Through the first quarter of the year, the six industry experts in the 2004 Real Estate Portfolio Stock Challenge are off to solid starts. Each participant’s five-stock portfolio has bested the total return of the NAREIT Equity REIT Index (12.02 percent through March 31).

Lee Schalop of Banc of America Securities leads the challenge with a total return of 18.95 percent. In second place is Credit Suisse First Boston's Jay Habermann with a total return of 18 percent.

To see updates of how the contest is progressing and the impact of the volatile trading activity in April, log on to www.realestateportfolio.com. 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 March 31, 2004
Name Company Y-T-D Return	Portfolio
Lee Schalop Banc of America Securities 18.95%	Simon Property Group (SPG) General Growth Properties, Inc. (GGP) The Rouse Company (RSE) Boston Properties, Inc. (BXP) Kilroy Realty Corporation (KRC)
Jay Habermann Credit Suisse First Boston 18.00%	Kimco Realty Corporation (KIM) CBL & Associates Properties, Inc. (CBL) General Growth Properties, Inc. (GGP) Simon Property Group (SPG) Pan Pacific Retail Properties (PNP)
Barry Vinocur Realty Stock Review 15.47%	Ventas, Inc. (VTR) Chelsea Property Group, Inc. (CPG) Host Marriott Corporation (HMT) Weingarten Realty Investors (WRI) Trizec Properties (TRZ)
Ray Mathis Standard & Poors's 14.35%	Vornado Realty Trust (VNO) Chelsea Property Group, Inc. (CPG) Hospitality Properties Trust (HPT) Weingarten Realty Investors (WRI) Trizec Properties (TRZ)
Jay Leupp RBC Capital Management 13.94%	PS Business Parks (PSB) The Mills Corporation (MLS) The Rouse Company (RSE) CBL & Associates Properties, Inc. (CBL) Catellus Development Corp. (CDX)
Equity REIT Research Team Stifel Nicolaus 13.70%	National Health Investors (NHI) Equity Inns, Inc. (ENN) Omega Healthcare Investors (OHI) HRPT Properties Trust (HRP) Crescent Real Estate Equities (CEI)