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TWST: Dan, how do you see it?

Mr. Pine: I don’t think I have a terribly differentiated view from what has already been said. What I would add is that it really comes down to risk and return. If a company takes on more risk to achieve excess growth, it’s not necessarily a good deal for shareholders. And some entities will be more successful at finding opportunities than others. There will be companies that have logical, rational plans to add value because they’re good at adding value and servicing their tenants, and then they need to do a logical add-on business. And there are others that will do it badly.

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

Mr. Pine: I define our top picks as being those companies in which we have the largest overweightings to the REIT indices. Vornado (NYSE:VNO) is one of them, for all the reasons David just said. On the apartment side, Essex Properties (NYSE:ESS) is a smaller company in which we have a fairly significant overweighting. They are a West Coast-based apartment company, more middle market, if there is such a thing on the West Coast, and they have very large exposures to the Bay Area as well as southern California, actually all the way up and down the Coast. We just think those are great apartment markets, so we favor the stock.