Property
 

F E A T U R E S
 
Editor's Note
No Words
by Barry Vinocur

Our lives are defined by events. Births, graduations, weddings, job promotions, and inevitably, deaths leave their mark. Then there are events that are like a kick in the stomach. Unexpected, frequently tragic, they leave an indelible mark seared into our brains. The assassinations of JFK and Martin Luther King Jr., the Challenger disaster, and the tragedy at Oklahoma City fall into that category. Then, there is what happened on September 11.

There are no words to convey the deep sense of horror and now sadness that has engulfed us since that awful day. “Our hearts are broken,” said Mayor Rudy Giuliani during one of the media briefings following the terrorist attacks. Broken, indeed! President Bush, Mayor Giuliani, and countless others say we need to get back to work, that things have to get back to “normal.” I hear the words—if we allow the horrific events of September 11 to paralyze us, change us in ways we don’t want to be changed, the terrorists win. If our way of life suffers, the memories of all those who perished are lessened. I hear the words, and on some level I know there’s merit to them. But the sadness will not go away.

Because many people we frequently talk with are in Manhattan, our first thoughts were of them. Thankfully, most escaped, though hardly unscathed. But like many others, we know people who didn’t survive. Our thoughts are with their families and friends.

In the days following September 11, we went through the motions. We did our best to return to normal, or what almost certainly will pass for normal in the post-September 11 world.

When we reviewed what we had planned for this issue, we knew we had to make changes. If you’re Time or Newsweek, each magazine issue is defined by events. If you’re a magazine like ours, making last minute changes is tough. We don’t have the clout of a newsweekly with our printer. If we miss our “slot,” we may miss a trade show or other important event. But we recast this issue, working around the clock to provide you with an assessment of the terrorist attacks’ impact on property-linked stocks.

As we were racing to meet our revised printing schedule, Standard & Poor’s announced REITs were eligible for inclusion in its U.S. equity indices. That S&P was considering adding REITs to its equity indices was not a secret. When it would make the announcement, and what it would say, were unknown. As soon as we heard rumblings the news was imminent—and would be what REITsters had been hoping for for years—we retooled our plans again.

Putting out a magazine is a team effort. I am fortunate to work with a team that not only puts up with my intransigent procrastination but also is very, very good at what they do. Working long hours and past what I surely thought was their breaking point, they persevered! We made it! Thank you for all of your hard work.

This is our last issue this year, but we’ll be back with our January/February 2002 issue. So, if you have comments, please tell us. We’d love to hear from you.

—The staff of Property magazine wishes you a happy, healthy, and prosperous New Year.


November/December 2001 Property Volume VI, Number 3
ISSN 1529-238X

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