No. of Recommendations: 8
REIT commons turned from having a positive return year to date
to a negative return today. This does NOT include dividends.

The median REIT common is down 0.31% Mortgage REITS are up 
1.29% and Property REITS are down 0.61%

REIT preferreds have held up better, the median YTD return
is +0.94%. 

As we all know the preferreds are usually less volatile than
the preferreds. That has proven to be the case again this year.
Know if we can just keep from getting them all called, life
will be good!



Name			Com/Pref	Symbol		Price change 
							from 12/31/10 
Gramercy Capital Corp.		Com	GKK	Mort	73.59%
Capital Trust, Inc.		Com	CT	Mort	42.58%
Roberts Realty Investors, Inc.	Com	RPI	Prop	37.68%
Weyerhauser			Com	WY	Prop	26.68%
MHI Hospitality Corporation	Com	MDH	Prop	24.64%
Maguire Properties, Inc.	Com	MPG	Prop	24.36%
iStar Financial Inc.		Com	SFI	Mort	15.47%
Bimini Capital Managment, Inc.	Com	BMNM.OB	Mort	15.24%
Potlatch Corporation		Com	PCH	Prop	15.08%
First Industrial Realty Trust,	Com	FR	Prop	14.84%
Rayonier			Com	RYN	Prop	14.17%
Retail Opportunities		Com	ROIC	Prop	11.71%
Plum Creek Timber Co. Inc.	Com	PCL	Prop	11.11%
Nationwide Health Properties I	Com	NHP	Prop	9.90%
Lexington Realty Trust		Com	LXP	Prop	9.81%
DuPont Fabros			Com	DFT	Prop	9.40%
Extra Space Storage, Inc.	Com	EXR	Prop	9.37%
Digital Realty Trust, Inc.	Com	DLR	Prop	9.16%
Strategic Hotels & Resorts Inc	Com	BEE	Prop	8.51%
Coresite Realty			Com	COR	Prop	8.28%
W.P. Carey & Co.		Com	WPC 	Prop	7.96%
Vestin Realty Mortgage II, Inc	Com	VRTB	Mort	7.59%
Northstar Realty Finance Corp.	Com	NRF	Mort	7.37%
Invesco Mortgage		Com	IVR	Mort	6.96%
Two Harbors			Com	TWO	Mort	6.74%
Duke Realty Corporation		Com	DRE	Prop	6.34%
Supertel Hospitality Inc.	Com	SPPR	Prop	6.33%
Health Care REIT, Inc.		Com	HCN	Prop	6.32%
Healthcare Realty Trust Incorp	Com	HR	Prop	6.09%
Douglas Emmett, Inc.		Com	DEI	Prop	5.90%
American Capital Agency Corp.	Com	AGNC	Mort	5.29%
Public Storage			Com	PSA	Prop	5.28%
AMB Property Corporation	Com	AMB	Prop	5.20%
Boston Properties, Inc.		Com	BXP	Prop	5.01%
Universal Health Realty Income	Com	UHT	Prop	4.87%
Redwood Trust, Inc.		Com	RWT	Mort	4.69%
Highwoods Properties, Inc.	Com	HIW	Prop	4.55%
Capstead Mortgage Corporation	Com	CMO	Mort	4.53%
Presidential Realty Corporatio	Com	PDL-B	Mort	4.29%
Essex Property Trust, Inc.	Com	ESS	Prop	4.27%
U-Store-It Trust		Com	YSI	Prop	3.99%
Equity Residential		Com	EQR	Prop	3.89%
Inland Real Estate Corporation	Com	IRC	Prop	3.75%
Walter Investment Management	Com	WAC	Mort	3.68%
Simon Property Group, Inc	Com	SPG	Prop	3.44%
Senior Housing Properties Trus	Com	SNH	Prop	3.33%
RAIT Financial Trust		Com	RAS	Mort	3.20%
Starwood			Com	STWD	Mort	3.12%
National Health Investors	Com	NHI	Prop	2.91%
Alexandria Real Estate Equitie	Com	ARE	Prop	2.87%
Glimcher Realty Trust		Com	GRT	Prop	2.62%
Camden Property Trust		Com	CPT	Prop	2.61%
Weingarten Realty Investors	Com	WRI	Prop	2.61%
SL Green Realty Corp.		Com	SLG	Prop	2.55%
AvalonBay Communities, Inc.	Com	AVB	Prop	2.51%
Federal Realty Inv. Trust	Com	FRT	Prop	2.49%
Ashford Hospitality Trust, Inc	Com	AHT	Prop	2.49%
PS Business Parks, Inc.		Com	PSB	Prop	2.44%
BRE Properties, Inc.		Com	BRE	Prop	2.44%
ProLogis			Com	PLD	Prop	2.42%
Pebblebrook			Com	PEB	Prop	2.31%
Vornado Realty Trust		Com	VNO	Prop	2.30%
Chimera				Com	CIM	Mort	1.92%
Investors Real Estate Trust	Com	IRET	Prop	1.90%
Colony Financial		Com	CLNY	Mort	1.85%
Medical Properties Trust, Inc.	Com	MPW	Prop	1.66%
Apollo Commercial Real Estate	Com	ARI	Mort	1.53%
Post Properties, Inc.		Com	PPS	Prop	1.46%
Kilroy Realty Corporation	Com	KRC	Prop	1.37%
Pennymac Mortgage		Com	PMT	Mort	1.05%
Sovran Self Storage, Inc.	Com	SSS	Prop	0.87%
PMC Commercial Trust		Com	PCC	Mort	0.83%
New York Mortgage Trust, Inc.	Com	NYMT	Mort	0.72%
Omega Healthcare Investors, In	Com	OHI	Prop	0.62%
Acadia Realty Trust		Com	AKR	Prop	0.38%
Colonial Properties Trust	Com	CLP	Prop	0.22%
Realty Income Corp		Com	O	Prop	0.12%
Anworth Mortgage Asset Corpora	Com	ANH	Mort	0.00%
HCP, Inc.			Com	HCP	Prop	-0.03%
Ramco-Gershenson Properties Tr	Com	RPT	Prop	-0.16%
Taubman Centers, Inc.		Com	TCO	Prop	-0.22%
Liberty Property Trust		Com	LRY	Prop	-0.22%
Equity Lifestyle Properties, I	Com	ELS	Prop	-0.27%
Sun Communities, Inc.		Com	SUI	Prop	-0.36%
Brandywine Realty Trust		Com	BDN	Prop	-0.43%
Associated Estates Realty Corp	Com	AEC	Prop	-0.52%
Home Properties, Inc.		Com	HME	Prop	-0.58%
Regency Centers Corporation	Com	REG	Prop	-0.64%
MFA Mortgage Investments	Com	MFA	Mort	-0.74%
Annaly Capital Management, Inc	Com	NLY	Mort	-0.84%
Eastern Light Capital, Incorpo	Com	ELC	Mort	-1.19%
Tanger Factory Outlet Centers	Com	SKT	Prop	-1.58%
UDR, Inc.			Com	UDR	Prop	-1.62%
Equity One, Inc.		Com	EQY	Prop	-1.71%
Macerich Company, The		Com	MAC	Prop	-1.92%
Ventas, Inc.			Com	VTR	Prop	-2.15%
Hudson Pacific Properties	Com	HPP	Prop	-2.19%
Hatteras Financial Corp.	Com	HTS	Mort	-2.48%
Mack-Cali Realty Corp.		Com	CLI	Prop	-2.51%
Mission West Properties, Inc.	Com	MSW	Prop	-2.54%
LTC Properties, Inc.		Com	LTC	Prop	-2.56%
Corporate Office Properties Tr	Com	OFC	Prop	-2.78%
Entertainment Properties Trust	Com	EPR	Prop	-2.88%
EastGroup Properties Inc.	Com	EGP	Prop	-2.91%
Crexus Investment		Com	CXS	Mort	-3.05%
American Campus Communities, I	Com	ACC	Prop	-3.05%
Education Realty Trust, Inc.	Com	EDR	Prop	-3.22%
Impac Mortgage Holdings Inc.	Com	IMH 	Mort	-3.23%
Cogdell Spencer Inc.		Com	CSA	Prop	-3.28%
CapLease, Inc.			Com	LSE	Prop	-3.44%
CBL & Associates Properties, I	Com	CBL	Prop	-3.77%
CapitalSource Inc.		Com	CSE 	Mort	-3.80%
Hospitality Properties Trust	Com	HPT	Prop	-4.38%
CommonWealth REIT		Com	CWH	Prop	-4.39%
DCT Industrial Trust Inc.	Com	DCT	Prop	-4.52%
Government Properties		Com	GOV	Prop	-4.55%
Deerfield Capital Corp.		Com	DFR	Mort	-4.62%
Excel Trust			Com	EXL	Prop	-4.63%
LaSalle Hotel Properties	Com	LHO	Prop	-4.66%
Dynex Capital, Inc.		Com	DX	Mort	-4.67%
NovaStar Financial Inc.		Com	NOVS.PK	Mort	-4.76%
Kimco Realty Corporation	Com	KIM	Prop	-4.77%
Mid-America Apartment		Com	MAA	Prop	-4.77%
Gladstone Commercial Corporati	Com	GOOD	Prop	-4.89%
Franklin Street Properties Cor	Com	FSP	Prop	-4.98%
SABRA Healthcare REIT		Com	SBRA	Prop	-5.11%
Resource Capital Corp.		Com	RSO	Mort	-5.15%
Developers Diversified Realty	Com	DDR	Prop	-5.18%
Urstadt Biddle 			Com	UBP	Prop	-5.48%
Host Hotels & Resorts, Inc.	Com	HST	Prop	-5.48%
Urstadt Biddle Properties Inc.	Com	UBA	Prop	-5.71%
Monmouth R.E. Inv. Corp.	Com	MNR	Prop	-5.76%
General Growth Properties, Inc	Com	GGP	Prop	-5.81%
Washington Real Estate Investm	Com	WRE	Prop	-6.13%
Arbor Realty Trust, Inc.	Com	ABR	Mort	-6.21%
Sunstone Hotel Investors, Inc	Com	SHO	Prop	-6.78%
Piedmont Office Realty Trust,	Com	PDM	Prop	-6.85%
Cousins Properties Inc		Com	CUZ	Prop	-6.95%
UMH Properties, Inc		Com	UMH	Prop	-6.96%
Chatham Lodging			Com	CLDT	Prop	-7.13%
National Retail Properties, In	Com	NNN	Prop	-7.43%
NTS Realty Holdings LP		Com	NLP	Prop	-7.54%
BioMed Realty Trust, Inc.	Com	BMR	Prop	-7.77%
Apartment Investment and Manag	Com	AIV	Prop	-7.93%
Newcastle Investment Corp.	Com	NCT	Mort	-8.36%
Hersha Hospitality Trust	Com	HT	Prop	-8.48%
First Real Estate Investment T	Com	FREVS.O	Prop	-8.89%
Pennsylvania R.E.I.T.		Com	PEI	Prop	-9.57%
Parkway Properties, Inc.	Com	PKY	Prop	-10.10%
FelCor Lodging Trust Incorpora	Com	FCH	Prop	-10.51%
BRT Realty Trust		Com	BRT	Mort	-10.61%
Saul Centers, Inc.		Com	BFS	Prop	-10.67%
Winthrop Realty Trust		Com	FUR	Prop	-10.71%
One Liberty Properties, Inc.	Com	OLP	Prop	-11.14%
Alexander's, Inc.		Com	ALX	Prop	-11.72%
Agree Realty Corporation	Com	ADC	Prop	-12.18%
Kite Realty Group Trust		Com	KRG	Prop	-12.20%
DiamondRock Hospitality		Com	DRH	Prop	-12.92%
First Potomac Realty Trust	Com	FPO	Prop	-13.20%
Cedar Shopping Centers Inc	Com	CDR	Prop	-16.22%
Pittsburgh & West Virginia Rai	Com	PW	Prop	-18.44%
HMG/Courtland Properties	Com	HMG	Prop	-22.37%
Campus Crest Communities	Com	CCG	Prop	-24.11%
Getty Realty Corp.		Com	GTY	Prop	-28.74%
Transcontinental Realty Invest	Com	TCI	Prop	-46.05%
Pacific Office Properties Trus	Com	PCE	Prop	-48.44%
Boardwalk REIT (USA)		Com	BOWFF.P	Prop	
Cominar				Com	CMLEF.P	Prop	
InnSuites Hospitality Trust	Com	IHT	Prop	
ECC Capital Corporation		Com	ECRO.PK	Mort	
Care Investment Trust Inc.	Com	CVTR.PK	Mort	
Origen Financial, Inc.		Com	ORGN.PK	Mort	
JER Investors Trust Inc.	Com	JERT.PK	Mort	
Vestin Realty Mortgage I Inc.	Com	VRTA	Mort	
Anthracite Capital Inc.		Com	ACPIQ.P	Mort	
American Mortgage		Com	AMOAQ.P	Mort	
American Realty Investors, Inc	Com	ARL	Prop	
Summit Hotel Properties		Com	INN	Prop	
Income Opportunity Realty Inve	Com	IOT	Prop	
Gyrodyne Company of America, I	Com	GYRO	Prop	
Maxus Realty Trust, Inc.	Com	MRTI.PK	Prop	
Blue Ridge Real Estate Co	Com	BLRGZ.O	Prop	
American Spectrum Realty, Inc.	Com	AQQ	Prop	
AMEN Properties, Inc		Com	AMEN.PK	Prop	
Royal Invest International Cor	Com	RIIC.OB	Prop	
Horizon Group Properties, Inc.	Com	HGPI.PK	Prop	
FFP Partners, L.P.		Com	XXFPL.P	Prop
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No. of Recommendations: 0
Yoda, any sniffs of inflation given today's wholesale numbers? Effects on preferreds? Yes wholesale core is still lowish, but food and fuel are skyrocketing!
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No. of Recommendations: 2
Got Timber? All 4 Timber Reits are in the top 13, all with double digit returns......interesting?
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