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Top Rank Varied investment strategies guided real estate mutual funds to overwhelming success in 2003, but fund managers stress caution for 2004 read more Track the Experts! 2004 Portfolio Stock Challenge FEATURED MEMBER SITE Acadia Realty Trust Looking for Advertising Opportunities with Real Estate Portfolio? Click here Investing in Real Estate Stocks? Click here Click here High Energy As REITs take steps to mitigate rising energy costs and improve efficiency, will investors see a spark in their returns? And the Winners Are... Jeff Donnelly, Lee Schalop and Barry Vinocur earn top honors in the 2003 Real Estate Portfolio Stock Challenge Trusting Liberty Proactive stance, guaranteed occupancy and local management are keys for Liberty Property Trust's success in soft market Hamid R. Moghadam: TAKING STOCK Meeting Higher Standards EDITOR'S DESK Energy Expense DEVELOPMENTS It’s not personal, it’s business; single-tenant properties; Hines launches a REIT; international REIT funds abound; and AMB furthers expansion REIT REALITY See if you knew this fact about the NAREIT Equity REIT Index WINDOW ON WASHINGTON Energy Secretary Spencer Abraham on energy policy, the 2003 blackout and real estate energy efficiency ONE-ON-ONE Ronald Rubin has helped revitalize Pennsylvania Real Estate Investment Trust SECTOR SPOTLIGHT Industrial sector shows signs of improvement, but uncertainties remain CAPITAL MARKETS Q&A with Jeremy Grantham FUND FOCUS Profile of the T. Rowe Price Real Estate Fund NAMES TO NOTE People making news and moves in the REIT and publicly traded real estate industry BY THE NUMBERS 2004 analyst forecasts; where to warehouse; and global warming IN CLOSING REIT dividends: telling it like it really is

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.