Novelist Laurence Sterne once said, “A large volume of adventures may be grasped within this little span of life, by him who interests his heart in everything.” This phrase is especially fitting for REIT industry veteran Ralph Block. Approximately two years after starting Phocas Financial with business partner William Schaff, Block has decided to grasp his next adventure: retirement.

Block joined Bay Isle Financial in 1995 as a portfolio manager, following 30 years in corporate law. In 2004, Block received NAREIT’s Industry Achievement Award for his contributions to the REIT arena. By 2005, he and Schaff launched Phocas Financial, an asset management firm that advises institutions and high net worth individuals.

Now, Block says it is the right time to bow out, having fulfilled his professional goals in REIT investing. “When I retired as a lawyer to work in REITs I had two objectives. One, to spread the word about REITs and the REIT in-dustry, and two, to try my hand at portfolio management. I really think I’ve accomplished both my objectives,” he says.

Schaff, the CEO and portfolio manager with Phocas, says, “Ralph has been a huge advocate for commercial real estate investing. He has selflessly given his time, energy and intellect. Ralph was not only an astute and thoughtful investor, but brought a passion for the industry that few investors have. It is a big loss for the industry to have someone of his caliber retiring, but I’m excited that he will have the time to pursue other interests.”

Block says he hopes to do more traveling, reading, photography, creative writing and spend more time with his grandchildren. For the immediate future, Block also intends to continue publishing his newsletter, “The Essential REIT.”

“My criteria for publishing the newsletter is for it to be interesting and relevant to readers. I want to come up with topics and insight that are not available anywhere else. As long as I am confident that I am making a contribution and helping people to think analytically, I’ll continue,” he says.

However, Block emphasizes that his retirement is not a reflection of the sector’s performance. On the contrary, he comments with pride on the industry’s evolution. “Back in 1974 when I first became interested in REIT investing, there were about 19 equity REITs, and a total market capitalization of $92 million. We know how the size of the industry has expanded since that time. The industry is constantly changing, and those changes have been positive.”

A Legacy of Giving “My interest in education is genetic,” says real estate magnate William Polk Carey about his support of various academic institutions throughout his 48-year career span. The founder and chairman of the investment banking firm W.P. Carey & Co. says endowing U.S. universities, including The Johns Hopkins University, where Carey is trustee emeritus, has been a tradition passed down from both his mother’s and father’s families. Because of his attachment to Johns Hopkins, Carey recently pledged $50 million to the university toward establishing its first graduate school of business, the Carey Business School. Previously, Johns Hopkins had a School of Professional Studies in Business and Education. Carey’s philanthropic effort permitted separating the two disciplines, which began operating as individual schools Jan. 1, 2007. “I have a very sentimental feeling, fondness and respect for Johns Hopkins as an institution,” Carey says. “What I had in mind is establishing a truly great, highly ranked business school in its region.”