash received in the future or when the company emerges from bankruptcy, at which time any loss in excess of the investment in the subsidiary can be recognized into income.

Fourth-quarter revenues for Levitt subsidiary Core Communities, a master-planned community developer, were $13.5 million, com-pared to $40.7 million during the prior-year period.

Levitt Corp. said the subsidiary’s fourth-quarter revenue includes the sale of approximately 38 acres generating $13.1 million with a margin of 50%.

Core Communities’ third-party backlog at Dec. 31, 2007, consisted of contracts for the sale of 259 acres with a sales value of $77.9 million, compared to contracts for the sale of 74 acres with a sales value of $21.1 million at Dec. 31, 2006.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7494246-10084�Click to view the Earnings Release of 03/17/08 for Levitt Corporation.


http://www.snl.com/interactivex/snapshot.aspx?id=4050445Levitt Corp. LEVWoodbridge Equity Fund LLLP and Levitt Corp. said March 17 that they intend to nominate Mark Begelman and Martin Hanaka for election to the board of directors of Office Depot at the 2008 annual meeting of Office Depot’s shareholders to be held on April 23.

The companies are nominating these candidates to serve on the board in place of Office Depot director candidates David Fuente and Office Depot Chairman and CEO Steve Odland.

Begelman co-founded Office Club, an office supply retailer, in 1986 and served as CEO of Office Club until 1991, when Office Club merged with Office Depot. Following the merger, he served as presi-dent and COO of Office Depot from 1991 to 1995.

Hanaka is currently the nonexecutive interim chairman of the board of Golfsmith International Holdings Inc., a golf products retailer; a director of Trans World Entertainment Corp.; and chairman emeritus of the board of The Sports Authority Inc.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7491962-9317�Click to view the full filing


http://www.snl.com/interactivex/snapshot.aspx?id=4006246Pulte Homes Inc. PHMClose: $12.96 +1.31 (+11.2%) Vol: 11,216,853 (183% of Avg.)Pulte Homes Inc. said in a Form 8-K filed March 17 that Pulte Mortgage LLC on March 14 entered into a ninth omnibus amend-















CUT US DOWNTO SIZE!

WE DARE YOU!Find an error in our data,we’ll pay you $50.

We’re very confident about ouraccuracy at SNL. Now you have achance to be as tough on us as we areon ourselves. Can you find an errorin our data? Can you bring us to ourknees? We’ll reward you to thetune of $50.

Why this guarantee? Well, we didn’tget to be Wall Street’s most trusteddata source by resting on our laurels.SNL data gets put through the wringerbefore it gets out. This just helps keepus sharp. Thanks. We needed that.

Report errors to:[email protected]

ment to its asset-backed commercial paper program to decrease the borrowing capacity to $100 million from $150 million.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7491733-9576�Click to view the 8-K of 03/17/08 for Pulte Homes Inc.


Deepa Patadiamailto:[email protected]

http://www.snl.com/interactivex/snapshot.aspx?id=4120378Tarragon Corp. TARRClose: $2.14 (No change) Vol: 247,688 (30% of Avg.)Tarragon Corp. said March 17 that it will file a Form 12b-25 with the SEC for a 15-calendar-day extension to file its 2007 Form 10-K.

The company intends to complete its financial statements, distrib-ute a press release regarding its financial results for 2007 and file its Form 10-K within the 15-day extension period.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7493724-9319�Click to view the Press Release of 03/17/08 for Tarragon Corporation.


http://www.snl.com/interactivex/snapshot.aspx?id=4120378Tarragon Corp. TARRTarragon Corp. March 18 filed a notification of nontimely filing for its Form 10-K for the year ended Dec. 31, 2007, as previously dis-closed.

The company said it is continuing to work to address the significant accounting and disclosure issues arising out of its implementation of a strategic plan to address its liquidity and the related impact on the 2007 Form 10-K.

Tarragon said it is working “expeditiously” to address the matters

and expects to file the Form 10-K within the 15-day extension period provided under Rule 12b-25.

Additionally, the company released certain unaudited, preliminary results for the 2007 full year.

Tarragon said it expects to report a 2007 full-year net loss of between approximately $375 million and $400 million, compared to net income of $11.2 million in 2006.

The company anticipates reporting total revenue of between approximately $425 million and $450 million, compared to total revenue of $527.1 million for the year ended Dec. 31, 2006.

Due to the decision to sell certain assets as a result of the imple-mentation of the strategic plan, the company said it recorded impairment charges of $339.1 million for the nine months ended Sept. 30, 2007, and expects to record additional impairment charges of approximately $30 million for the three months ended Dec. 31, 2007.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7498523-10082�Click to view the Non-timely Filing Notice of 03/18/08 for Tarragon Corporation.


Ethan Brattonmailto:[email protected]

http://www.snl.com/interactivex/snapshot.aspx?id=4094404Toll Brothers Inc. TOLClose: $21.20 +1.96 (+10.2%) Vol: 6,116,536 (137% of Avg.)For the remediation of certain environmental issues at the Boca Raton, Fla., site where Toll Brothers Inc. is developing the Mizner Country Club, Palm Beach County, Fla., commissioners agreed, as
















part of an original development agreement, to pay the company $48,714, the Boca Raton News reported March 16.

The company will use the reimbursement to pay for the removal and disposal of contaminated soil discovered by a county environmental survey in 2007, the publication reported. Toll Brothers will also use the money to replace the contaminated soil with clean fill and will have the area retested.

The development order stipulates that the county bear responsibil-ity for the remediation of environmental issues at the site.


http://www.snl.com/interactivex/snapshot.aspx?id=4094409TOUSA Inc. TOUSClose: $0.14 (No change) Vol: 129,197 (14% of Avg.)TOUSA Inc. said in a notice of nontimely filing March 18 that it will not file its Form 10-K for the year ended Dec. 31, 2007, on time because it needs additional time to complete its year-end close process, financial statements and its related assessment of internal control over financial reporting.

The builder and certain of its subsidiaries filed voluntary petitions in the United States Bankruptcy Court for the Southern District of Florida in Fort Lauderdale Jan. 29.

The builder said that since the commencement of the bankruptcy cases, it and the subsidiaries that filed for bankruptcy protection have been engrossed in efforts to stabilize their operations and adhere to various matters related to the cases. Additionally, TOUSA noted that it has experienced the loss of certain key personnel within its accounting organization.

TOUSA said it expects its 2007 full-year operating statements to reflect a “significant change” from the prior year.

For the full year, the company said homebuilding deliveries fell 9%, homebuilding revenues dropped 12% and net sales orders fell 21% compared to the year ended Dec. 31, 2006.

TOUSA also expects to report material impairment charges with respect to inventories, goodwill, investments in joint ventures and other assets for the 2007 full year but said it is not able to estimate the amount or range of the charge as it is still evaluating its results.

Further, the builder said it does not believe it will be able to file its 2007 Form 10-K by April 1 but intends to file as soon thereafter as possible.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7500006-12907�Click to view the Non-timely Filing Notice of 03/18/08 for TOUSA Inc.


G a m i n ghttp://www.snl.com/interactivex/snapshot.aspx?id=4107929Las Vegas Sands Corp. LVSClose: $74.84 +2.99 (+4.2%) Vol: 1,552,681 (50% of Avg.)Las Vegas Sands Corp. March 18 said Ed Feiner joined the company as senior vice president and chief architect.

In his new role, Feiner will oversee the planning, designing and development process for Las Vegas Sands’ major projects.

Feiner was most recently director of Skidmore Owings & Merrill’s Washington, D.C., office where he was responsible for design, plan-ning and infrastructure projects in the national capital area, as well as consulting on projects worldwide.

Las Vegas Sands’ growth plans include the development of Macau’s Cotai Strip, which will include Four Seasons, Sheraton, St. Regis,

Shangri-La, Traders, Hilton, Conrad, Fairmont and Raffles hotels. Additional projects include the Marina Bay Sands in Singapore and the Sands Bethworks in Bethlehem, Penn.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7498383-10588�Click to view the Press Release of 03/18/08 for Las Vegas Sands Corp.


http://www.snl.com/interactivex/snapshot.aspx?id=4121150MTR Gaming Group Inc. MNTGClose: $6.27 +0.09 (+1.5%) Vol: 129,863 (72% of Avg.)MTR Gaming Group Inc. will not file its 2007 Form 10-K by the prescribed due date, the company said in a March 18 notice of non-timely filing.

The company said recent concurrent developments — including but not limited to the disposition of the real property at the com-pany’s Ramada Inn and Speedway Casino in North Las Vegas, Nev., and the consummation of the sale of the stock of Speakeasy Gaming of Fremont Inc., which owns and operates Binion’s Gambling Hall & Hotel in Las Vegas — placed additional time constraints on the company.

The document will be filed on or before the 15th calendar day fol-lowing the due date.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7495143-11107�Click to view the Non-timely Filing Notice of 03/18/08 for MTR Gaming Group Inc.


John Yelligmailto:[email protected]

http://www.snl.com/interactivex/snapshot.aspx?id=4107971Wynn Resorts Ltd. WYNNClose: $99.01 +2.07 (+2.1%) Vol: 2,053,666 (101% of Avg.)Wynn Resorts Ltd. on March 18 said Executive Vice President and CFO John Strzemp has been promoted to executive vice president and chief administrative officer.

Strzemp will be responsible for the global administrative functions of the company, as well as for leading the opening of new resorts.

Strzemp previously served as CFO of Bellagio Hotel and Casino in Las Vegas.

The company also announced that Senior Vice President of Development and Treasurer Matt Maddox has been promoted to CFO and treasurer.

Maddox served as the vice president of finance at Caesars Entertainment in 2001 when he left to join Wynn Resorts as the vice president of investor relations and treasurer. After the comple-tion of Wynn Resorts’ initial financing in late 2002, Maddox moved to Macau as the CFO for Wynn Macau. In 2005, Maddox relocated to Las Vegas and became the company’s senior vice president of development and treasurer.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7497019-9828�Click to view the Press Release of 03/18/08 for Wynn Resorts Ltd.


C a n a d i a n R e a l E s t a t ehttp://www.snl.com/interactivex/snapshot.aspx?id=4167218Lanesborough REIT LRT.UNClose: C$4.69 -0.01 (-0.2%) Vol: 14,365Lanesborough REIT said March 18 that it agreed to acquire a 90% beneficial interest in an apartment/office complex in Winnipeg, Manitoba, for C$34.2 million, subject to the usual closing adjust-ments.



















The company currently owns a 1.5% beneficial interest in the prop-erty, known as Colony Square, and is permitting certain existing owners, who own an aggregate 8.5% beneficial interest, to remain part of the ownership syndicate.

The purchase price of C$34.2 million for a 90% beneficial interest equates to an effective C$38 million price for 100% of the property and represents an estimated capitalization rate of 6.8% based on estimated 2009 net operating income of C$2.6 million.

The property was appraised, effective Dec. 1, 2007, at C$38.5 mil-lion.

The acquisition will be funded by the pro rata assumption of a C$21 million first mortgage loan, bearing interest at 5.5% and maturing in April 2015, and the balance of approximately C$15.3 million from the proceeds of upward refinanced mortgage loans on the compa-ny’s existing properties.

The acquisition is scheduled to close Oct. 1.

The 1.89-acre complex consists of a 16-story apartment tower, a 17-story apartment tower, a seven-story office building and a 270-stall underground parking garage. The two apartment towers contain a total of 428 suites, consisting of 72 studio/bachelor suites, 296 one-bedroom suites and 60 two-bedroom suites.

The office building contains 80,935 square feet of leasable area, with an additional 2,255 square feet of leasable commercial area on the main floors of the apartment towers.

http://www.snl.com/interactivex/doc.aspx?CDID=A-7496640-10594�Click to view the Press Release of 03/18/08 for Lanesborough REIT.



Housing starts slip 0.6%Privately owned housing starts in February were at a season-ally adjusted annual rate of 1.065 million, 0.6% below the revised January estimate of 1.071 million.

The February figure is 28.4% lower than the revised February 2007 rate of 1.487 million, according to a March 18 joint report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

Single-family housing starts in February fell 6.7% to a rate of 707,000 from 758,000 in January. The February rate for units in buildings with at least five units totaled 331,000.

Privately owned housing completions fell 8.8% in February to a seasonally adjusted annual rate of 1.208 million, compared to the revised January estimate of 1.324 million.

February housing completions fell 25.8% on a year-over-year basis from a rate of 1.628 million.

The rate of single-family housing completions fell 9.4% to 903,000 in February from the January figure of 997,000. The February rate for units in buildings with at least five units was 279,000.

The number of authorized building permits for privately owned housing units fell 7.8% in February to a seasonally adjusted annual rate of 978,000 from the revised January rate of 1.061 million. Year over year, February permits dropped 36.5% from 1.541 million.

Single-family authorizations decreased 6.2% to a rate of 639,000 in February, compared to 681,000 in January.

Authorizations of units in buildings with at least five units posted a rate of 295,000 in February.


Industry News

Earnings Announcements - Reported in U.S. Dollars Closing Current Price/ Price Price Net EPS ($) EPS �% Price/ LTM 03/18/08 � % Income EPS Yr Ago Yr Ago EPS EPS Company Ticker Qtr ($) (1 Day) ($000) ($) Period Period (x) (x)

GAMINGFOR QUARTER ENDED 12/31/07Century Casinos CNTY 4 3.65 1.67 401 0.02 0.12 -83.3 45.6 17.4 Gaming median for earnings season ended 12/31/07 -50.8

FOR FISCAL YEAR ENDED 12/31/07Century Casinos CNTY Y 3.65 1.67 4,933 0.21 0.32 -34.4 17.4 17.4 Gaming median for earnings season ended 12/31/07 -43.3

FFO Announcements - Reported in U.S. DollarsNONE

Earnings Announcements - Reported in Canadian DollarsNONE






http://www.snl.com/about/SNL_REIT_brochure.pdf

http://www.snl.com/real_estatemailto:[email protected]

FFO Announcements - Reported in Canadian DollarsNONE

Earnings Releases and Conference CallsFor the period 03/19/08 to 03/20/08 Release Release Call Date/ Call CodeCompany (Ticker) Type Date Time Time (ET) Phone Webcast Code

CONFIRMEDMarcus Corp. (MCS) RO 03/19/08 B 03/19/08 11:00 AM (617) 614-3529 26238872

http://phx.corporate-ir.net/phoenix.zhtml?c=99966&p=irol-irhomeClick here for conference call Web site

Release Time: B Before Market D During Market A After MarketType Codes: RT REIT RO REOC HB Homebuilder GM Gaming

Company MeetingsFor the period 03/19/08 to 03/20/08

Company (Ticker) Type Date Time (ET) Location Venue

ANNUAL SHAREHOLDERMainstreet Equity Corp. (MEQ) RO 03/20/08 12:00 PM Calgary 1412 - 2nd Street S.W.

http://www.snl.com/Interactivex/calendardetail.aspx?ID=380963Click here for meeting details

Type Codes: RT REIT RO REOC HB Homebuilder GM Gaming

http://phx.corporate-ir.net/phoenix.zhtml?c=99966&p=irol-irhome

http://www.snl.com/Interactivex/calendardetail.aspx?ID=380963


http://www.snl.com/real_estate




Dividend Announcements - Reported in U.S. Dollars Dividend Amount ($) CurrentCompany Type Decl’d Ex-Date Payable Period Current Last Yield (%)REGULAR DIVIDENDSBoston Properties Inc. (BXP) RT 03/17 03/27 04/30 Quarterly 0.6800 0.6800 3.00Inland Real Estate Corp. (IRC) RT 03/17 03/27 04/17 Monthly 0.0817 0.0817 6.27Liberty Property Trust (LRY) RT 03/17 03/28 04/15 Quarterly 0.6250 0.6250 7.90Type Codes: RT REIT RO REOC HB Homebuilder GM Gaming

Dividend Announcements - Reported in Canadian Dollars Dividend Amount (C$) CurrentCompany Type Decl’d Ex-Date Payable Period Current Last Yield (%)REGULAR DIVIDENDSCominar REIT (CUF.UN) RT 03/17 03/27 04/15 Monthly 0.1130 0.1130 7.05InnVest REIT (INN.UN) RT 03/18 03/27 04/15 Monthly 0.0938 0.0938 11.72Retrocom Mid-Market REIT (RMM.UN) RT 03/17 03/27 04/15 Quarterly 0.1500 0.1500 14.93Type Codes: RT REIT RO REOC HB Homebuilder GM Gaming

Analyst CoverageR e s e a r c h A n a l y s t U p g r a d ehttp://www.snl.com/interactivex/snapshot.aspx?id=103060Post Properties Inc. PPSClose: $37.02 +1.74 (+4.9%) Vol: 2,910,622 (307% of Avg.)Stifel Nicolaus & Co. Inc. analyst Rod Petrik upgraded his investment opinion of Post Properties Inc. to “buy” from “hold,” with a price target of $42.

The analyst wrote in a research report: “We are establishing a target price … a 9.0% discount to our liquidation value and an implied 6.6% cap rate. We believe there is some risk that management does not complete the formal sales process it started and stiff arms potential bidders. While we continue to believe that there is liquidity in single asset transactions, $3 billion deals have become a challenge in this market. We would assume larger portfolio transactions would trade at a discount. The company may be best served by separating assets into two or three portfolios to maximize value.”



R e s e a r c h A n a l y s t D o w n g r a d ehttp://www.snl.com/interactivex/snapshot.aspx?id=4066492Getty Realty Corp. GTYClose: $15.41 -11.55 (-42.8%) Vol: 2,822,784 (2,700% of Avg.)Stifel Nicolaus & Co. Inc. analyst David Fick lowered his investment opinion of Getty Realty Corp. to “sell” from “hold.”

The analyst wrote in a research report: “This morning [March 18] Getty Realty announced that the investment thesis for its shares has fallen apart. We therefore revise our rating … and remove the shares from the Stifel Nicolaus REIT Income List. The entire investment the-sis for Getty Realty shares was predicated on the underlying credit of Getty Marketing, a wholly owned subsidiary of the Russsion oil giant, Lukoil. The vast majority (78%) of Getty Realty’s income is from a single unitary lease with Getty Marketing. The lease is not guaranteed by Lukoil, but the basic thesis was that the Getty Marketing relationship was key to Lukoil’s long-term intentions to expand in the U.S.”



R e i t e r a t i o n shttp://www.snl.com/interactivex/snapshot.aspx?id=4107859Century Casinos Inc. CNTYClose: $3.65 +0.06 (+1.7%) Vol: 91,623 (63% of Avg.)Brean Murray Carret & Co. analyst Ryan Worst reiterated his invest-ment opinion of Century Casinos Inc. at “hold.” Worst lowered his 2008 EPS estimate to 31 cents from 42 cents.

The analyst wrote in a research report: “In our view, the company needs an additional growth vehicle to make the current valuation, at a 2008E EV/EBITDA multiple of 5.6x, a compelling investment opportunity. To that end, the company is participating with a part-ner in a competitive bidding process for a casino license in New Brunswick Canada with an award expected in the May/June time-frame, but an outcome at this juncture is difficult to predict.”



http://www.snl.com/interactivex/snapshot.aspx?id=4137375Douglas Emmett Inc. DEIClose: $21.48 +1.20 (+5.9%) Vol: 1,776,941 (205% of Avg.)Friedman Billings Ramsey & Co. analyst Wilkes Graham reiterated his investment opinion of Douglas Emmett Inc. at “market perform,” with a price target of $23.

The analyst wrote in a research report: “DEI’s West L.A. markets remain solid, with Class A vacancy of less than 9% (weighted for DEI exposure) versus DEI at 4.3%. The mark-to-market spread between in-place cash rent and asking rent remains above 35% for the office portfolio. We continue to expect the announcement of an acquisi-tion fund by this summer and for DEI’s acquisition activity to pick up during the year.”



http://www.snl.com/interactivex/snapshot.aspx?id=102947EastGroup Properties Inc. EGPClose: $45.26 +0.99 (+2.2%) Vol: 186,300 (109% of Avg.)Friedman Billings Ramsey & Co. analyst Wilkes Graham maintained his investment opinion of EastGroup Properties Inc. at “market per-form,” with a price target of $44.

The analyst wrote in a research report, “We continue to believe in
















EGP’s conservative strategy and quality of earnings; however, we believe some market exposure (i.e., Florida) will bring comparatively more weakness and higher cap-rate expansion than higher-barrier-to-entry/higher-growth markets.”



http://www.snl.com/interactivex/snapshot.aspx?id=102953HCP Inc. HCPClose: $31.48 +1.36 (+4.5%) Vol: 2,690,782 (176% of Avg.)Goldman Sachs & Co. analyst Jay Habermann maintained his invest-ment opinion of HCP Inc. at “neutral.”

The analyst wrote in a research report: “The sale of these assets sup-ports our view that the company should be able to return leverage to its pre-Slough Estates acquisition level of ~50% by management’s self-imposed deadline of July 31, 2008. We note that HCP guided on its 4Q2007 earnings conference call plans to sell ~$750-$800mn of assets in 2008 and that it had letters of intent on ~50% of the total sales. As a result, we anticipate additional asset sales over the next 3-4 months as the deadline approaches.”



http://www.snl.com/interactivex/snapshot.aspx?id=4041118Host Hotels & Resorts Inc. HSTClose: $16.31 +0.53 (+3.4%) Vol: 8,597,479 (157% of Avg.)Keefe Bruyette & Woods analyst Smedes Rose reiterated his invest-ment opinion of Host Hotels & Resorts Inc. at “outperform,” with a price target of $20.

The analyst wrote in a research report: “Host filed an 8K last night [March 17] detailing a transaction on 3/12 in which the company purchased the minority interest in its San Diego Marriott for approx-imately $93M through the issuance of 5.5M operating partnership units. The minority partner held a 10% interest in the 1362-room hotel, one of the largest in the Host portfolio. In addition to its ownership interest, the minority partner also received 1.7% of hotel revenues.”



http://www.snl.com/interactivex/snapshot.aspx?id=4144096Meruelo Maddux Properties Inc. MMPIClose: $3.37 +0.31 (+10.1%) Vol: 340,427 (128% of Avg.)Friedman Billings Ramsey & Co. analyst Wilkes Graham maintained his investment opinion of Meruelo Maddux Properties Inc. at “out-perform,” with a price target of $6.75.

The analyst wrote in a research report: “We expect MMPI to report earnings during the week of March 24. At that time, we will look for additional color on (1) incremental leasing of the industrial portfo-lio, (2) sale expectations at 2000 San Fernando/FedEx, (3) leasing expectations at Union Lofts, (4) JV opportunities and progress, and (5) the liquidity/financing situation.”



http://www.snl.com/interactivex/snapshot.aspx?id=102988One Liberty Properties Inc. OLPClose: $16.77 +0.34 (+2.1%) Vol: 20,400 (78% of Avg.)Friedman Billings Ramsey & Co. analyst Merrill Ross reiterated her investment opinion of One Liberty Properties Inc. at “market per-

form,” with a price target of $20. Ross cut her 2008 FFO-per-share estimate to $1.85 from $1.90.

The analyst wrote in a research report: “We are also lowering our FY08 FFO estimate … as we continue to expect limited acquisition activity in 2008, consistent with current trends. We believe that at its current earnings run-rate, the stock is fairly valued and the dividend well covered. Shares currently trade to yield 9.0%, in line with the peer group average.”



http://www.snl.com/interactivex/snapshot.aspx?id=4105078Royal Host Real Estate Investment Trust RYL.UNClose: C$6.40 (No change) Vol: 9,053RBC Capital Markets Corp. analyst Neil Downey maintained his investment opinion of Royal Host Real Estate Investment Trust at “sector perform,” with a price target of $7.50.

The analyst wrote in a research report: “Q4/07 RevPAR increased to $59.72, +4.0% over Q4/06’s $57.45. This increase reflects solid ADR increases of +5.0% (from $95.03 to $99.75) offset by fractionally lower occupancy of 59.9% (down -60bps from 60.5%). Annually, RevPAR increased a more modest +2.4%, a combination of ADR growth of +4.5% offset by occupancy declining -130bps to 64.5%. ON was flat to modestly up and most of the growth came from assets in Western Canada, where RevPAR growth was +6% to +7% in Q4/07 and 2007.”



http://www.snl.com/interactivex/snapshot.aspx?id=4001522Ryland Group Inc. RYLClose: $29.13 +2.75 (+10.4%) Vol: 3,511,351 (159% of Avg.)FTN Midwest Securities Corp. analyst James McCanless reiterated his investment opinion of Ryland Group Inc. at “buy,” with a price target of $43.

The analyst wrote in a research report: “We are not adjusting our earn-ings estimates. Once the final amount including interest, penalties and principal is determined, we will adjust our estimates accordingly. We would note Ryland’s other joint venture investments are perform-ing, and we do not foresee a similar occurrence with those ventures.”



http://www.snl.com/interactivex/snapshot.aspx?id=103036Washington REIT WREClose: $33.32 +1.27 (+4.0%) Vol: 866,364 (192% of Avg.)Friedman Billings Ramsey & Co. analyst Wilkes Graham reiterated his investment opinion of Washington REIT at “outperform,” with a price target of $33.

The analyst wrote in a research report: “We added WRE to our income portfolio when we published our 2008 outlook in mid January. Since that time, WRE has outperformed the RMZ by 8%, and the income portfolio has outperformed by 700 bps. We continue to believe that WRE will prove resilient during the coming economic weakness and that there is further upside to the stock, which trades at an attrac-tive 5.2% dividend yield and 7% implied cap rate.”



Analyst Coverage continued


























C o v e r a g e I n i t i a t e dhttp://www.snl.com/interactivex/snapshot.aspx?id=103066Equity Lifestyle Properties Inc. ELSClose: $50.22 +3.55 (+7.6%) Vol: 295,686 (163% of Avg.)Keefe Bruyette & Woods analyst Bill Carrier initiated coverage of Equity Lifestyle Properties Inc. at “outperform,” with a price target of $53. Carrier established 2008 and 2009 FFO-per-share estimates of $3.24 and $3.53, respectively.

The analyst wrote in a research report: “We believe Equity LifeStyle Properties represents an attractive opportunity to invest in the

largest manufactured housing REIT, one that owns high-quality, well-located properties. Demographics are strong for ELS’s age-restricted communities, with baby boomers reaching retirement age. Even during this period of slow new home sales, in our view, ELS is well-positioned to grow earnings at an above-average pace with below-average risk.”



Analyst Coverage continued

SNL Mean Estimate Changes Year-Ago SNL SNL Mean FFO Est. # of Price/Est.REIT Ticker Currency Period Mean FFO Est. ($) From To %� Ests. FFO (x)

http://www.snl.com/interactivex/ae_DetailedEstimates.aspx?ID=103066&PL=Y&PT=Fiscal%20Year&DES=12/31/09&EF=FFO�Eqty Lifestyle (IL) ELS (RT) $ 2009Y 3.74 3.50 3.51 0.29 3 14.31 http://www.snl.com/interactivex/ae_DetailedEstimates.aspx?ID=107231&PL=Y&PT=Fiscal%20Year&DES=04/30/09&EF=FFO�Investors RE Trust (ND) IRETS (RT) $ 2009Y NA 0.96 0.95 -1.04 3 10.22 http://www.snl.com/interactivex/ae_DetailedEstimates.aspx?ID=102988&PL=Y&PT=Fiscal%20Year&DES=12/31/08&EF=FFO�One Liberty Ppts (NY) OLP (RT) $ 2008Y 2.01 1.86 1.84 -1.08 2 9.11

Ticker Year-Ago SNL SNL Mean EPS Est. # of Price/Est.Gaming (Type) Currency Period Mean EPS Est. ($) From To %� Ests. EPS (x)

http://www.snl.com/interactivex/ae_DetailedEstimates.aspx?ID=4107859&PL=Y&PT=Fiscal%20Year&DES=12/31/09&EF=EPS�Century Casinos (CO) CNTY (GM) $ 2009Y NA 0.36 0.39 8.33 2 9.36 http://www.snl.com/interactivex/ae_DetailedEstimates.aspx?ID=4107859&PL=Y&PT=Fiscal%20Year&DES=12/31/08&EF=EPS�Century Casinos (CO) CNTY (GM) $ 2008Y 0.64 0.29 0.27 -6.90 4 13.52

Revision Key � Below 5% increase �Below 5% decrease � 5% or more increase �5% or more decrease

SNL Mean Recommendation Changes Ticker SNL Mean Recommendation # ofCompany (ST) (Type) From To Ests.

http://www.snl.com/Interactivex/ae_IndividualRecTP.aspx?ID=103066�Eqty Lifestyle (IL) ELS (RT) 3.5 3.0 3http://www.snl.com/Interactivex/ae_IndividualRecTP.aspx?ID=4066492�Getty Realty Corp (NY) GTY (RT) 3.0 5.0 1

http://www.snl.com/Interactivex/ae_IndividualRecTP.aspx?ID=103060�Post Properties (GA) PPS (RT) 3.3 3.2 12

Recommendation Key � Raised � Lowered � Initial Strong Buy = 1 ... Sell = 5Note: SNL standardizes recommendation scales into a five-point range whereby one (1) represents the strongest possible recommendation and five (5) the weakest. SNL Mean Recommendations include only values published within the last 365 days.

SNL Mean Price Target Changes Ticker SNL Mean Price Target # ofCompany (ST) (Type) Currency From To %� Ests.

http://www.snl.com/Interactivex/ae_IndividualRecTP.aspx?ID=4107859�Century Casinos (CO) CNTY (GM) $ 7.00 7.25 3.57 4http://www.snl.com/Interactivex/ae_IndividualRecTP.aspx?ID=103066�Eqty Lifestyle (IL) ELS (RT) $ 48.00 50.50 5.21 3http://www.snl.com/Interactivex/ae_IndividualRecTP.aspx?ID=103060�Post Properties (GA) PPS (RT) $ 44.17 43.63 -1.23 12

http://www.snl.com/Interactivex/ae_IndividualRecTP.aspx?ID=4001522�Ryland Group Inc (CA) RYL (HB) $ 28.00 35.50 26.79 5

Revision Key � Below 5% increase �Below 5% decrease � 5% or more increase �5% or more decreaseNote: SNL Mean Price Targets include only values published within the last 30 days.




http://www.snl.com/interactivex/ae_DetailedEstimates.aspx?ID=103066&PL=Y&PT=Fiscal%20Year&DES=12/31/09&EF=FFO



http://www.snl.com/interactivex/ae_DetailedEstimates.aspx?ID=4107859&PL=Y&PT=Fiscal%20Year&DES=12/31/09&EF=EPS

http://www.snl.com/interactivex/ae_DetailedEstimates.aspx?ID=4107859&PL=Y&PT=Fiscal%20Year&DES=12/31/08&EF=EPS

http://www.snl.com/Interactivex/ae_IndividualRecTP.aspx?ID=103066









SNL Mean NAV Estimate Changes Ticker SNL Mean NAV Estimate # ofCompany (ST) (Type) Currency From To %� Ests.

http://www.snl.com/Interactivex/ae_IndividualRecTP.aspx?ID=103066�Eqty Lifestyle (IL) ELS (RT) $ 50.99 53.50 4.92 3http://www.snl.com/Interactivex/ae_IndividualRecTP.aspx?ID=102988�One Liberty Ppts (NY) OLP (RT) $ 21.22 20.61 -2.87 2http://www.snl.com/Interactivex/ae_IndividualRecTP.aspx?ID=103060�Post Properties (GA) PPS (RT) $ 47.95 47.46 -1.02 12

Revision Key � Below 5% increase �Below 5% decrease � 5% or more increase �5% or more decreaseNote: SNL Mean NAV estimates include only values published within the last 30 days.

http://www.snl.com/Interactivex/info.aspx?action=EstimatesMethodologiesClick here for a detailed explanation of the methodology used to calculate SNL Mean estimates.Click any company’s hyperlinked estimates to view comprehensive analyst coverage on SNL, including detailed analyst estimates, research reports and related news articles.

Registration StatementsNONE

Beneficial Ownership Filings (13D)NONE

Institutional Ownership Filings (13G)NONE

Insider Trades (Form 4) Direct/Company (Ticker) Type Shares Indirect, Traded on Traded at Name Title Traded Options or between or between ($) HoldingsCOMPLETED BUYSAmerican Spectrum Realty Inc. (AQQ) RO Brown, Timothy R. Director 199 D 03/13/08 24.75 54,300 Carden, William J. CEO & President; Director 199 D 03/13/08 24.75 54,300 Galardi, John N. Director 199 D 03/13/08 24.75 54,300Ameristar Casinos Inc. (ASCA) GM Boushy, John M. President and CEO; Director 176 I 03/14/08 NA 133,659Cedar Shopping Centers Inc. (CDR) RT Mozzachio, Nancy H. Vice President 9,812 D 03/14/08 10.07 37,740 Richey, Thomas B. Vice President 16,773 D 03/14/08 10.07 143,215 Ullman, Leo S. President and CEO; Director 23,761 D 03/14/08 10.07 478,544 Walker, Brenda J. Vice President; Director 9,225 D 03/14/08 10.07 97,648Choice Hotels International (CHH) RO Mirgon, Thomas Senior Vice President 5,182 D, O 03/13/08 10.20 55,356DuPont Fabros Technology Inc. (DFT) RT Du, Pont Lammot J. Executive Chairman; Director 100 I 03/13/08 16.62 100 Du, Pont Lammot J. Executive Chairman; Director 800 I 03/13/08 16.84 12,800 Du, Pont Lammot J. Executive Chairman; Director 800 I 03/13/08 16.71 4,200 Du, Pont Lammot J. Executive Chairman; Director 800 I 03/13/08 16.88 14,100 Du, Pont Lammot J. Executive Chairman; Director 200 I 03/13/08 16.91 17,400 Du, Pont Lammot J. Executive Chairman; Director 200 I 03/13/08 16.98 25,000 Du, Pont Lammot J. Executive Chairman; Director 2,000 I 03/13/08 16.96 24,800 Du, Pont Lammot J. Executive Chairman; Director 1,000 I 03/13/08 16.81 9,500 Du, Pont Lammot J. Executive Chairman; Director 1,100 I 03/13/08 16.89 15,200 Du, Pont Lammot J. Executive Chairman; Director 500 I 03/13/08 16.80 8,500 Du, Pont Lammot J. Executive Chairman; Director 600 I 03/13/08 16.75 6,200 Du, Pont Lammot J. Executive Chairman; Director 1,500 I 03/13/08 16.94 20,500 Du, Pont Lammot J. Executive Chairman; Director 1,800 I 03/13/08 17.02 29,700 Du, Pont Lammot J. Executive Chairman; Director 100 I 03/13/08 16.66 300 Du, Pont Lammot J. Executive Chairman; Director 300 I 03/13/08 17.03 30,000 Du, Pont Lammot J. Executive Chairman; Director 1,600 I 03/13/08 16.92 19,000 Du, Pont Lammot J. Executive Chairman; Director 500 I 03/13/08 16.85 13,300




http://www.snl.com/Interactivex/info.aspx?action=EstimatesMethodologies



Du, Pont Lammot J. Executive Chairman; Director 100 I 03/13/08 16.65 200 Du, Pont Lammot J. Executive Chairman; Director 2,300 I 03/13/08 16.95 22,800 Du, Pont Lammot J. Executive Chairman; Director 2,200 I 03/13/08 16.82 11,700 Du, Pont Lammot J. Executive Chairman; Director 300 I 03/13/08 16.69 1,200 Du, Pont Lammot J. Executive Chairman; Director 1,000 I 03/13/08 16.72 5,200 Du, Pont Lammot J. Executive Chairman; Director 1,300 I 03/13/08 17.00 27,900 Du, Pont Lammot J. Executive Chairman; Director 300 I 03/13/08 16.68 900 Du, Pont Lammot J. Executive Chairman; Director 300 I 03/13/08 16.67 600 Du, Pont Lammot J. Executive Chairman; Director 100 I 03/13/08 16.78 7,500 Du, Pont Lammot J. Executive Chairman; Director 1,600 I 03/13/08 16.99 26,600 Du, Pont Lammot J. Executive Chairman; Director 300 I 03/13/08 16.83 12,000 Du, Pont Lammot J. Executive Chairman; Director 1,200 I 03/13/08 16.77 7,400 Du, Pont Lammot J. Executive Chairman; Director 2,000 I 03/13/08 16.90 17,200 Du, Pont Lammot J. Executive Chairman; Director 500 I 03/13/08 16.79 8,000 Du, Pont Lammot J. Executive Chairman; Director 2,200 I 03/13/08 16.70 3,400 Du, Pont Lammot J. Executive Chairman; Director 400 I 03/13/08 16.74 5,600Education Realty Trust Inc. (EDR) RT Trubiana, Thomas Chief Investment Officer 4,000 D 02/20/08 NA 22,000Maguire Properties Inc. (MPG) RT Maguire, Robert F. Chairman of the Board, CEO; Director 731,343 D 03/17/08 NA 2,493,153Meritage Homes Corp. (MTH) HB Sarver, Robert Gary Director 300 I 03/12/08 13.88 775,300 Sarver, Robert Gary Director 1,300 I 03/12/08 13.93 782,000 Sarver, Robert Gary Director 1,400 I 03/12/08 13.91 780,100 Sarver, Robert Gary Director 4,300 I 03/12/08 13.99 800,000 Sarver, Robert Gary Director 2,800 I 03/12/08 13.89 778,100 Sarver, Robert Gary Director 500 I 03/12/08 13.96 786,900 Sarver, Robert Gary Director 600 I 03/12/08 13.92 780,700 Sarver, Robert Gary Director 6,800 I 03/12/08 13.97 793,700 Sarver, Robert Gary Director 4,000 I 03/12/08 13.95 786,400 Sarver, Robert Gary Director 400 I 03/12/08 13.94 782,400 Sarver, Robert Gary Director 2,000 I 03/12/08 13.98 795,700 Sarver, Robert Gary Director 600 I 03/12/08 13.90 778,700MTR Gaming Group Inc. (MNTG) GM Jacobs Entertainment, Inc. NA 302 I 03/12/08-03/14/08 5.83 1,616,021 Jacobs Entertainment, Inc. NA 500 I 03/12/08-03/14/08 5.93 1,622,419 Jacobs Entertainment, Inc. NA 300 I 03/12/08-03/14/08 5.95 1,623,019 Jacobs Entertainment, Inc. NA 2,100 I 03/12/08-03/14/08 5.91 1,621,819 Jacobs Entertainment, Inc. NA 750 I 03/12/08-03/14/08 5.98 1,623,769 Jacobs Entertainment, Inc. NA 100 I 03/12/08-03/14/08 5.78 1,615,519 Jacobs Entertainment, Inc. NA 3,004 I 03/12/08-03/14/08 6.00 1,627,123 Jacobs Entertainment, Inc. NA 400 I 03/12/08-03/14/08 5.85 1,616,621 Jacobs Entertainment, Inc. NA 300 I 03/12/08-03/14/08 5.94 1,622,719 Jacobs Entertainment, Inc. NA 500 I 03/12/08-03/14/08 5.87 1,617,221 Jacobs Entertainment, Inc. NA 350 I 03/12/08-03/14/08 5.99 1,624,119 Jacobs Entertainment, Inc. NA 100 I 03/12/08-03/14/08 5.86 1,616,721 Jacobs Entertainment, Inc. NA 200 I 03/12/08-03/14/08 5.79 1,615,719 Jacobs Entertainment, Inc. NA 1,100 I 03/12/08-03/14/08 5.89 1,618,621 Jacobs Entertainment, Inc. NA 300 I 03/12/08-03/14/08 5.88 1,617,521 Jacobs Entertainment, Inc. NA 100 I 03/12/08-03/14/08 5.92 1,621,919 Jacobs Entertainment, Inc. NA 1,098 I 03/12/08-03/14/08 5.90 1,619,719 Jacobs Entertainment, Inc. NA 200 I 03/12/08-03/14/08 5.84 1,616,221 Jacobs Entertainment, Inc. NA 1,679 I 03/12/08-03/13/08 5.98 1,612,819 Jacobs Entertainment, Inc. NA 1,500 I 03/12/08-03/13/08 6.00 1,615,419 Jacobs Entertainment, Inc. NA 21 I 03/12/08-03/13/08 5.97 1,611,140 Jacobs Entertainment, Inc. NA 1,100 I 03/12/08-03/13/08 5.99 1,613,919 Jacobs Entertainment, Inc. NA 100 I 03/12/08-03/13/08 5.87 1,610,919

Insider Trades (Form 4) continued

Direct/Company (Ticker) Type Shares Indirect, Traded on Traded at Name Title Traded Options or between or between ($) HoldingsCOMPLETED BUYS continued



Jacobs Entertainment, Inc. NA 200 I 03/12/08-03/13/08 5.88 1,611,119 Jacobs Entertainment, Inc. NA 500 I 03/12/08 6.10 1,569,895 Jacobs Entertainment, Inc. NA 1,129 I 03/12/08 6.03 1,569,395 Jacobs Entertainment, Inc. NA 300 I 03/12/08 6.28 1,588,455 Jacobs Entertainment, Inc. NA 500 I 03/12/08 5.89 1,544,966 Jacobs Entertainment, Inc. NA 31,729 I 03/12/08 5.85 1,544,366 Jacobs Entertainment, Inc. NA 9,100 I 03/12/08 6.30 1,597,855 Jacobs Entertainment, Inc. NA 14,000 I 03/12/08 6.00 1,568,266 Jacobs Entertainment, Inc. NA 800 I 03/12/08 5.94 1,551,466 Jacobs Entertainment, Inc. NA 300 I 03/12/08 6.29 1,588,755 Jacobs Entertainment, Inc. NA 2,400 I 03/12/08 6.23 1,576,615 Jacobs Entertainment, Inc. NA 2,800 I 03/12/08 5.95 1,554,266 Jacobs Entertainment, Inc. NA 1,500 I 03/12/08 6.50 1,610,819 Jacobs Entertainment, Inc. NA 3,500 I 03/12/08 5.81 1,511,539 Jacobs Entertainment, Inc. NA 100 I 03/12/08 6.24 1,576,715 Jacobs Entertainment, Inc. NA 100 I 03/12/08 6.43 1,607,791 Jacobs Entertainment, Inc. NA 1,600 I 03/12/08 6.40 1,607,491 Jacobs Entertainment, Inc. NA 100 I 03/12/08 6.45 1,607,891 Jacobs Entertainment, Inc. NA 5,700 I 03/12/08 5.90 1,550,666 Jacobs Entertainment, Inc. NA 11,440 I 03/12/08 6.25 1,588,155 Jacobs Entertainment, Inc. NA 1,700 I 03/12/08 6.22 1,574,215 Jacobs Entertainment, Inc. NA 7,836 I 03/12/08 6.35 1,605,891 Jacobs Entertainment, Inc. NA 2,620 I 03/12/08 6.15 1,572,515 Jacobs Entertainment, Inc. NA 101 I 03/12/08 5.84 1,512,637 Jacobs Entertainment, Inc. NA 997 I 03/12/08 5.83 1,512,536 Jacobs Entertainment, Inc. NA 528 I 03/12/08 6.49 1,609,319 Jacobs Entertainment, Inc. NA 200 I 03/12/08 6.34 1,598,055 Jacobs Entertainment, Inc. NA 900 I 03/12/08 6.46 1,608,791 Jacobs Entertainment, Inc. NA 200 I 03/12/08 6.42 1,607,691 Jacobs Entertainment, Inc. NA 100 I 03/12/08 5.88 1,544,466Nevada Gold & Casinos Inc. (UWN) GM Sturges, Robert B. CEO 7,000 D 03/13/08-03/14/08 1.27 30,000 Sturges, Robert B. CEO 3,000 D 03/13/08 1.21 23,000Strategic Hotels & Resorts Inc (BEE) RT Michels, David M. C. Director 802 D 03/14/08 13.90 28,074 Michels, David M. C. Director 200 D 03/14/08 13.86 25,372 Michels, David M. C. Director 200 D 03/14/08 13.89 27,272 Michels, David M. C. Director 1,300 D 03/14/08 13.87 26,672 Michels, David M. C. Director 4,598 D 03/14/08 13.94 34,172 Michels, David M. C. Director 900 D 03/14/08 13.93 29,574 Michels, David M. C. Director 600 D 03/14/08 13.91 28,674 Michels, David M. C. Director 400 D 03/14/08 13.88 27,072UDR Inc. (UDR) RT Toomey, Thomas W. Chief Executive Officer; Director 18,764 D 02/07/08-02/26/08 22.74 645,453Washington REIT (WRE) RT Franklin, Laura M. E.V.P. Accounting 250 D, O 03/17/08 21.34 61,898 Mckenzie, George F. President & CEO 750 D, O 03/14/08 25.61 75,070

COMPLETED SALESChoice Hotels International (CHH) RO Mirgon, Thomas Senior Vice President 6,999 D 03/13/08 31.23 43,175 Mirgon, Thomas Senior Vice President 5,182 D 03/13/08 31.12 50,174UDR Inc. (UDR) RT Giannotti, Richard A. Executive Vice President 1,352 D, O 03/13/08 24.00 155,018 Miles-ley, Katie Senior Vice President 172 D, O 03/13/08 24.00 9,014 Sircar, Dhrubo K. Senior Vice President 311 D, O 03/13/08 24.00 6,027


Direct/Company (Ticker) Type Shares Indirect, Traded on Traded at Name Title Traded Options or between or between ($) HoldingsCOMPLETED BUYS continued



Washington REIT (WRE) RT Regnell, Thomas L. Sr. V.P. - Acquisitions 320 D 03/17/08 32.05 40,054Shares Traded and Holdings represent (D)irect, (I)ndirect or (C)ombined activity, as indicated for that trade. An ‘O’ is shown if the trade is an exercise of options.Source: FactSet Research Systems Inc.Note: Includes changes in beneficial ownership.

Current Event Reports (Forms 8-K and 8-A)


Direct/Company (Ticker) Type Shares Indirect, Traded on Traded at Name Title Traded Options or between or between ($) HoldingsCOMPLETED SALES continued

http://www.snl.com/interactivex/snapshot.aspx?id=111908Alexandria Real Estate Equities Inc. AREClose: $94.22 +4.55 (+5.1%) Vol: 528,000 (139% of Avg.)Filed: 03/18/08 Form: 8-KRegistrant reported that on March 18 it commenced an underwrit-ten public offering of 10 million shares of its series D cumulative convertible stock.http://www.snl.com/interactivex/doc.aspx?CDID=A-7499957-8030Click here to view the full filing

http://www.snl.com/interactivex/snapshot.aspx?id=4088185Ashford Hospitality Trust Inc. AHTClose: $6.52 +0.23 (+3.7%) Vol: 1,079,500 (87% of Avg.)Filed: 03/18/08 Form: 8-K/ARegistrant filed an amendment to the Form 8-K filed on March 13 to include material definitive agreements.http://www.snl.com/interactivex/doc.aspx?CDID=A-7499778-8284Click here to view the full filing

http://www.snl.com/interactivex/snapshot.aspx?id=103094Camden Property Trust CPTClose: $52.78 +1.74 (+3.4%) Vol: 1,669,403 (223% of Avg.)Filed: 03/18/08 Form: 8-KRegistrant reported that it appointed D. Keith Oden as president and H. Malcolm Stewart as COO, effective March 14. The second amendment to second amended and restated employment agree-ments were included by exhibit.http://www.snl.com/interactivex/doc.aspx?CDID=A-7500218-11882Click here to view the full filing

http://www.snl.com/interactivex/snapshot.aspx?id=113579Equity One Inc. EQYClose: $23.50 +1.17 (+5.2%) Vol: 685,495 (134% of Avg.)Filed: 03/18/08 Form: 8-KOn March 14, registrant announced that it appointed Thomas Caputo to the position of president. The employment agreement of Caputo was included by exhibit.http://www.snl.com/interactivex/doc.aspx?CDID=A-7498632-10081Click here to view the full filing

http://www.snl.com/interactivex/snapshot.aspx?id=4066492Getty Realty Corp. GTYClose: $15.41 -11.55 (-42.8%) Vol: 2,822,784 (2,700% of Avg.)Filed: 03/18/08 Form: 8-KRegistrant reported March 15 that it is revising its preliminary results of operations for the quarter and year ended Dec. 31, 2007.http://www.snl.com/interactivex/doc.aspx?CDID=A-7496474-10079Click here to view the full filing

http://www.snl.com/interactivex/snapshot.aspx?id=103126Glimcher Realty Trust GRTClose: $11.24 +0.53 (+4.9%) Vol: 424,700 (130% of Avg.)Filed: 03/18/08 Form: 8-KRegistrant reported that on March 14 it approved the 2008 execu-tive bonus plan for its senior executive officers.http://www.snl.com/interactivex/doc.aspx?CDID=A-7499924-8801Click here to view the full filing

http://www.snl.com/interactivex/snapshot.aspx?id=4095909Medical Properties Trust Inc. MPWClose: $11.18 +0.11 (+1.0%) Vol: 552,781 (101% of Avg.)Filed: 03/18/08 Form: 8-KRegistrant reported that on March 13 it, through MPT Operating Partnership LP, entered into a purchase and sale agreement with HCP Inc. and certain of its subsidiaries for the acquisition of a port-folio of 21 health care facilities.http://www.snl.com/interactivex/doc.aspx?CDID=A-7495119-9574Click here to view the full filing

http://www.snl.com/interactivex/snapshot.aspx?id=4107863Monarch Casino & Resort Inc. MCRIClose: $17.39 +0.49 (+2.9%) Vol: 192,055 (168% of Avg.)Filed: 03/18/08 Form: 8-KOn March 12, registrant announced its intention to repurchase up to 1.0 million shares of its common stock outstanding.http://www.snl.com/interactivex/doc.aspx?CDID=A-7495034-11108Click here to view the full filing

http://www.snl.com/interactivex/snapshot.aspx?id=103146ProLogis PLDClose: $57.74 +3.34 (+6.1%) Vol: 5,434,137 (207% of Avg.)Filed: 03/18/08 Form: 8-KRegistrant reported that on March 14 it and Jeffrey Schwartz entered into an employment agreement. The employment agree-ment was included by exhibit.http://www.snl.com/interactivex/doc.aspx?CDID=A-7500243-13159Click here to view the full filing

http://www.snl.com/interactivex/snapshot.aspx?id=102955Starwood Hotels & Resorts Worldwide Inc. HOTClose: $49.90 +0.90 (+1.8%) Vol: 4,074,895 (141% of Avg.)Filed: 03/18/08 Form: 8-KRegistrant reported that on March 13 it amended its bylaws. The amendment was included by exhibit.http://www.snl.com/interactivex/doc.aspx?CDID=A-7500094-13410Click here to view the full filing

http://www.snl.com/interactivex/snapshot.aspx?id=4107971Wynn Resorts Ltd. WYNNClose: $99.01 +2.07 (+2.1%) Vol: 2,053,666 (101% of Avg.)Filed: 03/18/08 Form: 8-KOn March 17, registrant announced that Ronald Kramer will leave the company as president and director on March 31.http://www.snl.com/interactivex/doc.aspx?CDID=A-7498780-10332Click here to view the full filing

























Industry ConferencesFor the period 03/19/08 to 04/18/08Name Dates Location PhoneCitigroup 2008 Small & Mid-Cap Conference 03/17/08-03/19/08 Las Vegas, NV (212) 559-1000Lehman Brothers 11th Annual Global Healthcare Conference 03/18/08-03/21/08 Miami Beach, FL (212) 526-7000

http://cc.talkpoint.com/LEHM002/031808a_jw/agenda.asp?day=TuesdayClick here for conference detailsNAREIT’s Law and Accounting Conference 03/19/08-03/21/08 Scottsdale, AZ (202) 739-9400

http://www.nareit.org/meetings/index.cfmClick here for conference detailsNYSSA 18th Annual REIT Conference 03/19/08 New York, NY (646) 871-3427

http://www.nyssa.org/AM/Template.cfm?Section=conferences___seminars&CONTENTID=6221&TEMPLATE=/CM/ContentDisplay.cfmClick here for conference detailsJPMorgan Gaming, Lodging & Restaurants Conference 03/25/08-03/27/08 Las Vegas, NV -

http://www.jpmorgan.com/pages/jpmorgan/investbk/global/na/usconferences/gaming08Click here for conference detailsBank of America 2008 Smid Cap Conference 03/26/08-03/27/08 Boston, MA -

https://gems.bankofamerica.com/public/EventOverview.do?dispatch=display&eventId=1006&site=clientClick here for conference detailsPREA’s 2008 Spring Conference 03/26/08-03/27/08 Boston, MA (860) 692-6341

http://www.prea.org/springconference08/index.cfmClick here for conference detailsCredit Suisse Asian Investment Conference 2008 03/31/08-04/03/08 Central and Western, Hong Kong 852 2101 7900

http://www.credit-suisse.com/conferences/aic/2008/en/Click here for conference detailsB. Riley & Company Inc. 9th Annual Las Vegas Investor Conference 04/01/08-04/04/08 Las Vegas, NV (310) 966-1444

http://www.brileyco.com/conference/confinfo.htmClick here for conference detailsCIBC 13th Annual North American Real Estate Equities Conference 04/02/08 Toronto, Canada (416) 594-7000

http://conferences.cibcwm.com/index.htmlClick here for conference detailsCredit Suisse Real Estate Fund Group Conference 04/03/08-04/04/08 New York, NY (212) 325-2000

http://www.csfb.com/conferences/index.shtmlClick here for conference detailsNYU’s 13th Annual REIT Symposium 04/03/08 New York, NY (212) 998-1212

http://www.nyu.edu/Click here for conference detailsNAREIT U.S. REIT Day in London 04/08/08 London, United Kingdom (202) 739-9400

http://www.nareit.org/meetings/REITdayLondon2008/index.cfmClick here for conference detailsCredit Suisse 2008 Real Estate Conference 04/08/08-04/10/08 New York, NY (212) 325-2000

http://www.csfb.com/conferences/index.shtmlClick here for conference detailsNAREIT U.S. REIT Day in Germany 04/10/08 Frankfurt, Germany (202) 739-9400

http://www.usreitinfodesk.com/Click here for conference detailsSunTrust Robinson Humphrey 37th Annual Institutional Unconference 04/15/08-04/16/08 Atlanta, GA (404) 813-0837

https://www.suntrustrh.com/ConferencesEvents/conferencedetails.asp?cid=38Click here for conference detailsICSC European Conference 04/16/08-04/18/08 Amsterdam, Netherlands (646) 728-3800

http://www.icsc.org/2008EU/index.phpClick here for conference detailsARES 2008 Annual Meeting 04/16/08-04/19/08 Captiva Island, FL (561) 799-8594

http://www.aresnet.org/Meetings.htm#2007Click here for conference details

To submit additions or corrections regarding industry conferences, please contact Dottie Risdon at (434) 951-7477, or e-mail [email protected].

http://www.snl.com/about/SNL_REIT_brochure.pdfhttp://www.snl.com/real_estatemailto:[email protected]

http://www.nyssa.org/AM/Template.cfm?Section=conferences___seminars&CONTENTID=6221&TEMPLATE=/CM/ContentDisplay.cfm

http://www.jpmorgan.com/pages/jpmorgan/investbk/global/na/usconferences/gaming08

https://gems.bankofamerica.com/public/EventOverview.do?dispatch=display&eventId=1006&site=client

https://www.suntrustrh.com/ConferencesEvents/conferencedetails.asp?cid=38




http://cc.talkpoint.com/LEHM002/031808a_jw/agenda.asp?day=Tuesday

http://www.nareit.org/meetings/index.cfm

http://www.prea.org/springconference08/index.cfm

http://www.credit-suisse.com/conferences/aic/2008/en/

http://www.brileyco.com/conference/confinfo.htm

http://conferences.cibcwm.com/index.html

http://www.csfb.com/conferences/index.shtml

http://www.nyu.edu/

http://www.nareit.org/meetings/REITdayLondon2008/index.cfm

http://www.csfb.com/conferences/index.shtml

http://www.usreitinfodesk.com/

http://www.icsc.org/2008EU/index.php

http://www.aresnet.org/Meetings.htm#2007



Stock Highlights - Reported in U.S. DollarsT u e s d a y TotalCompany Ticker Close Volume Return %RANKED BY TOTAL RETURN GAINREIT/REOCMeruelo Maddux MMPI 3.37 340,427 10.1Great Wolf Resorts WOLF 6.89 674,676 8.2Agree Realty Corp ADC 29.93 64,000 7.8Lodgian Inc LGN 10.55 127,817 7.8Eqty Lifestyle ELS 50.22 295,686 7.6

HOMEBUILDERHovnanian Entrprs HOV 10.17 6,474,944 18.4Standard Pacific SPF 4.61 6,932,601 17.6Centex Corp CTX 22.27 6,494,272 14.6Lennar Corp LEN 16.06 11,191,644 13.4Pulte Homes Inc PHM 12.96 11,216,853 11.2

GAMINGPinnacle Entrtnmnt PNK 13.69 1,486,482 6.9Penn Natl Gaming PENN 41.20 765,705 5.6M

Boyd Gaming Corp BYD 19.50 1,002,600 5.1Ameristar Casinos ASCA 18.87 404,629 4.8Isle of Capri Csno ISLE 7.29 603,205 4.6

RANKED BY TOTAL RETURN LOSSREIT/REOCGetty Realty Corp GTY 15.41 2,822,784 -42.8AZ Land Incm Corp AZL 6.80 2,200 -2.9Morgans Hotel MHGC 12.98 861,764 -2.7Roberts Realty RPI 6.80 9,500 -1.4Brookdale Senior BKD 22.73 1,281,386 -1.0

HOMEBUILDERM/I Homes Inc MHO 16.98 696,371 -2.2MDC Holdings Inc MDC 40.28 1,507,171 5.1Orleans Homeblders OHB 4.58 15,500 5.5Brookfield Homes BHS 14.28 106,300 5.7DR Horton Inc DHI 14.76 13,025,424 7.6

GAMINGTrump Entnmnt Rsrt TRMP 3.50 275,052 -0.6MTR Gaming Grp Inc MNTG 6.27 129,863 1.5Century Casinos CNTY 3.65 91,623 1.7Wynn Resorts Ltd WYNN 99.01 2,053,666 2.1Riviera Hldgs RIV 21.45 62,600 2.2

P a s t W e e k TotalCompany Ticker Close Volume Return %RANKED BY TOTAL RETURN GAINREIT/REOCSt. Joe Co JOE 44.49 5,932,967 14.2Lodgian Inc LGN 10.55 570,117 14.1Alexander’s Inc ALX 358.50 64,700 9.4Associated Estates AEC 11.15 2,798,696 9.3Realty Income Corp O 26.24 9,502,130 8.7

HOMEBUILDERBeazer Homes USA BZH 8.55 10,064,641 19.7Standard Pacific SPF 4.61 21,656,454 16.1WCI Communities WCI 3.42 4,251,001 15.2Meritage Homes MTH 15.58 5,146,189 9.4Orleans Homeblders OHB 4.58 136,600 7.8

GAMINGMTR Gaming Grp Inc MNTG 6.27 794,118 8.7Ameristar Casinos ASCA 18.87 2,626,534 4.4Monarch Csno & Rst MCRI 17.39 1,008,852 3.5Wynn Resorts Ltd WYNN 99.01 12,190,923 2.7Trump Entnmnt Rsrt TRMP 3.50 1,064,247 2.0

RANKED BY TOTAL RETURN LOSSREIT/REOCGetty Realty Corp GTY 15.41 3,310,413 -44.0PMC Commercial Tr PCC 7.29 155,459 -22.5Sonesta Intl SNSTA 22.00 6,985 -18.5Post Properties PPS 37.02 7,631,557 -12.6Brookdale Senior BKD 22.73 5,633,655 -10.7

HOMEBUILDERKB Home KBH 23.06 39,573,352 -5.0M/I Homes Inc MHO 16.98 2,102,461 -3.5Lennar Corp LEN 16.06 48,645,974 0.6Hovnanian Entrprs HOV 10.17 23,675,109 1.7Centex Corp CTX 22.27 29,276,954 2.8

GAMINGLas Vegas Sands LVS 74.84 10,891,418 -6.7Isle of Capri Csno ISLE 7.29 1,897,087 -4.2Century Casinos CNTY 3.65 324,306 -3.7Penn Natl Gaming PENN 41.20 4,227,256 -1.5M

MGM Mirage MGM 60.23 11,897,482 -1.4



T u e s d a y Total Volume asCompany Ticker Return % Volume % of AvgVOLUME HIGHLIGHTSREIT/REOCGetty Realty Corp GTY -42.8 2,822,784 2,700.1Associated Estates AEC 5.4 946,246 768.0Gladstone Comm GOOD 1.7 62,204 538.6Mission W Ppts Inc MSW 5.3 305,689 466.3Roberts Realty RPI -1.4 9,500 385.2

HOMEBUILDERM/I Homes Inc MHO -2.2 696,371 219.8Lennar Corp LEN 13.4 11,191,644 206.2Hovnanian Entrprs HOV 18.4 6,474,944 198.8Pulte Homes Inc PHM 11.2 11,216,853 183.2KB Home KBH 9.8 8,384,650 182.8

GAMINGPinnacle Entrtnmnt PNK 6.9 1,486,482 193.9Isle of Capri Csno ISLE 4.6 603,205 189.9Monarch Csno & Rst MCRI 2.9 192,055 168.0Riviera Hldgs RIV 2.2 62,600 100.8Wynn Resorts Ltd WYNN 2.1 2,053,666 100.5

Note: Companies ranked in the above tables must be traded on a major exchange, have a clos-ing price greater than $3, and daily volume greater than 1,000 shares. Total Return is the percentage return on investment, assuming the reinvestment of all divi-dends.

P a s t W e e k Total Volume asCompany Ticker Return % Volume % of AvgVOLUME HIGHLIGHTSREIT/REOCGetty Realty Corp GTY -44.0 3,310,413 633.3Associated Estates AEC 9.3 2,798,696 454.3Investors RE Trust IRETS 3.2 2,797,116 302.6Mission W Ppts Inc MSW 7.5 922,729 281.5Sr Housing Ppts SNH 3.9 9,368,117 246.7

HOMEBUILDERLennar Corp LEN 0.6 48,645,974 179.2KB Home KBH -5.0 39,573,352 172.5DR Horton Inc DHI 3.0 58,052,834 151.3Pulte Homes Inc PHM 4.0 46,094,226 150.6Hovnanian Entrprs HOV 1.7 23,675,109 145.4

GAMINGPinnacle Entrtnmnt PNK -0.2 9,896,041 258.2Monarch Csno & Rst MCRI 3.5 1,008,852 176.5Boyd Gaming Corp BYD 1.7 8,616,344 161.5Riviera Hldgs RIV -1.2 375,900 121.1Isle of Capri Csno ISLE -4.2 1,897,087 119.5

MCompany is the target of a pending merger.Note: Companies ranked in the above tables must be traded on a major exchange, have a clos-ing price greater than $3, and daily volume greater than 1,000 shares.

Stock Highlights - Reported in U.S. Dollars continued

Stock Highlights - Reported in Canadian DollarsT u e s d a y TotalCompany Ticker Close Volume Return %RANKED BY TOTAL RETURN GAINCanadian REIT REF.UN 26.95 64,161 5.1Calloway REIT CWT.UN 19.79 126,724 3.5H&R REIT HR.UN 19.68 154,842 3.2InnVest REIT INN.UN 9.60 120,049 2.6Chartwell REIT CSH.UN 8.50 182,014 2.2

RANKED BY TOTAL RETURN LOSSScott’s REIT SRQ.UN 6.55 4,106 -2.8Crombie REIT CRR.UN 10.75 25,537 -2.6Whiterock REIT WRK.UN 9.57 13,155 -1.8Retrocom RMM.UN 4.02 29,730 -1.2Amica Mature ACC 7.06 13,210 -0.4

P a s t W e e k TotalCompany Ticker Close Volume Return %RANKED BY TOTAL RETURN GAINPrimaris Retail PMZ.UN 16.50 500,302 5.7Canadian REIT REF.UN 26.95 277,412 5.2Morguard REIT MRT.UN 12.90 303,048 4.9Calloway REIT CWT.UN 19.79 986,587 4.2Northern Ppty REIT NPR.UN 19.60 339,947 3.7

RANKED BY TOTAL RETURN LOSSLanesborough REIT LRT.UN 4.69 52,801 -3.3Scott’s REIT SRQ.UN 6.55 13,742 -3.2Crombie REIT CRR.UN 10.75 120,455 -3.2Retrocom RMM.UN 4.02 103,987 -2.7Whiterock REIT WRK.UN 9.57 197,993 -2.3

Total Volume asCompany Ticker Return % Volume % of AvgVOLUME HIGHLIGHTSNorthern Ppty REIT NPR.UN 1.8 63,451 134.6Boardwalk REIT BEI.UN 0.6 191,887 119.1RioCan REIT REI.UN 1.5 561,863 112.5Crombie REIT CRR.UN -2.6 25,537 96.4Primaris Retail PMZ.UN -0.3 119,907 88.5

Note: Companies ranked in the above tables must be traded on a major exchange, have a clos-ing price greater than $3, and daily volume greater than 1,000 shares. Total Return is the percentage return on investment, assuming the reinvestment of all divi-dends.

Total Volume asCompany Ticker Return % Volume % of AvgVOLUME HIGHLIGHTSFirst Cap Realty FCR -1.5 490,328 279.7InnVest REIT INN.UN 0.5 1,536,334 208.4Northern Ppty REIT NPR.UN 3.7 339,947 144.2Whiterock REIT WRK.UN -2.3 197,993 114.6Calloway REIT CWT.UN 4.2 986,587 105.0

Note: Companies ranked in the above tables must be traded on a major exchange, have a clos-ing price greater than $3, and daily volume greater than 1,000 shares.



Total Return Index Values Percentage Change Value 1 Day 10 Day YTD 52 WeekEquity REITs 777.8 4.80 4.68 0.28 -18.73Hotel REITs 211.5 3.21 -0.67 -4.20 -30.57Hotel REOCs 248.1 2.69 -5.72 -3.08 -19.02Non-Hotel REOCs 661.3 2.91 -2.82 -14.41 -33.68Multifamily 1,325.3 4.89 5.92 11.88 -14.84Manufactured Homes 1,201.6 5.14 5.71 5.77 -12.99Homebuilders 316.7 9.76 1.47 6.67 -45.83Gaming 471.1 3.62 -2.78 -23.96 -15.70

Note: SNL total return indexes are market weighted and include dividends, which are assumed to be re-invested on the ex-date.

Percentage Change Value 1 Day 10 Day YTD 52 WeekRetail 978.8 5.13 5.17 -0.93 -23.81 Enclosed Mall 497.7 5.68 4.63 -1.21 -26.70 Shopping Center 950.6 5.54 6.27 0.42 -22.59Office 333.3 4.78 0.90 -5.35 -26.50Industrial 671.9 5.38 7.77 -5.40 -12.89Health Care 1,465.5 4.03 7.95 0.90 2.08Self Storage 1,678.3 5.46 10.04 20.99 -8.09Diversified/Other 380.8 4.60 2.17 -3.60 -15.17

SNL NEWSLETTER RESEND: If you do not receive your newsletter, call our Subscriptions Department at (434) 977-5877.

©2008, SNL Financial LC. All Rights Reserved. Confidential Subject Matter. WARNING! SNL Real Estate Securities Daily contains copyrighted subject matter and confidential information owned solely by SNL Financial LC (“SNL”). SNL authorizes the recipient to photocopy and/or distribute the newsletter, in whole or in part, solely to individuals employed by recipient’s company. You may not distribute or make accessible, this newsletter or its contents to third parties. You may not, without SNL’s prior written consent, otherwise reproduce, retransmit or distribute externally the newsletter as a whole, entire articles, tables, data compilations, or other substantial creative content. SNL reserves all rights not expressly granted. Reproduction, distribution or use of this newsletter in violation of this license constitutes copyright infringement and trade secret misappropriation in violation of federal and state law. Violators are subject to a maximum penalty of $150,000 per act of infringement. For information provided to SNL that leads to successful prosecution or settlement of copyright or license agreement violations, SNL will pay informant(s) a reward equal to 30% of the final judgment or settlement amount received by SNL, with the aggregate award not less than $10,000 nor greater than $1 million. If as a result of information provided by an informant or informants, SNL initiates legal action against persons or entities that it believes have violated its copyright or license agreement, SNL will make an initial aggregate payment of $10,000 to informant(s) within 30 days of the initiation of legal action, with any additional amounts to be paid upon receipt of payment by SNL from the final judgment or settlement.

If you do not agree to abide by the terms of this limited license, either immediately destroy the accompanying newsletter (and any copies), or return it to SNL. Notify SNL if you do not wish to receive this newsletter.

ALTHOUGH THE INFORMATION IN THIS REPORT HAS BEEN OBTAINED FROM SOURCES THAT SNL BELIEVES TO BE RELIABLE, SNL DOES NOT GUARANTEE ITS ACCURACY. THE NEWSLETTER AND ITS CONTENTS ARE PROVIDED “AS IS,” AND SNL DISCLAIMS ALL EXPRESSED AND IMPLIED WARRANTIES, INCLUDING IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR USE. IN NO EVENT SHALL SNL HAVE ANY MONETARY LIABILITY OF ANY KIND WHATSOEVER TO RECIPIENT OR TO ANY USER OF THE CONTENTS OF THIS NEWSLETTER. All opinions in this report constitute the author’s judgment as of the date of writing, and are subject to change at any time. This newsletter is not an offer or solicitation with respect to the purchase or sale of any security.

This license is the entire agreement between the parties with respect to its subject matter, and it can be amended only via written agreement by SNL. This agreement shall be governed by the law of Virginia, without regard to its choice of law rules. KeyQuarkFileCreation5727

http://www.snl.com/about/SNL_REIT_brochure.pdfhttp://www.snl.com/real_estatemailto:[email protected]




reit replay news headlines mutual beneficiaries · values at approximately $308.2 million, rbc...

Documents