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Strategies & Market Trends : REITS - Buying 1 - 2 weeks before going ex-dividend -- Ignore unavailable to you. Want to Upgrade?

To: zebraspot who wrote (2175)	9/10/2001 4:39:34 PM
From: Art Bechhoefer	Read Replies (1) \| Respond to of 2561

I appreciate your views, but, having visited the DC area frequently in recent months, I believe you may not realize that many of the commercial properties are relatively new--built within the last 10 to 15 years. Some recently acquired properties were refurbished in order to retain existing clients or make the buildings more attractive for general use. I'm not sure I would regard the locations as all that bad, as most of them are in suburban areas where, irrespective of what the neighborhood is like, rents are still very strong. The Trust generally avoids new structures, which tend to be too expensive, and looks for somewhat run down properties that, with better management, can be refurbished and operated in a manner that ensures they get top level leasing rates from their tenants. An example involves an older office building (1980's vintage), which they equipped with high speed Internet access in every office. So I take a more positive view of WRE than you, but my main reason for holding the shares is that the company has shown consistent year-to-year growth in FFO of 12 percent. Art