I think any investment in these critters (who have unversally been beaten to death by the market) must include some analysis of what each company's alternatives are if the securitization markets do not reopen in the near term. Most of these guys are dependent on the market for financing whatever they invest in via securitizations, funded debt, credit lines of some sort, etc. The better and more forward thinking ones had multiple redundancies built into their funding plan and these are now being tested. I do not know when the securitization market will open wide again. In the meantime, only a few deals are getting done and only for the best issuers whose deals perormed well in the past (and who don't have any residential mortgage exposure). Look closely at what will happen to any particular MREIT if they are having a hard time getting funded. SOme are fine, others not so much.
"Neither my companion or I carry firearms on our persons. We depend on the goodwill of our fellow man and the forbearance of reptiles."
- English Bob