The fortunes are finally turning for the participants in the 2005 Real Estate Portfolio Stock Challenge. While most of the year the total returns of the portfolios managed by the eight participants have lingered in negative territory, five portfolios produced positive returns as of May 31. Ralph Block, Portfolio columnist and senior portfolio manager with Phocas Financial Corporation, leads the challenge with a total return of 2.24 percent. Ray Mathis of Standard & Poor's and BB&T Capital Markets' Stephanie Krewson are next in line.

To see updates of how this year's contest is progressing, 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.

2005 Real Estate Portfolio Stock Challenge Results through May 31, 2005
Name Company Y-T-D Return	Portfolio
Ralph Block, Essential REIT Publishing 2.24%	Archstone-Smith (ASN), The Macerich Company (MAC), SL Green Realty Corp. (SLG), Host Marriott Corporation (HMT), Public Storage, Inc. (PSA)
Ray Mathis, Standard & Poor’s 1.78%	Simon Property Group (SPG), Reckson Associates Realty (RA), FelCor Lodging Trust Inc. (FCH), CBL & Associates Properties (CBL), LaSalle Hotel Properties (LHO)
Stephanie Krewson, BB&T Capital Markets 1.56%	Archstone-Smith (ASN), Crescent Real Estate Equities (CEI), First Industrial Realty Trust (FR), Federal Realty Investment Trust (FRT), LaSalle Hotel Properties (LHO)
Jay Leupp, RBC Capital Markets 0.78%	PS Business Parks (PSB), General Growth Properties, Inc. (GGP), AIMCO (AIV), Capital Automotive REIT (CARS), American Land Lease, Inc. (ANL)
Peter Slatin, The Slatin Report 0.38%	Maguire Properties (MPG), The Macerich Company (MAC), AvalonBay Communities (AVB), LaSalle Hotel Properties (LHO), Taubman Centers (TCO)
Art Havener, A.G. Edwards -0.88%	Kilroy Realty Corp. (KRC), Extra Space Storage Inc. (EXR), CenterPoint Properties Trust (CNT), LaSalle Hotel Properties (LHO), Eagle Hospitality Properties (EHP)
Barry Vinocur, Realty Stock Review -1.09%	Regency Centers (REG), Equity Office Properties Trust (EOP), United Dominion Realty Trust (UDR), First Union Real Estate (FUR), Vornado Realty Trust (VNO)
Philip Martin, Stifel Nicolaus -1.70%	CRT Properties Trust (CRO), Alexandria Real Estate Equities (ARE), Glenborough Realty Trust Inc. (GLB), Ramco-Gershenson Property (RPT), Jameson Inns Inc. (JAMS)