Real Estate Investment Trust Update
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Health Care Update for Q2-07

Triple Net Lease Update for 6-29-07


Monthly Rating Changes

    On 6-21 Wachovia Initiated coverage of LSE at Market Perform. On 6-15 KeyBanc Capital Mkts / McDonald Initiated coverage of HCP at Buy. On 6-05 UBS Initiated coverage of OHI at Neutral.

    On 6-08 a Stifel Nicolaus analyst cut his rating on NHP saying the company isn't as well-positioned as some of its peers to shift its investment focus to medical office buildings and on concern about interest rate pressures on share prices. The investment focus of health care REITs is shifting from private-pay senior housing to areas such as medical office buildings, where Nationwide Health has less experience than some it competitors, Stifel Nicolaus analyst Jerry L. Doctrow wrote in a research note. He said he also expects the entire health REIT sector to come under pressure from rising interest rates. Doctrow cut his rating on NHP and VTR to "Hold" from "Buy" and lowered his price target on Senior Housing Properties Trust to $24 per share from $27. In a separate note Friday, Doctrow noted that health care REITs "are pursuing increasingly divergent growth strategies," and he's more optimistic about the growth prospects for REITs investing in or developing medical office buildings, skilled nursing facilities and hospitals.

    On 6-18 LXP declared a dividend of $0.375 per share/unit, payable on July 16, 2007 to shareholders/unit holders of record on June 29, 2007.

Spirit Finance Corporation to Be Acquired by Macquarie-Led Group     Businesswire 3-13
    Spirit Finance entered into a definitive merger agreement under which a consortium including Macquarie Bank Limited, Kaupthing Bank and other participants will acquire Spirit Finance in a transaction valued at approximately $3.5 billion.


Office/Industrial Update    Shopping Center/Mall Update    Apartment/Hospitality Update

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