At the start of a new year it is easy to make boastful claims about what lies ahead. Well, I can say for certain that Real Estate Portfolio will definitely take off in 2003. That’s because the magazine will now be available to all US Airways and Delta Shuttle travelers leaving from New York’s LaGuardia Airport, Boston’s Logan Airport and Washington, D.C.’s Reagan National Airport.

An increasing number of investors—both professional and individual—are adding real estate stocks to their portfolios. With this increased interest in the sector comes a need for accurate information and thoughtful analysis of the trends, developments and key events shaping this dynamic market.

Through the shuttle distribution program, Portfolio’s circulation will increase 40 percent. But that just scratches the surface of the possible audience for information on investing in real estate securities. The industry’s core message of diversification and dividends needs to be heard by equity fund managers, stock brokers, analysts, financial planners, and anyone concerned with finding a positive investment alternative. We will continue to reach new heights to spread this message, and we ask our readers to do the same by sharing this magazine with a colleague or referring them to www.nareit.com or www.investinreits.com.

Other Features
In this issue, we focus on what investors should expect from the publicly traded real estate industry in the near and long term. A panel of leading investors got together with the tape rolling to share their thoughts on what to expect in 2003. The “2003 Investor Outlook” hits on some of the challenges that REITs will face, what sectors could outperform and other trends investors should watch. For more on what our panel anticipates in 2003, be sure to view the full tran-script of the discussion online at www.nareit.com/portfoliomag.

While our panel discussion sets the stage for 2003, “Seeing the Big Picture” takes a look at how macroeconomic trends will shape the real estate market over the longer term. Although the pundits agree that challenges still lie ahead, most felt comfortable that real estate stocks would continue to be as sound an investment over the long term as they have in the past.

Matthew Bechard
Editor-in-Chief