REITtalk Episode 153 Date: October 13, 2008 Guest: Steven Marks Managing Director, REITs Fitch Ratings Program Length: 25:41 Website: http://www.REITcafe.com TOPIC: Global equity markets are in turmoil, credit markets are in lockdown, and REIT volatility is at all time highs; how do you begin to make sense of it all? Steven Marks, Managing Director, REITs at Fitch Ratings, joins host, Anatole Pevnev, to discuss the current state of the credit markets and how it is affecting REIT credit quality. Topics discussed include: * REITs are often categorized as a financial stock. Many banks have failed, others have received government funding to avoid liquidity crises; are REITs susceptible to similar liquidity problems or are their structures fundamentally different? * What impact are equity valuations having on the credit quality of REITs? * In this environment, where we aren't sure how long valuations will be impaired, what is the ratings bias of Fitch? * What factors is Fitch focused on today? * Are REITs well positioned to ride out problems in the credit markets? ***************************************** This Episode of REITtalk is sponsored by: Pepper Hamilton, LLP Attorneys at Law www.pepperlaw.com Pepper Hamilton is a multi-practice law firm whose reputation for results goes back more than a century. To learn more about Pepper Hamilton and their Real Estate Capital Markets practice you can visit them on the internet at www.pepperlaw.com Find out how Pepper can keep your next deal sizzling. Call Michael Friedman at (215) 981-4000 -- and -- RealFoundations www.RealFoundations.net Delivering world-class business improvement, process optimization, and technology solutions to real estate investors and operators. RealFoundations has years of experience working with leading REITS and institutional investors. For more information on their breadth of services and expertise visit RealFoundations on the internet at www.realfoundations.net ***************************************** Music: I'd like to thank Derek K. Miller from Vancouver, Canada for providing the music for this episode of REITtalk. http://podcast.penmachine.com.

REITtalk Episode 105 Date: June 14, 2007 Guest: Dave Fick Senior REIT Analyst Stifel, Nicolaus & Company, Inc. Important Disclosures: https://stifel.bluematrix.com/docs/html/public_1236.html Program Length: 29:36 Website: http://www.REITcafe.com TOPIC: Dave's group at Stifel recently downgraded office, industrial, retail, and commercial finance REITs. Dave joins me to discuss his view on REITs today and what prompted this downgrade. Topics discussed include: * Why downgrade REITs when they are already trading 15% below peak levels? * What effect are interest rates having on private real estate markets and public REITs? * Capital flows have gone negative; what's behind this change and how long can it last? * Dividend yields are at all time lows; what yields are reasonable and what impact would that have on valuations? * Are there any bright spots in the REIT universe? * Is US real estate too expensive relative to other global markets? * When will it make sense to get back into US REITs? ***************************************** This Episode of REITtalk is sponsored by: Pepper Hamilton, LLP Attorneys at Law www.pepperlaw.com Pepper Hamilton is a multi-practice law firm whose reputation for results goes back more than a century. To learn more about Pepper Hamilton and their Real Estate Capital Markets practice you can visit them on the internet at www.pepperlaw.com Find out how Pepper can keep your next deal sizzling. Call Dave Fick at (215) 981-4000 -- and -- RealFoundations www.RealFoundations.net Delivering world-class business improvement, process optimization, and technology solutions to real estate investors and operators. RealFoundations has years of experience working with leading REITS and institutional investors. For more information on their breadth of services and expertise visit RealFoundations on the internet at www.realfoundations.net -- and -- Ashford Hospitality Trust www.ahtreit.com Ashford Hospitality Trust, the premier capital provider to the hospitality industry. Ashford invests across all hotel segments and all levels of the capital structure. For more information on Ashford's investment strategy and its full range of hotel capital solutions, you can visit them on the internet at www.ahtreit.com. ***************************************** Music: I'd like to thank Derek K. Miller from Vancouver, Canada for providing the music for this episode of REITtalk. http://podcast.penmachine.com.