By Michael Fickes

2004 Real Estate Portfolio Stock Challenge Underway
Results through Jan. 30, 2004

A field of six industry experts will put their forecasting skills to the test in the 2004 Real Estate Portfolio Stock Challenge. Once again, participants will maintain a portfolio of five real estate stocks (this time tracked only on an equal-weight basis) and select year-end values for the NAREIT Equity Index and the RMS.

Back to defend their crowns in 2004 are Lee Schalop and Barry Vinocur. Joining them are returning participants Jay Habermann and Jay Leupp. New to the contest this year are Ray Mathis from Standard & Poor's and the equity REIT research team, headed by John Roberts, from Stifel Nicolaus.

To see updates of how the contest is progressing, log on to www.real estateportfolio.com. The Stock Challenge is for entertainment purposes only and readers should keep in mind that the selections made are not recommendations to purchase any specific stock.

Editor's Note: Wachovia Capital Markets, LLC or its affiliates intends to seek or expects to receive compensation for investment banking services in the next three months from SNH, LHO, FRT, KPA and CPG. Wachovia Capital Markets, LLC or its affiliates managed or co-managed a public offering of securities for LHO and FRT within the past 12 months. Wachovia Capital Markets, LLC or its affiliates received compensation for investment banking services from FRT, KPA, SNH and CPG in the past 12 months.

Name Company Y-T-D Return	Portfolio
JAY HABERMANN Credit Suisse First Boston 7.79 %	Kimco Realty Corp. (KIM) CBL & Associates Properties (CBL) General Growth Properties (GGP) Simon Property Group (SPG) Pan Pacific Retail Properties (PNP)
NAREIT Equity Index Prediction: 5,260 Morgan Stanley REIT Index Prediction: 635
STIFEL NICOLAUS Equity REIT Research Team 7.72%	National Health Investors (NHI) Equity REIT Equity Inns (ENN) Research Team Omega Healthcare Investors (OHI) HRPT Properties Trust (HRP) Crescent Real Estate Equities (CEI)
NAREIT Equity Index Prediction: 5,089.9 Morgan Stanley REIT Index Prediction: 612.5
JAY LEUPP RBC Capital Management 6.69%	PS Business Parks (PSB) RBC Capital Management The Mills Corporation (MLS) The Rouse Company (RSE) CBL & Associates Properties (CBL) Catellus Development Corp. (CDX)
NAREIT Equity Index Prediction: 5,355 Morgan Stanley REIT Index Prediction: 641.5
LEE SCHALOP Banc of America Securities 6.04%	Simon Property Group (SPG) Banc of America Securities General Growth Properties (GGP) The Rouse Company (RSE) Boston Properties (BXP) Kilroy Realty Corp. (KRC)
NAREIT Equity Index Prediction: 4,856 Morgan Stanley REIT Index Prediction: 583
BARRY VINOCUR Realty Stock Review 5.61%	Ventas (VTR) Realty Stock Review Chelsea Property Group (CPG) Host Marriott Corporation (HMT) Weingarten Realty Investors (WRI) Trizec Properties (TRZ)
NAREIT Equity Index Prediction: 5,412.36 Morgan Stanley REIT Index Prediction: 650.25
RAY MATHIS Standard & Poor's 3.35%	Vornado Realty Trust (VNO) Chelsea Property Group (CPG) Hospitality Properties Trust (HPT) Weingarten Realty Investors (WRI) Trizec Properties (TRZ)
NAREIT Equity Index Prediction: 5,305 Morgan Stanley REIT Index Prediction: 640