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AGREE REALTY CORPORATION (ADC)

Agree Realty Corporation operates as a self-administered and self-managed real estate investment trust, which engages in the development, acquisition, ownership, and operation of properties, primarily net leased to national and regional retail companies in the United States. At June 30, 2004 the company's portfolio was comprised of 55 properties, including 41 freestanding net leased properties and 14 community shopping centers located in 14 states and contained an aggregate of approximately 3.5 million square feet of gross leasable area. Its properties are located in California, Florida, Indiana, Illinois, Kansas, Kentucky, Maryland, Michigan, Nebraska, New York, Ohio, Oklahoma, Pennsylvania, and Wisconsin. The company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code. The company would not be taxed on the portion of its income, which is distributed to shareholders, provided it distributes at least 90% of its taxable income. The company was founded by Richard Agree in 1971 and is headquartered in Farmington Hills, Michigan.


ASSOCIATED ESTATES REALTY CORPORATION (AEC)

Associated Estates Realty Corporation operates as a self-administered and self-managed equity real estate investment trust in the United States. It engages in property acquisition, advisory, development, management, disposition, operation, and ownership of multifamily residential units. As of June 30, 2005, it owned or property managed 113 apartment communities in 11 states consisting of 24,203 units. The company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code. The company would not be taxed on the portion of its income, which is distributed to shareholders, provided it distributes at least 90% of its taxable income. Associated Estates Realty Corp. was founded in 1993 and is headquartered in Richmond Heights, Ohio.


AERCAP HOLDINGS N.V (AER)

AerCap Holdings N.V., an integrated aviation company, engages in the trading and lease of aircraft, and sale of engine parts worldwide. It also provides aircraft management services and performs aircraft and engine MRO services, and aircraft disassemblies through its certified repair stations. As of December 31, 2006, the company owned 127 aircraft, managed 103 aircraft, and had an additional 4 aircraft, which it intends to disassemble for the sale of their parts or sell at the end of their leases. As of the above date, it leased these aircraft to 88 commercial airline and cargo operator customers in 45 countries. The company's aircraft services include aircraft asset management services, such as remarketing aircraft; collecting rental and maintenance payments, monitoring aircraft maintenance, monitoring and enforcing contract compliance, and accepting delivery and redelivery of aircraft; conducting ongoing lessee financial performance reviews; periodically inspecting the leased aircraft; coordinating technical modifications to aircraft to meet new lessee requirements; conducting restructurings negotiations in connection with lease defaults; repossessing aircraft; arranging and monitoring insurance coverage; registering and de-registering aircraft; arranging for aircraft and aircraft engine valuations; and providing market research. Its aircraft services also comprise cash management services, including treasury services, such as the financing, refinancing, hedging, and on going cash management of these vehicles; and administrative services, which consist primarily of accounting and secretarial services, including the preparation of budgets and financial statements. In addition, AerCap Holdings engages in engine trading and leasing, and the disassembly of airframes and engines for the sale of their component parts to the aviation industry. The company was founded in 1995 and is headquartered in Amsterdam, the Netherlands.


ANTHRACITE CAPITAL INC (AHR)

Anthracite Capital, Inc. operates as a commercial real estate finance company. The company primarily invests in commercial real estate debt. It underwrites and acquires commercial mortgage backed securities (CMBS) that are rated below investment grade. Anthracite Capital's CMBS are securities backed by pools of loans secured by first mortgages on commercial real estate throughout the United States. The company's investments comprise commercial real estate securities and commercial real estate loans. These investments include subordinated participations in first mortgages, loans secured by partnership interests, preferred equity interests in real estate limited partnerships, and loans secured by second mortgages. The company also enters into hedging transactions, which include interest rate swaps, the purchase or sale of interest rate collars, caps or floors, options, and other hedging instruments. BlackRock Financial Management, Inc. serves as the manager of the company. Anthracite Capital qualifies as a real estate investment trust (REIT) under the Internal Revenue Code. As a REIT, the company would not be subject to federal income tax on its net income that it distributes to its stockholders. Anthracite Capital was incorporated in 1997 and is based in New York City.


APARTMENT INVESTMENT AND MANAGEMENT COMPANY (AIV)

Apartment Investment and Management Company (AIMCO), a real estate investment trust (REIT), engages in the acquisition, ownership, management, and redevelopment of apartment properties. The company rents and leases its apartment units to a diverse base of residents. It also provides management services to third-party owners. As of June 23, 2005, AMICO owned or managed a real estate portfolio of 1,475 apartment properties containing approximately 260,000 apartment units located in 47 states, the District of Columbia, and Puerto Rico. As a REIT, the company would not be subject to federal income tax, if it distributes atleast 90% of its taxable income to its shareholders. AMICO was founded in 1975 and is headquartered in Denver, Colorado.


ACADIA REALTY TRUST (AKR)

Acadia Realty Trust, a real estate investment trust, engages in the ownership, acquisition, redevelopment, and management of neighborhood and community shopping centers. As of August 9, 2005, it owned, or had interests in, and operated 70 properties primarily in the northeast, the mid-Atlantic, and the midwest United States. The company has elected to be treated as a REIT under Sections 856 through 858 of the Internal Revenue Code of 1986. As a REIT, it would not be subject to federal income tax, provided that it distributes at least 90% of taxable income to its shareholders. The company was founded in 1964 and is headquartered in White Plains, New York.


ALEXANDERS INC (ALX)

Alexander's, Inc. (AXI), a real estate investment trust, engages in the leasing, management, development, and redevelopment of properties in the greater New York metropolitan area. Its operating properties consist of the Kings Plaza Regional Shopping Center in Brooklyn, the Rego Park I property in Queens, the Flushing property, and the Paramus property in Paramus, New Jersey. The company's other properties include the Lexington Avenue development property in Manhattan, New York, as well as the Rego Park II property located adjacent to the Rego Park I. AXI is managed, and its properties are leased, by Vornado Realty Trust. The company is based in Paramus, New Jersey.


AMB PROPERTY CORPORATION (AMB)

AMB Property Corporation, through its subsidiary, AMB Property, L.P., engages in the acquisition, development, and operation of industrial properties in North America, Europe, and Asia. As of September 30, 2005, the company owned, managed, and had renovation and development projects totaling 118.0 million square feet and 1,109 buildings in 40 markets within 10 countries. The company has elected to be taxed as a real estate investment trust for federal income tax purposes and would not be subject to income tax, if it distributes at least 90% of its taxable income to its stockholders. AMB Property was co-founded by Douglas D. Abbey, Hamid R. Moghadam, and T. Robert Burke in 1983. The company is headquartered in San Francisco, California.


AMERICAN MORTGAGE ACCEPTANCE COMPANY (AMC)

American Mortgage Acceptance Company, a real estate investment trust (REIT), provides commercial real estate finance in the United States. It originates and acquires mezzanine loans, bridge loans, construction loans, insured mortgage pass-through certificates or insured mortgage backed securities, and government-insured first mortgages secured by multifamily housing properties. The company also issues guarantees of construction and permanent financing, and makes standby loan commitments. Further, American Mortgage Acceptance indirectly invests in subordinate commercial mortgage-backed securities and other real estate assets, including nonmultifamily mortgages. As a REIT, the company would not be subject to federal tax to the extent that it distributes at least 90% of its taxable income to its shareholders. American Mortgage Acceptance was formed in 1991 and is based in New York City.


AMERIVEST PPTYS INC DEL (AMV)

AmeriVest Properties, Inc., a real estate investment trust (REIT), engages in the ownership, management, leasing, and acquisition of commercial office space in the United States. The company leases its commercial office buildings to small and medium size tenants. AmeriVest provides various amenities for the small and medium size businesses in its office properties, such as conference rooms with telecommunications and presentation equipment, common area and tenant finish, and other technology and service facilities. As of March 31, 2005, it owned 17 office properties located in metropolitan Denver, Dallas, Phoenix, and Indianapolis. The company has elected to be taxed as a REIT under the Internal Revenue Code and would not be subject to federal income tax to the extent it distributes at least 90% of its taxable income. AmeriVest was founded in 1993 and is headquartered in Denver, Colorado.


ANWORTH MORTGAGE ASSET CORPORATION (ANH)

Anworth Mortgage Asset Corporation, a real estate investment trust (REIT), invests in the United States agency, and other single-family adjustable-rate and fixed-rate mortgage-backed securities, and residential mortgage loans. Its investment portfolio comprises mortgage-related assets, including mortgage pass-through certificates, collateralized mortgage obligations, mortgage loans, and other securities representing interests in, or obligations backed by, pools of mortgage loans, which can be readily financed. The company has elected to be taxed as a REIT for federal income tax purposes and would not be subject to federal income taxes, if it distributes substantially all of the income generated from its operations to its stockholders. Anworth Mortgage Asset Corporation was formed in 1997 and is based in Santa Monica, California.


AMERICAN LAND LEASE INC (ANL)

American Land Lease, Inc., a real estate investment trust, engages in the ownership, development, expansion, management, acquisition, and disposition of residential land lease communities. It owns home sites leased to owners of homes situated on the leased land and operates the communities composed of these homes. As of March 31, 2005, the company owned 6,993 operational home sites, 1,038 developed expansion sites, 1,492 undeveloped expansion sites, and 129 recreational vehicle sites. These properties are located in Arizona, Florida, and New Jersey. The company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code. The company would not be taxed on the portion of its income, which is distributed to shareholders, provided it distributes at least 90% of its taxable income. American Land Lease, Inc. is headquartered in Clearwater, Florida.


AMERICAN COMMUNITY PROPERTIES TRUST (APO)

American Community Properties Trust (ACPT), through its subsidiaries, primarily engages in the investment of apartment and commercial rental properties, property management services, community development, and homebuilding. The company indirectly held interests in 17 U.S. apartment partnerships that owned and operated apartment facilities in Maryland and Virginia; and 9 Puerto Rico apartment partnerships, which collectively owned and operated a total of 12 apartment facilities in Puerto Rico. The U.S. apartment partnerships owned approximately 2,779 rental units; and Puerto Rico apartment partnerships owned 2,653 rental units. The company also provides property management services in the Washington, D.C. metropolitan area; Baltimore, Maryland; and in Richmond, Virginia. As of December 31, 2004, it managed 3,835 rental apartment units; and 2,653 trust's rental apartment units and 918 rental apartments owned by a nonprofit entity in Puerto Rico. ACPT owns approximately 4,700 acres of developed and undeveloped land in the communities of St. Charles, Maryland; Parque Escorial in Carolina; and Puerto Rico and Parque El Comandante in Canovanas, Puerto Rico. It also engages in construction and sale of residential units. American Community Properties Trust was formed in 1997 and is headquartered in St. Charles, Maryland.


ALTO PALERMO S.A (APSA)

Alto Palermo S.A., through its subsidiaries, engages in the acquisition, development, and operation of shopping center properties in Argentina. As of June 30, 2005, it owned and operated a portfolio of nine shopping centers in Argentina. These comprise Abasto Shopping, Paseo Alcorta, Alto Palermo Shopping, Patio Bullrich, and Buenos Aires Design centers in the city of Buenos Aires; and Alto Avellaneda in the greater Buenos Aires area, as well as Alto Noa in the city of Salta, Alto Rosario in the city of Rosario, and Mendoza Plaza in the city of Mendoza. The company also involves in the construction and sale of residential building properties, as well as in the provision of managerial, technological, commercial, and financial training. In addition, Alto Palermo provides credit card and e-commerce services. The company was founded in 1889. It was formerly known as Sociedad Anonima Mercado de Abasto Proveedor and changed its name to Alto Palermo S.A. in 1997. Alto Palermo is based in Buenos Aires, Argentina.


ALEXANDRIA REAL ESTATE EQUITIES INC (ARE)

Alexandria Real Estate Equities, Inc., a real estate investment trust company (REIT), engages primarily in the ownership, operation, management, acquisition, expansion, and development and redevelopment of properties, which consist of a combination of office and laboratory space in the United States. The company's properties are designed and improved for lease primarily to pharmaceutical, biotechnology, life science product and service companies, universities, and related government agencies. As of June 30, 2005, its portfolio consisted of 125 properties. The company has elected to be taxed as a real estate investment trust for federal income tax purposes and would not be subject to income tax to the extent it distributes at least 90% of its taxable income to its stockholders. Alexandria Real Estate Equities was founded in 1993 and is based in Pasadena, California.


AMERICAN REALTY INVESTORS INC (ARL)

American Realty Investors, Inc. operates as a real estate investment company in the United States. Its real estate portfolio consists of apartments; commercial properties, including office buildings, industrial warehouses, shopping centers, and a merchandise mart; hotels; and improved and unimproved land. The company, through its subsidiary, Milano Restaurants International Corporation, operates and franchises several quick-service restaurant concepts, including pizzerias featuring pizza delivery, carryout and dine-in; bakery/cafe concept; and a full service Italian restaurant. As of December 31, 2004, it operated 41 owned and 19 franchised restaurants. The company was formed in 1961 and is based in Dallas, Texas.


AMERICA FIRST TAX EXEMPT INVESTORS L.P (ATAXZ)

America First Tax Exempt Investors, LP (partnership) engages in acquiring, holding, selling, and dealing with a portfolio of federally tax-exempt mortgage revenue bonds. These bonds are issued by state and local housing authorities to provide for permanent financing of a student housing property, and multifamily residential properties located in Florida, Indiana, Iowa, South Carolina, Texas, Nebraska, Georgia, and Kentucky, and contain a total of 2,930 rental units. As of December 31, 2004, the partnership owned twelve tax-exempt mortgage revenue bonds. America First Tax Exempt Investors, LP was formed in 1985 and is based in Omaha, Nebraska.


AVALONBAY COMMUNITIES INC (AVB)

AvalonBay Communities, Inc. operates as a real estate investment trust (REIT). It engages in the development, redevelopment, acquisition, ownership, and operation of apartment communities in high barrier-to-entry markets of the United States. As of March 31, 2005, the company owned or held a direct or indirect ownership interest in 137 operating apartment communities containing 40,133 apartment homes in 10 states and the District of Columbia, of which 4 communities containing 1,430 apartment homes were under reconstruction. In addition, AvalonBay owned or held a direct or indirect ownership interest in 11 communities under construction. As a REIT, the company would not be subject to federal tax to the extent that it distributes at least 90% of its taxable income to its shareholders. Its operates in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest, and Northern and Southern California regions of the United States. AvalonBay was incorporated in 1978 and is headquartered in Alexandria, Virginia.


AVATAR HOLDINGS INC (AVTR)

Avatar Holdings, Inc. engages in the real estate operations in Florida and Arizona. Its residential development activities include production and semicustom homebuilding. The company also offers various real estate-related activities, such as the operation of amenities, the sale of commercial and industrial land, the operation of a title insurance agency, and joint ventures for acquisition and/or development of residential properties. In addition, it operates a water and wastewater utility at Rio Rico, Arizona. The company was incorporated in 1970 and is headquartered in Coral Gables, Florida.


ARIZONA LAND INCOME CORPORATION (AZL)

Arizona Land Income Corporation operates as a real estate investment trust. It acquires and originates first mortgage loans on unimproved real property located primarily in the metropolitan Phoenix area. These loans include mortgage loans secured or collateralized by first mortgages, first deeds of trust, and real property subject to agreements for sale and subdivision trust. The company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code. The company would not be taxed on the portion of its income, which is distributed to shareholders, provided it distributes at least 90% of its taxable income. Arizona Land Income Corp. was organized in 1988 and is based in Phoenix, Arizona.


BRANDYWINE REALTY TRUST (BDN)

Brandywine Realty Trust, a real estate investment trust (REIT), engages in the acquisition, development, redevelopment, management, and leasing of office and industrial properties in the United States. The company owns properties in Philadelphia, Pennsylvania, and New Jersey; and in Richmond, Virginia. As of March 31, 2005, its portfolio included 223 office properties, 23 industrial facilities, and one mixed-use property with an aggregate of approximately 19.2 million net rentable square feet. The company also holds interests in nine unconsolidated real estate ventures with approximately 1.6 million net rentable square feet. In addition, it owns interests in two consolidated real estate ventures that own two office properties containing approximately 0.2 million net rentable square feet. Brandywine Realty has elected to be treated as a REIT and would not be subject to federal income tax, if it distributes at least 90% of its taxable income to its shareholders. The company was founded in 1985 and is headquartered in Plymouth Meeting, Pennsylvania.


SAUL CENTERS INC (BFS)

Saul Centers, Inc. operates as a real estate investment trust. The company, through its subsidiaries, engages in the ownership, operation, development, and financing of community and neighborhood shopping centers, and office properties, primarily in the Washington, DC/Baltimore metropolitan area. As of June 30, 2005, it managed 35 neighborhood and community shopping centers and 5 office properties. The company has elected to be taxed as a real estate investment trust under the Internal Revenue Code 1986. It would not be subject to federal income tax, provided it annually distributes at least 90% of its REIT taxable income to its stockholders. Saul was founded in 1892 and is headquartered in Bethesda, Maryland.


BROOKFIELD PROPERTIES CORPORATION (BPO)

Brookfield Properties Corporation engages in the ownership, development, and management of premier commercial properties. Its commercial property portfolio is focused in seven North American cities, including New York, Boston, Washington, D.C., Toronto, Calgary, Denver, and Minneapolis. As of June 30, 2004, the company's portfolio consisted of 46 properties and development sites, predominantly office buildings, comprising 46 million square feet of rentable area and development capacity. It also provides ancillary real estate service businesses, such as tenant service and amenities. In addition the company operates a development business that includes various low-cost commercial development sites in Toronto and Manhattan. Additionally, it owns a land development and housing operation. The company was incorporated in 1923. It was formerly known as Carena-Bancorp Holdings, Inc. and changed its name to Le Holding Carena-Bancorp Inc. in 1978. The company further changed its name to Carena-Bancorp, Inc. in 1985; to Carena Developments Limited in 1989; and to Brookfield Properties Corporation in 1996. Brookfield is headquartered in Toronto, Canada.


BLACKROCK PREFERRED OOPPORTUNITY TRUST (BPP)

BlackRock Preferred Opportunity Trust operates as a diversified and closed-end management investment company. The company's investment portfolio includes investments in financials, energy, consumer discretionary, Industrials, and telecommunication sectors. BlackRock Advisors, Inc. serves as the investment adviser of the company. The trust is based in Wilmington, Delaware.


BRE PROPERTIES INC (BRE)

BRE Properties Inc., a real estate investment trust (REIT), engages in the development, acquisition, and management of multifamily apartment communities in the western United States. As of July 19, 2005, the company owned and operated 84 apartment communities totaling 23,826 units in California, Arizona, Washington, and Colorado. It also had 9 other properties in various stages of development and construction consisting of 2,339 units, as well as joint venture interests in 2 additional apartment communities comprising 488 units, as of the above date. The company has elected to be treated as a REIT and would not be subject to federal income tax, if it distributes at least 90% of its taxable income to its shareholders. BRE Properties was founded in 1970 and is headquartered in San Francisco, California.


BRT REALTY TRUST (BRT)

BRT Realty Trust, a real estate investment trust (REIT), engages in originating and holding for investment senior and junior real estate mortgage loans secured by real property in the United States. It provides commercial real estate financing solutions. The company engages in servicing its loan portfolio, supervising the management of real estate assets owned by the company, and overseeing the activities of joint ventures in which it is involved as an equity participant. It offers first mortgage loans, such as residential, multifamily residential, shopping centers/retail, land, condominium development/ units, industrial buildings; and second mortgage loans and junior participations, such as multifamily residential, retail, and office loans. The company's lending activities focus on operating properties, such as multifamily residential properties, shopping centers, office buildings, industrial buildings, mixed use buildings, and hotels/motels, as well as loans secured by undeveloped real property. It has elected to be taxed as a REIT under the internal revenue code. As a REIT, the company would not be subject to federal income tax to the extent it distributes 90% of its REIT taxable income to its share holders. BRT was founded in 1972 and is based in Great Neck, New York.


BLUEGREEN CORPORATION (BXG)

Bluegreen Corporation provides vacation and residential lifestyle choices through its resorts and residential community businesses. The company conducts its operations through two segments, Bluegreen Resorts and Bluegreen Communities. The Bluegreen Resorts segment acquires, develops, and markets vacation ownership interests (VOI) in its resorts. This segment also implements its Bluegreen Vacation Club system, which permits its VOI owners to purchase an annual allotment of points that can be redeemed for occupancy rights at Bluegreen-owned and other participating resorts. Its resorts are located in Florida, Pennsylvania, South Carolina, Tennessee, Wisconsin, Virginia, Missouri, Michigan, Georgia, Hawaii, Montana, Alabama, and Aruba. In addition, this segment provides resort management services to resort property owners associations. As of December 31, 2004, Bluegreen Resorts segment had approximately 134,000 VOI owners, including approximately 95,000 members in the Bluegreen Vacation Club. The Bluegreen Communities segment acquires, develops, and subdivides real estate property, as well as markets residential homesites to retail customers, who seek to build a home in a residential setting. It also provides financing to individual purchasers of VOIs and homesites sold by it. As of December 31, 2004, Bluegreen Communities developed and sold homesites directly to retail consumers in communities primarily located in Texas, Georgia, and North Carolina. The company was founded in 1966 and is headquartered in Boca Raton, Florida.


BOSTON PROPERTIES INC (BXP)

Boston Properties, Inc., a real estate investment trust (REIT), engages in the ownership, management, and development of office properties in the United States. Its properties are primarily located in four markets, including Boston, Washington, D.C., midtown Manhattan, and San Francisco. As of March 31, 2005, Boston Properties owned or had interests in 125 properties, aggregating approximately 44.1 million net rentable square feet and structured parking for 31,270 vehicles containing approximately 9.5 million square feet. As of the above date, its properties comprised 119 office properties, 3 hotels, 2 retail properties, and 1 industrial property. The company has elected to be treated as a REIT and would not be subject to federal corporate income tax on the taxable income that it distributes to its stockholders. Boston Properties was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and is headquartered in Boston, Massachusetts.


CAPITAL ALLIANCE INCOME TRUST LTD (CAA)

Capital Alliance Income Trust, Ltd. (trust) operates as a real estate investment trust (REIT) in the United States. It operates a mortgage banking concern that emphasizes three areas: mortgage investment business, mortgage conduit business, and warehouse lending business. The mortgage investment business invests for the trust's portfolio of collateral-oriented, nonconforming first and second mortgage loans, and home equity loans. The mortgage conduit business engages in the origination, purchase, and sale of mortgage loans with a spectrum of credit grades secured by first and second liens on single (one-to-four) family residential properties. The warehouse lending business provides warehouse and repurchase financing to the trust's subsidiary and an affiliated mortgage banker. Capital Alliance Advisors, Inc. serves as the investment manager of the trust. The trust has elected to be treated as a REIT and would not be subject to federal corporate income taxes, if it distributes approximately 90% of its taxable income to its stockholders. Capital Alliance Income Trust was formed in 1995 and is based in San Francisco, California.


CALIFORNIA COASTAL COMMUNITIES INC (CALC)

California Coastal Communities, Inc. engages in residential land development and homebuilding with properties located primarily in southern California. The company's principal activities include obtaining zoning and other entitlements for the land it owns or controls, as well as improving the land for residential development; and designing, constructing, and selling single-family residential homes. As of March 31, 2005, it owned approximately 351 acres located in Orange County, California. The company was formerly known as The Henley Group, Inc. and changed its name to Henley Properties, Inc. in 1989. Further, Henley Properties changed its name to The Bolsa Chica Company in 1992; to Koll Real Estate Group, Inc. in 1993; and to California Coastal Communities, Inc. in 1998. California Coastal Communities is headquartered in Irvine, California.


CBL & ASSOCIATES PROPERTIES INC (CBL)

CBL & Associates Properties, Inc., a real estate investment trust (REIT), engages in the ownership, development, acquisition, leasing, management, and operation of regional shopping malls and community centers. Its shopping center properties are located primarily in the southeast and Midwest, as well as in other regions of the United States. The company conducts substantially all of its business through CBL & Associates Limited Partnership (partnership). As of June 30, 2005, the partnership owned controlling interests in 65 regional malls, 26 associated centers, and 4 community centers, as well as had noncontrolling interests in 6 regional malls, 2 associated center, and 54 community centers. In addition, CBL & Associates Properties has five mall expansions, two open-air shopping centers, two community centers, and one community center expansion under construction, as of the above date. The company has elected to be taxed as a REIT under the Internal Revenue Code and would not be subject to federal income tax to the extent it distributes at least 90% of its taxable income to shareholders. CBL & Associates Properties has a joint venture with Richard E Jacobs Group, Inc. to own a mall and two shopping centers in Raleigh, N.C. The company was formed by Charles B. Lebovitz in 1978 and is based in Chattanooga, Tennessee.


CHARTERMAC (CHC)

CharterMac, through its subsidiaries, operates as a real estate finance company. It provides capital solutions to developers and owners of properties, as well as investment products to institutional and retail investors. The company operates in three segments: Portfolio Investing, Fund Management, and Mortgage Banking. The Portfolio Investing segment invests primarily in tax-exempt first mortgage revenue bonds issued by various state or local governments, agencies, or authorities, and other investments designed to produce federally tax-exempt income. The Fund Management segment sponsors real estate equity investment funds that primarily invest in low-income housing tax credit properties (LIHTC), and provides advisory services to an affiliated real estate investment trust, as well as participates in credit enhancement transactions. The Mortgage Banking segment originates and services primarily multifamily mortgage loans on behalf of third parties. In addition, the company sponsors the LIHTC equity funds through Fund Management segment. CharterMac is based in New York City.


MACK-CALI REALTY CORPORATION (CLI)

Mack-Cali Realty Corporation, a real estate investment trust (REIT), engages in the leasing, management, acquisition, development, and construction of real estate properties in the United States. As of July 21, 2005, the company owned or had interests in 271 properties, primarily office and office/flex buildings, totaling approximately 30.2 million square feet. Its properties also include industrial/warehouse buildings, retail properties, a hotel, and parcels of land leased. Mack-Cali Realty has properties in seven states, primarily in the northeastern United States, as well as in the District of Columbia. The company has elected to be treated as a REIT and would not be subject to federal income tax, if it distributes at least 90% of its taxable income to its shareholders. Mack-Cali Realty was incorporated in 1994 and is headquartered in Cranford, New Jersey.


COLONIAL PROPERTIES TRUST (CLP)

Colonial Properties Trust, a real estate investment trust (REIT), engages in the acquisition, development, ownership, management, and leasing of commercial real estate properties in the United States. As of March 31, 2005, it owned and operated a portfolio of 147 wholly and partially-owned properties, consisting of multifamily, office, and retail properties in Alabama, Arizona, Florida, Georgia, Mississippi, Nevada, New Mexico, North Carolina, South Carolina, Tennessee, Texas, and Virginia. The company also owned interest in 70 multifamily apartment communities, 29 office properties, and 48 retail properties, as of the above date. Colonial Properties Trust elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. As a REIT, it would not be subject to federal income tax, provided it distributes atleast 90% of taxable income to its shareholders. Colonial Properties Trust is headquartered in Birmingham, Alabama.


CAPSTEAD MORTGAGE CORPORATION (CMO)

Capstead Mortgage Corporation operates as a real estate investment trust investing in real estate-related assets and other investment strategies in the United States. Its investments primarily consist of financial assets and residential adjustable-rate mortgage securities issued by government-sponsored entities. Capstead also invests in commercial mortgage assets, including the direct ownership of real estate. As a REIT, the company would not be subject to income tax to the extent it distributes at least 90% of its REIT taxable income to its stockholders. Capstead Mortgage Corporation was incorporated in 1985 and is headquartered in Dallas, Texas.


CAPITAL PROPERTIES INC (CPI)

Capital Properties, Inc. engages in the leasing of its real estate interests, as well as in the operation of its petroleum storage facilities in Rhode Island. The Leasing segment leases certain of its real estate interests in downtown Providence, Rhode Island, as well as locations along interstate, and primary highways in Rhode Island and Massachusetts for outdoor advertising purposes. The Petroleum Storage Facilities segment operates its petroleum storage facilities in East Providence, Rhode Island. As of December 31, 2004, the company owned approximately 18 acres of land in the Capital Center Project area in downtown Providence, Rhode Island; and a 676,500 barrel petroleum storage facility located in East Providence, Rhode Island. The company was founded in 1979 and is based in East Providence, Rhode Island.


CAMDEN PROPERTY TRUST (CPT)

Camden Property Trust, a real estate investment trust (REIT), engages in the ownership, development, construction, and management of multifamily apartment communities in the United States. Its properties principally consist of two and three story buildings and provide residents with various amenities, such as swimming pools, whirlpool spas, tennis courts, and controlled-access gates. The company has operations in Nevada, California, Texas, North Carolina, Florida, Colorado, Missouri, Arizona, Georgia, District of Columbia, Virginia, Philadelphia, and Kentucky. As of June 23, 2005, it owned interests in and operated 191 properties comprising 65,992 apartment homes. Camden has elected to be taxed as a REIT under the Internal Revenue Code of 1986. As a REIT, the company would not be subject to federal income tax purposes, provided that it distributes atleast 90% of taxable income to its shareholders. Camden Property Trust was organized in 1993 and is headquartered in Houston, Texas.


CORRECTIONAL PROPERTIES TRUST (CPV)

CentraCore Properties Trust, a real estate investment trust (REIT), engages in the acquisition and ownership of correctional and detention facilities in the United States. It acquires these facilities from private prison operators and government entities, and leases them under long-term, noncancelable triple-net leases. As of June 30, 2005, the trust owned and leased 12 correctional and detention facilities in 9 states with an aggregate design capacity of 7,156 beds. CentraCore Properties has elected to be taxed as a REIT under the Internal Revenue Code of 1986. As a REIT, it would not be subject to federal income tax, if it distributes at least 90% of its REIT taxable income to its shareholders. The trust was founded in 1998. It was formerly known as Correctional Properties Trust and changed its name to CentraCore Properties Trust. The trust is based in Palm Beach Gardens, Florida.


CAPITAL TRUST INC (CT)

Capital Trust, Inc. operates as a real estate investment trust. It specializes in originating and managing credit sensitive structured financial products. The company makes investments for its own account, as well as manages a series of private equity funds on behalf of institutional and individual investors. Its investment program focuses on structured commercial real estate debt investments, including B Notes, subordinate CMBS, and small-balance mezzanine loans. It also finances single properties, multiple property portfolios, and operating companies. The company has elected to be taxed as a real estate investment trust and would not be subject to federal income tax, if it distributes at least 90% of its taxable income to its shareholders. Capital Trust was founded in 1966 and is headquartered in New York City.


CONSOLIDATED-TOMOKA LAND CO (CTO)

Consolidated-Tomoka Land Co., through its wholly owned subsidiaries, engages in the development, investment, and sale of real estate properties. Its properties primarily include commercial, residential, and golf courses. The company also leases properties for oil and mineral exploration, and forestry operations. It primarily operates in Volusia County, Florida. The company, formerly known as Consolidated Naval Stores Company, was established in 1902. Consolidated-Tomoka is based in Daytona Beach, Florida.


COUSINS PROPERTIES INCORPORATED (CUZ)

Cousins Properties, Inc. operates as a real estate investment trust. It engages in the acquisition, financing, development, management, and leasing of real estate properties. The company owns directly, and through subsidiaries and joint ventures, a portfolio of office, medical office, retail, and single family residential development projects, and holds several tracts of undeveloped land. As of June 30, 2005, its portfolio consisted of 25 office buildings totaling 7.8 million square feet, 14 retail properties totaling 3.4 million square feet, 1 industrial property totaling 0.4 million square feet, and 1070 developed residential land lots held for sale, including 8 office, retail, and industrial projects under development or redevelopment totaling 2.5 million square feet. The company also has 2 condominium projects and 21 residential communities under development with approximately 12800 lots remaining to be developed and/or sold. In addition, the company also owns directly or through joint ventures approximately 3,300 acres of land held for investment or future development. The company has elected to qualify as a REIT for tax purposes. The company qualifies as a REIT and intends to distribute 100% of its federal taxable income to stockholders. Cousins Properties, Inc. was founded by Thomas G. Cousins in 1958 and is based in Atlanta, Georgia.


CORRECTIONS CORPORATION OF AMERICA (CXW)

Corrections Corporation of America (CCA) provides outsourced correctional management services. It engages in the design, building, and management of prisons, jails, and detention facilities, as well as in the provision of inmate residential and prisoner transportation services. The company's facilities offer various rehabilitation and educational programs, including basic education, religious services, life skills and employment training, and substance abuse treatment. CCA also provides health care, including medical, dental, and psychiatric services; food services; and work and recreational programs. It operates in two segments, Owned and Managed Correctional and Detention Facilities (OMCDF), and Managed-Only Correctional and Detention Facilities (MCDF). OMCDF segment includes the operation facilities owned and managed by the company. MCDF segment includes the operation of facilities owned by a third party and managed by the company. The company offers its services to government agencies responsible for federal, state, and local correctional facilities in the United States. As of December 31, 2004, CCA operated 41 correctional, detention, and juvenile facilities, including 39 facilities that it owns, with a total design capacity of approximately 70,000 beds in 19 states and the District of Columbia. The company also owned three additional correctional facilities that it leased to third-party operators, as of the above date. CCA was founded in 1983 and is headquartered in Nashville, Tennessee.


DEVELOPERS DIVERSIFIED REALTY CORPORATION (DDR)

Developers Diversified Realty Corporation (DDRC) operates as a real estate investment trust (REIT) in the United States. The company engages in acquiring, developing, redeveloping, owning, leasing, and managing shopping centers and business centers. As of July 5, 2005, it owned or managed approximately 470 retail properties in 44 states and Puerto Rico. The company has elected to be taxed as a REIT under Sections 856-860 of the Internal Revenue Code of 1986. As a REIT, it would not be subject to federal income tax purposes, provided that it distributes at least 90% of taxable income to its shareholders. DDRC was founded in 1965 and is headquartered in Beachwood, Ohio.


DUKE REALTY CORPORATION (DRE)

Duke Realty Corporation operates as a real estate investment trust (REIT). It engages in ownership, construction, development, leasing, and management of office, industrial, retail, and healthcare properties in the Midwest and Southeast United States. It also provides real estate services, such as property and asset management, development, leasing, and construction services to third party owners, in addition to its own properties. As of June 30, 2005, it owned and jointly controlled 891 rental properties, including properties under development, as well as 4400 acres of land. The company has elected to be taxed as a real estate investment trust. As a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to shareholders. Duke Realty Corporation was founded in 1972 and is headquartered in Indianapolis, Indiana.


DYNEX CAPITAL INC (DX)

Dynex Capital, Inc., a financial services company, invests in loans and securities consisting of, or secured by, principally single family mortgage loans, commercial mortgage loans, manufactured housing installment loans, and delinquent property tax receivables. The loans and securities in which the company invests have generally been pooled and pledged as collateral for non-recourse bonds, which provides long-term financing for such loans while limiting credit, interest rate, and liquidity risk. The company qualifies as a REIT for federal income tax purposes, and will not be subject to federal income tax on the amount of its income or gain that is distributed as dividends to shareholders. Dynex Capital was incorporated in 1987 and is headquartered in Glen Allen, Virginia.


EASTGROUP PROPERTIES INC (EGP)

EastGroup Properties, Inc., a real estate investment trust (REIT), engages in the development, acquisition, and operation of industrial properties in the United States. As of December 31, 2004, EastGroup owned 171 industrial properties and 1 office building located primarily in the Sunbelt states of Arizona, California, Florida, and Texas. The company has elected to be taxed as a REIT and would not be subject to federal income taxes, provided it distributes approximately 90% of its taxable income to its shareholders. EastGroup Properties was organized in 1969 and is headquartered in Jackson, Mississippi.


ENTERTAINMENT PROPERTIES TRUST (EPR)

Entertainment Properties Trust, a real estate investment trust (REIT), engages in the acquisition and development of entertainment properties, including megaplex theatres and entertainment retail centers. As of June 30, 2005, the company owned 62 megaplex theatre properties, including 3 joint venture properties located in 24 states in the United States, and Ontario, Canada. The company's portfolio also includes seven entertainment retail centers located in Westminster, Colorado, New Rochelle, New York, Burbank, California and Ontario, Canada, as well as other specialty properties and land parcels leased to restaurant and retail operators. The company qualifies as a REIT under the Internal Revenue Code. As a REIT, the company would not be subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its shareholders. The company was organized in 1997 and is based in Kansas City, Missouri.


EQUITY RESIDENTIAL (EQR)

Equity Residential, a real estate company, engages in the acquisition, development, ownership, management, and operation of multifamily properties in the United States. The company owned or had investments in 933 properties in 32 states and the District of Columbia consisting of 198,240 units, as of July 27, 2005. Equity Residential has elected to be taxed as a real estate investment trust (REIT). As a REIT, the company generally would not be subject to federal income tax on the portion of REIT taxable income or capital gain that the company distributes to the shareholders. The company was formed in 1966 and is headquartered in Chicago, Illinois.


EQUITY ONE INC (EQY)

Equity One, Inc., a real estate investment trust (REIT), engages in the acquisition, renovation, development, and management of community and neighborhood shopping centers located in the southern United States and in the metropolitan Boston, Massachusetts area. Its shopping centers primarily include supermarkets or other necessity-oriented retailers, such as drug stores or discount retail stores. As of August 8, 2005, the company's portfolio consisted of 188 properties, including 128 supermarket-anchored shopping centers, 8 drug store-anchored shopping centers, 43 retail-anchored shopping centers, 6 development parcels, and 3 commercial properties, as well as a noncontrolling interest in 1 unconsolidated joint venture. As a REIT, the company would not be subject to federal tax to the extent that it distributes at least 90% of its taxable income to its shareholders. The company was organized in 1992 and is based in North Miami Beach, Florida.


ESSEX PROPERTY TRUST INC (ESS)

Essex Property Trust, Inc., a real estate investment trust, engages in the ownership, acquisition, development, and management of multifamily apartment communities in the United States. The company conducts substantially all of its activities through Essex Portfolio, L.P., in which it owns an approximate 90.3% general partnership interest. As of December 31, 2004, Essex Property Trust operated and had ownership interests in 120 multifamily properties, 4 recreational vehicle parks, 5 office buildings, and 2 manufactured housing communities located in northern and southern California, Pacific Northwest, and other areas. The company has elected to be taxed as a real estate investment trust and would not be subject to corporate income tax on the portion of its net income that is distributed to shareholders. Essex Property Trust was founded in 1971 and is headquartered in Palo Alto, California.


FELCOR LODGING TRUST INCORPORATED (FCH)

FelCor Lodging Trust Incorporated operates as a lodging real estate investment trust (REIT) and owner of full service, all-suite hotels. It owns various hotels, including Embassy Suites Hotels, Crowne Plaza and independently owned Doubletree-branded hotels in North America. As of March 10, 2005, the company's consolidated portfolio consisted of 143 hotels, located in 31 states and Canada. FelCor owned 69 all-suite hotels, and its portfolio included 65 hotels in the upscale and full service segments, as of the above date. The company is elected to be taxed as a REIT under the federal income tax laws. As a REIT, FelCor is required to distribute at least 90% of its taxable income to its stockholders. FelCor Lodging Trust is based in Irving, Texas.


FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNM)

Fannie Mae operates in the residential mortgage finance industry. It facilitates the flow of mortgage capital to increase the availability of homeownership for low-, moderate-, and middle-income Americans. Its lender customers are part of the primary mortgage market, where mortgages are originated and funds are loaned to borrowers. Primary market participants include mortgage companies, savings and loan associations, savings banks, commercial banks, credit unions, and state and local housing finance agencies. It provides liquidity in the secondary mortgage market through its two segments, the Portfolio Investment business and the Credit Guaranty business. The Portfolio Investment business has two principal components, a mortgage portfolio and liquid investments. The mortgage portfolio includes mortgage loans, mortgage-related securities, and other investments purchased from lenders, securities dealers, investors, and other market participants. Liquid investments include cash and cash equivalents, nonmortgage investments, and loans held for securitization or sale. The Credit Guaranty business manages the company's mortgage credit risk through asset acquisition practices, use of credit enhancements, active management of the mortgage credit book of business, and loan management. It also shares mortgage credit risk with third parties. The company was established in 1938 and is headquartered in Washington, D.C.


FIRST INDUSTRIAL REALTY TRUST INC (FR)

First Industrial Realty Trust, Inc., a real estate investment trust (REIT), engages in the ownership, management, acquisition, sale, redevelopment, and development of industrial real estate. As of December 31, 2004, its in-service portfolio consisted of 827 properties, including 403 light industrial properties, 151 research and development flex properties, 157 bulk warehouse properties, 91 regional warehouse properties, and 25 manufacturing properties containing approximately 61.7 million square feet of gross leasable area located in 22 states. The company has elected to be taxed as a REIT and would not be subject to federal income tax, provided it distributes 90% of its taxable income to its shareholders. Industrial Realty Trust was organized in 1993 and is headquartered in Chicago, Illinois.


FEDERAL HOME LOAN MORTGAGE CORPORATION (FRE)

Freddie Mac, a financial services company, provides funds for residential mortgages. It conducts its business primarily by buying mortgages from lenders, packaging the mortgages into securities, and selling the securities to investors. The company purchases mortgages from mortgage banking companies, commercial banks, savings banks, savings and loan associations, credit unions, and state and local housing finance agencies. Freddie Mac's participation in the secondary mortgage market includes providing its credit guarantee for residential mortgages originated by mortgage lenders, and investing in mortgage loans and mortgage-related securities. Through its credit guarantee activities, Freddie Mac securitizes mortgage loans by issuing mortgage participation certificates to third-party investors. The company also resecuritizes mortgage-related securities that are issued by Freddie Mac or the Government National Mortgage Association, as well as nonagency entities. Freddie Mac also guarantees multifamily mortgage loans that support housing revenue bonds issued by third parties and it guarantees other mortgage loans held by third parties. The company was formed in 1970 and is headquartered in McLean, Virginia.


FEDERAL REALTY INVESTMENT TRUST (FRT)

Federal Realty Investment Trust operates as a real estate investment trust, which engages in the ownership, management, development, and redevelopment of retail and mixed-use properties. As of June 30, 2005, it owned or had a majority interest in 103 community and neighborhood shopping centers, and retail mixed-use properties (excluding joint venture properties) comprising approximately 17.4 million square feet located primarily in strategic metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, it had 30% interest in approximately 0.5 million square feet of retail space through its joint venture with an affiliate of Clarion Lion Properties Fund, and one apartment complex in Maryland. The company has elected to be taxed as a REIT. As a REIT, it is not subject to federal income tax on taxable income that it distributes to its shareholders. The company was founded in 1962 and is headquartered in Rockville, Maryland.


FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS (FUR)

Winthrop Realty Trust, a real estate investment trust (REIT), engages in the ownership and management of real property and real estate-related assets. As of September 30, 2005, the trust owned 16 triple net leased properties; 2 office buildings located in Amherst, New York; a multitenant office building located in Indianapolis, Indiana; a 9 story office building located in Houston, Texas; and an 80% interest in 128,000 square feet of retail and office space constituting the bottom 6 floors of a mixeduse building and 208 parking spaces located in Chicago, Illinois. Winthrop Realty also engages in ownership of loans receivable and preferred equity investments, and ownership and trading of real estate securities. To maintain its status as a REIT under the Internal Revenue Code, Winthrop Realty must distribute annually at least 90% of its REIT taxable income to shareholders. The trust was organized in 1961. It was formerly known as First Union Real Estate Equity and Mortgage Investments and changed its name to Winthrop Realty Trust in December 2005. Winthrop Realty Trust is headquartered in Boston, Massachusetts.


GENERAL GROWTH PROPERTIES INC (GGP)

General Growth Properties, Inc.(GCP), through its subsidiaries and affiliates, engages in the ownership, operation, management, leasing, acquisition, development, expansion, and financing of operating properties located primarily in the United States. It also develops and sells land for residential, commercial, and other uses primarily in master-planned communities. The company's Retail and Other segment consists of retail centers, office and industrial buildings, and mixed-use and other properties. Its Community Development segment includes land development and sales operations, such as large scale and long term community development projects in and around Columbia, Maryland; Summerlin, Nevada; and Houston, Texas. As of March 31, 2005, the company had ownership interests in 163 consolidated and 58 unconsolidated operating regional malls and community centers. GCP has elected to be taxed as a real estate investment trust for federal income tax purpose. The company was co-founded by Martin Bucksbaum and Matthew Bucksbaum in 1986. GGP is headquartered in Chicago, Illinois.


GREAT NORTHERN IRON ORE PROPERTIES (GNI)

Great Northern Iron Ore Properties engages in the leasing and maintenance of its mineral properties in Minnesota. The company owns interests in mineral and nonmineral lands on the Mesabi Iron Range of Minnesota. As of December 31, 2004, it owned mineral interests in 12,033 acres on the Mesabi Iron Formation, including approximately 7,443 acres that are wholly owned. Great Northern Iron Ore Properties was organized in 1906 and is based in Saint Paul, Minnesota.


GLIMCHER REALTY TRUST (GRT)

Glimcher Realty Trust, a real estate investment trust, engages in the ownership, management, acquisition, and development of enclosed regional and super regional malls and community centers. As of March 31, 2005, the company owned and operated 25 malls and 16 community centers in the United States. The company has elected to be taxed as a REIT for federal income tax purposes and would not be subject to income tax to the extent it distributes at least 90% of its taxable income to its stockholders. Glimcher was formed in 1993 and is headquartered in Columbus, Ohio.


GOLF TRUST OF AMERICA INC (GTA)

Golf Trust of America, Inc. is in the process of liquidation, pursuant to a plan of liquidation approved by its stockholders in 2001. As of August 8, 2005, the company sold 40 of the 47 golf courses, in which it had interests. Golf Trust of America engages in the ownership of upscale golf courses throughout the United States. As of above date, it owned three properties, which represent seven golf courses. The company was incorporated in 1996 and is based in Charleston, South Carolina.


GYRODYNE COMPANY OF AMERICA INC (GYRO)

Gyrodyne Company of America, Inc. and its subsidiaries, lease industrial and commercial real estate to unrelated diversified entities located in Long Island, New York. The company primarily involves in the operation of a rental property in St. James and Stony Brook, New York. It has approximately 178,890 rentable square feet that houses 59 tenants in a space suitable for office, engineering, manufacturing, and warehouse use. As of April 30, 2005, the company owned a 314 acre tract of land located on the north shore of Suffolk County, Long Island, New York. Gyrodyne Company was incorporated in 1946 and is based in St. James, New York.


HANOVER CAPITAL MORTGAGE HOLDINGS INC (HCM)

Hanover Capital Mortgage Holdings, Inc., a real estate investment trust (REIT), invests in subordinate mortgage-backed securities and loans that collateralize mortgage-backed securities. Its subsidiary, Hanover Capital Partners, Ltd., offers consulting and outsourced services, including loan due diligence (credit and compliance) on various mortgage products; quality control reviews of newly originated mortgage loans; operational reviews of loan origination and servicing operations; mortgage assignment services; loan collateral reviews; loan document rectification; and temporary staffing services to commercial banks, mortgage banks, government agencies, credit unions, and insurance companies. The company's other subsidiary, HanoverTrade, Inc., provides loan sale advisory services, including brokerage, asset valuation, and consulting services; and technology software solutions for third parties in the mortgage industry, as well as brokers loan pools, mortgage servicing rights, and other similar assets through an Internet-based exchange. It licenses its software technology to government agencies and financial institutions that originate and/or trade financial assets. The company has elected to be treated as a REIT for federal income tax purposes and would not be subject to federal corporate income taxes, if it distributes approximately 90% of its taxable income to its stockholders. Hanover Capital Mortgage Holdings was organized in 1997 and is headquartered in Edison, New Jersey.


HEALTH CARE REIT INC (HCN)

Health Care REIT, Inc., a real estate investment trust (REIT), invests in health care facilities. It invests primarily in skilled nursing and assisted living facilities, as well as in specialty care facilities. As of June 30, 2005, the company had investments in 234 assisted living facilities, 179 skilled nursing facilities, and 13 specialty care facilities located in 37 states. It operates in the United States and the United Kingdom. The company has elected to be taxed as REIT under the Internal Revenue Code. As a REIT, it would not be subject to federal income tax, provided that it distributes at least 90% of taxable income to its shareholders. Health Care REIT was founded in 1970 and is headquartered in Toledo, Ohio.


HEALTH CARE PROPERTY INVESTORS INC (HCP)

Health Care Property Investors, Inc., a real estate investment trust (REIT), invests directly or through joint ventures, and mortgage loans, in health care related properties located in the United States. The company acquires health care facilities and leases them to health care providers. It also provides mortgage financing on health care facilities. As of December 31, 2004, the company's portfolio of investments consists of 527 properties, including 29 hospitals, 171 skilled nursing facilities, 119 assisted living and continuing care retirement communities, 184 medical office buildings, and 24 other health care facilities. Health Care Property Investors has elected to qualify as a REIT. As a REIT, the company is not subject to federal income tax on its taxable income as long as it distributes at least 90% of its REIT taxable income. The company was organized in 1985 and is headquartered in Long Beach, California.


HUGOTON ROYALTY TRUST (HGT)

Hugoton Royalty Trust, an express trust, engages in the ownership of oil and natural gas producing properties in Hugoton Area, Anadarko Basin, and Green River Basin in Kansas, Oklahoma, and Wyoming states in the United States. As of December 31, 2004, its estimated proved gas reserves were 443,933 Mcf and estimated proved oil reserves were 3,793 Bbls. The trust was founded in 1998 and is based in Dallas, Texas.


HIGHWOODS PROPERTIES INC (HIW)

Highwoods Properties, Inc., a real estate investment trust (REIT) company, engages in the ownership and operation of suburban office, and industrial and retail properties in the southeastern and midwestern United States. As of December 31, 2004, the company had interests in 444 in-service office, and industrial and retail properties encompassing approximately 33.9 million rentable square feet, and 125 apartment units; and owned approximately 50.0% interest in 66 in-service office and industrial properties encompassing approximately 6.9 million rentable square feet, and 418 apartment units. In addition, it owned 1,115 acres of undeveloped land that is suitable to develop approximately 14 million rentable square feet of office, industrial, and retail space; and 50.0% interest in a joint venture that is developing a multifamily property, consisting of 156 apartment units on 7.8 acres of land. Further, the company develops eight properties, which will encompass approximately 1.1 million rentable square feet. As a REIT, the company is required to distribute at least 90.0% of REIT taxable income, excluding capital gains to its stockholders. Highwood's properties and development land is located in Raleigh, Atlanta, Tampa, Kansas City, Nashville, Piedmont, Richmond, Memphis, Charlotte, Greenville, Columbia, and Orlando. The company was founded in 1978 and is based in Raleigh, North Carolina.


HOME PROPERTIES INC (HME)

Home Properties, Inc., a real estate investment trust (REIT), engages in the ownership, management, acquisition, and rehabilitation of residential apartment communities in the northeastern, mid-Atlantic, midwestern, and southeast Florida regions of the United States. As of August 4, 2005, it operated 160 communities containing 47,203 apartment units. The company has elected to be treated as a REIT under Section 857 of the Internal Revenue Code of 1986. As a REIT, Home Properties would not be subject to federal income tax, provided that it distributes at least 90% of taxable income to its shareholders. The company was formed in 1993 and is based in Rochester, New York.


HMG/COURTLAND PROPERTIES INC (HMG)

HMG/Courtland Properties, Inc., a real estate investment trust (REIT), through its subsidiaries, engages in the ownership and management of commercial properties. The company's principal assets located in the Coconut Grove section of Miami, Florida include a hotel; private club with spa and marina; and a 50% interest in a restaurant, marina, and office/retail mall facility. The company also owns a 70% interest in a 17,000 square foot commercial building in Kingston, New York; a 70% interest in a 13,000 square foot commercial building in Montpelier, Vermont; and approximately 3 acres of land for development in Houston, Texas. The company has elected to be treated as a REIT under the U.S. Internal Revenue Code of 1986. As a REIT, it would not be subject to federal income tax, provided it distributes at least 90% of its taxable income to its shareholders. HMG/Courtland Properties was founded in 1971 and is based in Coconut Grove, Florida.


STARWOOD HOTELS & RESORTS WORLDWIDE INC (HOT)

Starwood Hotels & Resorts Worldwide, Inc. operates as a hotel and leisure company worldwide. The company's brand names include St. Regis, The Luxury Collection, Sheraton, Westin, W, and Four Points by Sheraton. It operates in two segments, Hotels and Vacation Ownership. The Hotel segment operates hotels and resorts primarily in the luxury and upscale segment of the lodging industry. As of October 26, 2005, its hotel portfolio included owned, leased, managed, and franchised hotels totaling approximately 750 hotels in approximately 80 countries. The Vacation Ownership segment includes the development, ownership, and operation of vacation ownership resorts; marketing and sale of vacation ownership interests; and provision of financing to customers, who purchase such interests. It had 19 vacation ownership resorts in the United States and the Bahamas, as of the above date. Starwood Hotels & Resorts was founded in 1969 and is based in White Plains, New York.


HOSPITALITY PROPERITES TRUST (HPT)

Hospitality Properties Trust, a real estate investment trust (REIT), engages in buying, owning, and leasing hotels. The company's hotels are operated as Courtyard by Marriott, Residence Inn by Marriott, Staybridge Suites by Holiday Inn, Candlewood Suites, AmeriSuites, Prime Hotels and Resorts, Homestead Studio Suites, TownePlace Suites by Marriott, and SpringHill Suites by Marriott or Marriott Hotels and Resorts. As of June 30, 2005, it owned 298 hotels located in 38 states in the United States; Puerto Rico; and Ontario, Canada. The company's hotels are primarily designed for business, governmental, and family travelers. As a REIT, the company would not be subject to federal income tax provided it distributes at least 90% of its REIT taxable income to its stockholders. Hospitality Properties was formed in 1995 and is based in Newton, Massachusetts.


HEALTHCARE REALTY TRUST INCORPORATED (HR)

Healthcare Realty Trust Incorporated, a real estate investment trust (REIT), engages in the ownership, acquisition, management, and development of real estate properties and mortgages associated with the delivery of healthcare services in the United States. The company's properties comprise medical office/outpatient facilities, assisted living facilities, skilled nursing facilities, inpatient rehabilitation facilities, independent living facilities, and other inpatient facilities. As of September 30, 2005, it invested in 246 real estate properties and mortgages. The company has elected to be taxed as a REIT under the Internal Revenue Code of 1986. As a REIT, it would not be subject to federal income tax, if it distributes at least 90% of its REIT taxable income to its shareholders. Healthcare Realty Trust was founded by David R. Emery in 1992. The company is headquartered in Nashville, Tennessee.


HRPT PROPERTIES TRUST (HRP)

HRPT Properties Trust operates as a real estate investment trust (REIT) in the United States. The company engages in the ownership and operation of real estate, including office buildings and leased industrial land. As of June 30, 2005, the company owned 280 office properties and 135 industrial properties in 31 states in the United States. It has elected to be treated as a REIT under Sections 856 through 858 of the Internal Revenue Code of 1986. As a REIT, the company would not be subject to federal income tax, provided that it distributes at least 90% of taxable income to its shareholders. Reit Management & Research LLC serves as the manager of the HRPT Properties Trust. HRPT Properties Trust was formed in 1986 and is headquartered in Newton, Massachusetts.


HERSHA HOSPITALITY TRUST (HT)

Hersha Hospitality Trust, a real estate investment trust, engages in the ownership and operation of mid scale limited service hotels in the Eastern United States. As of June 30, 2005, it owned interests in 35 hotels, including 4 hotels owned through joint ventures in Pennsylvania, New York, New Jersey, Maryland, Georgia, Connecticut, and Massachusetts. The company has elected to be taxed as a REIT under the Internal Revenue Code. As a REIT, Hersha would not be subject to income tax to the extent it distributes at least 90% of its taxable income to its stockholders. The company was founded in 1998 and is headquartered in New Cumberland, Pennsylvania.


INNSUITES HOSPITALITY TRUST (IHT)

Innsuites Hospitality Trust engages in the ownership and operation of hotel properties. As of July 31, 2005, it owned 4 hotels, through a partnership interest in RRF Limited Partnership; and 1 hotel directly with an aggregate of 843 suites in Arizona, southern California, and New Mexico under the name InnSuites Hotels'. The trust operates hotels as studio and two-room suite hotels that offer services, such as free breakfast buffets and complementary afternoon social hours plus amenities, such as microwave ovens, refrigerators, free high speed Internet access, and coffee makers in each studio or two-room suite. It also involves in various operations incidental to the operation of hotels, such as the operation of restaurants and meeting/banquet room rentals. The trust was founded in 1971 and is headquartered in Phoenix, Arizona.


IMPAC MORTGAGE HOLDINGS INC (IMH)

Impac Mortgage Holdings, Inc. operates as a mortgage real estate investment trust (REIT), which engages in the acquisition, origination, sale, and securitization of nonconforming Alt-A mortgages. The company's operations include long-term investment, mortgage, and warehouse lending. The long-term investment operations primarily invest in adjustable rate and fixed rate Alt-A mortgages that are acquired and originated by the mortgage operations. They also originate and invest in small-balance, multifamily residential mortgages. The mortgage operations acquire, originate, sell, and securitize primarily adjustable rate and fixed rate Alt-A mortgages, as well as sub-prime mortgages from correspondents, mortgage brokers, and retail customers. The warehouse lending operations provide short-term financing to mortgage loan originators, including the mortgage operations, by funding mortgages from their closing date until they are sold to preapproved investors. The company has elected to qualify as a REIT for tax purposes and must distribute at least 90% of its taxable income to its stockholders, of which 85% must be distributed within the taxable year in order to avoid the imposition of an excise tax. Impac Mortgage Holdings was incorporated in 1995 and is headquartered in Newport Beach, California.


INTERGROUP CORPORATION (INTG)

The InterGroup Corporation engages in the ownership and management of real estate properties principally in Texas and Southern California. As of June 30, 2004, its properties included 23 apartment complexes, a 565-room hotel, 2 single-family houses, and 2 commercial real estate properties. The company also has investments in unimproved real property that is held for sale or development. The InterGroup Corporation was founded in 1985 and is based in Los Angeles, California.


INCOME OPPORTUNITY REALTY TRUST (IOT)

Income Opportunity Realty Investors, Inc. operates in the real estate sector in the United States. It invests in equity interests in real estate through direct equity investments and partnerships, and finances real estate and real estate related activities through investments in mortgage loans in Texas. Its portfolio of properties consists of apartments and commercial properties, primarily office buildings. As of September 30, 2005, the company had 10 real estate properties. Income Opportunity was formed in 1984 and is based in Dallas, Texas.


INVESTORS REAL ESTATE TRUST (IRETS)

Investors Real Estate Trust operates as a real estate investment trust (REIT) in the United States. The company engages in the ownership and operation of multifamily residential properties, as well as commercial office, medical, industrial, and retail properties in Minnesota, North Dakota, Colorado, Idaho, Iowa, Georgia, Kansas, Montana, Nebraska, South Dakota, Texas, Michigan, and Wisconsin. As of July 31, 2005, it owned 66 multifamily residential properties with 8,646 apartment units; and 150 commercial properties, including 50 office properties, 28 medical properties, 11 industrial properties, and 61 retail properties totaling approximately 8.2 million net rentable square feet. The company has elected to be taxed as a REIT under the Internal Revenue Code and would not be subject to federal income tax on net the income, if it distributes approximately 90% of its taxable income to shareholders. The company was organized in 1970 and is headquartered in Minot, North Dakota.


IRSA INVERSIONES Y REPRESENTACIONES S.A (IRS)

IRSA Investments and Representations, Inc., through its subsidiaries and joint ventures, engages in real estate operations in Argentina. Its operations include acquisition and development of residential properties primarily for sale; the acquisition, development, and operation of office and other nonshopping center retail properties primarily for rental purposes; the acquisition, development, and operation of shopping center properties; the acquisition and operation of luxury hotels; and the acquisition of undeveloped land reserves for development or sale. As of June 30, 2005, the company owned interests in a portfolio of 53 properties located principally in Buenos Aires, Argentina. As of the above date, the company owned 3 five-star hotels in Argentina, which are managed through strategic alliances with Sheraton Overseas Management Corporation, Intercontinental Hotels Corporation, and Compania de Servicios Hoteleros S.A. IRSA Investments was founded in 1943 and is headquartered in Buenos Aires, Argentina.


JONES LANG LASALLE INCORPORATED (JLL)

Jones Lang LaSalle Incorporated operates as a real estate services and money management company. It provides integrated real estate services and solutions to real estate owners, occupiers, and investors, which include agency leasing; property management; project and development services; valuations; capital markets; buying and selling properties; corporate finance; hotel advisory, space acquisition, and disposition; facilities management (corporate property services); strategic consulting; and outsourcing services. The company provides money management services to institutional investors and high networth individuals, including tenant representation and agency leasing; capital markets and valuation services, and property management; facilities management services; and project and development management services. It offers its services in approximately 100 markets in 35 countries. Jones Lang LaSalle is headquartered in Chicago, Illinois.


ST. JOE COMPANY (JOE)

The St. Joe Company, a real estate operating company, engages in town, resort, commercial, and industrial development; land sales; and commercial real estate services. The company operates in four segments: Towns and Resorts Development, Commercial Real Estate Development and Services, Land Sales, and Forestry. The Towns and Resorts Development segment develops mixed-use communities primarily on its own land in northwest Florida that include Gulf of Mexico beach frontage and waterfront properties, and in west Florida near Tallahassee. The Commercial Real Estate Development and Services segment owns, leases, and manages commercial, retail, office, and industrial properties in the southeast and sells developed and undeveloped land and buildings. This segment also provides commercial real estate services, including brokerage, property management, and construction management. The Land Sales segment sells parcels of land included in the company's holdings of timberlands for rural, residential, and recreational uses in northwest Florida. The Forestry segment produces and sells pine pulpwood and timber, and cypress products. As of December 31, 2004, it owned 820,000 acres in northwest Florida. The company is headquartered in Jacksonville, Florida.


KIMCO REALTY CORPORATION (KIM)

Kimco Realty Corporation, a real estate investment trust (REIT), engages in the ownership and operation of neighborhood and community shopping centers in North America. Its centers generally include department stores, supermarkets, and drugstores. As of February 4, 2005, the company's portfolio comprised 773 property interests, including 696 operating properties primarily consisting of neighborhood and community shopping centers, 32 retail store leases, 35 ground-up development projects, and 10 undeveloped parcels of land, totaling approximately 113.4 million square feet of leasable space located in 42 states, Canada, and Mexico. Kimco also provides property management services relating to the management, leasing, operation, supervision, and maintenance of real estate properties. As a REIT, the company would not be subject to federal tax to the extent that it distributes at least 90% of its taxable income to its shareholders. Kimco was founded in 1960 and is based in New Hyde Park, New York.


KILROY REALTY CORPORATION (KRC)

Kilroy Realty Corporation, a real estate investment trust (REIT), engages in the ownership, operation, development, and acquisition of Class A suburban office and industrial real estate in suburban submarkets, primarily in Southern California. As of December 31, 2004, the company's portfolio of properties comprised 84 office buildings encompassing an aggregate of approximately 7.7 million rentable square feet; and 49 industrial buildings encompassing an aggregate of approximately 4.6 million rentable square feet. In addition, it owned approximately 56.8 acres of undeveloped land. The company has elected to be treated as a REIT for tax purposes under the Internal Revenue Code. As a REIT, Kilroy Realty would not be subject to federal income tax to the extent it distributes at least 90% of its REIT taxable income to stockholders. The company was founded by John Kilroy in 1947 and is headquartered in Los Angles, California.


LASALLE HOTEL PROPERTIES (LHO)

LaSalle Hotel Properties, a real estate investment trust (REIT), through its subsidiary, LaSalle Hotel Operating Partnership, L.P., engages in the purchase, ownership, and leasing of upscale and luxury hotels located in convention, resort, and urban business markets in the United States. The company owned interest in 19 hotels with approximately 6,300 suites/rooms located in 10 states and the District of Columbia, as of December 31, 2004. As a REIT, it would not be subject to federal income tax provided it distributes at least 90% of its REIT taxable income to its shareholders. LaSalle Hotel Properties was organized in 1998 and is based in Bethesda, Maryland.


LIBERTY PROPERTY TRUST (LRY)

Liberty Property Trust operates as a real estate investment trust (REIT). It provides leasing, property management, development, acquisition, and other tenant-related services for a portfolio of industrial and office properties. The trust's industrial properties consist of various warehouse, distribution, service, assembly, light manufacturing, and research and development facilities. As of June 30, 2005, Liberty Property Trust has an ownership interest in and operated 444 industrial and 287 office properties located primarily in the Mid-Atlantic, and southeastern and midwestern United States totaling 63.1 million square feet. In addition, at the above date, it had 25 properties under development, and owned 1,607 acres of land. Liberty Property Trust has elected to be taxed as a REIT for federal income tax purposes. As a REIT, it would not be taxed on the portion of its income, which is distributed to shareholders, provided it distributes at least 90% of its taxable income. Liberty Property Trust has a partnership with Doughty Hanson & Co. Real Estate. The trust was founded in 1972 and is headquartered in Malvern, Pennsylvania.


LTC PROPERTIES INC (LTC)

LTC Properties, Inc. operates as a healthcare real estate investment trust (REIT) in the United States. It primarily invests in long-term care and other healthcare-related properties through mortgage loans, property lease transactions, and other investments. As of June 30, 2005, the company had investments in 100 skilled nursing properties, 101 assisted living properties, and 2 schools in 32 states. LTC has elected to be treated as a REIT under the Internal Revenue Code of 1986. As a REIT, the company would not be subject to federal income tax, provided it distributes at least 90% of its taxable income to its shareholders. The company was incorporated in 1992 and is based in Malibu, California.


LEXINGTON REALTY TRUST (LXP)

Lexington Corporate Properties Trust operates as a self-managed and self-administered real estate investment trust (REIT). The company acquires, owns, and manages a portfolio of office, industrial, and retail properties net-leased to corporate tenants in the United States. It also provides investment advisory and asset management services to institutional investors in the net lease area. As of June 30, 2005, the company operated 185 properties and managed 2 properties. Lexington Corporate Properties Trust has elected to qualify as a REIT for federal income tax purposes. As a REIT, it would not be taxed on the portion of its income, which is distributed to shareholders, provided it distributes at least 90% of its taxable income. The company was founded in 1991 and is based in New York City.


MID-AMERICA APARTMENT COMMUNITIES INC (MAA)

Mid-America Apartment Communities, Inc., a real estate investment trust (REIT), engages in the acquisition, ownership, and operation of apartment communities primarily in the southeastern United States, and Texas. As of June 30, 2005, the company owned or had an ownership interest in 130 multifamily apartment communities. The company has elected to be treated as a REIT and would not be subject to federal income tax, if it distributes at least 90% of its taxable income to its shareholders. The company was formed in 1977 and is headquartered in Memphis, Tennessee. The company acquired the Waterford Forest apartments, a 384-unit community located in the Research Triangle area of North Carolina, and the Boulder Ridge apartments, a 478-unit community located in the North Dallas/Fort Worth metropolitan area of Texas, in July 2005.


MACERICH COMPANY (MAC)

The Macerich Company operates as a real estate investment trust (REIT) in the United States. The company, through its majority-owned partnership, The Macerich Partnership, L.P., engages in the acquisition, ownership, development, redevelopment, management, and leasing of regional and community shopping centers. As of June 30, 2005, it owned or had ownership interests in 76 regional shopping centers, 20 community shopping centers, and 2 development/redevelopment projects. The Macerich Company has elected to be treated as a REIT under Sections 856 through 858 of the Internal Revenue Code of 1986. As a REIT, the company would not be subject to federal income tax, provided that it distributes at least 90% of taxable income to its shareholders. The company was founded in 1965 and is headquartered in Santa Monica, California.


J. W. MAYS INC (MAYS)

J.W. Mays, Inc. engages in the ownership and leasing of commercial real estate properties. Its properties are located in Brooklyn, Jamaica, Fishkill, Levittown, and Massapequa in New York; and Circleville, Ohio. The company was founded in 1924 and is based in Brooklyn, New York.


AMERICA FIRST MORTGAGE INVESTMENTS INC (MFA)

MFA Mortgage Investments, Inc. operates as a real estate investment trust (REIT). The company primarily invests in mortgage-backed securities (MBS), which include hybrid and adjustable-rate MBS (ARM-MBS). The company's MBS portfolio primarily consist of ARM-MBS issued or guaranteed by an agency of the United States government, such as the Government National Mortgage Association, as well as by a federally chartered corporation, such as Fannie Mae or Freddie Mac. It also invests in multifamily apartment properties located in Georgia, North Carolina, and Nebraska. The company has elected to be treated as REIT for tax purposes. As a REIT, the company is not subject to federal tax laws, provided that it distributes at least 90% of its annual taxable income to its stockholders. MFA Mortgage Investments was incorporated in 1997 and is headquartered in New York City.


MONMOUTH REAL ESTATE INVESTMENT CORPORATION (MNRTA)

Monmouth Real Estate Investment Corporation operates as a real estate investment trust (REIT). It owns net leased industrial properties and leases to investment-grade tenants on long-term leases. The company also holds a portfolio of REIT securities. As of December 29, 2005, its equity portfolio included approximately 41 industrial properties and 1 shopping center in New Jersey, New York, Pennsylvania, North Carolina, Mississippi, Massachusetts, Kansas, Iowa, Missouri, Illinois, Michigan, Nebraska, Florida, Virginia, Ohio, Connecticut, Wisconsin, Maryland, Arizona, Colorado, South Carolina, Georgia, and Alabama. As a REIT, the company would not be subject to federal tax to the extent that it distributes at least 90% of its taxable income to its shareholders. Monmouth Real Estate Investment was founded in 1968 and is based in Freehold, New Jersey.


MAXUS REALTY TRUST INC (MRTI)

Maxus Realty Trust, Inc., a real estate investment trust (REIT), makes equity investments in real estate properties in the United States. The company primarily invests in multifamily housing properties. As of June 30, 2005, it operated eight apartment communities. The company has elected to be treated as a REIT under the Internal Revenue Code of 1986 and would not be subject to federal income tax, if it distributes at least 90% of its taxable income to its shareholders. The company, formerly known as Nooney Realty Trust, Inc., was formed in 1984. Maxus Realty is based in North Kansas City, Missouri.


MISSION WEST PROPERTIES INC (MSW)

Mission West Properties, Inc., a real estate investment trust (REIT), engages in the management, lease, development, acquisition, and marketing of commercial research and development properties primarily located in the Silicon Valley portion of the San Francisco Bay Area. As of July 20, 2005, the company owned and managed 108 properties totaling approximately 8.0 million rentable square feet through 4 limited partnerships. Its properties are located in the northern California area consisting of portions of Santa Clara County, Southwestern Alameda County, southeastern San Mateo County, and eastern Santa Cruz County. The company has elected to be treated as a REIT under the Internal Revenue Code and would not be subject to federal income tax, if it distributes at least 90% of its taxable income to its shareholders. Mission West Properties was formed in 1969 and is based in Cupertino, California.


MAXXAM INC (MXM)

MAXXAM, Inc., through its subsidiaries, engages in forest products, real estate investment and development, and racing businesses. Its forest products operations include growing and harvesting redwood and Douglas-fir timber, milling logs into lumber, and manufacturing lumber into various finished products. The company owns and manages approximately 217,000 acres of contiguous commercial timberlands in Humboldt County along the northern California coast. MAXXAM engages in residential and commercial real estate investment and development in Arizona, California; and Texas; as well as in Puerto Rico. It operates associated golf courses or resort operations in certain locations and owns commercial real estate properties. The company's racing operations comprise the ownership and operation of a class I pari-mutuel horse racing facility in the greater Houston metropolitan area and a pari-mutuel greyhound racing facility in Harlingen, Texas. MAXXAM, Inc. is based in Houston, Texas.


NATIONAL HEALTH INVESTORS INC (NHI)

National Health Investors, Inc., a real estate investment trust (REIT), invests in healthcare properties primarily in the long-term care sector in the United States. The company makes mortgage loans and invests in healthcare-related businesses and facilities, including long-term care facilities, acute care hospitals, medical office buildings, retirement centers, and assisted living facilities. As of June 30, 2005, it invested in 158 healthcare facilities located in 17 states consisting of 115 long-term care facilities, 1 acute care hospital, 4 medical office buildings, 15 assisted living facilities, 6 retirement centers, and 17 residential projects for the developmentally disabled. The company has elected to be treated as a REIT under the Internal Revenue Code and would not be subject to federal income tax, if it distributes at least 90% of its taxable income to its shareholders. National Health Investors was incorporated in 1991 and is based in Murfreesboro, Tennessee.


NATIONWIDE HEALTH PROPERTIES INC (NHP)

Nationwide Health Properties, Inc. operates as a real estate investment trust (REIT) that invests primarily in healthcare-related senior housing and long-term care facilities in the United States. As of February 24, 2005, the company and its joint venture had investments in 411 facilities in 39 states. It also provides financing to healthcare providers. As a REIT under the Internal Revenue Code, the company would not be subject to federal income tax, provided it distributes at least 90% of its REIT taxable income to its shareholders. Nationwide Health Properties was organized in 1985 and is based in Newport Beach, California.


COMMERCIAL NET LEASE REALTY INC (NNN)

Commercial Net Lease Realty, Inc. operates as a real estate investment trust (REIT) in the United States. The company, through its subsidiaries, engages in the acquisition, ownership, investment, management, and development of primarily single tenant retail properties. It leases these properties primarily to tenants under long term commercial net leases. The company also acquires and develops real estate directly and indirectly through investment interests primarily for the purpose of selling the real estate to purchasers. As of June 30, 2005, Commercial Net Lease Realty owned 427 investment properties in 40 states with a gross leasable area of approximately 8.8 million square feet. It has elected to be treated as a REIT for federal income tax purposes and would not be subject to income tax, if it distributes at least 90% of its taxable income to its shareholders. The company was formed in 1984 and is based in Orlando, Florida.


REALTY INCOME CORPORATION (O)

Realty Income Corporation, a real estate investment trust (REIT), invests in a portfolio of retail properties leased to regional and national retail chains in the United States. As of June 30, 2005, its portfolio of freestanding, single-tenant, retail properties consisted of 1,582 properties located in 48 states containing approximately 12.47 million square feet of leasable space. The company has elected to be treated as REIT under the Internal Revenue Code. As a REIT, Realty Income would not be subject to federal income taxes to the extent that it distributes at least 90% of REIT taxable income to its shareholders. The company was founded in 1969 and is based in Escondido, California.


CORPORATE OFFICE PROPERTIES TRUST (OFC)

Corporate Office Properties Trust, operates as a real estate investment trust (REIT). It engages in the ownership, management, leasing, acquisition, and development of suburban office properties. As of June 30, 2005, the company's portfolio consisted of 147 office properties in operations, including two properties owned through joint ventures in the United States. Corporate Office Properties Trust qualifies as a real estate investment trust (REIT) for federal income tax purposes. As a REIT, it would not be taxed on the portion of its income, which is distributed to shareholders, provided it distributes at least 90% of its taxable income. Corporate Office Properties Trust has a joint venture with Opportunity Invest LLC to acquire warehouse properties primarily within Greater Washington DC submarkets that would be redeveloped into Class A office space. The company is based in Columbia, Maryland.


OMEGA HEALTHCARE INVESTORS INC (OHI)

Omega Healthcare Investors, Inc., a real estate investment trust (REIT), invests in healthcare facilities, principally long-term care facilities located in the United States. The company provides lease or mortgage financing to qualified operators of skilled nursing facilities, and to assisted living and acute care facilities. As of December 31, 2004, its portfolio consisted of 221 healthcare facilities, located in 29 states and operated by 42 third-party operators. This portfolio includes 173 long-term healthcare facilities and 2 rehabilitation hospitals owned and leased to third parties; and fixed rate mortgages on 46 long-term healthcare facilities. The company has elected to be taxed as a REIT for federal income tax purposes and accordingly, it distributes at least 90% of its REIT taxable income to its shareholders. Omega Healthcare was incorporated in 1992 and is based in Timonium, Maryland.


ONE LIBERTY PROPERTIES INC (OLP)

One Liberty Properties, Inc., a real estate investment trust (REIT), engages in the acquisition, ownership, and management of primarily commercial real estate properties in the United States. Its properties include a portfolio of retail, industrial, office, movie theater, health and fitness, and other properties under long-term leases. As of June 30, 2005, it owned 46 properties and participated in 6 joint ventures that owned approximately 14 properties, as well as held a 50% tenancy in common interest in 1 property. Its properties are located in 21 states in the United States. The company has elected to be treated as a REIT under the Internal Revenue Code and would not be subject to federal income tax, if it distributes at least 90% of its taxable income to its shareholders. One Liberty Properties was incorporated in 1982 and is based in Great Neck, New York.


PMC COMMERCIAL TRUST (PCC)

PMC Commercial Trust engages in the origination of loans to small businesses collateralized by first liens on the real estate of the related business. The company's loans are primarily to borrowers in the limited service hospitality industry. It also originates loans for commercial real estate primarily in the service, retail, multifamily, and manufacturing industries. In addition, its investments include the ownership of commercial properties in the hospitality industry. As of June 30, 2005, the company owned 16 hotel properties. The company has elected to be treated as a real estate investment trust under the Internal Revenue Code and would not be subject to federal income tax, if it distributes at least 90% of its taxable income to its shareholders. PMC Commercial Trust was organized in 1993 and is headquartered in Dallas, Texas.


PENNSYLVANIA REAL ESTATE INVESTMENT TRUST (PEI)

Pennsylvania Real Estate Investment Trust engages in the ownership, management, development, redevelopment, acquisition, and leasing of malls and power and strip centers in the eastern United States. As of June 7, 2005, the company's portfolio consisted of 56 properties, including 38 shopping malls, 13 strip and power centers, and 5 office/industrial properties. These retail properties total approximately 33.5 million square feet, of which the company and partnerships, in which the company owns an interest, own approximately 26.3 million square feet. In addition, the company provides management, leasing, and development services to affiliate and third party property owners. The company qualifies as a real estate investment trust (REIT) under the Internal Revenue Code. As a REIT, the company would not be subject to federal tax to the extent that it distributes at least 90% of its taxable income to its shareholders. Pennsylvania Real Estate Investment Trust was founded in 1960 and is headquartered in Philadelphia, Pennsylvania.


PARKWAY PROPERTIES INC (PKY)

Parkway Properties, Inc., a real estate investment trust (REIT), engages in the operation, acquisition, ownership, management, and leasing of office properties. It operates and invests principally in office properties in the southeastern and southwestern United States and Chicago. The company also offers real estate services. As of April 1, 2005, Parkway Properties had an interest in 64 office properties located in 11 states. It leased office properties to approximately 1,317 customers that comprise various industries, including government agencies, banking, professional services, energy, financial services, and telecommunications. As a REIT, the company would not be subject to federal tax to the extent that it distributes at least 90% of its taxable income to its shareholders. Parkway Properties is based in Jackson, Mississippi.


PROLOGIS (PLD)

ProLogis operates as a real estate investment trust in the United States. It owns, operates, and develops industrial distribution properties in North America, Europe, and Asia. The company operates through two segments, Property Operations and Corporate Distribution Facilities Services. The Property Operations segment involves in the ownership, management, and leasing of industrial distribution properties, either directly or through investments in unconsolidated property funds in which ProLogis has an ownership interest and acts as manager. As of June 6, 2005, the segment had 2,043 distribution facilities owned, managed, and under development in 75 markets. The Corporate Distribution Facilities Services segment involves in the development, acquisition, rehabilitation, acquisition, and repositioning of industrial distribution properties. As a REIT, the company would not be subject to federal tax to the extent that it distributes at least 90% of its taxable income to its shareholders. ProLogis was founded as Security Capital Industrial Trust in 1991 and changed its name to ProLogis Trust in 1998. Subsequently, it changed its name to ProLogis. The company is headquartered in Aurora, Colorado.


POST PROPERTIES INC (PPS)

Post Properties, Inc., a real estate investments trust (REIT), through its subsidiaries, engage in the development, ownership, and management of multifamily apartment communities in the United States. As of August 8, 2005, the company owned 21,795 apartment homes in 58 communities, including 545 apartment units in 2 communities, as well as 205 apartment units in 1 community. It is also developing 145 for-sale condominium homes; and is converting 382 apartment units in 3 communities, including 121 units in 1 community into for-sale condominium homes. The company operates in Atlanta, Dallas, Tampa, and the greater Washington, D.C. metropolitan areas. The company has elected to be treated as a REIT under the Internal Revenue Code and would not be subject to federal income tax, if it distributes at least 90% of its taxable income to its shareholders. Post Properties was formed in 1971 and is headquartered in Atlanta, Georgia.


PUBLIC STORAGE INC (PSA)

Public Storage, Inc. (PSI), a real estate investment trust (REIT), engages in the acquisition, development, ownership, and operation of self-storage facilities in the United States. As of March 31, 2005, it had direct and indirect equity interests in 1,471 self-storage facilities with 89.9 million net rentable square feet located in 37 states. As of the above date, the company also had direct and indirect equity interests in approximately 19.5 million net rentable square feet of commercial and industrial space located in 10 states. In addition, it reinsures policies issued to its tenants against lost or damaged goods stored by them in storage facilities. PSI has elected to be taxed as a REIT and would distribute at least 90% of its taxable income to shareholders. The company was founded in 1971 and is headquartered in Glendale, California.


PS BUSINESS PARKS INC (PSB)

PS Business Parks, Inc., a real estate investment trust (REIT), engages in the acquisition, development, ownership, and operation of commercial properties consisting of commercial and industrial rental space in the United States. The company's commercial properties primarily consist of multitenant flex, and industrial and suburban office space. As of June 30, 2005, the company owned and operated approximately 17.9 million net rentable square feet of commercial space located in 8 states, including approximately 650,000 square feet of property held for disposition. It also managed approximately 1.2 million net rentable square feet, as of the above date. PS Business Parks operates in Arizona, California, Florida, Maryland, Oregon, Texas, Virginia, and Washington. The company has elected to be treated as a REIT under the Internal Revenue Code and would not be subject to federal income tax, if it distributes at least 90% of its taxable income to its shareholders. The company was founded in 1983. It was formerly known as Public Storage Properties XI, Inc. and changed its name to PS Business Parks, Inc. in 1998. PS Business Parks is headquartered in Glendale, California.


PITTSBURGH & WEST VIRGINIA RAILROAD (PW)

Pittsburgh & West Virginia Railroad, a real estate investment trust (REIT), owns a leased railroad property in the United States. As of December 31, 2004, it leased 112 miles of main line road extending from Pittsburgh Junction, Ohio, through parts of West Virginia to Connellsville, Pennsylvania; approximately 20 miles of branch lines; and other assets used in the operation of the railroad, such as real estate, machinery and equipment, and supplies. As a REIT, the company would not be subject to federal corporate income taxes to the extent it distributes at least 95% of its taxable income to its shareholders. Pittsburgh & West Virginia Railroad was founded in 1916 and is based in Charleston, West Virginia.


REGENCY CENTERS CORPORATION (REG)

Regency Centers Corporation, a real estate investment trust (REIT), engages in the ownership, operation, and development of grocery-anchored neighborhood and community shopping centers in the United States. As of August 1, 2005, the company operated or developed 388 shopping centers. It also has 26 properties under development. The company has elected to be treated as a REIT under the Internal Revenue Code and would not be subject to federal income tax, if it distributes at least 90% of its taxable income to its shareholders. Regency Centers was founded by Joan and Martin E. Stein, Sr in 1963. The company is headquartered in Jacksonville, Florida.


ROBERTS REALTY INVESTORS INC (RPI)

Roberts Realty Investors, Inc. operates as a real estate investment trust (REIT) that primarily engages in the ownership and operation of multifamily residential properties in the United States. As of September 30, 2005, the company owned two multifamily apartment communities totaling 403 residential units in the Atlanta metropolitan area; three retail centers totaling 121,477 square feet, including a 39,205 square feet retail center, which was in its lease-up phase; and a 37,864 square feet commercial office building, which was also in its lease-up phase. It also owned 5 tracts of undeveloped land totaling 67 acres in various phases of development and a 44 acre tract of land that was held for investment, as of the above date. The company has elected to be treated as a REIT for federal income tax purposes and would not be subject to federal income tax, provided it distributes at least 90% of its REIT taxable income to its stockholders. Roberts Realty Investors was formed in 1994 and is headquartered in Atlanta, Georgia.


RAMCO-GERSHENSON PROPERTIES TRUST (RPT)

Ramco-Gershenson Properties Trust, through its subsidiaries, operates as a real estate investment trust. It engages in the business of owning, developing, acquiring, managing, and leasing community shopping centers, regional malls, and single tenant retail properties. As of June 30, 2005, it had interest in 81 shopping centers in the midwestern, southeastern, and mid-Atlantic regions of the United States. The company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code. The company would not be taxed on the portion of its income, which is distributed to shareholders, provided it distributes at least 90% of its taxable income. Ramco-Gershenson was founded in 1988 and is based in Farmington Hills, Michigan.


REDWOOD TRUST INC (RWT)

Redwood Trust, Inc., together with its subsidiaries, engages in the investment and securitization of residential and commercial real estate loans and securities in the United States. The company's primary business involves making jumbo residential real estate loans. It also invests in securities in various real estate loans, such as commercial real estate loans, home equity line of credit loans, real estate collateralized debt obligations, and other real estate assets. The company qualifies as a real estate investments trust under the Internal Revenue Code of 1986 and would not be subject to federal income tax, if it distributes at least 90% of its taxable income to its shareholders. Redwood Trust was founded in 1994 and is based in Mill Valley, California.


TANGER FACTORY OUTLET CENTERS INC (SKT)

Tanger Factory Outlet Centers, Inc. operates as a real estate investment trust (REIT). The company, through its subsidiary, Tanger Properties Limited Partnership, engages in acquiring, developing, owning, operating, and managing factory outlet shopping centers. As of September 30, 2005, Tanger owned and operated 33 factory outlet centers in 22 states totaling 8.7 million square feet of gross leasable area. It also provides development, leasing, and management services for its outlet centers. The company has elected to be taxed as a REIT under the Internal Revenue Code. As a REIT, it would not be subject to Federal income taxes provided it distributes at least 90% of its taxable income to its shareholders. Tanger Factory Outlet Centers was founded by Stanley K. Tanger in 1981. The company is headquartered in Greensboro, North Carolina.


SL GREEN REALTY CORPORATION (SLG)

SL Green Realty Corp., a real estate investment trust (REIT), engages in the ownership, management, acquisition, leasing, and repositioning of commercial office properties in Manhattan. As of June 30, 2005, its wholly owned properties consisted of 21 commercial properties encompassing approximately 9.3 million rentable square feet located primarily in midtown Manhattan. The company's portfolio also includes ownership interests in unconsolidated joint ventures, which own eight commercial properties in Manhattan, encompassing approximately 9.1 million rentable square feet. In addition, SL Green Realty manages three office properties owned by third-parties and affiliated companies encompassing approximately 1.0 million rentable square feet. The company has elected to be taxed as a REIT under the Internal Revenue Code and would not be subject to federal income tax, provided it distributes approximately 90% of its taxable income its stockholders. SL Green Realty was formed in 1997 and is based in New York City.


SENIOR HOUSING PROPERTIES TRUST (SNH)

Senior Housing Properties Trust, a real estate investment trust (REIT), primarily invests in senior housing properties in the United States. The trust invests in hospitals, nursing homes, senior apartments, independent living properties, and assisted living properties. As of September 30, 2005, it owned 184 properties, including 85 assisted living facilities, 61 skilled nursing facilities, 36 independent living communities, and 2 hospitals. The trust elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. As a REIT, it would not be subject to federal income tax, if it distributes at least 90% of its REIT taxable income to its shareholders. Senior Housing Properties Trust was organized in 1998 and is based in Newton, Massachusetts.


SIMON PROPERTY GROUP INC (SPG)

Simon Property Group, Inc., a real estate investment trust, engages in the ownership, operation, leasing, management, acquisition, expansion, and development of real estate properties. Its real estate properties consist primarily of regional malls, Premium Outlet centers, and community shopping centers. As of March 31, 2005, the company owned or held an interest in 296 income-producing properties, which consisted of 172 regional malls, 71 community/lifestyle shopping centers, 30 Premium Outlet centers, and 23 other properties in the United States and Puerto Rico. Its other properties include retail space, office space, and hotel components. In addition, the company has interests in 12 parcels of land held in the United States for future development; 51 European shopping centers located in France, Italy, Poland, and Portugal; 4 Premium Outlet centers in Japan; 1 Premium Outlet center in Mexico; and 1 shopping center in Canada. It also provides leasing, management, and development services to its properties. As a REIT, the company distributes 90% of its taxable income to the shareholders. Simon Property Group was founded in 1960 and is headquartered in Indianapolis, Indiana.


SOVRAN SELF STORAGE INC (SSS)

Sovran Self Storage, Inc. operates as a real estate investment trust (REIT). It acquires, owns, and manages self-storage facilities throughout the United States. As of March 1, 2005, it owned and/or managed 272 properties under the name of Uncle Bob's Self-Storage' in 21 states. Its self-storage facilities provide enclosed storage space to residential and commercial users. As a REIT, the company would not be subject to federal income taxes if it distributes 90% of its REIT taxable income. Sovran Self Storage was founded in 1982 and is headquartered in Buffalo, New York.


STRATUS PROPERTIES INC (STRS)

Stratus Properties, Inc., through its subsidiaries, engages in the acquisition, development, management, and sale of commercial, multifamily, and residential real estate properties located primarily in Austin, Texas. The company conducts real estate operations on properties it owns. As of June 30, 2004, the company had 2,030 acres of undeveloped residential, multifamily, and commercial property, as well as 53 developed residential estate lots located within the Barton Creek community. It also owned approximately 1,000 acres of undeveloped residential, commercial, and multifamily property within the Circle C Ranch community, as of the above date. In addition, the company's holdings comprised 282 acres of undeveloped commercial property located within the Lantana project and 3 Lantana office buildings, as well as approximately 68 acres of land in Plano, Texas, as of the same date. The company was formed in 1992 and is based Austin, Texas.


SUN COMMUNITIES INC (SUI)

Sun Communities, Inc. operates as a real estate investment trust. The company owns, operates, develops, and finances the manufactured housing communities in the midwestern and southeastern United States. As of December 31, 2004, it owns and operates 136 properties located in 18 states, including 124 manufactured housing communities, 5 recreational vehicle communities, and seven properties containing both manufactured housing and recreational vehicle sites. The company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code. The company would not be taxed on the portion of its income, which is distributed to shareholders, provided it distributes at least 90% of its taxable income. The company was established in 1975 and is based in Southfield, Michigan.


TARRAGON CORPORATION (TARR)

Tarragon Corporation engages in the development and marketing of residential communities in the United States. It has operations primarily in four markets, including Florida, Texas, Tennessee, and the northeast. The company operates in two divisions, Homebuilding and Investment. The Homebuilding division develops, renovates, builds, and markets homes in urban locations and communities. It offers mid and high-rise condominiums; condominium conversions; townhomes, carriage houses, and low-rise condominiums; low and midrise rental apartment communities, as well as renovates older rental apartments. The Investment division owns, develops, and operates residential and commercial rental properties. As of December 31, 2004, its portfolio consisted of 13,431 apartments in 57 communities located in Florida, Connecticut, and Texas. Tarragon is headquartered in New York City.


TRANSCONTINENTAL REALTY INVESTORS INC (TCI)

Transcontinental Realty Investors, Inc. invests in real estate through direct ownership, leases, and partnerships. It also invests in unimproved land and apartment development and construction, and mortgage loans on real estate, including first, wraparound, and junior mortgage loans. The company's commercial properties include office buildings, shopping centers, and industrial warehouses. The company originates its own mortgage loans, as well as acquired existing mortgage notes either directly from builders, developers, or property owners, as well as through mortgage banking firms, commercial banks, and other qualified brokers. It operates in continental United States and Poland. As of December 31, 2004, its properties include 111 properties held for investment, 1 partnership property, 11 construction properties, and 6 properties held for sale. Transcontinental was organized in 1983 and is based in Dallas, Texas. Transcontinental Realty Investors, Inc. is a subsidiary of American Realty Investors, Inc.


TAUBMAN CENTERS INC (TCO)

Taubman Centers, Inc. operates as a real estate investment trust. As of June 30, 2005, the company owned a 63% managing general partner's interest in The Taubman Realty Group Limited Partnership (the operating partnership). The operating partnership is a subsidiary that engages in the ownership, management, leasing, acquisition, development, and expansion of regional retail shopping centers and interests therein. As of the above date, it owned 21 urban and suburban shopping centers in 9 states in the United States. These centers are located in metropolitan areas, including New York City, Los Angeles, San Francisco, Denver, Detroit, Phoenix, Miami, Dallas, Tampa, Orlando, and Washington, D.C. The operating partnership also owns certain regional retail shopping center development projects, as well as approximately 99% of The Taubman Company LLC, which manages the shopping centers and provides other services to the operating partnership and to the company. Taubman Centers qualifies as a REIT under the Internal Revenue Code. As a REIT, the company would not be subjected to federal income tax to the extent it distributes at least 90% of its taxable income to its shareholders. Taubman Centers was founded in 1950 by A. Alfred Taubman and is headquartered in Bloomfield Hills, Michigan.


THORNBURG MORTGAGE INC (TMA)

Thornburg Mortgage, Inc. operates as a single-family residential mortgage lending company that originates, acquires, and retains investments in adjustable and variable rate mortgage (ARM) assets. The ARM assets consist of traditional ARM securities and loans, and hybrid ARM securities and loans. Thornburg Mortgage also offer mortgages online using third-party, private label, Web-based origination systems. It operates as an externally advised real estate investment trust and is managed by Thornburg Mortgage Advisory Corporation. The company has elected to be treated as a real estate investment trust for federal income tax purposes. It would not be subject to federal corporate income tax, provided it distributes at least 85% of taxable income by the end of each calendar year; and declares dividends amounting to at least 90% of its taxable income for each year by the time it files applicable tax return. The company was organized in 1992 and is based in Santa Fe, New Mexico.


URSTADT BIDDLE PROPERTIES INC (UBP)

No description available.


UNITED DOMINION REALTY TRUST INC (UDR)

United Dominion Realty Trust, Inc. operates as a self-administered equity real estate investment trust (REIT). It owns, acquires, renovates, develops, and manages middle-market apartment communities. The company targets young professionals, blue-collar families, single parent households, older singles, immigrants, and nonrelated parties. As of June 30, 2005, the company's portfolio included 263 communities with 77,289 apartment homes nationwide. As a REIT, the company would not be subject to federal income taxes to the extent it distributes 90% of its REIT taxable income to its stockholders. United Dominion was founded in 1949 and is headquartered in Highlands Ranch, Colorado.


UNIVERSAL HEALTH REALTY INCOME TRUST (UHT)

Universal Health Realty Income Trust operates as a real estate investment trust (REIT). The company invests in healthcare and human service related facilities, including acute care hospitals, behavioral healthcare facilities, rehabilitation hospitals, subacute facilities, surgery centers, childcare centers, and medical office buildings. As of June 30, 2005, it had 43 real estate investments or commitments located in 15 states consisting of: 7 hospital facilities, including 4 acute care, 1 behavioral healthcare, 1 rehabilitation, and 1 subacute; 32 medical office buildings; and 4 preschool and childcare centers. Universal Health Realty Income Trust qualifies as a REIT for federal income tax purposes. As a REIT, it would not be taxed on the portion of its income, which is distributed to shareholders, provided it distributes at least 90% of its taxable income. UHS of Delaware, Inc. serves as the advisor to company. Universal Health Realty is based in King of Prussia, Pennsylvania.


UNITED MOBILE HOMES INC (UMH)

United Mobile Homes, Inc., a real estate investment trust (REIT), engages in the ownership and operation of manufactured home communities. It also involves in leasing of manufactured home spaces to private manufactured home owners; and leasing of homes to residents. As of July 12, 2005, the company owned and operated 27 manufactured home communities located in New York, New Jersey, Pennsylvania, Ohio, and Tennessee. The company, through its wholly owned subsidiary, UMH Sales and Finance, Inc., sells and finances homes to residents of its communities. In addition, it owns a portfolio of REIT securities. The company qualifies as a REIT under the Internal Revenue Code. As a REIT, the company would not be taxed under Federal income tax laws on taxable income that it distributes to its shareholders. The company was incorporated in 1968 and is based in Freehold, New Jersey.


UNITED PANAM FINANCIAL CORPORATION (UPFC)

United PanAm Financial Corp., a specialty finance company, engages primarily in automobile finance and investments. The Automobile Finance segment acquires, holds for investment and services nonprime retail automobile installment sales contracts generated by franchised and independent dealers of used automobiles. The Investments segment acquires bonds funded through repurchase agreements with major investment bankers and includes corporate administration. The company provides financing to borrowers who have limited or impaired credit history that restrict their ability to obtain loans through traditional sources. Its investment portfolio includes overnight deposits, U.S. agency securities, U.S. mortgage backed securities, and mutual funds. Panam Financial is based in Newport Beach, California.


VORNADO REALTY TRUST (VNO)

Vornado Realty Trust operates as a real estate investment trust (REIT). The company conducts its business primarily through Vornado Realty L.P. As of December 31, 2004, it owned 86 office properties aggregating approximately 27.6 million square feet in the New York City metropolitan area, as well as in the Washington and northern Virginia area; 94 retail properties in 7 states and Puerto Rico aggregating approximately 14.2 million square feet; 8.6 million square feet of showroom and office space, including 3.4 million square foot Merchandise Mart in Chicago; and a 47.6% interest in Americold Realty Trust, which owned and operated 88 cold storage warehouses in the United States. The company also owned the Hotel Pennsylvania in New York City; seven dry warehouse/industrial properties in New Jersey; and a 22.4% interest in The Newkirk Master Limited Partnership that owned office, retail, and industrial properties, as of the above date. Vornado Realty Trust qualifies as a REIT under Sections 856-860 of the Internal Revenue Code of 1986. As a REIT, the company would not be subject to federal income tax purposes, provided that it distributes atleast 90% of taxable income to its shareholders. Vornado Realty Trust is based in New York City.


VENTAS INC (VTR)

Ventas, Inc. operates as a healthcare real estate investment trust (REIT) in the United States. The company finances, owns, and leases healthcare related and senior housing facilities. Its nursing facilities provide nursing care services to the elderly, as well as rehabilitation and restoration services, such as physical, occupational and speech therapies, and other medical treatment for patients and residents. Its hospitals serve medically complex and chronically ill patients, and patients who suffer from multiple systemic failures or conditions, such as neurological disorders, head injuries, brain stem and spinal cord trauma, cerebral vascular accidents, chemical brain injuries, central nervous system disorders, developmental anomalies, and cardiopulmonary disorders. Ventas also provides intensity physical, respiratory, neurological, orthopedic, and other treatment protocols for patients during recovery. Its senior housing facilities offer residential units on a month-to-month basis primarily to elderly individuals. The company also provides meals in a central dining area, as well as personal supervision and daily assistance with eating, bathing, grooming, and administering medication to assisted living residents. Its other facilities consist medical office buildings, which offer office space to physicians and other healthcare-related businesses, as well as to personal care facilities that provides care services, including supported living, neurorehabilitation, neurobehavioral management, and vocational programs for persons with acquired or traumatic brain injury. As of December 31, 2004, Ventas owned 30 senior housing facilities, 40 hospitals, 201 nursing facilities, and 16 other healthcare and senior housing facilities. It also leased 225 facilities as of the above date. As a REIT, the company would not be subject to federal income tax on the net income that it distributes to its stockholders. Ventas was founded in 1983 and is based in Louisville, Kentucky.


W.P. CAREY & CO. LLC (WPC)

W. P. Carey & CO. LLC operates as a real estate investment, management, and advisory company. It invests in and leases commercial properties to companies in the United States and internationally. The company also manages leased properties on behalf of the other real estate investment trusts. As of June 30, 2005, it owned and managed approximately 650 commercial and industrial properties worldwide. W. P. Carey & Co. was founded by William Polk Carey in 1973. The company is headquartered in New York City.


WASHINGTON REAL ESTATE INVESTMENT TRUST (WRE)

Washington Real Estate Investment Trust operates as a real estate investment trust (REIT). The company engages in the ownership, operation, and development of real properties in Washington/Baltimore region. It owns a portfolio of office buildings, industrial/flex properties, multifamily buildings, and retail centers. As of July 29, 2005, Washington Real Estate Investment Trust owned a portfolio of 69 properties, consisting of 12 retail centers, 28 office properties, 20 industrial/flex properties, and 9 multifamily properties. Washington Real Estate Investment Trust qualifies as a REIT for federal income tax purposes. As a REIT, it would not be taxed on the portion of its income, which is distributed to shareholders, provided it distributes at least 90% of its taxable income. The company was founded in 1960 and is headquartered in Rockville, Maryland.


WEINGARTEN REALTY INVESTORS (WRI)

Weingarten Realty Investors operates as a real estate investment trust (REIT). The company engages in the management, acquisition, and development of real estate. It operates in two segments, Shopping Center and Industrial. The Shopping Center segment engages in the acquisition, development, and management of real estate, primarily anchored neighborhood and community shopping centers located in Texas, California, Louisiana, Arizona, Nevada, Arkansas, New Mexico, Oklahoma, Tennessee, Kansas, Colorado, Missouri, Illinois, Florida, North Carolina, Mississippi, Georgia, Utah, Kentucky, and Maine. Its customer base includes supermarkets, discount retailers, drugstores, and other retailers. The Industrial segment engages in the acquisition, development, and management of bulk warehouses and office/service centers. Its properties are located in Texas, Nevada, Georgia, Florida, California, and Tennessee. As of June 30, 2005, Weingarten Realty Investors owned or operated under long-term leases, directly or through its interest in joint ventures or partnerships, a total of 350 developed properties and 3 properties that are in various stages of development. Its properties include 294 shopping centers and 59 industrial properties. Weingarten Realty Investors qualifies as a REIT for federal income tax purposes. As a REIT, it would not be taxed on the portion of its income, which is distributed to shareholders, provided it distributes at least 90% of its taxable income. The company was founded in 1948 and is based in Houston, Texas.


WHITE MOUNTAINS INSURANCE GROUP LTD (WTM)

White Mountains Insurance Group, Ltd. (WMIG), through its subsidiaries, engages in the property, and casualty insurance and reinsurance businesses principally in the United States. The company, through OneBeacon Insurance Group LLC, offers a range of specialty, personal, and commercial products and services sold primarily through select independent agents. WMIG, through White Mountains Re Group, Ltd., offers lead capacity for reinsurance on most liability, property, and accident and health exposures. It also provides reinsurance advisory services, specializing in international property and marine excess reinsurance. In addition, the company, through Esurance Holdings, Inc., markets personal auto insurance directly to customers and through select online agents. White Mountains Insurance Group was formed as a Delaware corporation in 1980 and is headquartered in Hamilton, Bermuda.


RYDEX ETF TRUST (XLG)

The investment seeks to replicate as closely as possible, before expenses, the performance of the Russell Top 50 Index. The Index consists of the common stocks of the 50 largest U.S. companies based on total market capitalization as represented in the Russell 3000 Index. The Fund will use a â¬Sreplication⬠strategy to try to track the Index. â¬SReplication⬠refers to investing in substantially all of the securities in the underlying index in approximately the same proportions as in the underlying index.