In this issue's cover story, GE Real Estate president and CEO Michael Pralle discusses the company's history, as well as outlines its new strategic vision and aggressive global expansion plans. While the real estate unit itself is not publicly traded, GE Real Estate's size and available resources make it an organization investors should watch.

Other Features

Unlike the game show of the same name, the companies featured in "Let's Make a Deal" knew exactly what was behind door number one. The article takes a look at the mutually beneficial relationship many REITs have found partnering with leading pension funds. The pace of these win-win arrangements has increased because these deals give REITs a source for additional capital, while providing funds with access to operating expertise and strategies they might not have on their own.

Few stories we have written have uncovered such strong opinions on both sides of an issue as our feature on direct placements, "When Raising Capital Raises a Ruckus." Do these deals raise more concern than capital? Are these deals good for the industry and its investors? That might be a matter of opinion, but our story uses two previous transactions as a reference point to outline the key issues involved with direct placements.

Times have been tough for the lodging industry. Executives at lodging REITs have had to adapt their company's strategies to a sluggish economy, reduced travel and the ongoing threat of war. But there is a light at the end of the tunnel, and MeriStar Hospitality Corporation wants investors to know it isn't an oncoming train. To learn more about how MeriStar plans to rebound from a challenging 2003, read "Looking for a Little Hospitality."

Matthew Bechard
Editor-in-Chief