Let me tell you this: I bought shares of a REIT, called General Growth Properties (GGP, and never mind that I bought the shares for an average of 80 cents around a Chapter 11 reorganization and the shares now are selling for $20). GGP spun off non-shopping mall real estate into Howard Hughes Corporation (HHC), so shareholders received, on the same tax-free basis as CST, only slightly less than one share for every ten GGP shares owned. HHC shares opened trading at $31 in Nov 2010 and are going now for $86. CST shares could appreciate on a similar order of magnitude. Might even consider buying CST shares on a when-issued basis if you are afraid to own VLO shares.