I would be careful on all RE investments. Many of the most credit worthy companies are finding it all but impossible to refinance/roll over short term debt. 12/17/2007, an international RE firm, with operations in the USA, has suspended dividends for at least 6 months due to inabaility to refinance short term maturing debt.
I agree with your observations on the credit crunch. It can lead to a snowball effect. No cash available for refinancing can lead to selling of peoperties at lower prices resulting in lower NAV for REITs and lower market prices for the REIT stocks. JMO
It's being shorted down. Look at the charts and volume. Perfect time for the hedgies to do it. Right after ex-date and year end tax selling. Hope it keeps falling. I want more. Many cef's and reits and mlp's etc are getting hit.
Good plan by the hedge funds...take out the stops and keep collecting.
I went through the prospectus recently and can find no direct exposure to the subprime problems: No homebuilders, no lenders of *any* kind, just commercial REITs: hospitals, office buildings, shopping malls, etc. It could be a good long-term buy here.