Yup, I want him to tell us, in approximate dollars, the effect of an immediate 200 basis point increase in short and long rates, neither of which are remotely likely to happen in the next two years.
Uncle Ben has promised ultra low short rates until at least mid 2013. Long rates ain't gunna go up a lot until inflation rises at the same time unemployment decreases significantly. Last but certainly not least, 2012 is an election year.
The name of the game in equity reits is leverage. Buy a property yielding 7.5% (pre-debt) and borrow 70% at 5%. Then keep rolling it over and over and over while increasing rents a little bit more than cost inflation each year.