Through the first quarter of the year, the total returns posted by the 2005 Real Estate Portfolio Stock Challenge participants have lingered in negative territory. Only three participants had portfolios exceeding the returns posted by the NAREIT Equity REIT Index as of April 1. RBC Capital Markets’ Jay Leupp leads the pack with Ralph Block, Portfolio columnist and publisher of The Essential REIT, and A.G. Edwards’ Art Havener next in line.

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.

2004 Real Estate Portfolio Stock Challenge Results through April 1, 2005
Name Company Y-T-D Return	Portfolio
Jay Leupp, RBC Capital Markets -4.14%	PS Business Parks (PSB), General Growth Properties, Inc. (GGP), AIMCO (AIV), Capital Automotive REIT (CARS), American Land Lease, Inc. (ANL)
Ralph Block, Essential REIT Publishing -6.34%	Archstone-Smith (ASN), The Macerich Company (MAC), SL Green Realty Corp. (SLG), Host Marriott Corporation (HMT), Public Storage, Inc. (PSA)
Art Havener, A.G. Edwards -6.80%	Kilroy Realty Corp. (KRC), Extra Space Storage Inc. (EXR), CenterPoint Properties Trust (CNT), LaSalle Hotel Properties (LHO), Eagle Hospitality Properties (EHP)
Stephanie Krewson, BB&T Capital Markets -7.40%	Archstone-Smith (ASN), Crescent Real Estate Equities (CEI), First Industrial Realty Trust (FR), Federal Realty Investment Trust (FRT), LaSalle Hotel Properties (LHO)
Ray Mathis, Standard & Poor’s -7.83%	Simon Property Group (SPG), Reckson Associates Realty (RA), FelCor Lodging Trust Inc. (FCH), CBL & Associates Properties (CBL), LaSalle Hotel Properties (LHO)
Barry Vinocur, Realty Stock Review -8.71%	Regency Centers (REG), Equity Office Properties Trust (EOP), United Dominion Realty Trust (UDR), First Union Real Estate (FUR), Vornado Realty Trust (VNO)
Peter Slatin, The Slatin Report -9.18%	Trizec Properties, Inc. (TRZ), The Macerich Company (MAC), Maguire Properties (MPG), LaSalle Hotel Properties (LHO), Nationwide Health Properties (NHP)
Philip Martin, Stifel Nicolaus -13.73%	CRT Properties Trust (CRO), Alexandria Real Estate Equities (ARE), Glenborough Realty Trust Inc. (GLB), Ramco-Gershenson Property (RPT), Jameson Inns Inc. (JAMS)