[mathjak107]

yes it could all be a means to the same out come when sold. its hard to compare. but id rather take a nice cruise in a cadillac on a nice paved road rather than the back trail in a jeep wrangler in a pot holed road with dips and climbs. the traded reits trade more on perception of whats down the road then the here and now of real brick and morter. while traded reits are down as much as 50% to 60% or better from their highs the properties if sold may bring 10% less or maybe even more than they were bought at depending where or what they are. . last unlisted reit i had was sold last year. all thru the 2000's i got a nice 7-1/2% dividend in a world of less than 1% money markets. it was sold last year at a 17% capital gain. sweet deal. no guarantee that will happpen again but there is no question the pricing by perception of the markets cause wild swings that have almost no basis on actual value at the moment. my public reit ICF had a 9% swing last week in one day. no way the property gained or lost 10% in one day . thats why many stocks sell for less than break up value. its just a different pricing structure. there certainly is a bit of comfort on those days of 600 point swings and reits moving 9% in a day (my icf) when you hold un-traded reits which hold the same cost value until sold.