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Home Features Editor's Desk Taking Stock Developments REIT Reality International Forum Investor Insight Vested Interest Capital Markets Policy Watch Four Quick Questions One-on-One REIT Snapshot Best Practices Professional Perspective Board Room Sector Spotlight Accounting Fund Focus In the Works Names to Note In Closing From the Research Desk By the Numbers Window on Washington Solid Foundations The REIT Report Quick Study Back Issues

2005 Investor Outlook Leading investors discuss the issues and trends that will impact REIT performance in 2005 and beyond read more Click here Track the Experts! 2005 Portfolio Stock Challenge FEATURED MEMBER SITE Federal Realty Investment Trust Looking for Advertising Opportunities with Real Estate Portfolio? Click here Investing in Real Estate Stocks? Click here Click here Fundamental Improvement Real estate fundamentals have lagged as share prices have soared. Will 2005 see the two aligned? Returning to Its Roots Federal Realty Investment Trust builds on its core basics to grow from within David Simon: TAKING STOCK Setting the Stage for 2005 EDITOR'S DESK New Year, Same Results? DEVELOPMENTS Foreign investment barrier eliminated; seeing Sears’ softer side; racing to the slots; Archstone-Smith joins S&P 500; analyst all-stars; and expanding upon homeownership and REITs REIT REALITY Did you know that REITs have earned an average annual total return of 13.6 percent over the past 20 years, most of that in the form of shareholder dividends? FOUR QUICK QUESTIONS With Goldman Sachs' Carey Callaghan ONE-ON-ONE Tom Bell tolls for Cousins Properties REIT SNAPSHOT AmREIT's three-pronged approach to growing its business WINDOW ON WASHINGTON Rep. Roy Blunt on the political climate, tax reform and the benefits of the REIT Improvement Act NAREIT AWARD WINNERS Steven Roth and Ralph Block receive annual industry honors SECTOR SPOTLIGHT Resting easier in the lodging sector CAPITAL MARKETS Q&A with John Bogle FUND FOCUS Profile of the Third Avenue Real Estate Value Fund NAMES TO NOTE People making news and moves in the REIT and publicly traded real estate industry BY THE NUMBERS International opportunities; fast forecasts; and Stock Challenge update In Closing The trend is your friend

Real Estate Portfolio® is the magazine for the REIT and publicly traded real estate industry. It is published bimonthly by the National Association of Real Estate Investment Trusts® (NAREIT), 1875 Eye Street, NW, Suite 600, Washington, DC 20006–5413. Phone 202-739-9400.