I still remember the excitement of seeing the first issue of National Real Estate Investor that I worked on hit my desk. Ten years later, I am watching my 131 st issue go to our printer. That first issue, December 1988, featured the Hyatt Regency Waikoloa on the cover and expansive coverage of the development boom in Los Angeles inside.

As we all know, the market peaked in 1989, and the decade of the alphabets started in the 1990s - S&L, REO, RTC, REITs and, lately, CMBS. I recall the anger and hostility of developers in a ULI session on the RTC: Who were these government types trying to show us how to buy and manage real estate assets? Little did these attendees realize that the RTC would change the landscape of the capital markets forever.

I feel very blessed to have had the opportunity to be connected to the commercial real estate industry for the past 10 years. You have always opened your arms and been so supportive of NREI and my staff. I thank each and every one of you for explaining and re-explaining tranches, UPREITs and mezzanine financing. I almost understand it today.

Your patience and advice was and is greatly appreciated. While there are many people I need to thank, I particularly want to acknowledge Jonathan Kempner, president of the National Multi Housing Council, for his great friendship and support; Steve Pumper of Transwestern Property Co. for his constant guidance; and David Schless, executive director of the American Seniors Housing Association, and Mel Gamzon, of Senior Housing Investment Advisors, who have played a major role in our increasing coverage of senior housing.

My biggest lesson of the past 10 years has been the importance of people in an organization. At NREI I have worked side-by-side with some of the most talented people in the publishing industry. Associate Publisher Donita Cater has been an incredible teammate for me since Day One. Her dedication, energy and passion for NREI have been key ingredients to the success of the magazine. Managing Editor Melanie Gibbs has also been an invaluable asset guiding the editorial content for more than 10 years.

Earlier in the decade, the letter E stood for that dreaded word equity - no deal could be done without plenty of it. Today the letter E stands for equilibrium. We work in the new reality of market equilibrium, where supply can more or less equal demand. But for how long? Stay tuned to NREI for the next 10 years.