In a biography of Ted Williams, an obersver at the time said, even if you knew nothing about baseball, once you met him you knew he was the best at his game. What was said about baseball and Ted Williams can also be said about real estate and Steve Roth, Vornado Realty Trust's chairman and CEO, former NAREIT chair and the subject of this issue's cover story.

Roth thinks, talks and acts fast—true to his New York roots. One of his special skills as a leader is the ability to consider the bigger picture while simultaneously focusing on the small details. He has an unflinching self confidence in his decision making, and the track record to back it up. After all, it was his vision and strategic gambles that took Vornado from nothing to a diversified real estate powerhouse with a $14 billion equity market cap.

On top of that, he has devoted a great deal of time and effort to this industry as a whole. In particular, he has played an influential role in many of NAREIT's policy initiatives, including advancing the industry's 401(k) outreach initiative, addressing emerging accounting issues and his active involvement in the enactment and implementation of the Terrorism Risk Insurance Act (TRIA). Roth also has been a strong supporter of industry research underscoring the benefits of including REIT stocks in individual and institutional portfolios. In recognition of all of his efforts, Roth received NAREIT's 2004 Leadership Award.

In this issue of Portfolio, Roth sits down with Charles Keenan as part of our "Paving the Way" series and talks about how he got his start in real estate, what have been the keys to his success and where he sees the industry going from here. Hint: while he acknowledges that the more-than-qualified next generation of industry leaders are ready and willing, he says he isn't going anywhere yet. And for the multitude of Vornado shareholders and the industry as whole, that is as splendid as Ted Williams' swing.

Also In This Issue

Turn to "Westfield's Worldwide Web" to read why the company's retail strategy has translated so well internationally and where the company plans to go next. "Expanding the REIT Horizon" looks at the evolution of TRS and how REITs are using them today. Rounding out our coverage, "Finding Their Niche" explores the unique challenges specialty REITs often face in reaching out and attracting analysts and investors, while "Buy or Build" looks at the pros and cons of growing via development or acquisitions in the current market environment.

Matthew Bechard
Editor-in-Chief