The commercial real estate capital markets are increasingly driven by the securitization of commercial real estate on Wall Street. Mr. Bullock and Mr. Holmstrom are among a handful of individuals in the United States who have been involved in all facets of converting privately held real estate companies to NYSE publicly held REITs. This knowledge provides valuable insights into how capital markets affect real estate value and liquidity -- a critical issue in determining property acquisition and disposition criterion and portfolio composition.