Fall 2000
	Cover Story Doing the REIT Thing Western Properties’ Brad Blake and Bradley’s Tom D’Arcy put their shareholders first. Now they’re looking for work. Company Spotlight Failure to Communicate The "REIT Story" is a good one. Unfortunately, many companies haven’t done as good a job as they should have in telling it. Sector Spotlight Critical Conditions Opportunities among the healthcare REITs, but be careful out there. The New Economy Plugged In Making Money in the Internet Age Tracking The Market Bye, Bye Bear Market Blues After two of the worst years in their 40-year history, REITs have staged a strong comeback. By The Numbers Much Better, Thank You Real estate fund managers may never live down the 1998-99 bear market, but at least these days they can go out in public. Washington Wire Legislative Relief No legislation in the roughly 40-year history of REITs had the potential to alter the landscape more dramatically than the recently enacted REIT Modernization Act. Investment Basics Just How Safe Are REIT Dividends, REALLY? Yield-conscious investors drawn to REITs by their "rich" yields need to look beyond what’s printed in the stock tables of their daily newspapers. Investment Insight Opposites Attract It didn’t come as a surprise to portfolio managers at LaSalle Investment Management that REITs soared when tech stocks hit the wall this past spring. Investment Fundamentals NAV Growth: A Meaningful Performance Yardstick Growing FFO and enhancing shareholder value are not always one and the same. Focusing on NAV growth is a better, though not perfect, alternative suggests Green Street’s Mike Kirby and Jon Fosheim. Editor's Note The Journey Continues ... Parting Shot Wrestling With Net Asset Value The Penobscot Group’s Frederick S. Carr Jr. questions whether the market is telling investors that NAV is irrelevant. Newsline Urban To Be Acquired By Rodamco For $3.4 Billion Investor's Guide Questions Back Issues Feedback

Last fall, Dow Jones & Co. decided to sell Dow Jones Financial Publishing Corp., the company my two former partners and I founded in 1991, and that Dow Jones had purchased from us in January 1995. Late last year, Dow Jones signed a letter of intent with Wicks Business Information, a Connecticut-based firm. Before the deal closed, Wicks concluded that the real estate arm of our company didn’t fit within its business plan. Wicks asked if I would be interested in acquiring those assets, which included this magazine and Realty Stock Review. In late January, Wicks and my new venture, Rainmaker Publications Group LLC, closed the deal.

Put simply, my business plan was to use Realty Stock Review and Property magazine as the cornerstones of a multichannel media platform focusing on commercial real estate. The plan in place, I set about finding the resources to build that platform, and that meant finding the right partner.

Early on in my search, Scott Rechler, the co-CEO of Reckson Associates, an office REIT, introduced me to Bruce Weissberg, the CEO of RealtyIQ.Com. FrontLine Capital Group, a company spun off to the shareholders of Reckson Associates in June 1998, and which Scott is the CEO of, had taken a major stake in RealtyIQ.Com. Bruce and I hit it off, and though I spoke with a number of people before I met Bruce and after, I decided Bruce and his colleagues were the "right" partner for what I had in mind. In August, Bruce and I signed the deal that made Rainmaker a part of the RealtyIQ.Com family.

As noted, this magazine and Realty Stock Review represent the core of a much larger business plan. That plan will be unveiled in the coming months by Bruce and myself. Though I am dying to say more, for now I have to leave it at that. Hopefully, when you hear what we’re working on, you’ll be as excited as we are about our plan.

Over the past 10 years, I have written frequently in this magazine, as well as Realty Stock Review, and the other publications that we owned, including Investment Advisor and Asset Management, about my view of publishing. Put simply, I see what we do as a journey, albeit a never-ending one. There are always-with apologies to Robert Frost-"miles to go before we sleep." That’s as true today-if not more so-than in the past.

-You are receiving this magazine because you were a subscriber to one or both of the publications (Dow Jones Asset Management or Dow Jones Investment Advisor) that previously were bundled with Property. To continue receiving Property you will need to fill out a form. It’s easiest for us if you fill out the card attached to this issue and mail or fax (732-493-8319) it back to us. That way, you’ll keep getting Property. If you prefer, you can logon to the Property Website (www.property-mag.com) and click on the subscription icon.

If you have questions or comments about this issue of Property, or anything else, please contact me directly. You can reach me by phone (732-493-8172), fax (732-493-8319), "snail mail" (Box 240, Oakhurst, New Jersey 07755), or e-mail (bvinocur@rainmaker-media.com). I look forward to hearing from you.

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Fall 2000 Property Volume V, Number 2