Now that we are more than halfway through the year, the Real Estate Portfolio Stock Challenge is really beginning to heat up. After some tough going to start the year, all seven participants have portfolios posting a double-digit total return through July 31. Jay Habermann of Credit Suisse First Boston holds a narrow lead over Banc of America Securities’ Lee Schalop and Jeff Donnelly of Wachovia Securities.

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.

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 July 31, 2003
Name Company Y-T-D Return	Portfolio
Jay Habermann	Mack-Cali Realty Corp. (CLI), Corporate Office Properties (OFC),General Growth Properties (GGP), Capital Automotive REIT (CARS), Tanger Factory Outlet Centers (SKT)
Credit Suisse First Boston
30.55%
Lee Schalop	Simon Property Group (SPG), General Growth Properties (GGP), Chelsea Property Group (CPG), Boston Properties (BXP), CarrAmerica Realty Corporation (CRE)
Banc of America Securities
29.31%
Jeff Donnelly	Chelsea Property Group (CPG), Federal Realty Investment Trust (FRT), Innkeepers USA Trust (KPA), LaSalle Hotel Properties (LHO), Senior Housing Properties Trust (SNH)
Wachovia Securities
29.23%
Barry Vinocur	Ventas (VTR), Chelsea Property Group (CPG), CenterPoint Properties Trust (CNT), Catellus Development Corp. (CDX), The Rouse Company (RSE)
Realty Stock Review
24.83%
Anatole Pevnev	Boston Properties (BXP), Alexandria Real Estate Equities (ARE), Highwoods Properties (HIW), Corporate Office Properties (OFC), SL Green Realty Corp. (SLG)
McDonald Investments
16.35%
Jay Leupp	Public Storage (PSA), AIMCO (AIV), New Plan Excel Realty Trust (NXL), Glenborough Realty Trust (GLB), PS Business Parks (PSB)
RBC Capital Management
15.99%
David Fick	Post Properties (PPS), MeriStar Hospitality Corp. (MHX), FelCor Lodging Trust (FCH), Federal Realty Investment Trust (FRT), Mission West Properties (MSW)
Legg Mason Wood Walker
15.24%