Your response on book value is meaningless in relation to my statements, because you include non-REITs. All I am saying is that book value should not be ignored when looking at REITs. You are saying that the book value of a REIT should be completely ignored. You are wrong.
Regarding "Sources and Uses of Cash", if you work on Wall Street, you should know that a statements of cash flow can be finagled. All financial statements are can be finagled. The reason that Income Statements are produced is that Cash Flow statements can be misleading, in that expenses can be deferred and revenues can be accelerated. So you need to look at cash flow, income, and the balance sheet.
You are saying we should ignore the balance sheet. That is always foolish to some degree, but it is especially foolish with respect to a REIT.