Two of last year's winners are once again at the head of the pack of Real Estate Portfolio's Stock Challenge. Realty Stock Review's Barry Vinocur, paced by stellar returns from Chelsea Property Group, Inc. (NYSE: CPG), leads the challenge with a total return of 11.79 percent. The team from Banc of America Securities is right behind in second place with a total return of 11.16 percent.

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 July 30, 2004
Name Company Y-T-D Return	Portfolio
Barry Vinocur Realty Stock Review 11.79%	Ventas, Inc. (VTR) Chelsea Property Group, Inc. (CPG) Host Marriott Corporation (HMT) Weingarten Realty Investors (WRI) Trizec Properties (TRZ)
Equity REIT Research Team Banc of America Securities 11.16%	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 8.97%	Kimco Realty Corporation (KIM) CBL & Associates Properties, Inc. (CBL) General Growth Properties, Inc. (GGP) Simon Property Group (SPG) Pan Pacific Retail Properties (PNP)
Ray Mathis Standard & Poors's 8.51%	Vornado Realty Trust (VNO) General Growth Properties (GGP) FelCor Lodging Trust Inc. (FCH) Developers Diversified Realty (DDR) Trizec Properties (TRZ)
Equity REIT Research Team Stifel Nicolaus 6.25%	National Health Investors (NHI) Equity Inns, Inc. (ENN) Omega Healthcare Investors (OHI) HRPT Properties Trust (HRP) Crescent Real Estate Equities (CEI)
Jay Leupp RBC Capital Management 3.68%	PS Business Parks (PSB) The Mills Corporation (MLS) The Rouse Company (RSE) CBL & Associates Properties, Inc. (CBL) Catellus Development Corp. (CDX)