"It's hard to say how long this stock rally will last. Looking at the credit markets, it's still very challenging. We do feel that it's a positive sign that all of these REITs have been able to raise equity over the past several months. It's really a validation of the REIT model that a lot of investors feel confident about the long-term prospects of these companies. But there will continue to be a lot of challenges in the commercial real estate market over the next several years.

"If you look at REITs versus the broader commercial real estate market, a lot of them are in a relatively better position because they're able to access equity markets to raise capital. For the private market, it's obviously very challenging to raise equity. But they're still susceptible to the same debt market issues that everybody else is. There's a lot less capacity for commercial real estate debt today, and the REITs are certainly feeling that as much as anybody.

"In terms of the REIT stock prices, the broader S&P 500 has been challenged, and I think people are uncertain as to where the overall economic environment is going. Some people are bullish while others are bearish. Unemployment continues to go up, and there have been a lot of negative signals in the economic environment, and obviously that's going to be reflected in stock prices."