2004 Stock Challenge

NAME	COMPANY	CURRENT PORTFOLIO	YTD RETURN	YEAR-END 2004 NAREIT EQUITY REIT INDEX PREDICTION	YEAR-END 2004 MORGAN STANLEY REIT INDEX PREDICTION
				ACTUAL YEAR-END VALUE = 6,409.30	ACTUAL YEAR-END VALUE = 769.52
Ross Nussbaum & Lee Schalop	Banc of America Securities	1. Simon Property Group - SPG 2. General Growth Properties - GGP 3. The Rouse Company - RSE 4. Boston Properties - BXP 5. Kilroy Realty Corporation - KRC	43.83	4,856	583
Jay Habermann	Credit Suisse First Boston	1. Kimco Realty Corporation - KIM 2. CBL & Associates Properties - CBL 3. General Growth Properties - GGP 4. Simon Property Group - SPG 5. Pacific Retail Properties - PNP	39.99	5,260	635
Jay Leupp	RBC Capital Markets	1. PS Business Parks - PSB 2. The Mills Corporation - MLS 3. The Rouse Company - RSE 4. CBL & Associates Properties - CBL 5. Catellus Development Corporation - CDX	39.17	5,355	641.5
Barry Vinocur	Realty Stock Review	1. Ventas - VTR 2. Chelsea Property Group - CPG 3. Host Marriott Corporation - HMT 4. Weingarten Realty Investors - WRI 5. Trizec Properties - TRZ	37.93	5,412.36	650.25
Ray Mathis	Standard & Poor's	1. Vornado Realty Trust - VNO 2. Developers Diversified Realty - DDR 3. General Growth Properties - GGP 4. FelCor Lodging Trust - FCH 5. Trizec Properties - TRZ	37.37	5,305	640
John Roberts Equity REIT Research Team	Stifel Nicolaus	1. National Health Investors - NHI 2. Equity Inns - EEN 3. Omega Healthcare Investors - OHI 4. HRPT Properties Trust - HRP 5. Crescent Real Estate Equities - CEI	31.21	5,089.9	612.5

Challenge Rules The participants were asked to predict the 2004 year-end value of the NAREIT Equity REIT Index and the Morgan Stanley REIT Index. In addition, each participant will select a portfolio containing the five individual real estate stocks anticipated to be top performers-the portfolios can be altered on an as-needed basis throughout the year. Participants may select companies from the constituent lists of the NAREIT Equity Index or the NAREIT Real Estate 50 Index. The analyst who comes closest on a percentage basis to predicting the year-end value of the NAREIT Equity Index will be the winner of that portion of the challenge (prediction can be higher or lower than the final index value). The same holds true for predicting the year-end value of the Morgan Stanley REIT Index. The portfolio portion will be judged based on total return at the end of the year. 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.