SOME 230 SENIOR-LEVEL EXECUTIVES GATHERED AT THE Boulders Resort in Carefree, AZ last month for Ernst & Young's 2012 REIT CFO Roundtable. The three-day event featured presentations and frank talk from analysts and REIT executives on the state of, and prospects for, public companies in a still-tough market. The next few pages feature excerpts from three of the event's sessions.

In the Capital Markets Update, experts—E&Y's Michael Straneva, Jefferies & Co.s Rich Ford, Oak Hill REIT Management's Jon Fosheim and Green Street Advisors' Adam Markman—debated REITs' access to capital and how it's being put into play, as well as how public firms can position themselves for the (eventual) upturn.

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