If QE2 endpoint is announced, MREITS will initially take a hit. Then what? Even more money on the sidelines like March 9, 2009. Bond market is not the first choice until yields peak and bond prices bottom out. Solid dividend stocks like MCD? 3.5%? Maybe not that either.
A month goes by and there is still a lot of cash on the sidelines. MREIT prices are down and yields are up. Portfolio managers might just find them attractive around Independence Day.