Rosemarie Thurston, a partner with Alston & Bird and leader of the firm’s REITs and real estate funds team, recently sat down with REIT magazine to share her perspective on changes in the public non-listed REITs (PNLR) market. I think it depends on where you sit. There are two different moods going on. One is quite enthusiastic, and one is not. The oceans have really parted, and those that are enthusiastic are the large institutional managers who are excited about a new source of capital being made available to them—the retail investor.