Reduced Our Position in Strategic Hotels and Resorts

On April 14, 2010, we finally witnessed sufficient price appreciation with our shares in Strategic Hotels and Resorts to unload 600 shares.  It was a difficult decision as Strategic Hotels and Resorts has been experiencing a great run.  Despite the stock's momentum, we felt it was prudent to capitalize on the price appreciation.  While Strategic Hotels’ dividend is still suspended, we believe they own great assets and we plan to retain 100 shares for the foreseeable future.

Proceeds from the sale have been used to eliminate all of our debt.  Our balance sheet is strong.  We will now begin gearing up for a retail stock purchase in the June/July timeframe.  We have our eye on a stock that has a strong presence in most New Urban communities and it recently began paying a dividend.  We will have more information on that strategy in the near future.

04.21.2010. 23:43