Securities Exchange Act of 1934
Section 12h-3

Response of the Office of Chief Counsel
Division of Corporation Finance

March 31, 2006

Based on the facts presented, it is the Division's view that the effectiveness of ADVISORS REIT I's registration statement on Form S-11 during the fiscal year ending December 31, 2005 would not preclude ADVISORS REIT I from utilizing Rule 12h-3 under the Securities Exchange Act of 1934. In reaching this position, we particularly note that no securities were sold pursuant to the registration statement and ADVISORS REIT I has withdrawn the registration statement pursuant to Rule 477 under the Securities Act of 1933.

This position is based on the representations made to the Division in your letter. Any different facts or conditions might require the Division to reach a different conclusion. Further, this response expresses the Division's position on enforcement action only and does not express any legal conclusion on the question presented.

Sincerely,

Carol M. McGee
Deputy Chief Counsel

Incoming Letter:

The Incoming Letter is in Acrobat format.

http://www.sec.gov/divisions/corpfin/cf-noaction/advisorsreit033106.htm