With a little more than a month left in the Real Estate Portfolio Stock Challenge, Jeff Donnelly of Wachovia Securities holds a slim lead over Banc of America Securities' Lee Schalop, Jay Habermann of Credit Suisse First Boston and Barry Vinocur of Realty Stock Review.

The industry experts were asked to predict the 2003 year-end index value of the NAREIT Equity REIT Index and the Morgan Stanley REIT Index and select a portfolio of five individual real estate stocks tracked using equity market cap weighted calculations, which is the same methodology used in calculating the NAREIT Equity Index.

To see updates of how the contest is progressing, log on to www.realestateportfolio.com/challenge.shtml. 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 Stock Challenge Results through Nov. 20, 2003
Name Company Y-T-D Return	Portfolio
Jeff Donnelly Wachovia Securities 48.92%	Chelsea Property Group (CPG) Federal Realty Investment Trust (FRT) Innkeepers USA Trust (KPA) LaSalle Hotel Properties (LHO) Senior Housing Properties Trust (SNH)
Lee Schalop Banc of America Securities 46.01%	Simon Property Group (SPG) General Growth Properties (GGP) Chelsea Property Group (CPG) Boston Properties (BXP) CarrAmerica Realty Corporation (CRE)
Jay Habermann Credit Suisse First Boston 45.81%	Mack-Cali Realty Corp. (CLI) Corporate Office Properties (OFC) General Growth Properties (GGP) Capital Automotive REIT (CARS) Tanger Factory Outlet Centers (SKT)
Barry Vinocur Realty Stock Review 45.12%	Ventas, Inc. (VTR) Chelsea Property Group (CPG) CenterPoint Properties Trust (CNT) Catellus Development Corp. (CDX) The Rouse Company (RSE)
Anatole Pevnev McDonald Investments 30.84%	Boston Properties (BXP) Alexandria Real Estate Equities (ARE) Highwoods Properties (HIW) Corporate Office Properties (OFC) SL Green Realty Corp. (SLG)
David Fick Legg Mason Wood Walker 29.94%	The Mills Corporation (MLS) Maguire Properties (MPG) Reckson Associates Realty Corp. (RA) Prime Group Realty Trust (PGE) HRPT Properties Trust (HRP)
Jay Leupp RBC Capital Management 21.50%	Public Storage (PSA) AIMCO (AIV) New Plan Excel Realty Trust (NXL) Glenborough Realty Trust (GLB) PS Business Parks (PSB)

CONSTRUCTION UNDERWAY Monthly U.S. hotel construction starts increased 46 percent in September 2003. The recent rebound in construction is due to the significant number of hotel construction projects that were likely deferred after Sept. 11, 2001. Hotel construction starts have increased 19 percent over the last 12 months, according to Keith Mills, senior REIT and lodging analyst, UBS Investment Research.