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					NAME                                          CHAIRMAN                       CITY      STATE
Price REIT, Inc.                              Sol Price
Kimco Realty Corporation                      MILTON COOPER
Corporate Office Properties Trust
Omega Healthcare Investors, Inc.              ROBERT PARKER
LTC Properties, Inc.                          ANDRE DIMITRIADIS
South West Property Trust, Inc.               JOHN SCHNEIDER
Kranzco Realty Trust                          MARVIN WILLIAMS
Wellsford Residential Properties Trust Inc.   JEFFREY LYNFORD
Taubman Centers, Inc.                         ROBERT LARSON
Crocker Realty Trust, Inc.                    THOMAS CROCKER
Developers Diversified Realty Corporation     BERT WOLSTEIN
CarrAmerica Realty Corporation                OLIVER T. CARR JR                        D
                                                                              WASHINGTON C
Manufactured Home Communities, Inc.           RANDALL ROWE
General Growth Properties, Inc.               MARTIN BUCKSBAUM
Vornado Realty Trust                          STEVEN ROTH
Healthcare Realty Trust Inc.                  DAVID EMORY
TriNet Corporate Realty Trust, Inc.           JAY SHIDLER/ROBERT HOLMAN JR.
Acadia Realty Trust                           MARVIN SLOMOWITZ
Tanger Factory Outlet Centers, Inc.           STANLEY K. TANGER
Kimsouth Realty                               J. DIXON FLEMING, JR.
Holly Residential Properties, Inc.            DAVID M. KELLY
Post Properties, Inc.                         JOHN A. WILLIAMS
Camden Property Trust                         RICHARD J. CAMPO
New Plan Excel Realty Trust, Inc.             GARY B. SABIN
RFS Hotel Investors, Inc.                     ROBERT M. SOLMSON
Crown American Realty Trust                   FRANK J. PASQUERILLA            JOHNSTOWNPA
National Golf Properties, Inc.                DAVID G. PRICE
Equity Residential                            SAMUEL ZELL
Town and Country Trust, The                   ALFRED LERNER
ROC Communities, Inc.                         GARY P. MCDANIEL
Saul Centers, Inc.                            B. FRANCIS SAUL II
Mid-Atlantic Realty Trust                     LEROY E. HOFFBERGER
Colonial Properties Trust                     THOMAS LOWDER
Tucker Properties Corporation                 KENNETH L. TUCKER
Urban Shopping Centers, Inc.                  NEIL G. BLUHM/ JUDD D. MAKIN
McArthur/Glen Realty Corporation              ALAN GLEN
Oasis Residential, Inc.                       ROBERT V. JONES
Chelsea Property Group, Inc.                  CHARLES E. BLOOM
CBL & Associates Properties, Inc.             CHARLES B LEBOWITZ
Regency Centers Corporation                   JOAN W. STEIN
Horizon Group Properties, Inc.                JEFFREY A. KERR
Keystone Property Trust                       EVAN ZUCKER
Associated Estates Realty Corporation         JEFFREY I. FRIEDMAN
Avalon Properties, Inc.                       RICHARD L. MICHAUX
Spieker Properties, Inc.                      WARREN E. SPIEKER, JR.
Chateau Communities, Inc.                     JOHN A. BALL
Irvine Apartment Communities                  DONALD BREN
CenterPoint Properties Trust                  MARTIN BARBER
Sun Communities, Inc.                         MILTON M. SHIFFMAN
G&L Realty Corporation                        DANIEL GOTTLIEB/STEVEN LEBOWITZ
Simon Property Group, Inc.                    MELVIN SIMON
PMC Commercial Trust                          FREDERIC M. ROSEMORE
Center Trust, Inc.                            ALEXANDER HAAGEN, SR.
Columbus Realty Trust                         RICHARD BLOCH
JP Realty, Inc.                               JOHN PRICE
Glimcher Realty Trust                         HERBERT GLIMCHER
Gables Residential Trust                      MARCUS E. BROMLEY
Jameson Inns, Inc.                            THOMAS KITCHIN
Mid-America Apartment Communities, Inc.   GEORGE E. CATES
Capital Apartment Properties, Inc.                                  Rockville   MD
Walden Residential Properties, Inc.       DON DASEKE
Amli Residential Properties Trust         GREGORY T. MUTZ
Summit Properties Inc.                    WILLIAM B. MCGUIRE, JR.
Pacific Gulf Properties, Inc.             GLENN CARPENTER
Equity Inns, Inc.                         PHILLIP H. MCNEILL, SR.
Macerich Company, The                     MACE SIEGEL
AvalonBay Communities Inc.                GILBERT G. MEYER
Prime Retail, Inc.                        MICHAEL RESCHKE
Storage USA, Inc.                         DEAN JERNIGAN
JDN Realty Corporation                    J. DONALD NICHOLS
ProLogis Trust                            WILLIAM D. SANDERS
Mills Corporation, The                    HERBERT S. MILLER
DeBartolo Realty Corporation              EDWARD DEBARTOLO
Agree Realty Corporation                  RICHARD AGREE
Crescent Real Estate Equities Company     JOHN C. GOFF
Beacon Properties Corporation             EDWIN N. SIDMAN
Winston Hotels                            CHARLES M. WINSTON
Essex Property Trust, Inc.                GEORGE M. MARCUS
Highwoods Properties, Inc.                O. TEMPLE SLOAN
Grove Property Trust                      DAMON NAVARRO
Malan Realty Investors, Inc.              ANTHONY S. GRAMER
Liberty Property Trust                    WILLIAM G. ROUSE III
Capstone Capital Corporation              RICHARD SCRUSHY
First Industrial Realty Trust, Inc.       JAY H. SHIDLER
Charles E. Smith Residential Realty       ROBERT H. SMITH
First Washington Realty Trust, Inc.                                 Bethesda    MD
Apartment Investment & Management Co.     TERRY CONSIDINE
FelCor Lodging Trust Incorporated         HARVEY FELDMAN
Paragon Group, Inc.                       WILLIAM R. COOPER
Home Properties of New York, Inc.         NORMAN P. LEENHOUTS
Evans Withycombe Residential, Inc.        STEVEN O. EVANS
Weeks Corporation                         A. RAY WEEKS, JR.
Ambassador Apartments, Inc.               MICHEAL W. RESCHKE
Mack-Cali Realty Corporation              JOHN J. CALI
Innkeepers USA Trust                      JEFFREY FISHER
Storage Trust Realty                      GORDAN BURNHAM
Humphrey Hospitality Trust, Inc.          James I Humphrey, Jr.
Reckson Associates Realty Corp.           Donald Rechler
Sovran Self Storage                       Robert J. Attea
Redwood Trust, Inc.                       George E. Bull III
Sunstone Hotel Investors, Inc.            Robert A. Alter
Hospitality Properties Trust              Gerard Martin
Wyndham International, Inc.               Paul A. Nussbaum
Stonehaven Realty Trust                   Arnold Leas
Impac Mortgage Holdings Inc.              H. Wayne Snavely          Santa Ana     CA
Host Funding, Inc.                        Michael S. McNulty        La Jolla      CA
American General Hospitality Corp.        Steve Jorns               Dallas        TX
Arden Realty Group, Inc.                  Richard S. Ziman          Beverly Hills CA
Security Capital Atlantic                 James C. Potts            Atlanta       GA
Prentiss Properties Trust                 Michael V. Prentiss       Dallas        TX
Boykin Lodging Company                    Raymond P. Heitland       Cleveland     OH
Kilroy Realty Corporation                 John B. Kilroy, Sr.       El Segundo CA
Golf Trust of America, Inc.               W. Bradley Blair, II      Charleston SC
Cornerstone Properties Inc.               John S. Moody             New York      NY
Cornerstone Realty Income Trust           Glade M. Knight           Richmond      VA
Great Lakes REIT                          Richard A. May            Oak Brook     IL
Ocwen Asset Investment Corporation        William C. Erbey                        FL
                                                                    West Palm Beach
Westfield America, Inc.                              Frank P. Lowy                  Los Angeles CA
Alexandria Real Estate Equities, Inc.                Jerry M. Sudarsky              Pasadena     CA
Boston Properties, Inc.                              Mortimer B. Zuckerman          Boston       MS
Equity Office Properties Trust                       Samuel Zell                    Chicago      IL
Prison Realty Trust, Inc.                            Doctor R. Crants               Nashville    TN
Impac Commercial Holdings Inc.                       Joseph R. Tomkinson                         CA
                                                                                    Santa Ana Heigh
Pan Pacific Retail Properties, Inc.                  Stuart A. Tanz                 Vista        CA
SL Green Realty Corp.                                Stephen L. Green               New York     NY
Hanover Capital Mortgage Holdings Inc.               John A. Burchett               New York     NY
Annaly Mortgage Management, Inc.                     Michael A.J. Farrell           Weehawken NJ
Tower Realty Trust Inc.                              Lawerence H. Feldman           New York     NY
Imperial Credit Commercial Mortgage Investment Cor   H. Wayne Snavely               Torrance     CA
American Residential Investment Trust Inc.           John M. Robbins                Del Mar      CA
Novastar Financial Inc.                              Scott F. Hartman               Westwood     KS
Prime Group Realty Trust                             Michael W. Reschke             Chicago      IL
Captec Net Lease Realty, Inc.                        Patrick L. Beach               Ann Arbor    MI
Entertainment Properties Trust                       Peter C. Brown                 Kansas City MO
AMB Property Corp.                                   T. Robert Burke                San FranciscoCA
LASER Mortgage Management Inc.                       Michael L. Smirlock            Short Hills  NJ
Apex Mortgage Capital Inc.                           Marc I. Stern                  Los Angeles CA
RAIT Investment Trust                                Betsy Z. Cohen                 Philadelphia PA
ElderTrust                                           Michael R. Walker                           P
                                                                                    Kennett SquareA
Cabot Industrial Trust                               Ferdinand Colloredo-Mansfeld   Boston       MA
Capital Automotive REIT                              John J. Pohanka                Arlington    VA
Anworth Mortgage Asset Corp.                         Lloyd McAdams                  Santa Monica CA
United Investors Realty Trust                        Robert W. Scharar              Houston      TX
Anthracite Capital Inc.                              Laurence D. Fink               New York     NY
Wilshire Real Estate Investment Trust, Inc.          Andrew A. Wiederhorn           Portland     OR
Chastain Capital Corp.                               Matthew Banks                  Atlanta      GA
Correctional Properties Trust                        George C. Zoley                             FL
                                                                                    Palm Beach Gardens
LaSalle Hotel Properties                             Stuart L. Scott                New York     NY
Amresco Capital Trust                                Robert L. Adair III            Dallas       TX
Philips International Realty Corp.                   Philip Pilevsky                New York     NY
Equity One, Inc.                                     Chaim Katzman                  Miami Beach FL
Clarion Commercial Holdings Inc.                     Frank L. Sullivan, Jr.         New York     NY
Capital Alliance Income Trust                        Thomas B. Swartz               San FranciscoCA
American Community Properties Trust                  J. Michael Wilson              St. Charles MD
Hersha Hospitality Trust                             Hasu P. Shah                   Philadelphia PA
Pinnacle Holdings Inc.                               Robert Wolsey                  Sarasota     FL
Heritage Property Investment Trust                   Thomas Prendergast             Boston       MA
Windrose Medical Properties Trust                    Fred Klipsch                   Indianapolis IN
Newcastle Investment Corporation                     Wesley Edens                   New York     NY
Maguire Properties, Inc.                             Robert F. Maguire III          Los Angeles CA
American Financial Realty Trust                      Lewis S. Ranieri               Jenkintown PA
Gladstone Commercial Corporation                     David Gladstone                McLean       VA
Ashford Hospitality Trust                            Montgomery J. Bennett          Dallas       TX
First Potomac Realty Trust                           Douglas J. Donatelli           Bethesda     MD
Cedar Shopping Centers                               Leo S. Ullman                               NY
                                                                                    Port Washington
Highland Hospitality Corporation                     Bruce Wardinski                McLean       VA
Falcon Financial Investment Trust                    Vernon B. Schwartz             Stamford     CT
Government Properties Trust                          Jerry Bringard                 Omaha        NE
Affordable Residential Communities                   Scott Jackson                  Denver       CO
Sunset Financial Resources Inc.                      John Watson                    Jacksonville FL
Capital Lease Funding, Inc.                          Lewis Ranieri                  New York     NY
Arbor Realty Trust Inc.                              Ivan Kaufman                   Uniondale    NY
Origen Financial, Inc.                               Paul Halpem                    Southfield   MI
Global Signal, Inc.                                  Wesley Edens                   Sarasota     FL
New York Mortgage Trust, Inc.                        Steven Schnall                 New York     NY
Strategic Hotel Capital, Inc.                        John Deterding                 Chicago      IL
HomeBanc Corporation                   Patrick Flood           Atlanta        GA
Gramercy Capital Corporation           Stephen L. Green        New York       NY
MortgageIT Holdings, Inc.              Doug Naidus             New York       NY
BioMed Realty Trust                    Alan D. Gold            San Diego      CA
Kite Realty Group Trust                John A. Kite            Indinanapolis IN
American Campus Communities, Inc.      R. Burck                Austin         TX
Extra Space Storage Inc.               Kenneth Woolley         Salt Lake City UT
Bimini Mortgage Management, Inc        Jeffrey Zimmer          Vero Beach FL
Saxon Capital, Inc.                    Richard Kraemer         Glen Allen     VA
Eagle Hospitality Properties Trust                             Covington      KY
New Century Financial Corporation      Robert Cole             Irvine         CA
Sunstone Hotel Investors               Lewis Wolff             San ClementeCA
U-Store-It Trust                       Robert Amsdell          Cleveland      OH
NorthStar Realty Finance Corporation   W. Edward Scheetz       New York       NY
GMH Communities Trust                  Gary Holloway           Newton Square AP
Digital Realty Trust Inc.              Richard Magnuson        Menlo Park CA
Aames Investment Corporation           Mani Sadeghi            Los Angeles CA
Feldman Mall Properties, Inc.          Larry Feldman           Phoenix        AZ
Spirit Finance Corporation             Morton H. Fleischer     Scottsdale     AZ
MHI Hospitality Corporation            Andrew Sims             Williamsburg VA
Education Realty Trust, Inc.           Paul Bower              Memphis        TN
ECC Capital Corporation                Steven Holder           Irvine         CA
DiamondRock Hospitality Company        William McCarten        Bethesda       MD
KKR Financial                          Paul Hazen              San FranciscoCA
Deerfield Triarc Capital Corporation
Columbia Equity Trust, Inc.            Oliver T. Carr III      Washington DC
Medical Properties Trust               Edward K. Aldag, Jr.    Birmingham AL
JER Investors Trust                    Joseph E. Robert, Jr.   McLean       VA
Cogdell Spencer Inc.                                           Charlotte    NC
Newkirk Realty Trust, Inc.             Michael Ashner          Boston       MA
Republic Property Trust                Mark R. Keller          Washington DC
Resource Capital Corporation           Edward E. Cohen         New York     NY
Crystal River Capital, Inc.            Bruce Robertson         New York     NY
CBRE Realty Finance, Inc.              Raymond E. Wirta        Hartford     CT
Douglas Emmett, Inc.                   Dan A. Emmett           Santa Monica CA
DCT Industrial Trust Inc.              Thomas G. Wattles       Denver       CO
Quadra Realty Trust, Inc.              Robert H. Mundheim      New York     NY
Care Investment Trust Inc.             Kirk E. Gorman          New York   NY
DuPont Fabros Technology, Inc.         Lammot J. du Pont       Washington DC
FILEDATE      COMPDATE      undname1 undname2 undname3 undname4 undname5 undname6 NO_SHARES
               10/11/1991   Lehman Brothers                                                                                  0
               11/22/1991                  Smith          Inc.
                            Merrill Lynch & Co. Barney Dean Witter Reynolds                                               6.4
               12/23/1991                  Miller Johnson &
                            John G. Kinnard and Company Kuehn, Inc.                                                      0.69
                 8/7/1992                  & Co, Inc.     Oppenheimer & Co., Inc.
                            Bear, Stearns Kemper Securities, Inc.                                                         6.1
                8/17/1992   NatWest Securities                                                                             15
                10/9/1992   NatWest Securities                                                                               0
               11/12/1992                  Inc.           & Co., Inc.   Incorporated Legg Mason Wood Walker
                            Smith Barney Oppenheimer PaineWebber Kemper Securities, Inc.                                  6.4
               11/19/1992                  Kidder,
                            Merrill Lynch & Co. Peabody & Co.                                                                4
               12/20/1992                  Alex. Brown & Sons
                            Morgan Keegan & CompanyDean Witter Reynolds                                                  26.8
 10/16/1992     1/21/1993   GKN Securities                                                                                   1
 11/23/1992     1/21/1993                  Alex. Brown & Prudential Securities Incorporated Securities
                            Dean Witter Reynolds           Sons         McDonald & Company                                   8
 10/23/1992      2/8/1993                  Lehman Brothers Mason Wood Walker
                            Merrill Lynch & Co.           Legg                                                            6.8
 12/21/1992     2/24/1993                  Lehman Brothers
                            Merrill Lynch & Co.                                                                           4.4
 12/31/1992      4/8/1993                  Kidder, Peabody & Co.Brothers
                            Goldman, Sachs & Co.          Lehman                      Incorporated
                                                                        PaineWebber Salomon Brothers                     16.5
  3/31/1993      5/7/1993                  Alex.           Sons
                            Merrill Lynch & Co. Brown & Dean Witter Reynolds                                                 5
   4/2/1993     5/26/1993                  Smith Jenrette Inc.
                            Donaldson, Lufkin & Barney Equitable Securities Corporation                                      6
  3/18/1993     5/26/1993                  PaineWebber Incorporated
                            Merrill Lynch & Co.                                                                         5.159
   5/5/1993     5/26/1993                  PaineWebber Incorporated
                            Kidder, Peabody & Co.                                                                        7.75
  3/31/1993     5/27/1993                  Bear,
                            Merrill Lynch & Co. Stearns & Co, Inc.                                                        4.1
   4/2/1993      6/3/1993                  Inc.           Incorporated
                            Smith Barney PaineWebber Robinson-Humphrey Company                                            5.3
   4/8/1993     6/11/1993                  & Co., Inc.    & Co, Inc.
                            Oppenheimer Bear, Stearns CS First Boston                 Piper Jaffray Inc.
                                                                        Prudential Securities Incorporated               6.64
  4/30/1993     7/15/1993                  Dean           Robinson-Humphrey Company
                            Merrill Lynch & Co. Witter Reynolds                                                           9.2
  5/28/1993     7/22/1993                  NatWest        PaineWebber Legg Mason Wood Walker
                            Kidder, Peabody & Co. Securities            Incorporated Robinson-Humphrey Company           7.43
  5/21/1993      8/4/1993                  Dean
                            Merrill Lynch & Co. Witter Reynolds                                                              6
   6/2/1993      8/6/1993   Morgan Keegan & Company                                                                      3.46
  5/17/1993      8/9/1993                  PaineWebber Legg Mason Wood Securities
                            Kidder, Peabody & Co.         Incorporated UBS Walker                                       24.54
  5/20/1993     8/11/1993   Morgan Keegan & Company                                                                     9.716
  5/21/1993     8/11/1993                  CS First Boston
                            Merrill Lynch & Co.           Smith Barney Inc.                                              11.5
  5/21/1993     8/17/1993                  Bear, Stearns PaineWebber Incorporated
                            Goldman, Sachs & Co.          & Co, Inc.                                                     13.3
  5/27/1993     8/19/1993                  J.C. Co.       Morgan
                            Kidder, Peabody & Bradford & Co. Keegan & Company                                            5.55
  6/16/1993     8/19/1993                  Inc.           Legg
                            Smith Barney Merrill Lynch & Co. Mason Wood Walker                                           11.4
  7/22/1993     8/31/1993                  Wheat
                            NatWest Securities First Butcher & Singer                                                        3
  7/13/1993     9/22/1993                  Bear,          & Co, Lynch Robinson-Humphrey Company
                            Lehman Brothers Stearns Merrill Inc. & Co.                                                   8.48
  6/24/1993     10/5/1993                  PaineWebber Incorporated
                            Kidder, Peabody & Co.                                                                       10.72
  6/15/1993     10/6/1993                  A.G.
                            Merrill Lynch & Co. Edwards Lehman Brothers               Dean Witter Reynolds
                                                                        Morgan Stanley & Company                      11.119
  7/16/1993    10/14/1993   J.P. Morgan A.G. Edwards Dean Witter Reynolds                                                10.1
  8/18/1993    10/14/1993                  PaineWebber Incorporated
                            Kidder, Peabody & Co.                                                                         7.8
  8/25/1993    10/26/1993                  Bear,
                            Merrill Lynch & Co. Stearns & Co, Inc.                                                       9.24
  8/12/1993    10/27/1993                  A.G. Co.
                            Goldman, Sachs & Edwards PaineWebber Incorporated                                            15.4
  8/11/1993    10/29/1993                  Raymond James & Associates
                            Salomon Brothers              Robinson-Humphrey Company                                       5.6
   9/3/1993     11/1/1993                  Shearson Inc. & Co, Inc.     McDonald & Company
                            Smith Barney Bear, Stearns Prudential Securities Incorporated Securities                      8.4
  5/21/1993     11/3/1993   Dickinson & Company                                                                         1.075
   9/2/1993    11/10/1993                  Alex. Brown & Merrill Lynch & Co.
                            Dean Witter Reynolds           Sons         McDonald & Company Securities                     7.3
  8/31/1993    11/11/1993                  Goldman,       Smith Barney Dean Witter Reynolds
                            Kidder, Peabody & Co. Sachs & Co.           Inc.          Legg Mason Wood Walker             19.5
  8/26/1993    11/11/1993                  Merrill Lynch & Co.
                            Goldman, Sachs & Co.                        Incorporated
                                                          PaineWebber Dean Witter Reynolds                               20.4
  9/21/1993    11/16/1993                  Bear,          & Co, Inc.
                            Merrill Lynch & Co. Stearns A.G. Edwards                                                      5.7
  9/15/1993     12/1/1993                  Smith Barney Inc.
                            Morgan Keegan & CompanyMontgomery Securities                                                 11.8
  9/30/1993     12/3/1993                  McDonald & Company Securities & Singer
                            NatWest Securities            Wheat First Butcher                                            3.75
  9/24/1993     12/8/1993   Lehman Brothers               McDonald & Company
                                           Prudential Securities Incorporated Securities                                5.125
  9/17/1993     12/9/1993                  Gruntal & Co.,Sutro
                                                           Incorporated
                            Nomura Securities International & Co., Incorporated                                          3.68
  9/23/1993    12/13/1993                  Bear,
                            Merrill Lynch & Co. Stearns CS First Boston
                                                          & Co, Inc.                  PaineWebber Dean Witter Reynolds
                                                                        Lehman Brothers              Incorporated     37.749
  6/25/1993    12/17/1993                  & Co., Inc.    Co.
                            Oppenheimer Fahnestock & Rauscher Pierce Refsnes, Inc.                                           3
 10/12/1993    12/20/1993                  CS First Boston
                            NatWest Securities            Kemper Securities, Inc.
                                                                        Oppenheimer Sutro & Co., Incorporated
                                                                                      & Co., Inc.                        10.8
                                                                                                     Janney Montgomery Scott
 10/14/1993    12/21/1993                  PaineWebber Incorporated
                            Prudential Securities, Inc. Robinson-Humphrey Company                                         6.9
  9/15/1993     1/13/1994   Merrill Lynch & Co.                          Incorporated
                                                          Dain BosworthPiper Jaffray Inc.                               11.33
  9/30/1993     1/19/1994                  Incorporated Prudential      Smith Incorporated
                            PaineWebber Goldman, Sachs & Co. SecuritiesBarney Inc.                                    15.825
 10/19/1993     1/19/1994                  Dean           Robinson-Humphrey Company
                            Merrill Lynch & Co. Witter Reynolds                                                           8.2
  11/2/1993     1/26/1994   Commonwealth Associates                                                                       2.6
 9/24/1993    1/28/1994                  Raymond James & Associates
                          Morgan Keegan & Company                                                                   4
              1/31/1994   Private Placement
 10/8/1993     2/2/1994                  J.C.           Raymond James &Principal/ Eppler, Guerin & Turner
                          Salomon Brothers Bradford & Co.             The Associates                           6.842
11/12/1993     2/8/1994                  Lehman Brothers Witter Reynolds
                          Merrill Lynch & Co.           Dean                                                     8.9
 12/3/1993     2/8/1994                  Prudential Securities Incorporated
                                                                      Interstate/Johnson
                          Morgan Keegan & CompanyRobinson-Humphrey Company Lane                                   10
 9/24/1993    2/10/1994                  Sons           Crowell, Weedon &
                          Alex. Brown & Prudential Securities Incorporated Co.                                   3.9
12/23/1993    2/23/1994   Morgan Keegan & Company                                                               4.45
 9/17/1993     3/9/1994   Lehman Brothers               Dean
                                         Merrill Lynch & Co. Witter Reynolds                                    12.5
 12/7/1993    3/10/1994                  Dean Witter Reynolds
                          Kidder, Peabody & Co.         Montgomery Securities                                  9.469
  9/8/1993    3/15/1994   Friedman, Billings, Ramsey
 2/28/1994    3/16/1994                  Kemper Securities, Inc.
                          Morgan Keegan & Company                                                                        5.5
12/30/1993    3/22/1994                  Sons                         Equitable Securities Corporation Lane
                          Alex. Brown & A.G. Edwards J.C. Bradford & Co.            Interstate/Johnson                   5.9
12/23/1993     4/5/1994                                                                                                2.391
11/10/1993    4/14/1994                  CS First Boston
                          Merrill Lynch & Co.                                                                          14.38
 9/14/1993    4/14/1994                  Smith Barney Inc.             Legg Mason Wood Witter
                                                                                      Dean
                          Morgan Keegan & CompanyPrudential Securities IncorporatedWalker Reynolds                         38
  1/6/1994    4/15/1994                  McDonald & Company Securities
                          Raymond James & Associates                                                                     2.5
 2/11/1994    4/28/1994   Merrill Lynch & Co.                                                                           12.2
 3/10/1994    5/21/1994                  Kidder,        Lehman
                          Merrill Lynch & Co. Peabody & Co.Brothers                                                    9.059
 3/18/1994    5/24/1994   Morgan Keegan & Company                                                                        5.5
 3/17/1994     6/6/1994                  PaineWebber Incorporated
                          Merrill Lynch & Co.                                                                            6.2
 3/28/1994     6/7/1994                  Prudential Securities Incorporated &Company
                          Merrill Lynch & Co.                          Scott
                                                        Robinson-Humphrey Stringfellow                                   7.4
 5/17/1994    6/15/1994   Barclay Investments                                                                            0.5
11/12/1993    6/16/1994                  First          Wheat First
                          NatWest SecuritiesAlbany Corporation Butcher & Singer                                          3.5
 5/20/1994    6/16/1994                  A.G. Co.
                          Kidder, Peabody & Edwards Lehman Brothers                   Robinson-Humphrey First Butcher & Singer
                                                                                                    Wheat
                                                                       Prudential Securities Incorporated Company       18.2
  6/1/1994    6/23/1994   Smith Barney Inc.                                                                              5.8
 4/18/1994    6/23/1994                  PaineWebber Prudential Securities IncorporatedMason Wood Walker
                          Merrill Lynch & Co.                                          Corporation
                                                        Incorporated First Michigan Legg                                15.2
 2/14/1994    6/24/1994                  A.G. Co.                      PaineWebber
                          Goldman, Sachs & Edwards Legg Mason Wood Walker Incorporated                                   7.8
              6/27/1994   Private Placement
  5/6/1994    7/21/1994                  Inc.           Incorporated Alex.
                          Smith Barney PaineWebber Salomon Brothers Brown & Sons                                       9.102
 5/23/1994    7/21/1994                  Montgomery Securities
                          Morgan Keegan & Company                                                                      4.098
 6/15/1994    7/21/1994                  CS First Boston
                          Merrill Lynch & Co.                          A.G. Edwards Smith Barney Inc.
                                                        Dean Witter Reynolds                                               12
 5/12/1994    7/27/1994                  Oppenheimer First Albany Corporation
                          Salomon Brothers              & Co., Inc.    Advest, Inc. Wheat First Butcher & Singer         5.4
 6/10/1994    8/10/1994                  Morgan Stanley & Company Inc.
                          Merrill Lynch & Co.           Smith Barney                                                     8.7
 6/15/1994    8/19/1994                  Dean Witter Reynolds
                          Goldman, Sachs & Co.          Robinson-Humphrey Company                                           6
 4/20/1994    8/23/1994                  Nomura Securities International
                          Friedman, Billings, Ramsey                                                                7.81875
  6/7/1994    8/24/1994                  PaineWebber Incorporated
                          Prudential Securities, Inc. Smith Barney Inc.                                               10.498
  7/8/1994    9/23/1994   Morgan Keegan & Company                                                                       4.69
 8/19/1994    11/7/1994                  Morgan Keegan & Company
                          Kemper Securities, Inc.                                                                       5.76
             11/17/1994   Anderson & Strudwick Incorporated                                                           1.3166
              5/25/1995                  PaineWebber Alex. Brown & Bear, Stearns & Co, Inc.
                          Merrill Lynch & Co.           Incorporated Sons                                              6.099
              6/21/1995                  Incorporated Inc.
                          PaineWebber Smith Barney A.G. Edwards                                                       5.8913
               8/4/1995                  Stifel, Nicolaus & Company, Inc.
                          Montgomery Securities                                                                       3.1266
              8/11/1995   Montgomery Securities                                                                       5.9052
              8/17/1995                  Dean Jenrette  Prudential     Smith
                          Donaldson, Lufkin &Witter Reynolds SecuritiesBarney, Inc.                                      7.5
              9/29/1995                  Incorporated Salomon          Smith Barney, Inc.
                          PaineWebber Montgomery Securities Brothers Inc.                                               12.2
             10/25/1995   Private Placement                                                                             0.67
             11/20/1995                  Incorporated & Co., Inc.
                          PaineWebber Oppenheimer McDonald & Company                  Bear, Sterns & Co.                3.75
                                                                       Stiefel, Nicolaus & CompanyAlex. Brown & Sons, Inc.
              3/17/1996   La Jolla Securities                                                                               5
              7/25/1996                  Inc.           Prudential Securities Inc.
                          Smith Barney Legg Mason Wood Walker, Inc.    Robinson-Humpherey Company Inc.                   7.5
              10/4/1996                  Alex.           Sons, Inc.    A.G. Edwards & Sons, Inc. Inc.
                          Lehman Brothers Brown & Dean Witter Reynolds, Inc. Smith Barney,EVEREN Securities, 18.847   Inc.
             10/14/1996                  Dean Witter Reynolds Inc. Securities Inc.
                          Goldman, Sachs & Co.          J.P. Morgan Prudential Securities Incorporated                  4.35
             10/17/1996                  Alex.           Sons Incorporated
                                                                       & Sons Incorporated Incorporated
                                                                                      Smith         Inc.              16.143
                          Lehman Brothers Brown & A.G. Edwards Prudential SecuritiesBarney,Principal Financial Securities
             10/29/1996                  Alex.           Sons          A.G. Edwards & Sons Incorporated
                                                                                                    McDonald           8.275
                          Lehman Brothers Brown & Dean Witter Reynolds, Inc. EVEREN Securities, Inc. & Company Securities, Inc.
              1/28/1997                  Donaldson, J.P. Morgan &Smith
                          Prudential Securities, Inc. Lufkin & Jenrette Co. Barney, Inc.                              14.375
               2/6/1997                  Wheat & Co.
                          Robertson, Stephens First Butcher Singer                                                       3.4
              4/15/1997                  Dean           Lazard         & Co.          Smith         Inc.
                          Merrill Lynch & Co. Witter ReynoldsFreres Lehman Brothers Barney,BT Securities Corporation    16.1
              4/18/1997                   Sons          Friedman, Billings, Ramsey & Co.
                          Alex. Brown & Branch, Cabell & Company Interstate/Johnson Lane                                 4.5
 2/28/1997     5/7/1997                  A.G.            & Sons         Inc.
                          Lehman Brothers Edwards Smith Barney,EVEREN Securities, Inc.                                   5.7
              5/14/1997                  EVEREN Securities, Inc.
                          Friedman, Billings, Ramsey                                                                       15
              5/15/1997                  Dean           Furman Inc.                  Prudential     Smith Incorporated
                          Merrill Lynch & Co. Witter Reynolds,Selz Goldman, Sachs & Co. SecuritiesBarney, Inc.                18
              5/29/1997                  Incorporated Inc.            Lehman Brothers
                          PaineWebber Smith Barney,EVEREN Securities, Inc.                                                  6.75
              6/17/1997                  Goldman, Sachs & Co.
                          Merrill Lynch & Co.           Morgan Stanley                              Incorporated
                                                                      Dean Witter PaineWebber Bear, Stearns & Co. Inc.      31.4
               7/7/1997                  Lehman Brothers Morgan &Prudential SecuritiesBarney
                          Merrill Lynch & Co.           J.P.           Co.           Smith                                    25
              7/15/1997                  A.G.           & Sons        Lehman Brothers
                          J.C. Bradford & Co.Edwards Legg Mason Wood Walker, Inc.                   Incorporated
                                                                                     PaineWebber Stephens, Inc.             18.5
               8/5/1997                  Incorporated EVEREN          Oppenheimer & Co.
                          PaineWebber Stifel, Nicolaus & Co. Securities, Inc.                                                5.5
               8/7/1997                  Donaldson, Smith Jenrette
                          Prudential Securities, Inc. Lufkin & Barney, Inc.                                                    7
              8/14/1997   Lehman Brothers               Legg Jenrette Prudential Securities, Inc.
                                         Donaldson, Lufkin &Mason Wood Walker, Inc.                                         10.1
              9/15/1997                  Montgomery Securities
                          Stifel, Nicolaus & Co.                                                                               5
              10/8/1997                  Sutro & Co.
                          Friedman, Billings, Ramsey Tucker Anthony                                                        8.514
              10/9/1997                  Legg           Morgan Stanley Dean WitterNationsBanc Montgomery Securities
                          Merrill Lynch & Co. Mason Wood Walker Prudential Securities Incorporated                        12.015
             10/17/1997                  Jefferies and
                          Friedman, Billings, Ramsey Company                                                                  30
             10/28/1997                  Incorporated & Co.           Sutro Inc.
                          PaineWebber Oppenheimer EVEREN Securities,& Co.                                                    6.5
             10/30/1997                  NationsBanc Montgomerey Securities
                          Stifel, Nicolaus & Co.                                                                            3.75
             11/11/1997                  Friedman, Billings, Ramsey Morgan
                                                                       Inc.
                          Prudential Securities, Inc. Smith Barney,& Co. Keegan & Co.                                      12.38
             11/13/1997   CS First Boston               Prudential Securities, Inc.
                                                                      Bear,
                                         McDonald & Company Securities Stearns & Co.                                           8
             11/18/1997                  Morgan Stanley Dean WitterPrudential Securities Incorporated
                          Goldman, Sachs & Co.          Furman Selz                  Salomon Brothers                       13.8
             11/21/1997                  BT Alex. Brown
                          Morgan Stanley Dean WitterLehman Brothers                  Smith Barney, Inc.
                                                                      NationsBanc Montgomery Securities                       14
             11/25/1997                   & Co.         EVEREN Securities,
                          Bear, Stearns Friedman, Billings, Ramsey & Co. Inc.                                                 15
              12/3/1997                  PaineWebber Stifel, Nicolaus & Co. Co.
                          Merrill Lynch & Co.           Incorporated Sutro &                                                 6.7
  9/8/1997    1/12/1998   Friedman, Billings, Ramsey                                                                    2.833334
 10/8/1997    1/30/1998                  BT Alex. Brown oldman, Sachs & Co.
                          Merrill Lynch & Co.           G                                                                   6.05
10/21/1997     2/4/1998                                 Prudential    Salomon Smith Barney
                          J.P. Morgan Goldman, Sachs & Co. Securities, Inc.                                                8.625
11/26/1997    2/19/1998   Friedman, Billings, Ramsey                                                                          20
10/24/1997    3/12/1998   Cruttenden Roth Incorporated                                                                       2.2
 6/18/1997    3/13/1998                  Dain Rauscher Inc.           Southwest
                          Morgan Keegan & Co., Inc. Scott & Stringfellow, Inc. Securities                                    7.6
11/21/1997    3/27/1998                  Lehman Brothers
                          Friedman, Billings, Ramsey Prudential Securities, Inc.                                              20
10/30/1997     4/6/1998                  Prudential Securities, Company
                          Friedman, Billings, Ramsey Black & Inc.                                                             10
12/18/1997    4/28/1998                  EVEREN Securities, Inc.
                          Friedman, Billings, Ramsey                                                                        7.38
 2/20/1998    4/28/1998                  Prudential     SBC Warburg Dillon Read Inc. SunTrust Equitable Securities
                          Salomon Smith Barney Securities, Inc. Genesis Merchant Group                                       6.2
  2/5/1998    4/29/1998                  Donaldson, Legg Jenrette     Morgan Stanley Dean WitterRaymond James & Associates
                          Prudential Securities, Inc. Lufkin &Mason Wood Walker, Inc.NationsBanc Montgomery Securities 14.2
  2/3/1998    5/12/1998                  Credit Suisse ABN AMRO J.C. Bradford NationsBanc Montgomery Securities
                          Prudential Securities, Inc. First Boston Incorporated & Co.               Piper Jaffray, Inc.        9
 3/13/1998    5/13/1998                  Raymond James & Associates
                          Prudential Securities, Inc.                                                                        7.2
 8/20/1997    5/19/1998                  Morgan Keegan & Co.
                          Credit Suisse First Boston The Robinson-Humphrey Company                                           4.7
 3/13/1998    5/28/1998                   & Co, Inc.
                          Bear, Stearns Lehman Brothers                                                                        4
  9/9/1996    10/1/1998   Best Efforts Offering                                                                         1.484741
  8/7/1998    10/6/1998   Private Placement                                                                             5.155874
  6/5/1998    1/22/1999   Anderson & Strudwick Incorporated                                                                    2
              2/19/1999                  Salomon Smith Barney         Raymond James & Associates, Inc.
                                                                                     Deutsche
                          BT Alex.Brown Incorporated NationsBanc Montgomery Securities Bank Securities                        20
  9/7/2001    4/23/2002                  Goldman, Sachs & C0.
                          Merrill Lynch & Co.           Morgan Stanley                              Wachovia Securities
                                                                      UBS WarburgLegg Mason Wood Walker Incorporated          18
              8/16/2002                  Watts, Keegan & Company
                          Ferris, Baker, MorganInc.                                                                          5.6
             10/10/2002                   & Co, Inc.    Banc          Friedman, Billings,
                          Bear, Stearns Lehman Brothers of America Securities LLC Ramsey                                       7
11/12/2002    6/24/2003                  Citigroup                    B              UBS            Wachovia
                          Credit Suisse First Boston Deutsche Bank ank of America Investment Bank Securities 36.51
 2/28/2003    6/24/2003   Bank of AmericaFriedman, Billings, Ramsey                                                        55.95
              8/13/2003                  Watts          J.J.B.
                          Ferris, Baker, Jeffries & Company Hilliard W.L. Lyons Inc  Stiefel Nicolaus Co.                    6.6
              8/26/2003                  Legg Mason Credit Lyonnais
                          Friedman, Billings, RamseyWood Walker                                                             22.5
10/20/2003   10/22/2003   Ferris, Baker, Watts                                                                               7.5
 8/13/2003   10/24/2003                                 Raymond James
                          Merrill Lynch Legg Mason Wood Walker                                                              13.5
             12/15/2003   Friedman, Billings, Ramsey                                                                          30
             12/17/2003                  BB&T Capital Markets         Flagstone Securities
                          Friedman, Billings, Ramsey Stifel, Nicolaus & Company                                             12.5
              1/27/2004                  BB&T Capital Markets
                          Friedman, Billings, Ramsey Flagstone Securities                                                   16.8
              2/11/2004   Citigroup                                   Morgan Stanley                Wachovia
                                         Merrill Lynch Credit Suisse First Boston UBS Investment Bank Securities      24.614858
              3/18/2004                  JP Co
                          WR Hambrecht +Morgan Stifel Nicolaus & Company                                                      10
              3/18/2004                  Wachovia Securities
                          Friedman, Billings, Ramsey RBC Capital                                                              20
               4/7/2004                  UBS Investment Bank
                          Wachovia Securities           JMP Securities                                                      6.25
  2/5/2004     5/7/2004                  Credit Suisse First Boston
                          Lehman Brothers Inc.                                                                                 8
12/31/2003    6/24/2004   Raymond James                                                                                        7
12/31/2003    6/24/2004                  J.P. Morgan Securities Inc.
                                                         Co.
                          Friedman Billings Ramsey &RBC Capital                                                               15
 2/13/2004    6/24/2004                  Deutsche
                          Goldman Sachs & Co. Bank Securities Inc.                                                         17.76
             7/14/2004                                 Lehman Brothers            & Sons      KeyBanc Capital
                         JP Morgan Friedman, Billings, Ramsey A.G. Edwards William Blair & Company LLC Markets     34.25
             7/27/2004                  Merrill                     JMP
                         Wachovia Securities Lynch Banc of America Securities                                       12.5
             7/29/2004                  Merrill Lynch JMP Securities
                         UBS Investment Bank                                                                        14.6
              8/6/2004   Raymond James                 KeyBanc Capital Markets RBC Walker
                                        Friedman, Billings, Ramsey Legg Mason Wood Capital Markets Corporation        27
             8/10/2004   Lehman Brothers               Goldman Sachs
                                        Wachovia Securities                      KeyBanc      Raymond James
                                                                    UBS Investment Bank Capital Markets             16.3
4/26/2004    8/11/2004   Citigroup      Deutsche Bank                                                               12.1
5/13/2004    8/12/2004                  Merrill Lynch A.G. Edwards Bank of America
                         UBS Investment Bank                        & Sons                    RBC
                                                                                 Raymond James Capital Markets 20.2
             9/16/2004   Flagstone Securities LLC                                                                      5
             9/20/2004                  Credit Suisse JP Morgan
                         Friedman, Billings, Ramsey First Boston Jeffries & Company                                   17
             9/30/2004                  & Sons         Legg Mason Wood Walker RBC Capital
                         A.G. Edwards Wachovia Securities           Caylon Securities                          14.583333
9/24/2004    10/1/2004                  Friedman,
                         UBS Investment Bank Billings, Ramsey & Co.                                                 13.5
            10/20/2004                  Merrill Lynch Morgan Stanley
                         Citigroup Global Markets & Company                                                         21.1
            10/21/2004   Lehman Brothers                                                                            24.6
            10/26/2004   Friedman, Billings, Ramsey                                                                   20
            10/28/2004                  Merrill Lynch LLC
                         Banc of America Securities & Company                                                  28.571429
            10/29/2004                  Merrill Lynch
                         Citigroup Global Markets & Company                                                           20
             11/8/2004   Friedman, Billings, Ramsey                                                                   35
            12/16/2004   Friedman, Billings, Ramsey                                                            10.666667
            12/16/2004   Banc of America Securities LLC                                                        26.086957
            12/17/2004   BB&T Capital Markets                                                                          6
             1/25/2005   J.P. Morgan UBS Warburg                                                                      19
             2/15/2005   Friedman, Billings, Ramsey                                                             57.18963
             5/26/2005                  Friedman,      Banc of America           JMP Securities
                         Citigroup Global Markets Billings, Ramsey Wachovia Securities                            26.087
             6/23/2005                  Bear Sterns Credit Suisse First Boston Lehman Brothers
                         Citigroup Global Markets                   JP Morgan                                     33.542
                                                                                              Friedman Billings Ramsey
             6/29/2005                  Merrill Lynch               Deutsche
                         Credit Suisse First Boston UBS Investment Bank Bank                                          25
6/30/2005    6/30/2005                  Robert        A.G. Edwards Ferris, Baker, Legg, Mason, Raymond James
                         Wachovia Securities W. Baird and Co.                       Watts       Walker Wood            12
 7/5/2005     7/8/2005                  J.P. Ramsey & Co
                                                      Wachovia       Stifel, Nicolaus & Company
                         Friedman, Billings, Morgan Securities Capital Markets                                       12.1
7/11/2005    7/13/2005                  Banc of America Securities
                         Friedman, Billings, Ramsey & Co                                                            12.22
            10/31/2005                  Citigroup Global Markets
                         Banc of America Securities BB&T Capital Markets                                              5.8
             11/2/2005                  Co.           Friedman, Billings, Ramsey & Co.
                                                                                    UBS
                         Bear Sterns & Credit Suisse First Boston KeyBanc Capital Investment Bank                      15
            12/14/2005                  Co.
                         Bear Sterns & Wachovia Securities                                                             20
              2/6/2006                  Friedman Billing Ramsey JP Morgan
                         Credit Suisse First Boston Citigroup Global Markets                                            4
             7/28/2006                  W             Banc of
                         Deutsche Bank achovia Securities America                   UBS Investment Bank
                                                                     Credit Suisse First Boston A.G. Edwards & Sons 7.5
             10/3/2006                  Deutsche      C              Wachovia Capital Securities
                         Citigroup Global MarketsBank redit Suisse First Boston JMPMarkets                      11.012624
            10/24/2006   Lehman Brothers                             Wachovia       UBS Investment Bank America
                                        Merrill Lynch Citigroup Global MarketsSecurities        Banc of                66
            12/13/2006                  Banc Smith IncWachovia Capital Morgan Morgan Inc Wells Fargo Securities,16.3
                         ML Pierce Fenner &of America Securities J.P. Markets SecuritiesKeegan & Company, Inc         LLC
             2/14/2007                  A.G. (USA) LLC
                         Credit Suisse Secs Edwards & Sons Inc.                                                     16.67
             Suisse Secs        Banc of America & Co                      UBS Inc.,    Wachovia
      Credit 22-Jun-07 (USA) LLC Merrill LynchSecurities LLC Bear Stearns & Co.Investment Bank Securities             15
               Lehman
             18-Oct-07 Brothers Inc. UBS Securities LLC                                                             30.5
SHAREPRICE TOTAL1     GREENSHOETOTAL2                P
                                          GRANDTOTAL RRANGE1 PRRANGE2 EQMTG        Seg codes.Description
     $0.00     $73.00        0      $0.00     $73.00                    Equity     Retail
    $20.00    $128.00        0      $0.00    $128.00    $20.00   $22.50 Equity     Retail
    $10.00      $6.90        0      $0.00      $6.90                    Equity     Retail
    $21.00    $128.10        0      $0.00    $128.10                    Equity     Health Care
    $10.00    $150.00        0      $0.00    $150.00                    Mortgage   Health Care
    $55.00     $55.00        0      $0.00     $55.00                    Equity     Residential
    $20.00    $128.00        0      $0.00    $128.00                    Equity     Retail
    $21.75     $87.00        0      $0.00     $87.00                    Equity     Residential
    $11.00    $294.80        0      $0.00    $294.80                    Equity     Retail
    $10.20     $10.20        0      $0.00     $10.20                    Equity     Industrial/Office
    $22.00    $176.00        0      $0.00    $176.00    $20.00   $22.00 Equity     Retail
    $22.00    $149.60        0      $0.00    $149.60    $20.00   $21.50 Equity     Industrial/Office
    $25.75    $113.30        0      $0.00    $113.30    $24.25   $25.75 Equity     Residential
    $22.00    $363.00        0      $0.00    $363.00    $19.00   $21.00 Equity     Retail
    $35.50    $177.50        0      $0.00    $177.50    $33.38          Equity     Retail
    $19.50    $117.00        0      $0.00    $117.00    $19.00   $21.00 Equity     Health Care
    $24.25    $125.11        0      $0.00    $125.11    $24.25   $25.75 Equity     Specialty
    $19.50    $151.13        0      $0.00    $151.13    $18.00   $20.00 Equity     Retail
    $22.50     $92.25        0      $0.00     $92.25    $20.50   $22.00 Equity     Retail
    $23.00    $121.90        0      $0.00    $121.90    $21.00   $23.00 Equity     Retail
    $23.00    $152.72        0      $0.00    $152.72    $23.50   $25.50 Equity     Residential
    $25.50    $234.60        0      $0.00    $234.60    $22.25   $23.75 Equity     Residential
    $22.00    $163.46        0      $0.00    $163.46    $21.25   $22.75 Equity     Residential
    $19.75    $118.50                        $118.50    $19.00   $20.50 Equity     Specialty
    $10.00     $34.60                         $34.60    $10.00          Equity     Specialty
    $17.25    $423.32                        $423.32    $18.50   $20.00 Equity     Retail
    $20.38    $197.96                        $197.96    $19.25   $20.75 Equity     Specialty
    $26.00    $299.00                        $299.00    $24.00   $26.00 Equity     Residential
    $22.00    $292.60                        $292.60    $20.25   $22.75 Equity     Residential
    $20.00    $111.00                        $111.00    $18.50   $20.00 Equity     Residential
    $20.00    $228.00                        $228.00    $21.00   $23.00 Equity     Retail
    $10.50     $31.50                         $31.50     $9.00   $12.00 Equity     Retail
    $23.00    $195.04                        $195.04    $22.00   $23.50 Equity     Diversified
    $18.00    $192.96                        $192.96    $18.00   $20.00 Equity     Retail
    $23.50    $261.30                        $261.30    $27.00          Equity     Retail
    $21.50    $217.15                        $217.15    $21.00   $22.00 Equity     Retail
    $21.75    $169.65                        $169.65    $20.25   $21.75 Equity     Residential
    $27.50    $254.10                        $254.10    $23.75   $26.25 Equity     Retail
    $19.50    $300.30                        $300.30    $19.25   $21.25 Equity     Retail
    $19.25    $108.20                        $108.20    $19.00   $21.00 Equity     Retail
    $24.00    $201.60                        $201.60    $21.50   $23.00 Equity     Retail
    $10.00     $10.80                         $10.80     $9.00   $11.00 Equity     Residential
    $22.00    $159.50                        $159.50    $21.00   $23.00 Equity     Residential
    $20.50    $400.50                        $400.50    $19.50   $20.50 Equity     Residential
    $20.50    $418.20                        $418.20    $20.50   $22.50 Equity     Diversified
    $20.00    $114.00                        $114.00    $19.75   $20.75 Equity     Residential
    $17.50    $206.50                        $206.50    $17.50   $19.00 Equity     Residential
    $18.25     $68.40                         $68.40    $18.50   $21.50 Equity     Industrial/Office
    $20.00    $102.50                        $102.50    $23.00   $25.00 Equity     Residential
    $18.25     $67.20                         $67.20    $18.75   $20.25 Equity     Industrial/Office
    $22.25    $839.90                        $839.90    $25.00          Equity     Retail
    $15.00     $45.00                         $45.00    $15.00          Mortgage   Diversified
    $18.00    $194.40                        $194.40    $19.00   $21.00 Equity     Retail
    $17.25    $119.00                        $119.00    $24.25   $25.75 Equity     Residential
    $17.50    $198.30                        $198.30    $18.25   $19.00 Equity     Retail
    $20.25    $320.50                        $320.50    $21.25   $22.00 Equity     Retail
    $22.50    $184.50        0               $184.50    $24.00   $26.00 Equity     Residential
     $9.00     $23.40                         $23.40     $9.00   $11.00 Equity     Specialty
$19.75    $79.00                     $79.00   $20.00   $21.00 Equity     Residential
          $62.00                     $62.00                   Equity     Residential
$19.25   $131.70                    $131.70   $22.00          Equity     Residential
$20.50   $182.50                    $182.50   $22.00          Equity     Residential
$19.00   $190.00                    $190.00   $20.00          Equity     Residential
$18.25    $71.20                     $71.20   $19.50   $22.25 Equity     Diversified
$10.00    $44.50                     $44.50   $10.00          Equity     Specialty
$19.00   $237.50                    $237.50   $18.25   $20.00 Equity     Retail
$20.00   $189.40                    $189.40   $19.00   $21.00 Equity     Residential
$19.00   $250.00                    $250.00   $19.00   $21.00 Equity     Retail
$21.75   $119.63                    $119.63                   Equity     Industrial/Office
$22.00   $129.80                    $129.80   $20.00   $22.00 Equity     Retail
$11.50    $27.50                     $27.50   $11.50          Equity     Industrial/Office
$23.50   $337.90                    $337.90   $24.00   $26.00 Equity     Retail
$14.75   $560.50                    $560.50   $14.50   $15.75 Equity     Retail
$19.50    $48.80                     $48.80   $19.50   $20.50 Equity     Retail
$25.00   $305.00                    $305.00   $24.00   $26.00 Equity     Industrial/Office
$17.00   $154.00                    $154.00   $18.25   $20.00 Equity     Industrial/Office
$10.00    $55.00                     $55.00   $10.00          Equity     Specialty
$19.50   $120.90                    $120.90   $20.50   $22.00 Equity     Residential
$21.00   $155.40                    $155.40   $20.00   $22.00 Equity     Industrial/Office
$11.13     $5.60                      $5.60   $12.00          Equity     Residential
$17.00    $59.50                     $59.50   $18.00   $19.00 Equity     Retail
$20.00   $364.00                    $364.00   $19.38   $20.63 Equity     Industrial/Office
$18.00   $104.40                    $104.40   $18.00   $20.00 Equity     Health Care
$23.50   $357.20                    $357.20   $23.00   $25.00 Equity     Industrial/Office
$24.00   $187.20                    $187.20   $23.75   $26.25 Equity     Residential
          $93.00                     $93.00                   Equity     Retail
$18.50   $168.40                    $168.40   $19.00   $20.50 Equity     Residential
$21.25    $87.10                     $87.10   $19.50   $21.50 Equity     Specialty
$21.25   $255.00                    $255.00   $22.75   $25.25 Equity     Residential
$19.00   $102.60                    $102.60   $19.00   $21.00 Equity     Residential
$20.00   $174.00                    $174.00   $20.00          Equity     Residential
$19.25   $115.50                    $115.50   $18.75   $21.25 Equity     Industrial/Office
$16.00   $125.00                    $125.00   $18.35   $18.88 Equity     Residential
$17.25   $181.10                    $181.10   $17.50   $19.50 Equity     Industrial/Office
$10.00    $46.90                     $46.90   $10.00          Equity     Specialty
$17.50   $100.80                    $100.80   $19.00   $21.00 Equity     Industrial/Office
 $6.00     $7.90                      $7.90    $6.00    $6.00 Equity     Specialty
$24.25   $147.90                    $147.90   $20.00   $20.00 Equity     Industrial/Office
$23.00   $135.50                    $135.50   $23.00   $25.00 Equity     Industrial/Office
$15.00    $46.90                     $46.90   $15.00   $17.00 Mortgage   Residential
 $9.50    $56.10                     $56.10    $9.50    $9.50 Equity     Specialty
$25.00   $187.50                    $187.50   $24.00   $26.00 Equity     Specialty
$24.00   $292.80                    $292.80   $24.00   $24.00 Equity     Specialty
$10.00     $6.70                      $6.70   $10.00   $10.00 Equity     Residential
$13.00    $48.75                     $48.75   $13.00   $13.00 Mortgage   Mortgage Backed
$10.00     $5.00                      $5.00   $10.00   $10.00 Equity     Specialty
$17.75   $133.13                    $133.13   $19.00   $21.00 Equity     Specialty
$20.00   $376.95                    $376.95   $19.00   $21.00 Equity     Industrial/Office
$24.00   $104.40                    $104.40   $23.00   $25.00 Equity     Residential
$20.00   $322.86                    $322.86   $19.00   $21.00 Equity     Industrial/Office
$20.00   $165.50                    $165.50   $20.00   $22.00 Equity     Specialty
$23.00   $330.63      0     $0.00   $330.63   $19.00   $21.00 Equity     Industrial/Office
$21.00    $71.40                     $71.40            $21.00 Equity     Specialty
$14.00   $225.40     2.1   $29.40   $254.80   $15.00   $17.00 Equity     Industrial/Office
$10.50    $47.25   0.675    $7.09    $54.39   $11.00   $12.50 Equity     Residential
$15.50    $88.35   0.855   $13.25   $101.70   $14.50   $16.50 Equity     Industrial/Office
$16.00   $240.00                    $240.00                   Mortgage   Mortgage Backed
$15.00   $270.00                        $270.00   $16.00   $17.50   Equity     Retail
$20.00   $135.00     1.0125    $20.00   $155.43   $20.00   $22.00   Equity     Industrial/Office
$25.00   $785.00       4.71   $117.75   $902.75   $24.00   $26.00   Equity     Industrial/Office
$21.00   $525.00       3.75    $78.75   $603.75   $19.00   $21.00   Equity     Industrial/Office
$21.00   $388.50                        $388.50   $19.00   $21.00   Equity     Specialty
$15.00    $82.50      0.825    $12.38    $94.88   $14.00   $16.00   Mortgage   Diversified
$19.50   $136.50       1.05    $20.48   $156.98   $19.00   $21.00   Equity     Retail
$21.00   $212.10                        $212.10   $19.00   $21.00   Equity     Industrial/Office
$15.00    $75.00                         $75.00   $14.00   $16.00   Mortgage   Mortgage Backed
$12.00   $102.20                        $102.17   $11.50   $12.50   Mortgage   Mortgage Backed
$26.00   $312.39                        $312.40   $24.00   $26.00   Equity     Industrial/Office
$15.00   $450.00        4.5    $67.50   $517.50   $13.00   $15.00   Mortgage   Mortgage Backed
$15.00    $97.50                         $97.50   $14.00   $16.00   Mortgage   Mortgage Backed
$18.00    $67.50                         $67.50   $16.00   $18.00   Mortgage   Mortgage Backed
$20.00   $247.60                        $247.60   $19.00   $21.00   Equity     Industrial/Office
$18.00   $144.00                        $144.00   $19.00   $21.00   Equity     Specialty
$20.00   $276.00                        $276.00   $19.00   $21.00   Equity     Specialty
$21.00   $294.00                        $294.00   $20.00   $22.00   Equity     Industrial/Office
$15.00   $225.00                        $225.00   $15.00            Mortgage   Mortgage Backed
$15.00   $100.50                        $100.50   $14.00   $16.00   Mortgage   Mortgage Backed
$15.00    $42.50                         $42.50                     Mortgage   Mortgage Backed
$18.00   $108.90                        $108.90   $19.00   $21.00   Equity     Health Care
$20.00   $172.50                        $172.50   $19.00   $21.00   Equity     Industrial/Office
$15.00   $300.00                        $300.00   $14.00   $16.00   Equity     Specialty
 $9.00    $19.80                         $19.80                     Mortgage   Mortgage Backed
$10.00    $76.00                         $76.00                     Equity     Retail
$15.00   $300.00                        $300.00   $14.00   $16.00   Mortgage   Diversified
$16.00   $160.00                        $160.00   $15.00   $17.00   Mortgage   Mortgage Backed
$15.00   $110.70                        $110.70   $15.00            Mortgage   Diversified
$20.00   $124.00       0.93    $18.60   $142.60   $19.00   $21.00   Equity     Specialty
$18.00   $255.60                        $255.60   $19.00   $21.00   Equity     Lodging/Resorts
$15.00   $135.00                        $135.00   $14.00   $16.00   Mortgage   Diversified
$17.50   $126.00                        $126.00   $19.00   $21.00   Equity     Retail
$11.00    $51.70                         $51.70   $12.00   $15.00   Equity     Retail
$20.00    $80.00                         $80.00   $20.00   $20.00   Mortgage   Mortgage Backed
 $8.00    $11.88                         $11.90                     Mortgage   Mortgage Backed
 $7.00    $36.09                         $36.10                     Equity     Residential
 $6.00    $12.00                         $12.00    $6.00    $6.00   Equity     Lodging/Resorts
$14.00                                  $280.00                     Equity     Specialty
$25.00   $450.00                        $450.00                     Equity     Retail
$12.00    $67.20         0      $0.00    $67.20                     Equity     Health Care
$13.00    $91.00                         $91.00                     Mortgage   Mortgage Backed
$19.00   $693.69      5.476   $104.05   $797.75   $19.00   $21.00   Equity     Industrial/Office
$12.50   $699.40     8.3925   $104.90   $804.30   $12.50            Equity     Specialty
$15.00    $99.00       0.99    $13.81   $112.81   $15.00            Equity
 $9.00   $202.50      1.734    $15.60   $218.10    $9.00   $11.00   Hybrid     Lodging/Resorts
$15.00   $112.50        0.9             $112.50   $14.00   $16.00   Equity     Industrial/Office
$11.50   $155.25      2.025             $155.30                     Equity     Retail
$10.00   $300.00        4.5             $342.30                     Equity     Lodging/Resorts
 $9.00   $112.50      1.875             $102.80                     Mortgage   Mortgage Backed
$10.00   $168.00       2.52    $25.20   $193.20                     Equity     INDUSTRIAL/OFFICE
$19.00   $467.68   3.692228    $19.00   $537.83   $19.00   $21.00   Equity     RESIDENTIAL
$13.00   $130.00       1.75    $22.75   $152.75   $13.00   $17.00   Mortgage   MORTGAGE BACKED
$10.50   $210.00          3    $31.50   $241.50                     Mortgage   MORTGAGE BACKED
$20.00   $135.00     0.9375    $18.75   $153.75                     Mortgage   MORTGAGE BACKED
 $8.00    $64.00                $5.07    $69.10   $10.00    $8.00   Mortgage   MORTGAGE BACKED
$18.00   $126.00                        $126.00   $18.00   $16.00   Equity     SPECIALTY
 $9.00   $135.00                        $135.00   $11.00    $9.00   Mortgage   MORTGAGE BACKED
$14.00   $246.40       2.64    $34.40   $263.50   $17.00   $15.00   Equity     LODGING/RESORTS
 $7.50    $256.88         4.5    $33.75    $290.70     $7.50              Mortgage   MORTGAGE BACKED
$15.00    $187.50     1.40625    $21.09    $208.59    $15.00              Mortgage   MORTGAGE BACKED
$12.00                                     $175.20                        Mortgage   MORTGAGE BACKED
$15.00    $405.00        4.05    $60.75    $465.75    $14.00    $16.00    Equity     INDUSTRIAL/OFFICE
$13.00    $211.90         2.4    $31.20    $243.10    $14.00    $16.00    Equity     RETAIL
$17.50    $211.75                          $211.75    $19.00    $21.00    Equity     SPECIALTY
$12.50    $252.50        3.03    $37.88    $290.38                        Equity     SELF STORAGE
$14.50     $72.50        0.75               $83.38    $13.00    $15.00    Mortgage   MORTGAGE BACKED
$22.75    $386.75        2.55    $58.00    $444.76    $21.00    $23.00    Mortgage   MORTGAGE BACKED
 $9.75    $142.19      2.1875    $21.33    $163.53                        Equity     LODGING/RESORTS
$58.00    $783.00       2.025   $117.45    $900.45         60        66   Mortgage   Mortgage Backed
$17.00    $358.70       3.165    $53.81    $412.51    $18.00    $20.00    Equity     LODGING/RESORTS
$16.00    $393.60         3.7    $59.20    $452.80    $17.00    $19.00    Equity     SELF STORAGE
 $9.00    $180.00           3    $27.00    $207.00                        Mortgage   MORTGAGE BACKED
$12.00    $342.86    4.285714    $51.43    $394.29                        Equity     Specialty
$12.00    $240.00           3    $36.00    $276.00                        Equity     Industrial/Office
 $8.50    $297.50           5    $39.50    $337.00                        Mortgage   Mortgage
$13.00    $138.67         1.6    $20.80    $159.50    $16.00    $14.00    Equity     Retail
$11.00    $286.96    3.193043    $35.12    $322.12    $12.50    $10.50    Equity     Diversified
$10.00     $60.00         0.9     $9.00     $69.00    $11.00     $9.00    Equity     Lodging/Resorts
$16.00    $304.00        2.85    $45.60    $349.60    $16.00    $18.00    Equity     Residential
 $6.75    $386.03       8.578    $57.90    $443.90                        Mortgage   Mortgage
$10.50    $273.91    3.698764    $38.84    $312.75       10.5      12.5   Equity     Lodging/Resorts
$24.00    $805.00       4.375   $105.00    $910.00    $23.00    $25.00    Mortgage   Mortgage
$16.00    $400.00        3.75    $60.00    $460.00                        Mortgage   Mortgage
$15.00     $225.00        1.8   $27.00      $252.00   $14.00    $16.00    Equity     Industrial/Office
$10.50     $127.05   1.810023   $19.00      $146.10   $10.00    $12.00    Equity     Health Care
$17.75     $216.90   1.836863   $32.60      $249.50   $16.50    $18.50    Mortgage   Mortgage
$17.00      $98.60       0.87   $14.79      $113.39   $18.00    $20.00    Equity     Health Care
$16.00     $240.00       2.25        36     $276.00                       Equity     Diversified
$12.00     $240.00          3        36     $276.00   $14.00    $16.00    Equity     Industrial/Office
$15.00      $60.00        0.6         9      $69.00   $15.00    $17.00    Mortgage   Mortgage
$23.00     $172.50      1.125      25.9     $198.40   $26.00    $29.00    Mortgage   Mortgage
$14.50     $159.68   1.436429   20.8282     $180.50   $15.00    $17.00    Mortgage   Mortgage
$21.00   $1,386.00        9.9     207.9   $1,593.90   $19.00    $21.00    Equity     Industrial/Office
$12.25     $199.68      2.445    29.951     $229.63   $11.50    $12.50    Equity     Industrial/Office
$15.00     $250.05     2.5005   37.5075     $287.56   $15.00    $17.00    Mortgage   Mortgage
    15         225       2.25     33.75      258.75       15        17 Mortgage      Mortgage
    21       640.5      4.575    96.075     736.575       19        21 Equity        Specialty
              PORTFOLIO COMMENTS
Subsegment Codes.Description
                          MINIMUM INVESTMENT WAS
Strip Centers NNN LEASE STRIP SHOPPING CENTERS $1,000.
Strip Centers STRIP SHOPPING CENTERS
              NNN
Triple Net Lease LEASE RETAIL
Health Care
                          1/2 COMMON, 1/2
Health Care MORTGAGE ORIGINATIONS CONVERTS
Apartments
Strip Centers STRIP SHOPPING CENTERS
Apartments
Regional MallsREGIONAL & SUPER-REGIONAL MALLS
Outlet CentersBLIND POOL
Regional MallsNINE ANCHORED NEIGHBORHOOD AND COMMUNITY SHOPPING CENTERS, 33 POWER CENTERS, 11 MIMI-MALLS, 7 BUSINESS CE
Outlet CentersFOURTEEN CLASS A OFFICE BUILDINGS IN PRIME LOCATIONS IN WASHINGTON, D.C. TOTALING 3.6 MILLION RENTABLE SQUARE
              41
Manuf. Homes MANUFACTURED HOME COMMUNITIES LOCATED THROUGHOUT THE U.S. AND CONTAINING 12,312 SITES.
              21
Regional Malls ENCLOSED MALL CENTERS IN 15 STATES
Strip Centers 52 SHOPPING CENTERS IN SEVEN STATES, CONTAINING 8.1 MILLION SQUARE FEET, PLUS EIGHT WAREHOUSES AND TWO OFFIC
Health Care 21 HEALTH CARE PROPERTIES IN EIGHT STATES.
              61
Triple Net Lease PROPERTIES IN 18 STATES CONSISTING OF INDUSTRIAL/WARHOUSE, OFFICEAND RETAIL WITH AN AGGREGATE OF 3.8 MILLIO
Strip Centers 26 NEIGHBORHOOD AND COMMUNITY SHOPPING CENTERS, THREE ENCLOSED MALLS AND TWO MIXED USE PROPERTIES.
Outlet Centers17 FACTORY OUTLET CENTERS IN 15 STATES.
Outlet Centers25 OUTLET CENTERS LOCATED IN 15 STATES WITH AN AGGREGATE OF 2.4 MILLION SQUARE FEET OF GROSS LEASABLE AREA.
Apartments 31 MULTIFAMILY PROPERTIES, INCLUDING 25 GARDEN-STYLE PROPERTIES WITH4,170 UNITS AND 6 MID-RISE BUILDINGS WITH 5
Apartments 40 MULTIFAMILY APARTMENT PROPERTIES CONTAINING 14,088 UNITS LOCATED PRIMARILY IN ATLANTA, GEORGIA AND TAMPA A
Apartments 7,054 APARTMENT UNITS WHICH ARE LOCATED IN THE METROPOLITAN AREAS OFHOUSTON, AUSTIN AND DALLAS, TEXAS
              NNN
Triple Net Lease LEASE SHOPPING CENTERS
Hotels        SEVEN HOTELS IN KENTUCKY, MISSISSIPPI, MISSOURI, SOUTH CAROLINA AND TENNESSEE WITH AN AGGREGATE OF 1,118 ROO
              23
Regional Malls ENCLOSED SHOPPING MALLS IN SEVEN STATES, 15 OF WHICH ARE IN PENNSYLVANIA, CONTAINING 12.5 MILLION SQUARE FE
              47
Triple Net Lease GOLF COURSES LOCATED IN 17 STATES, OF WHICH 23 ARE DAILY FEE COURSES, 13 ARE PRIVATE COUNTRY CLUBS AND 11 A
Apartments 75 MULTIFAMIY PROPERTIES THROUGHOUT THE U.S. CONTAINING 23,418 UNITS.
Apartments 32 APARTMENT COMMUNITIES COMPRISING 12,735 UNITS IN SUBURBAN WASHINGTON, D.C. AND SOUTHEATERN PENNSYLVANIA
              47
Manuf. Homes MANUFACTURED HOME COMMUNITIES IN 20 STATES, AGGREGATING 10,763 SITES.
Strip Centers 26 COMMUNITY AND NEIGHBORHOOD SHOPPING CENTERS LOCATED IN SEVEN STATES AND D.C. AS WELL AS ONE OFFICE PRO
Strip Centers 19 NEIGHBORHOOD OR COMMUNITY SHOPPING CENTERS, ONE ENCLOSED REGIONAL SHOPPING MALL, ONE SUBURBAN OFFICE
Diversified   10 RETAIL PROPERTIES, 16 MULTIFAMILY PROPERTIES AND 10 OFFICE PROPERTIES LOCATED IN ALABAMA, FLORIDA AND GEOR
Strip Centers 8 COMMUNITY SHOPPING CENTERS, ONE ENCLOSED MALL AND ONE MIXED USE PROPERTY IN THE CHICAGO METROPOLITAN A
Regional MallsREGIONAL MALLS AND COMMUNITY CENTERS COMPRISING 7.6 MILLION SQUARE FEET OF GROSS LEASABLE AREA.
Outlet Centers15 OUTLET SHOPPING CENTERS IN 13 STATES WITH A TOTAL OF 2.4 MILLION SQUARE FEET OF GROSS LEASABLE AREA.
Apartments 22 MULTIFAMILY APARTMENT COMMUNITIES CONTAINING 5,215 UNITS AND A COMMERCIAL CENTER, ALL OF WHICH ARE LOCATE
Outlet Centers12 FACTORY OUTLET CENTERS WITH A TOTAL OF APPROXIMATELY 1.6 MILLION SQUARE FEET.
              14
Regional Malls ENCLOSED SHOPPING MALLS WITH A TOTAL GROSS LEASABLE AREA OF 8.3 MILLION SQUARE FEET.
Strip Centers 19 NEIGHBORHOOD AND COMMUNITY SHOPPING CENTERS, 1 POWER CENTER AND 3 SUBURBAN OFFICE COMPLEXES LOCTED I
Outlet Centers10 RETAIL FACTORY OUTLET CENTERS IN MICHIGAN, INDIANA, WISCONSIN, MINNESOTA AND CALIFORNIA WITH AN AGGREGATE
Apartments PROPERTIES IN THE DENVER, COLORADO AREA CONTAINING 726 UNITS.
Apartments PROPERTIES IN NORTHEASTERN OHIO CONTAINING A TOTAL OF 8,704 UNITS.
Apartments PROPERTIES IN THE MID-ATLANTIC AND NORTHEAST REGIONS OF THE U.S., REPRESENTING A TOTAL OF 22 APARTMENT COMM
Diversified   97 OFFICE,INDUSTRIAL AND RETAIL PROPERTIES LOCATED IN NORTHERN CALIFORNIA AND THE PACIFIC NORTHWEST WITH A T
              33
Manuf. Homes MANUFACTURED HOME COMMUNITY PROPERTIES IN MICHIGAN AND FLORIDA CONTAINING 15,261 SITES.
Apartments 43 TWO AND THREE STORY GARDEN APARTMENT COMMUNITIES COMPRISING 11,334 UNITS LOCATED IN ORANGE COUNTY, CAL
Industrial    35 WAREHOUSE/INDUSTRIAL PROPERTIES WITH 5.2 MILLION SQUARE FEET OF GROSS LEASABLE AREA, THREE RETAIL PROPER
              31
Manuf. Homes MANUFACTURED HOUSING COMMUNITY PROPERTIES CONTAINING 9,036 DEVELOPED SITES AND 1,968 POTENTIAL EXPANSIO
Outlet CentersEIGHT MEDICAL OFFICE BUILDINGS AND ONE PARKING FACILITY WITH RETIAL SPACE ADJACENT TO TWO OF THE MEDICAL OFF
Regional MallsREGIONAL MALLS AND COMMUNITY SHOPPING CENTERS THROUGHOUT THE U.S., CONTAINING 112 EXISTING PROPERTIES IN 28
Diversified   SMALL BUSINESS LOANS
Strip Centers 14 NEIGHBORHOOD COMMUNITY SHOPPING CENTERS, 15 SINGLE TENANT CENTERS, 5 POWER CENTERS AND 2 REGIONAL MAL
Apartments 12 MULTIFAMILY PROPERTIES CONTAINING 2,356 UNITS, 2 INDUSTRIAL PROPERTIES AND ONE RETAIL PROPERTY, LOCATED PRI
              2
Regional Malls RETAIL PROPERTIES INCLUDING 4 REGIONAL MALLS, 4 MINI-MALLS, 21 COMMUNITY CENTERS AND 3 FREE STANDING RETAIL P
Strip Centers SEVEN REGIONAL MALLS, 53 COMMUNITY SHOPPING CENTERS AND 15 SINGLE TENANT RETAIL PROPERTIES LOCATED IN 20 ST
Apartments 25 MULTIFAMILY APARTMENT COMMUNTIES CONTAINING 8,858 UNITS IN GEORGIA, TEXAS AND TENNESSEE.
Hotels        15 OPERATING INNS IN VARYING STAGES OF DEVELOPMENT.
Apartments 22 MULTIFAMILY PROPERTIES IN SEVEN SOUTHEASTERN CITIES CONSISTING OF 5,580 UNITS.
Apartments 20 garden apartment and townhome communities containing 5,100 units, primarily in the Southeast and Midwest regions of the United States.
Apartments 23 GARDEN APARTMENT PROPERTIES CONTAINING 6,985 UNITS IN THE SOUTHERN UNITED STATES.
Apartments 27 MULTIFAMILY APARTMENT PROPERTIES CONTAINING 8,632 UNITS LOCATED IN TEXAS, GEORGIA, ILLINOIS AND CALIFORNIA.
Apartments 29 MULTIFAMILY APARTMENT COMMUNITIES CONTAINING 6,979 UNITS, PREDOMINANTLY LOCATED IN THE SOUTHEASTERN UNIT
Diversified   11 MULTIFAMILY PROPERTIES CONTAINING 2,850 UNITS LOCATED IN SOUTHERNCA, TX AND THE PACIFIC NORTHWEST AND 4 IN
Hotels        EIGHT EXISTING HAMPTON INN HOTELS LOCATED IN ARKANSAS, FLORIDA, GEORGIA, KENTUCKY, NEW YORK, OHIO AND TEXAS
              13
Regional Malls REGIONAL SHOPPING CENTERS AND 2 COMMUNITY SHOPPING CENTERS WITH A GROSS LEASABLE AREA OF APPROXIMATEL
Apartments 17 MULTIFAMILY APARTMENT COMMUNITIES CONTAINING 3,581 UNITS IN THE SAN FRANCISCO BAY AREA.
                              OFFERING INCLUDES 2.0 SEVEN STATES WITH A CUMULATIVE PREF. STOCK, 6.1 OF 2.03 MILLION SQUARE FEET.
Outlet CentersEIGHT FACTORY OUTLET CENTERS IN M SHARES OF SERIES A TOTAL GROSS LEASABLE AREA M SHARES OF SERIES B CUMULAT
Self Storage 43 SELF STORAGE FACILITIES IN 14 STATES AND THE DISTRICT OF COLUMBIA. THE PROPERTIES CONTAIN AN AGGREGATE OF
Strip Centers 33 RETAIL PROPERTIES CONSISTING OF 18 POWER CENTERS, 14 COMMUNITY SHOPPING CENTERS AND ONE FREESTANDING R
Industrial    30 PROPERTIES TOTALING 16.42 MILION RENTABLE SQUARE FEET, WITH MANYIN THE SAN FRANCISCO BAY ARE. 75% OF THE PR
Regional MallsFOUR OUTLET MALLS AND 11 COMMUNITY SHOPPING CENTERS THROUGHOUT THE UNITED STATES.
              28
Regional Malls SUPER-REGIONAL MALLS AND 23 REGIONAL MALLS IN 16 STATES CONTAINING 44.5 MILLION SQUARE FEET OF GROSS LEASA
Strip Centers 17 COMMUNITY SHOPPING CENTERS IN THE MIDWESTERN UNITED STATES, WITH THE MAJORITY OF PROPERTIES IN MICHIGAN.
Outlet CentersFIVE OFFICE BUILDINGS, ONE RETAIL CENTER AND THREE RESIDENTIAL PROPERTIES, ALL OF WHICH ARE LOCATED IN TEXAS, E
Outlet Centers15 OFFICE PROPERTIES LOCATED IN THE GREATER BOSTON METROPOLITAN AREA CONTANING OVER 4.4 MILLION SQUARE FEE
Hotels        NINE HAMPTON INN HOTELS AND ONE COMFORT INN HOTEL WITH AN AGGREGATE OF 1,246 ROOMS. EIGHT OF THE HOTELS AR
Apartments 15 RESIDENTIAL PROPERTIES IN THE SAN FRANCISCO SOUTH BAY, SEATTLE METRO AREA AND SOUTHERN CALIFORNIA, 6 NEIG
Outlet Centers36 OFFICE BUILDINGS, 4 MULTIPURPOSE BUILDINGS AND 1 WAREHOUSE FACILITY OF WHICH ALL BUT ONE ARE LOCATED IN THE
Apartments THREE APARTMENT PROPERTIES LOCATED IN CONNECTICUT CONTAINING A TOTAL OF 165 UNITS.
Strip Centers 19 COMMUNITY SHOPPING CENTERS ANCHORED BY KMART STORES, 28 FREESTANDING KMART STORES AND ONE POWER CEN
Diversified   77 INDUSTRIAL PROPERTIES CONTAINING 5.9 MILLION SQUARE FEET AND 35 OFFICE PROPERTIES CONTAINING 2.2 MILLION SQU
Health Care 11 ANCILLARY HOSPITAL FACILITIES, 3 OUTPATIENT REHABILITATION FACILITIES, 3 AMBULATORY SURGERY FACILITIES, 1 RESE
Industrial    226 PROPERTIES: 124 BULK WAREHOUSE AND 102 LIGHT INDUSTRIAL. THE PROEPRTIES ARE LOCATED IN 13 STATES IN THE CE
Apartments 30 MULTIFAMILY PROPERTIES CONTAINING 11,834 UNITS AND 2 RETAIL PROPERTIES CONTAINING 436,000 RENTABLE SQUARE F
Strip Centers 20 retail properties totaling 2.0 million square feet of gross leasable area and two related multifamily properties comprising 401 units. The portf
Apartments 37 MULTIFAMILY PROPERTIES CONTAINING 9,796 UNITS LOCATED IN THE SOUTHWEST, SOUTHCENTRAL AND SOUTHEAST REGIO
Hotels        SIX EMBASSY SUITES HOTELS LOCATEDIN FLORIDA, OKLAHOMA, TENNESSEE AND TEXAS COMPRISED OF 1,479 SUITES.
Apartments 47 MULTIFAMILY PROPERTIES, 4 OFFICE BUILDINGS AND 3 SHOPPING CENTERS LOCATED THROUGHOUT THE UNITED STATES.
Apartments 16 MULTIFAMILY RESIDENTIAL PROPERTIES CONSISTING OF 15 PROPERTIES WITH 3,991 APARTMENT UNITS AND ONE MANUFAC
Apartments 32 APARTMENT COMMUNITIES COMPRISING 7,896 APARTMENTS LOCATED IN PHOENIX. THERE ARE ALSO EIGHT MULTIFAMILY C
Industrial    82 PROPERTIES CONSITING OF 71 INDUSTRIAL PROPERTIES, EIGHT SUBURBAN OFFICE BUILDINGS AND THREE RETAIL PROPER
Apartments 27 MULTIFAMILY GARDEN OR TOWNHOUSE STYLE APARTMENT PROPERTIES TARGETED FOR MID-INCOME. 87.5% OF THE PROP
Outlet Centers12 OFFICE BUILDINGS CONTAINING 2.2 MILLION SQUARE FEET AND ONE MULTIFAMILY RESIDENTIAL PROPERTY CONTAINING 327
Hotels        SEVEN HOTELS , INCLUDING FIVE HAMPTON INNS, ONE RESIDENCE INN AND ONE SHERATON INN, WITH A TOTAL OF 851 ROOMS
Self Storage 88 SELF STORAGE PROPERTIES CONTAINING APPROXIMATELY 4.0 MILLION SQUARE FEET, LOCATED THROUGHOUT THE SOUTH
Hotels        8 Hotels located in Virginia, West Virginia, Maryland, and Tennessee. Seven operate as Comfort Inns and one operates as a Best Western
Diversified   81 properties comprising 5.6 million rentable square feet, including 66 industrial properties, 13 suburban office properties, and two 10,000 squa
Self Storage 74 self storage properties located in 14 states throughout the Eastern United States, containing an aggregate of approximately 3.8 million renta
Apartments Mortgage investments on real property in California. Interests in pools of adjustable rate single-family resential mortgage loans.
Hotels        Eight hotels, five of which are located in Colorado and one each in Utah, Arizonia, and California. Four are operated as Hampton Inns, three a
Hotels        21 Courtyard by Marriott hotels, which the company acquired in March 1995. HPT will acquire 17 additional Courtyard hotels, which will bring th
Hotels        20 hotels in 7 states with an aggregate of 4,207 guest rooms. 17 of the hotels are operated under franchise licenses with nationally recognized
Apartments One apartment community containing 34 units. There is also a 184-unit apartment community under contract for purchase as sell as another p
              Investments in mortgage loans and mortgage backed securities
Mortgage Backed
Hotels        Four Super 8 limited service hotels located in Illinois, Kentucky, and Missouri
Hotels        Intends to acquire 13 hotels in Texas, Louisiana, Virginia, New Mexico, Maryland, Ohio, New Jersey, California, and Wisconsin.
Office        24 office properties located in Southern California containing approximately 4.0 million rentable square feet . The properties consist primarily o
Apartments 22,257 multifamily units in its portfolio, including 4,966 units under construction or in planning and owned.
Office
Hotels        Nine national franchise hotels containing 2,408 rooms located in California, Florida, New York, North Carolina and Ohio.
Office        14 office properties encompassing an aggregate of 2 million SF and 12 industrial properties encompassing an aggregate of 1.3 million SF.
              10
Triple Net Lease courses located in South Carolina (4), Virginia (2), Alabama, Georgia, North Carolina and Texas.
Office        Formerly known as ARICO America Realestate Investment Company, this self-advised REIT owns through subsidiaries, interests in eight Clas
                              * Conducted a best efforts offering from '93 to '97 raising $300 million on 28 million shares. Total capital raised is $347.25 millio
Apartments company owns 42 apartment communities representing 9,612 rental units with an average occupancy rate of 91 percent.
Office        The company owns 28 properties containing 2.9 million rentable square feet. The properties consist of Class A and Class B suburban office pr
              The
Mortgage Backed company intends to invest primarily in subordinated interests in collateralized mortgage obligations and other mortgage-backed securities
            Regional MallsThe company's portfolio consists of 13 super regional shopping centers, six regional shopping centers and three power centers located in seve
            Office        The company will own 15 properties, including three properties to be acquired in connection with the Offering, containing approximately 1.5 mill
            Office        The portfoliio consists of 75 commercial properties which includes 63 office properties, nine industrial properties, two hotels and a 1,170 space
            Office        The portfolio consists of 90 office properties containing 32.2 million rentable square feet and 14 parking facilities containing 14,785 parking spa
                          The
            Triple Net Lease company owns nine correctional and detention facilities which have an aggregate capacity of 6,687 beds.
            Diversified   The company's portfolio consists of $17.5 million in commercial mortgages and $10 million in CMBS.
            Strip Centers The portfolio consists of 25 shopping center properties with an aggregate of over 3.6 million square feet of GLA in California, Las Vegas, Nevad
            Office        The portfolio will consist of nine Class B office properties equaling 2.2 million rentable square feet located in midtown Manhattan.
                          The
            Mortgage Backed primary business of the company will be investing in first lien single-family mortgage loans, multifamily mortgage loans and commercial mo
                          The
            Mortgage Backed company owns and manages a portfolio of mortgage-backed securities, including mortgage pass-through certificates and collateralized mo
            Office        The company owns interests in 21 properties, which contain 3.4 million square feet. All properties are located in Manhattan, Phoenix/Tucson a
                          The
            Mortgage Backed REIT intends to invest primarily in performing multifamily and commercial term loans and interests in multifamily and commercial mortgage
                          AMREIT's current investment portfolio is comprised solely of mortgage securities issued or guaranteed by federal government sponsored agen
            Mortgage Backed
                          The
            Mortgage Backed company specializes in acquiring single family residential mortgage loans and purchasing mortgage securities in the secondary mortgage
            Industrial    The company will own 16 office properties containing an aggregate of 2.4 million square feet, 44 industrial properties containing an aggregate
                          The
            Triple Net Lease company has a portfolio of 79 properties (71 of which are restaurant properties and eight of which are retail properties) located in 24 states
            Other         The company's initial portfolio consists of twelve megaplex theatres purchased from subsidiaries of AMC Entertainment Inc. for an aggregate p
            Industrial    The company owns 128 properties, comprised of 95 industrial properties and 33 retail properties located in 26 markets throughout the United S
                          The
            Mortgage Backed company will invest primarily in mortgage-backed securities and mortgage loans. The mortgage-backed securities will include mortgage pa
                          The
            Mortgage Backed company's mortgage assets will consist primarily of adjustable-rate mortgage securities, including adjustable-rate collateralized mortgage
                          The
            Mortgage Backed company will acquire 12 loans for $18.1M from Resource America, Inc. In addition, senior debt relating to four of the loans will be purchas
            Health Care Will invest in 21 assisted and independent living facilities, skilled nursing facilities, medical office and other buildings, term mortgage loans and
            Industrial    The company will have a portfolio of 144 industrial properties located in 21 states and containing approximately 22 million rentable square feet.
                          The REIT will acquire 36 properties, of which 20 are located in the Washington, DC metro area. All of the properties will be leased back to dea
                          The
            Mortgage Backed REIT intends to invest in high-quality, adjustable rate mortgage-backed securities.
            Strip Centers The REIT has acquired or has contracted to acquire 16 community shopping centers throughout the Sunbelt. The properties are located in Ariz
            Diversified   The company will take the initial proceeds and invest in a portfolio of multi-family, commercial and residential mortgage loans as well as other r
                          Will
            Mortgage Backed invest $40.8M in U.S. commercial investments (mainly non and sub-performing mortgages) and $95M in mortgage backed securities. In a
            Diversified   The REIT's primary business will be originating mortgage loans for the purpose of issuing collaterlaized mortgage obligations. In addition, the c
                          The company will purchase eight correctional and detention facilities from Wackenhut Corrections Corporation for $113M. In addition, the REIT
Lodging/Resorts           Consists of 10 full-service hotels containing 3,379 rooms. The portfolio includes two Le Meridiens(R), three Marriotts(R), two Radissons(R), tw
            Diversified   The REIT will invest in a portfolio of senior mortgage loans, mezzanine loans, mortgage backed securities and equity real estate investments.
            Strip Centers Owns and operates 13 shopping centers located in the New York and Miami metropolitan areas.
            Strip Centers Existing portfolio includes 16 supermarket centers, one drug store-anchored neighborhood shopping center, two mixed-use properties, one offic
                          REIT
            Mortgage Backed intends to invest in commercial mortgage backed securities, commercial mortgage loans, and mezzanine investments.
                          Invests primarily in collateral oriented, high yielding, non-conforming home equityon AMEX on 10/1/98. by first and second deeds of trust on
            Mortgage Backed                Best efforts offering completed 9/30/98. CAA commenced trading loans secured primarily
                                           Shares distributed to the common share parent holders of Interstate General Company L.P.
            Apartments Portfolio will be the real estate operations and assets ofand unitcompany Interstate General Management Corporation.
Lodging/Resorts           Initial portfolio consists of 10 hotels.
                          Initial portfolio includes approximately 876 towers.
                          142
            Shopping Centers Shopping Centers in 26 States
                          Proceeds from the IPO will be used to purchase 2 medical office buildings, 1 surgery center and 4 outpatient facilities in North Carolina, Nevad
                          Newcastle
            Commercial Financing Investment Corp. invests in real estate securities and other real estate-related assets.
            Office        Maguire Properties, Inc. is the largest owner and operator of Class A office properties in the Los Angeles central business district and is primar
                          American Financial Realty Trust is a self-managed, self-administered real estate investment trust (REIT) focused on acquiring and operating pr
                          McLean, Virginia-based Gladstone plans to invest in and own net leased industrial and commercial real estate, and "selectively" to make long-t
Lodging/Resorts           Following the IPO and certain organizational transactions, Ashford will own six hotels -- four Embassy Suites and two Radisson Hotels -- accord
            Office        First Potomac Realty Trust was formed to acquire, operate and develop industrial and flex properties in Maryland, Virginia and the Washington
                          Cedar
            Shopping Centers Shopping Centers, Inc. is a real estate investment trust with investments primarily in multi-tenant supermarket-anchored shopping cente
Lodging/Resorts           Highland Hospitality is focused primarily on investing in the United States within the upscale full- service and premium limited-service and exten
                          Falcon Financial Investment Trust (the Trust) is a fully integrated, self-advised specialty finance company focused solely on the business of ori
            Commercial Financing
            OFFICE        Government Properties Trust, Inc. invests in single tenant properties under long-term leases to the U.S. government.
                          Focused primarily on the acquisition, renovation, repositioning and operation of all-age manufactured home communities.
            MANUFACTURED HOMES
                          The company’s
            COMMERCIAL FINANCING principal business objective is to generate net income for distribution to our stockholders from the spread between interest inco
                          LSE is focused
            COMMERCIAL FINANCING on financing and investing in commercial real estate that is net leased primarily to single tenants with investment grade ratings.
            COMMERCIAL FINANCING
                          Origen
            HOME FINANCING Financial, Inc., (Origen) incorporated in July 2003, originates and services home loans, as well as acquires and services manufactured
                          Global Signal Inc. owns wireless towers and other communications sites in the United States. The Company's sites are primarily located in the
            HOME FINANCINGNew York Mortgage Trust, Inc. is a real estate investment trust (REIT) that originates, acquires and manages a portfolio of adjustable-rate resid
LODGING/RESORTS           Strategic Hotel Capital, Inc. is a real estate investment trust (REIT) that owns and asset manages upper-upscale and luxury hotels in North Am
          HOME FINANCINGHomeBanc Corp. sold an additional 4.25 million shars to GTCR Fund VII/A LP for a price of $7.02 per share.
          HOME FINANCINGThe REIT will originate and invest in mortgages secured by commercial and muti-family residential properties.
          HOME FINANCING
          OFFICE        BioMed Realty acquires, owns, leases, and develops laboratory and office space for tenants involved in life sciences. BioMed owns nearly 15 p
                        Kite Reallty
          SHOPPING CENTERS is focused primarily on the development, construction, acquisition, ownership and operation of high quality neighborhood and comm
                        American Campus Communities, Inc. is engaged in the ownership, management and development of student housing properties in the United
SELF STORAGE            Extra Space Storage, Inc. (ESSI) is a fully integrated, self-administered and self-managed real estate investment trust that acquires, develops
                        Bimini
          HOME FINANCING primarily invests in residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Feder
                        Saxon
          HOME FINANCING Capital, Inc. ("Saxon") is a residential mortgage lender and servicer that originates, purchases, securitizes and services real estate secu
LODGING/RESORTS
          HOME FINANCINGNew Century Financial Corporation is a real estate investment trust (REIT) and one of the nation’s premier full-service mortgage finance compa
LODGING/RESORTS         Sunstone owns 54 upscale hotels in the United States which are operated under the brand names franchised or licensed from such others as M
SELF STORAGE            U-Store-It owns, operates and acquires self-storage facilities for residential and commercial customers in the United States.
                        NorthStar Realty
          COMMERCIAL FINANCING specializes in fixed income, structured finance and net lease investments in commercial real estate assets.
                        GMH Communities is a specialty housing company that focuses on providing housing to college and wniversity students residing off-campus an
          Office        Digital Realty Trust Inc. owns, acquires, repositions and manages technology-related real estate.
                        AIC
          Home Financing is a mortgage real estate investment trust, providing first and second mortgage products to sub-prime borrowers nationwide through its ope
          Regional Malls

Lodging/Resorts         The Company will initially own six full-service, Upper Upscale and Midscale hotels that are located in primary and secondary markets in the mid
            Apartments EDR owns 21 off-campus housing communities at 18 universities.
                        Subprime residential mortgage lender.
            Home Financing
Lodging/Resorts         DRH acquires and invests in upper upscale and upscale hotel properties located primarily in North America.
            Home Financing
                        Invests in
            Commercial Financing collateralized debt obligations, consumer asset-backed securities, senior secured and unsecured bank loans, corporate mezzanine lo
             Office      The Company focuses on the acquisition, development, renovation, repositioning, ownership, management and operation of commercial office
                         Medical Properties Trust, Inc. is a Birmingham, Alabama based self-advised real estate investment trust formed to capitalize on the changing tr
                         JER Investors Trust Inc. (JERIT) is a specialty finance company focused on the growing volume and complexities of commercial real estate str
             Commercial Financing
                         The Charlotte, North Carolina-based company owns medical-office properties in the southeastern United States.

             Office      A real estate investment trust formed to own, operate, acquire and develop primarily Class A office properties, predominantly in the Washingto
                         RCC
             Home Financing intends to invest in a combination of real estate-related securities and commercial finance assets.
                         Crystal River Capital, Inc. is a publicly-traded real estate investment trust that invests in real estate related securities, real estate loans and inst
             Home Financing
             Commercial Financing       CBRE Realty Finance, Inc. is a commercial real estate specialty finance company primarily focused on originating, acquiring, inv
             Office                     Douglas Emmett focuses primarily on owning and acquiring a substantial share of top-tier office properties within these submarke
             Industrial                 This real estate investment trust (REIT) develops, owns, and manages bulk distribution and light industrial properties located in a
             Commercial Financing       Quadra invests in a diversified portfolio of commercial mortgage investments and related projects. Our mission is to provide soph
             Commercial Financing         Care Investment Trust was formed to invest in healthcare-related mortgage debt and real estate including nursing homes, hospit
                                          DuPont Fabros Technology, Inc. (DFT) is a leading owner, developer, operator and manager of wholesale data centers in the Un
 ENTERS, 11 MIMI-MALLS, 7 BUSINESS CENTERS AND 61 PARCELS OF LAND.
TALING 3.6 MILLION RENTABLE SQUARE FEET.
AINING 12,312 SITES.

US EIGHT WAREHOUSES AND TWO OFFICE BUILDINGS.

ETAIL WITH AN AGGREGATE OF 3.8 MILLION SQUARE FEET.
AND TWO MIXED USE PROPERTIES.

UARE FEET OF GROSS LEASABLE AREA.
UNITS AND 6 MID-RISE BUILDINGS WITH 578 UNITS IN THE SEATTLE AND TACOMA, WASHINGTON AREA
RILY IN ATLANTA, GEORGIA AND TAMPA AND ORLANDO, FLORIDA
 TON, AUSTIN AND DALLAS, TEXAS

SEE WITH AN AGGREGATE OF 1,118 ROOMS
A, CONTAINING 12.5 MILLION SQUARE FEET OF GROSS LEASABLE AREA.
ARE PRIVATE COUNTRY CLUBS AND 11 ARE RESORT COURSES.

D.C. AND SOUTHEATERN PENNSYLVANIA

  AND D.C. AS WELL AS ONE OFFICE PROP, ONE OFFICE/RETAIL PROP. AND ONE RESEARCH PARK
SHOPPING MALL, ONE SUBURBAN OFFICE PROJECT AND SIX OTHER COMMERICALPROPERTIES
CATED IN ALABAMA, FLORIDA AND GEORGIA
ERTY IN THE CHICAGO METROPOLITAN AREA, INDIANA AND KENTUCKY.
OF GROSS LEASABLE AREA.
 EET OF GROSS LEASABLE AREA.
 IAL CENTER, ALL OF WHICH ARE LOCATED IN THE GREATER LAS VEGAS, NEVADA AREA.

 SQUARE FEET.
UBURBAN OFFICE COMPLEXES LOCTED IN fLORIDA, GEORGIA, ALABAMA AND MISSISSIPPI CONTAINING 2.7 M SF.
 AND CALIFORNIA WITH AN AGGREGATE GROSS LEASABLE AREA OF 1.7 MILLION SQUARE FEET.



 TING A TOTAL OF 22 APARTMENT COMMUNITIES CONTAINING 7,044 UNITS.
AND THE PACIFIC NORTHWEST WITH A TOTAL RENTABLE AREA OF 11.1 MILION SQUARE FEET.
AINING 15,261 SITES.
NITS LOCATED IN ORANGE COUNTY, CALIFORNIA.
LEASABLE AREA, THREE RETAIL PROPERTIES WITH 35,000 SQUARE FEET OF GLA, ONE 682-UNIT APT. COMPLEX.
D SITES AND 1,968 POTENTIAL EXPANSION SITES.
DJACENT TO TWO OF THE MEDICAL OFFICE BUILDINGS, ALL IN SOUTHERN CA, CONTAINING 437,000 RSF.
TAINING 112 EXISTING PROPERTIES IN 28 STATES.

POWER CENTERS AND 2 REGIONAL MALLS, THE MAJORITY OF WHICH ARE LOCATED IN SOUTHERN CALIFORNIA.
D ONE RETAIL PROPERTY, LOCATED PRINCIPALLY IN THE GREATER DALLAS, TEXAS AREA.
ENTERS AND 3 FREE STANDING RETAIL PROPERTIES IN 10 STATES. ALSO 6 COMMERCIAL PROPS THE SALT LAKE CITY, UT
 RETAIL PROPERTIES LOCATED IN 20 STATES.
AS AND TENNESSEE.
 st and Midwest regions of the United States.

S, GEORGIA, ILLINOIS AND CALIFORNIA.
Y LOCATED IN THE SOUTHEASTERN UNITED STATES.
 AND THE PACIFIC NORTHWEST AND 4 INDUSTRIAL PROPERTIES CONTAINING AN AGGREGATE OF 808,000 SF IN SOUTH. CA & WA.
ENTUCKY, NEW YORK, OHIO AND TEXAS WITH AN AGGREGATE OF 955 ROOMS.
 OSS LEASABLE AREA OF APPROXIMATELY 9.0 MILLION SQUARE FEET
NCISCO BAY AREA.
CK, 6.1 M SHARES OF SERIES B CUMULATIVE PARTIC. CONVERT. PREF. STOCK AND 2.5 M COMMON.
OPERTIES CONTAIN AN AGGREGATE OF 2.9 MILLION NET RENTABLE SQUARE FEET.
 G CENTERS AND ONE FREESTANDING RETAIL FACILITY IN 7 STATES, THE MAJORITY IN GA, CONTAINING 4,674 MILLION SF. THERE ARE ALSO 28 UNDEVELO
 AN FRANCISCO BAY ARE. 75% OF THE PROPERTIES ARE BULK DISTRIBUTION AND 21% ARE LIGHT INDUSTRIAL.

MILLION SQUARE FEET OF GROSS LEASABLE AREA.
MAJORITY OF PROPERTIES IN MICHIGAN.
 ALL OF WHICH ARE LOCATED IN TEXAS, EXCEPT ONE OFFICE BUILDING WHICH IS LOCATED IN DENVER, COLORADO.
 NTANING OVER 4.4 MILLION SQUARE FEET.
1,246 ROOMS. EIGHT OF THE HOTELS ARE IN NORTH CAROLINA AND THE OTHER TWO ARE IN GEORGIA.
REA AND SOUTHERN CALIFORNIA, 6 NEIGHBORHOOD SHOPPING CENTERS IN THE PORTLAND METRO AREA AND EUGENE, OR AND ONE OFFICE BLDG IN PA
WHICH ALL BUT ONE ARE LOCATED IN THE RESEARCH TRIANGLE OF NORTH CAROLINA, TOTALING APPROXIMATELY 2.559 MILLION SQUARE FEET.

G KMART STORES AND ONE POWER CENTER. THE PROPERTIES ARE LOCATED IN 8 STATES.
ROPERTIES CONTAINING 2.2 MILLION SQUARE FEET IN THE SOUTHEASTERN AND MID-ATLANTIC U.S. THERE ARE ALSO 108 ACRES OF LAND.
  ULATORY SURGERY FACILITIES, 1 RESEARCH FACILITY, 1 LONG ERM CARE FACILITY AND 1 SUB-ACUTE CARE FACILITY IN THE SOUTHEAST AND WESTERN
S ARE LOCATED IN 13 STATES IN THE CENTRAL UNITED STATES.
ONTAINING 436,000 RENTABLE SQUARE FEET IN THE WASHINGTON, D.C. METROPOLITAN AREA.
 ily properties comprising 401 units. The portfolio is located in the Mid-Atlantic region.
 SOUTHCENTRAL AND SOUTHEAST REGIONS OF THE UNITED STATES.
 AS COMPRISED OF 1,479 SUITES.
ED THROUGHOUT THE UNITED STATES. THE COMPANY ALSO HAS OPTIONS TO ACQUIRE 2 ADDITIONAL SITES ON WHICH IT PLANS TO DEVELOP MULTIFAM
 1 APARTMENT UNITS AND ONE MANUFACTURED HOME COMMUNITY CONTAINING 202 HOME SITES.
  THERE ARE ALSO EIGHT MULTIFAMILY COMMUNITIES UNDER CONSTRUCTION.
  BUILDINGS AND THREE RETAIL PROPERTIES. THE COMPANY IS GEOGRAPHICALLY FOCUSED IN ATLANTA, GEORGIA.
D FOR MID-INCOME. 87.5% OF THE PROPERTIES ARE LOCATED IN TEXAS, ARIZONA AND ILLINOIS.
  ESIDENTIAL PROPERTY CONTAINING 327 UNITS. THE COMPANY IS ALSO NEGOTIATING TO ACQUIRE A 104,000 SQUARE FOOT OFFICE BUILDING FOR APPR
 ATON INN, WITH A TOTAL OF 851 ROOMS. THREE OF THE HOTELS ARE LOCATED IN NEW YORK, ONE IN PENNSYLVANIA AND THREE IN FLORIDA.
 ET, LOCATED THROUGHOUT THE SOUTHERN, MID-ATLANTIC AND MIDWESTERN UNITED STATES.
 Inns and one operates as a Best Western
burban office properties, and two 10,000 square foot retail properties
n aggregate of approximately 3.8 million rentable square feet
 mily resential mortgage loans.
  Four are operated as Hampton Inns, three as Holiday inns and one as a Courtyard Marriott.
additional Courtyard hotels, which will bring the portfolio to a total of 5,435 guest rooms in 20 states.
   franchise licenses with nationally recognized hotel companies.
 der contract for purchase as sell as another potential acquistion, plus two properties under construction that may be acquried at a later date.



 ey, California, and Wisconsin.
 uare feet . The properties consist primarily of Class A suburban office properties.



rth Carolina and Ohio.
mpassing an aggregate of 1.3 million SF.

s through subsidiaries, interests in eight Class A office Properties comprising almost 5 million square feet.
  shares. Total capital raised is $347.25 million.
 ist of Class A and Class B suburban office properties.
ations and other mortgage-backed securities and commercial and multifamily real property.
nters and three power centers located in seven states totaling 19.2 million square.
 he Offering, containing approximately 1.5 million rentable square feet of office and laboratory space.
 rial properties, two hotels and a 1,170 space parking garage.
arking facilities containing 14,785 parking spaces, located in 35 markets throughout the U.S.



 e feet of GLA in California, Las Vegas, Nevada and the Pacific Northwest.
 located in midtown Manhattan.
 ultifamily mortgage loans and commercial mortgage loans and mortgage securities secured by or representing an interest in mortgage loans.
 ass-through certificates and collateralized mortgage obligations.
  are located in Manhattan, Phoenix/Tucson and Orlando office markets.
 rests in multifamily and commercial mortgage-backed securities.
nteed by federal government sponsored agencies.
 rtgage securities in the secondary mortgage markets.
 ndustrial properties containing an aggregate of 5.7 million square feet, one parking facility and one retail center.
 hich are retail properties) located in 24 states, which was 96.2% leased.
of AMC Entertainment Inc. for an aggregate purchase price of approximately $248.8 million.
ocated in 26 markets throughout the United States.
 ge-backed securities will include mortgage pass-through certificates, collateralized mortgage obligations and other mortgage securities.
 ding adjustable-rate collateralized mortgage obligations bearing interest rates that adjust periodically based on changes in short-term market rates.
 bt relating to four of the loans will be purchased from third parties at a cost of $2.5M.
and other buildings, term mortgage loans and initial draws under construction loans totaling $34.8M.
approximately 22 million rentable square feet.
All of the properties will be leased back to dealers and their affiliates on a "triple net" basis.

he Sunbelt. The properties are located in Arizona, Texas, Tennessee and Florida.
 residential mortgage loans as well as other real estate-related assets.
nd $95M in mortgage backed securities. In addition, the company will invest $3.4M in investments based in the United Kingdom.
aized mortgage obligations. In addition, the company may invest in opportunistic real estate and mezzanine investments.
 Corporation for $113M. In addition, the REIT will have the option to acquire three additional facilities currently under development by Wackenhut.
(R), three Marriotts(R), two Radissons(R), two Holiday Inns(R) and one independent luxury hotel.
ecurities and equity real estate investments.

 ng center, two mixed-use properties, one office building, one mini-warehouse facility and one restaurant property.
nd mezzanine investments.




 outpatient facilities in North Carolina, Nevada and Tennessee.

  ngeles central business district and is primarily focused on owning and operating high quality office properties in the Southern California market.
 (REIT) focused on acquiring and operating properties leased to regulated financial institutions
al real estate, and "selectively" to make long-term industrial and commercial mortgage loans. It intends to qualify as a real estate investment trust.
  ssy Suites and two Radisson Hotels -- according to its IPO filing.
 ies in Maryland, Virginia and the Washington, D.C. metropolitan area, which we refer to as the southern Mid-Atlantic region.
 enant supermarket-anchored shopping centers in eastern Pennsylvania
  ervice and premium limited-service and extended stay lodging segments.
ompany focused solely on the business of originating and servicing loans to automotive dealers in the United States.
e U.S. government.
 red home communities.
holders from the spread between interest income on our mortgage assets and the costs of financing the acquisition of these assets.
  single tenants with investment grade ratings.

 well as acquires and services manufactured home loans originated by others.
  Company's sites are primarily located in the southeastern and mid-Atlantic regions of the country.
 d manages a portfolio of adjustable-rate residential mortgage assets
 upper-upscale and luxury hotels in North America and Europe.
 ved in life sciences. BioMed owns nearly 15 properties containing 30 buildings, totaling some 2.4 million sq. ft.; most of its assets are in California.
 ration of high quality neighborhood and community shopping centers in selected growth markets in the United States.
nt of student housing properties in the United States.
  ate investment trust that acquires, develops and operates self-storage facilities.
Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae)
 ses, securitizes and services real estate secured mortgages

  premier full-service mortgage finance companies, providing first and second mortgage products to borrowers nationwide
  franchised or licensed from such others as Marriott, Hilton, InterContinental, Hyatt, Starwood, Carlson and Wyndham.
 mers in the United States.
 mercial real estate assets.
 nd wniversity students residing off-campus and to members of the U.S. military and their families.

ub-prime borrowers nationwide through its operating subsidiary, Aames Financial Corporation, a 50-year old sub-prime lender



  in primary and secondary markets in the mid-Atlantic and Southeastern United States.




 nsecured bank loans, corporate mezzanine loans, high yield corporate bonds, distressed and stressed debt securities and private equity investments
nagement and operation of commercial office properties located predominantly in the Greater Washington, D.C. area.
nt trust formed to capitalize on the changing trends in healthcare delivery by acquiring and developing net-leased healthcare facilities.
 nd complexities of commercial real estate structured finance products, including commercial mortgage backed securities, mezzanine loans. . .



e properties, predominantly in the Washington, D.C. metropolitan area.

e related securities, real estate loans and instruments, and various other asset classes.
 rimarily focused on originating, acquiring, investing in, financing and managing a diversified portfolio of commercial real estate-related loans and securities.
op-tier office properties within these submarkets and which are located near high-end executive housing and key lifestyle amenities.

 lated projects. Our mission is to provide sophisticated financing solutions and superior service to our clients and to deliver attractive total returns to our stockholders.
 d real estate including nursing homes, hospitals, outpatient centers, assisted living facilities, and medical office buildings and labs. It will provide first lien and mezzanine loan
 manager of wholesale data centers in the United States.
UTH. CA & WA.




ION SF. THERE ARE ALSO 28 UNDEVELOPED LAND PARCELS.




 GENE, OR AND ONE OFFICE BLDG IN PALO ALTO, CA.
 2.559 MILLION SQUARE FEET.



LSO 108 ACRES OF LAND.
 LITY IN THE SOUTHEAST AND WESTERN U.S.




WHICH IT PLANS TO DEVELOP MULTIFAMILY PROPERTIES




UARE FOOT OFFICE BUILDING FOR APPROX. $6.0 MILLION.
 ANIA AND THREE IN FLORIDA.
term market rates.




nt by Wackenhut.




alifornia market.

investment trust.
s are in California.




Mortgage Association (Ginnie Mae)




e equity investments




elated loans and securities.



tive total returns to our stockholders.
 s. It will provide first lien and mezzanine loans as well as construction loans.

				
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