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2005 Stock Challenge

Through: November 30, 2005

click here for the 2004 Stock Challenge results

NAME COMPANY CURRENT
PORTFOLIO
YTD RETURN YEAR-END 2005
NAREIT EQUITY REIT
INDEX PREDICTION
Art Havener A.G. Edwards & Sons 1. Kilroy Realty Corp. - KRC
2. Capital Automotive REIT - CARS
3. EastGroup Properties - EGP
4. Alexandria Real Estate Equities - ARE
5. Ventas, Inc. - VTR
18.39% 6,415
Ralph Block Phocas Financial Corp. 1. Archstone-Smith - ASN
2. The Macerich Company - MAC
3. SL Green Realty Corp. - SLG
4. Host Marriott Corporation - HMT
5. Public Storage, Inc. - PSA
17.49% 6,986
Peter Slatin The Slatin Report 1. Maguire Properties - MPG
2. The Macerich Company - MAC
3. AvalonBay Communities - AVB
4. LaSalle Hotel Properties - LHO
5. Taubman Centers - TCO
16.07% 6,250
Ray Mathis Standard & Poor's 1. Simon Property Group - SPG
2. Reckson Associates Realty - RA
3. FelCor Lodging Trust Inc. - FCH
4. CBL & Associates Properties - CBL
5. LaSalle Hotel Properties - LHO
15.89% 6,672
Stephanie Krewson BB&T Capital Markets 1. Archstone-Smith - ASN
2. Crescent Real Estate Equities - CEI
3. First Industrial Realty Trust - FR
4. Federal Realty Investment Trust - FRT
5. LaSalle Hotel Properties - LHO
15.82% 7,500
Jay Leupp RBC Capital Markets 1. PS Business Parks - PSB
2. General Growth Properties, Inc. - GGP
3. AIMCO - AIV
4. Capital Automotive REIT - CARS
5. American Land Lease, Inc. - ANL
14.31% 6,399
Barry Vinocur Realty Stock Review 1. Regency Centers - REG
2. Equity Office Properties Trust - EOP
3. United Dominion Realty Trust - UDR
4. First Union Real Estate - CNT
5. Vornado Realty Trust - VNO
8.95% 6,311.58
Philip Martin Stifel Nicolaus 1. CRT Properties Trust - CRO
2. Alexandria Real Estate Equities - ARE
3. Glenborough Realty Trust Inc. - GLB
4. Ramco-Gershenson Property - RPT
5. Jameson Inns Inc. - JAMS
6.30% 6,948

Challenge Rules
The participants were asked to predict the 2005 year-end value of the NAREIT Equity 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 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.


Real Estate Portfolio® is the magazine for REITs and real estate investment.

It is published bimonthly by the National Association of Real Estate Investment Trusts® (NAREIT),
1875 I Street, NW, Suite 600, Washington, DC 20006–5413.
Phone 202-739-9400.