Quantity vs. Quality     Can too much financial disclosure diminish the information’s value to investors? read more       Exchange Traded or Non-Exchange Traded? Publicly-registered non-exchange traded companies provide another avenue for real estate investors, but there are caveats The Going Rate For Real Estate Cap rates have held despite weakening fundamentals, but how will rates be impacted in the second half of 2003 and what will that mean for shareholders? Triple Play The Rouse Company’s diverse portfolio boosts its balance sheet in difficult economic times

Steven Roth: TAKING STOCK More work to be done EDITOR'S DESK Empowering small investors DEVELOPMENTS News and trends in REITs and publicly traded real estate ONE-ON-ONE California dreaming with Arden Realty’s Richard Ziman SECTOR SPOTLIGHT There is little hope for a 2003 lodging recovery CAPITAL MARKETS Q&A with Wachovia Securities’ Lawrence Gray FUND FOCUS Profile of the Munder Small Cap Value Fund NAMES TO NOTE People making news and moves in the REIT and publicly traded real estate industry BY THE NUMBERS Statistics, facts and data to put investing in real estate securities into perspective IN CLOSING Spreads and sensibility WEB EXCLUSIVE Generating value with an outside view

Track the Experts! 2003 Portfolio Stock Challenge

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Real Estate Portfolio® is the magazine for the REIT and publicly traded real estate industry. It is published bimonthly by the National Association of Real Estate Investment Trusts® (NAREIT), 1875 Eye Street, NW, Suite 600, Washington, DC 20006–5413. Phone 202-739-9400.