Hi Pete:

 I'll reply here to your (tongue-in-cheek?) question posted to me on the other board:

Socratc! Where have you been on the TIAA-CREF boards to gloat over the fact that everyone (me included) has been moving out of the TIAA Real Estate Account (not that we lost any money in it, but still )

The answer is:

1) I lurk here all the time, but generally have nothing to contribute ... even to the earthshaking posts such as: REA UNIT VALUE CHANGED TODAY!! ;-)

2) I would never gloat, though I do take satisfaction from the fact that others appear to have come around to a viewpoint I espoused some time ago

3) Which is that: TC REA is fantastic investment for those who have access to it but that it is not magic and that it should be part of a well-diversified portfolio (I was going to say: balanced breakfast :-)).  Too many people on this board seem to have a tendency to have a REAligious attitude to the investment.

FWIW, I am still at 5% TC REA in addition to 7.5% VNQ.  The beautiful thing about this allocation is that when REITs were roaring I was balancing out to REA which was itself rising steadily.  And when REITs tanked I balanced out of REA (several times in the past 18 months) and thus now have significantly less in stagnating REA.  If / when REITs keep surging, the cycle will start all over again.  Much much better than being all one or all the other.

 Best to you and others.