Today's gain was about $0.25 greater than I expected based on the performance of REITS and if I remember correctly, in the past several days a couple of others have also exceeded  the REIT performance. The increase in interest rates on bonds only makes the increases even more interesting.

I do not know what is responsible for this. I caught an interview on CNBC this morning discussing the 2007 performance and outlook for commercial real estate in 2008 that was somewhat upbeat for the latter. The reasons given had to do with the strong performance of the economy in the third quarter and the projected favorable Supply/Demand situation for 2008. The latter had been reported in a fairly recent T-C release and perhaps it is more significant than I initially thought it was.

If you followed the account closely last year (2006) you will remember its performance dived in the summer and throughout the autumn but it recovered quite a bit at the tail end of December. I still don't expect such a recover this month but.......! We will see.

Ray