Steady Returns for EPRA/NAREIT Global Index

NAREIT, the European Public Real Estate Association (EPRA) and Euronext Indices B.V. launched a new worldwide real estate equities index, the EPRA/NAREIT Global Real Estate Index, on Oct. 1, 2001. The index contains approximately 250 publicly traded real estate companies in 21 countries throughout North America, Europe and Asia, and serves as an objective and representative benchmark for the global real estate industry with historical data going back to 1999.

The EPRA/NAREIT Global Real Estate Index has outperformed the broader FTSE World Index over the two-year period ending Dec. 31, 2001. During that period, the EPRA/NAREIT index returned a 10.4 percent cumulative total return while the FTSE World Index declined 28.6 percent. The EPRA/NAREIT Global Real Estate Index has held steady in 2002. Through February 26, the EPRA/NAREIT index has increased 0.36 percent, while the FTSE World Index has dropped 4.1 percent.

For more information on the EPRA/NAREIT Global Real Estate Index, visit www.nareit.com.

Asia

Hong Kong was the only city outside of Western Europe and the U.S. to crack the top 15 most expensive global office locations, according to a survey of 58 cities conducted by U.K.-based property consultants King Sturge. Hong Kong had the second most expensive office space at $122.33 (U.S. $) per square foot (including rent, service charges and property taxes). Hong Kong trailed only London's West End, which posted costs of $145.98 per square foot.

Canada

In an effort to eliminate duplicate data and standardize terminology, four real estate service firms have jointly launched a new company to create a proprietary database of information about the Canadian commercial real estate market. Royal LePage Commercial, CB Richard Ellis, Colliers International and J.J. Barnicke Ltd. launched Commercial Real Estate Exchange in early 2002. The new Canadian data company will provide property, vacancy, transaction and occupancy data for more than 1.7 billion square feet of office, retail and industrial space.

Europe

Denver-based ProLogis Trust's ProLogis European Properties Fund added to its portfolio in February by acquiring 10 fully leased distribution facilities in Europe for $135 million. The five separate transactions amount to 2.2 million square feet of space in France, Italy, The Netherlands and the U.K. In total, ProLogis owns or operates more than 204 million square feet of distribution space in North America, Europe and Japan.