The 25 largest listed global real estate companies account for more than 40 percent of the total equity market capitalization of the FTSE EPRA/NAREIT Global Real Estate Index. The global index consists of 313 companies across North America, Europe, Australia and Asia comprising a total equity market capitalization of more than $731 billion, as of March 31. Japan’s Mitsubishi Estate is the largest company on the index with an equity market cap of $31.4 billion. Five of the 10 largest global real estate companies are based in the U.S.

FTSE EPRA/NAREIT Global Real Estate Index Constituent Companies and Relative Weights, March 31, 2006
			Number of Companies	Millions of Dollars (1)	Percent of Global
EPRA/NAREIT Global Real Estate Index			313	731,522.3	100.00
Top 25 Constituents			25	310,099.3	42.39
		Equity Market Cap (1)	Free Float Range	Adjusted Market Cap(2)	Percent of Global
Mitsubishi Estate	Japan	31,388.1	75	23,541.1	3.22
Westfield Group	Australia	21,246.1	100	21,246.1	2.90
Mitsui Fudosan Co.	Japan	20,164.6	100	20,164.6	2.76
Simon Property Group	United States	18,855.8	100	18,855.8	2.58
Sun Hung Kai Props	Hong Kong	24,329.3	75	18,247.0	2.49
Land Securities Group	United Kingdom	15,519.3	100	15,519.3	2.12
Starwood Hotels & Resorts	United States	14,817.3	100	14,817.3	2.03
Equity Office Properties Tr	United States	13,656.8	100	13,656.8	1.87
Vornado Realty	United States	13,445.7	100	13,445.7	1.84
Equity Residential	United States	13,382.5	100	13,382.5	1.83
Sumitomo Realty & Development	Japan	13,126.2	100	13,126.2	1.79
Prologis	United States	12,882.0	100	12,882.0	1.76
General Growth Properties	United States	11,599.3	100	11,599.3	1.59
British Land Co	United Kingdom	11,130.1	100	11,130.1	1.52
Boston Property	United States	10,469.3	100	10,469.3	1.43
Archstone-Smith Trust	United States	10,316.9	100	10,316.9	1.41
Kimco Realty Cp	United States	9,193.5	100	9,193.5	1.26
Unibail	France	8,161.8	100	8,161.8	1.12
Avalonbay Communities	United States	8,004.7	100	8,004.7	1.09
Public Storage	United States	10,419.4	75	7,814.6	1.07
Host Marriott (Reit)	United States	7,527.2	100	7,527.2	1.03
Liberty International	United Kingdom	6,881.3	100	6,881.3	0.94
Hong Kong Land	Hong Kong	9,135.1	75	6,851.4	0.94
Rodamco Europe	Netherlands	8,968.4	75	6,726.3	0.92
Stockland	Australia	6,539.0	100	6,539.0	0.89
Notes: Top 25 Constituents ranked by free float adjusted equity market capitalization in millions of dollars (1) Equity market capitalization and free float market capitalization are stated inU.S. dollars. (2) Adjusted Market Cap = Equity Market Cap * Free Float Range