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TWST: Are there stocks on your recommended list, David, that should appeal to growth investors and value investors?

Mr. Shulman: I don’t think there’s a REIT out there that would appeal to a growth investor as defined by the market today, because REITs have real earnings, generate real cash and pay real dividends. Some of the growthier companies in the REIT universe are trading very expensively relative to the entire group and are probably worth it. I think our stocks would appeal to some middle-of-the-road manager, sort of a GARP (growth at a reasonable price) manager, and S&P-based return manager as opposed to being benched against some type of growth investor index. But this is not a growth industry, and if a true growth manager tried to sell Cisco (Nasdaq:CSCO) to buy any REIT, his/her hand would atrophy while attempting to make the trade.

TWST: David, what are your three or four top picks at this time?

Mr. Shulman: Equity Office Properties (NYSE:EOP) that Eric mentioned, Vornado Realty Trust (NYSE:VNO) and AMB Property (NYSE:AMB). Vornado — I think they now have a development team in place to execute the promises they made a few years ago, that’s the catalyst. Those promises have to do with redeveloping Penn Station and building out 59th Street. This site is owned by Alexander’s, of which UNO owns 33%.