Like common stocks, REITs are too numerous to list all that we have researched or used, but here are a few that are or have been held in some client portfolios. Please click on the following links for information about the specific investment.

Real Estate

Hospitality Properties Trust (HPT) is a real estate investment trust ("REIT") that buys, owns and leases hotels. The Trust currently own 285 hotels with 38,489 rooms costing $3.0 billion. The business strategy is to invest in high quality hotels leased to or managed by experienced hotel operators for rents or returns which exceed our cost of capital. The average age of hotels is eight years. The Trust management believes that our hotels are among the newest, best designed, best located and best managed hotels in their market segments.

Senior Housing Properties Trust (SNH) is a real estate investment trust (REIT) which owns senior living properties throughout the United States. 

Vornado Realty Trust (VNO) is a fully integrated real estate company and one of the largest REITs in the nation, owning and/or managing approximately 87 million square feet of real estate. Vornado owns and operates office, retail and showroom properties with large concentrations in the New York metropolitan area and in the Washington, D.C. and Northern Virginia area.

Trustreet Properties, Inc., a leading provider of triple net-lease financing to the restaurant industry, was formed in February 2005 from the merger of CNL Restaurant Properties, Inc., (Click here for the Tax Consequences of the Merger from Restaurant Properties.) 18 CNL Income Funds (Click here for the Tax Consequences of the Merger from the Income Funds) and U.S. Restaurant Properties, Inc. Now the largest publicly-traded (TSY), self-advised restaurant real estate investment trust (REIT) in the United States, Trustreet provides a diverse portfolio of opportunities for investors, a complete range of financial, advisory and other real estate services to operators of national and regional restaurant chains.

Trustreet was bought by GE Capital Solutions. The sale is set to be consummated in the first quarter of 2007.

W. P Carey CPA: 12   merges with CPA: 14.

Pope Resources MLP  (POPEZ) Pope Resources has a heritage as a land and timber owner in the Pacific Northwest that goes back for over 150 years. Today, our assets include 115,000 acres of productive timberland and nearly 3,000 acres of development property, most of which is within a 50-mile radius of Seattle.

Plum Creek Timber (PCL) is the largest and most geographically diverse private landowner in the nation. Our primary business is to actively manage our timberlands to capture the most value from every acre we own. That means owning timberlands in the most robust markets, making prudent investments in the growth of our timberland assets and harvesting trees at the best "economically mature" point in the life cycle of a tree.

Tax Credit Limited Partnerships

Centerline Capital (formerly CharterMac Capital formerly Related Capital Company) has offered several Tax Credit L.P.s that some of our clients hold. Click here to view reports on the partnerships. Pay particular attention to the annual reports to ascertain when your partnership interests may be liquidated.

Boston Capital has also offered Tax Credit L.P.s held by some of our clients. No new partnerships are currently available.

Several clients have called recently asking how they should respond to offers to buy their interests in various tax credit partnerships. Our response is that if you do not need the cash right now, you may be financially more prudent to hold on to your interests until the General Partner liquidates the properties according to the original plan. In addition to the tax credits you have already received, you may be entitled to a portion of the profits and original investment in the properties to be sold in the near future. The companies offering to buy your interests are also interested in those profits. You have been an investor for many years, don't give up your potential profits this close to their fruition.

    Real Estate Funds and ETFs
        Vanguard REIT Index VIPERs
        Alpine Realty Income & Growth/Y (AIGYX)
        TIAA Real Estate Account