Real Estate by shuifanglj

VIEWS: 36 PAGES: 24

									                                                                                                                                                  Real Estate 30Nov07


   Market Category    Ticker        Name of Company (issuer)   Value Rank        Market           Projected     Long Term       Price ($)   Price to Book       Price To      Shares       Float (millions)   Institutional      Institutional     Insider        Insider Net  Total Debt To Current Ratio, Dividend Yield Volume, Daily 4 Week Price
                     Symbol                                     (higher is   Capitalization ($    Price-To-    Growth Rate   unadjusted for     Ratio,         Earnings     Outstanding,                        Percent         Net Shares       Ownership     Shares Bought Total Equity,    Quarterly          (%)        As a % of      Percent
                                                                 better)        millions)        Earnings to    (%), Mean     future splits  Quarterly           Ratio,       Current                         Owned, (%)        Purchased        Percent (%)     (millions) in  Quarterly                                     Shares     Change (%)
                                                                                                 Long Term                                                     Excluding     (millions)                                         (millions) in                   recent 6 mos                                               Outstanding
                                                                                                 Growth Rate                                                Extraordinary                                                     recent quarter                                                                                   (%)
                                                                                                                                                             Items, TTM

Real Estate Oper.    AKR       Acadia Realty Trust                 52.56          866.050              6.05          7.00         26.39          3.46            48.43          32.820          30.200             95.00            1.610              7.97         (0.060)         1.99            NA           3.03          0.88            4.64
Real Estate Oper.    ADC       Agree Realty Corporation            71.33          232.940              3.68          4.00         30.05          1.78            16.21           7.750           7.100             48.13            0.260              8.41          0.010          0.59            NA           6.52          0.57           (3.93)
Real Estate Oper.    AFN       Alesco Financial Inc.               11.98          220.130               NA            NA           3.72           NA               NA           59.180          57.400             53.34           (8.960)             3.00          0.150           -              NA          33.33          1.77            5.08
Real Estate Oper.    ALX       Alexander's, Inc.                   35.21        1,965.380               NA            NA         389.65         19.43           391.96           5.040           3.700             35.35            0.010             26.65            -           10.46            NA            NA           0.31            4.05
Real Estate Oper.    ARE       Alexandria Real Estate Equiti       59.21        3,131.370              4.16          8.95         98.23          2.25            42.58          31.880          31.000             95.00            2.250              2.75            -            1.68            NA           3.10          1.64            0.34
Real Estate Oper.    APSA      Alto Palermo S.A. (ADR)             42.63          301.090               NA            NA          15.40          1.12            35.33          19.550           2.350              0.65            0.010             88.01            -            0.91           1.67          5.92           -            (14.44)
Real Estate Oper.    AMB       AMB Property Corporation            73.15        6,056.980              3.33          6.21         61.16          2.44            22.89          99.040          94.000             94.77            1.350              5.08         (0.030)         1.23            NA           3.27          1.22            0.36
Real Estate Oper.    AMEN      AMEN Properties, Inc                97.81           16.950               NA            NA           7.40          1.76            10.64           2.290           1.400              1.31              -               38.89            -            0.30           1.49           NA           0.36           20.13
Real Estate Oper.    ACC       American Campus Communities,        25.40          705.340               NA          11.09         25.86          1.75              NA           27.280          26.500             94.14            1.220              2.84          0.010          1.69            NA           5.22          1.03           (2.30)
Real Estate Oper.    APO       American Community Properties       46.00          111.140               NA            NA          21.25          9.50           335.17           5.230           0.300              1.80            0.010             94.26            -           26.14            NA           1.88          0.02           (8.60)
Real Estate Oper.    AFR       American Financial Realty Tru       28.45        1,037.110               NA           8.00          8.07          1.59              NA          128.510         124.900             92.46            1.700              2.81         (0.030)         3.43            NA           9.42          2.40           25.12
Real Estate Oper.    ANL       American Land Lease, Inc.           88.88          177.520             12.30          5.75         22.64          1.48            38.37           7.840           6.200             36.05           (0.090)            20.93            -            1.85            NA           4.42          0.26            8.59
Real Estate Oper.    AMC       American Mortgage Acceptance        89.75           35.470               NA            NA           4.22          0.55              NA            8.410           8.300             20.80           (0.020)             1.26          0.300         10.29            NA          21.33          0.59          (47.18)
Real Estate Oper.    ARL       American Realty Investors, In       81.07           92.640               NA            NA           8.85          0.63              NA           10.470           2.000              2.14           (0.040)            80.89            -            8.53            NA            NA           0.06           11.74
Real Estate Oper.    AQQ       American Spectrum Realty, Inc       42.69           24.820               NA            NA          18.00          2.58              NA            1.380           0.700              0.07              -               49.24            -           19.18            NA            NA           0.27           (6.01)
Real Estate Oper.    AMY       AmREIT                              50.49          182.900               NA           7.75          7.72          1.07              NA           23.690           5.900              4.32            0.050             75.10            -            1.03            NA           6.44          0.03           (2.40)
Real Estate Oper.    AHR       Anthracite Capital Inc.             95.90          482.630              0.90          6.67          7.64          1.06             5.38          63.170          62.800             59.82           (4.200)             0.59          0.180          7.19            NA          15.71          1.44            0.79
Real Estate Oper.    ANH       Anworth Mortgage Asset Corpor       37.83          321.180               NA           5.00          7.02          1.08              NA           45.750          44.200             86.31           (0.030)             3.39            -            0.10            NA           2.85          2.06            8.00
Real Estate Oper.    AIV       Apartment Investment and Mana       60.97        3,801.300               NA           5.66         39.77          2.89              NA           95.580          91.600             95.00           (2.370)             4.17         (0.020)         3.62            NA           6.03          1.53           (3.73)
Real Estate Oper.    ABR       Arbor Realty Trust, Inc.            82.50          349.820              0.51          8.67         17.10          0.85             3.73          20.460          13.700             68.50            0.670             33.03          0.100          5.55            NA          14.50          1.31            3.14
Real Estate Oper.    AZL       Arizona Land Income Corporati       80.54            9.390               NA            NA           5.07          2.27             2.76           1.850           1.500              0.97              -               18.96            -             -              NA            NA           0.50          (30.07)
Real Estate Oper.    AHT       Ashford Hospitality Trust, In       49.69          950.060              2.77         10.75          7.74          0.71              NA          122.750         108.000             95.00            5.080             12.01          0.410          2.07            NA          10.85          1.19          (11.85)
Real Estate Oper.    AEC       Associated Estates Realty Cor       58.45          203.940               NA           4.00         12.47          4.81              NA           16.350          13.400             61.76           (0.180)            18.07         (0.050)         5.68            NA           5.45          0.81           10.55
Real Estate Oper.    AVB       AvalonBay Communities, Inc.         57.81        7,831.060              5.16          8.10         99.44          2.53            45.90          78.750          77.300             95.00            1.580              1.84         (0.040)         0.99            NA           3.42          1.54          (11.35)
Real Estate Oper.    AVTR      Avatar Holdings Inc.                99.79          355.320               NA            NA          42.88          0.67             3.81           8.290           6.000             89.79            0.460             27.59            -            0.26            NA            NA           0.85           (0.30)
Real Estate Oper.    AXGO      Axia Group, Inc. (USA)               1.88              -                 NA            NA            -             NA               NA            0.010             -                 NA               NA              80.00            NA            -             0.07           NA       2,047.46             -
Real Estate Oper.    VHTI      B. H. I. T. Inc.                    18.39           10.990               NA            NA           0.44          4.65              NA           24.990          19.700               -                -               21.16          3.550           -              NA            NA           0.11           (6.38)
Real Estate Oper.    BMNM      Bimini Capital Managment, Inc       48.25            6.360               NA            NA           0.25          0.26              NA           25.450          22.800             15.30           (5.030)            10.42            -           53.10            NA          80.00          0.75          (40.48)
Real Estate Oper.    BMR       BioMed Realty Trust, Inc.           32.98        1,478.220              3.65          7.75         22.58          1.23            28.39          65.470          64.800             95.00            2.510              1.02            -            1.02            NA           5.49          1.16            1.07
Real Estate Oper.    BOWFF     Boardwalk REIT (USA)                 7.57        2,384.680               NA            NA          42.91         15.48              NA           55.930          41.900              7.93           (0.440)            25.08            -           12.12            NA            NA            -             (4.95)
Real Estate Oper.    BXP       Boston Properties, Inc.             89.03       11,738.110              6.42          5.51         98.42          2.70            10.82         119.270         104.700             95.00            1.720             12.21            -            1.24            NA           2.76          1.14           (4.52)
Real Estate Oper.    BDN       Brandywine Realty Trust             81.95        1,780.280             22.48          3.51         20.50          1.02              NA           86.840          82.600             95.00           (3.260)             4.89            -            1.87            NA           8.59          0.96          (14.41)
Real Estate Oper.    BRE       BRE Properties, Inc.                56.33        2,262.290              6.46          5.62         44.55          2.48            47.88          50.780          49.900             95.00            2.590              1.74            -            2.11            NA           4.83          3.03          (10.94)
Real Estate Oper.    BAM       Brookfield Asset Management I       76.30       21,048.740              2.67         13.00         36.23          3.34            21.72         580.980         575.100             54.88            0.100              1.01            -            3.52            NA           1.33          0.17           (3.46)
Real Estate Oper.    BRT       BRT Realty Trust                    98.70          168.750               NA            NA          15.10          0.68             3.46          11.180           6.500             16.95           (0.620)            41.84            -            0.31            NA          16.42          0.59            0.53
Real Estate Oper.    CPT       Camden Property Trust               63.39        2,922.290              9.28          6.50         52.61          1.81            68.58          55.550          52.600             95.00           (0.630)             5.30            -            1.71            NA           5.25          2.77           (6.60)
Real Estate Oper.    COWP      Canal Capital Corp.                 52.33            0.170               NA            NA           0.04          0.14              NA            4.330           1.700               NA               NA              60.71            NA           1.98           3.46           NA           0.01             -
Real Estate Oper.    CAA       Capital Alliance Income             75.00            2.730               NA            NA           5.45          0.20              NA            0.500           0.300               -                -               40.00            -            0.36            NA            NA           0.24           (6.03)
Real Estate Oper.    CPI       Capital Properties, Inc.            12.07           82.500               NA            NA          25.00          4.94            52.48           3.300           1.600             10.18           (0.010)            51.51            -             -              NA           0.96           -              3.73
Real Estate Oper.    CT        Capital Trust, Inc.                 97.30          551.600              1.00          7.67         30.76          1.22             7.59          17.930          16.000             52.72            0.910             10.77          1.240          5.03            NA          10.40          1.18           (0.16)
Real Estate Oper.    LSE       CapLease, Inc.                      33.03          390.280               NA           5.00          8.80          1.14              NA           44.350          42.100             87.35            3.470              5.07          0.120          0.77            NA           9.09          0.65           (3.83)
Real Estate Oper.    CMO       Capstead Mortgage Corporation       56.44          377.240               NA           5.00         12.20          1.57              NA           30.920          29.100             63.27           10.810              5.89            -           13.78            NA           1.31          2.04            7.77
Real Estate Oper.    CBG       CB Richard Ellis Group, Inc.        56.16        5,465.670              0.65         16.50         23.75          3.59            14.33         230.130         198.800             95.00            8.460             13.62         (0.130)         1.79           1.17           NA           3.64            5.93
Real Estate Oper.    CBL       CBL & Associates Properties,        79.81        1,897.710              4.07          6.25         28.88          2.03            26.97          65.710          52.900             92.43            0.180             19.50          0.010          5.42            NA           7.55          1.02           (9.10)
Real Estate Oper.    CDR       Cedar Shopping Centers Inc          78.45          517.500              6.68          5.11         11.70          1.09            39.71          44.230          42.900             91.06           (0.900)             3.01          0.010          1.46            NA           7.69          0.80           (3.39)
Real Estate Oper.    CIM       Chimera Investment Corporatio        1.89          573.170               NA            NA          15.51      ########              NA           36.950          33.300               NA               NA               9.89            NA            -              NA            NA           5.13             NA
Real Estate Oper.    CSA       Cogdell Spencer Inc.                26.71          188.420               NA           5.50         15.77          1.55              NA           11.950           9.100             76.55            0.010             23.84          0.010          2.31            NA           8.88          0.69           (3.61)
Real Estate Oper.    CLP       Colonial Properties Trust           99.17        1,151.930              1.78          2.00         24.49          1.00             3.57          47.040          38.700             72.42           (1.180)            17.72          0.190          1.41            NA           8.17          1.40          (15.52)
Real Estate Oper.    OFC       Corporate Office Properties T       60.26        1,710.780             12.22          8.32         36.12          2.05           151.09          47.360          40.500             95.00            0.690             14.49         (0.010)         2.16            NA           3.77          1.13           (5.57)
Real Estate Oper.    CUZ       Cousins Properties Incorporat       85.70        1,232.680              5.95          8.50         23.77          3.12            10.60          51.860          48.500             63.81            2.530              6.48          0.110          0.94            NA           6.23          1.41          (10.50)
Real Estate Oper.    DCT       DCT Industrial Trust Inc.           22.90        1,699.450              4.49          9.50         10.09          1.43              NA          168.430         163.400             76.43           11.500              2.99          0.010          0.95            NA           6.34          0.72           (3.63)
Real Estate Oper.    DFR       Deerfield Capital Corp.             65.64          388.660              0.87          5.00          7.51          0.71            13.67          51.750          49.200             46.67            0.060              4.93          1.200         14.18            NA          22.37          1.11           (6.24)
Real Estate Oper.    DDR       Developers Diversified Realty       68.13        5,456.210              3.41          7.06         44.41          2.06            32.50         122.860         119.300             88.95            1.140              2.90            -            1.62            NA           5.95          1.49           (7.21)
Real Estate Oper.    DLR       Digital Realty Trust, Inc.          15.91        2,471.200              7.57         13.10         38.16          3.91           272.24          64.760          62.800             95.00            5.450              3.03         (0.150)         1.45            NA           3.25          1.38           (8.11)
Real Estate Oper.    DEI       Douglas Emmett, Inc.                25.49        2,637.110               NA           8.82         24.01          1.38              NA          109.830          99.700             91.53           (3.500)             9.23          0.030          1.55            NA           2.91          0.95           (7.26)
Real Estate Oper.    DRE       Duke Realty Corporation             75.10        3,827.790              4.99          5.23         26.29          2.06            38.51         145.600         144.100             75.80            8.290              1.03         (0.010)         1.57            NA           7.30          1.57          (12.28)
Real Estate Oper.    DFT       DuPont Fabros Technology, Inc        1.88          580.300               NA          12.50         18.75           NA               NA           30.950          30.600              2.56            0.790              1.13          0.150           NA             NA            NA           0.87          (10.71)
Real Estate Oper.    DVLN      DVL, Inc.                           99.37            5.100               NA            NA           0.16          0.24             3.27          32.910          22.400               -             (0.020)            31.93            -            2.83            NA            NA           0.03           (3.13)
Real Estate Oper.    DX        Dynex Capital, Inc.                 59.18          100.370               NA            NA           8.27          1.01            17.88          12.140           9.600             27.63            0.010             20.90          0.010          1.67            NA            NA           0.14           (3.27)
Real Estate Oper.    EGP       EastGroup Properties Inc.           51.75        1,098.450              5.67          7.04         46.13          2.95            45.55          23.810          23.000             82.06            0.690              3.41         (0.030)         1.39            NA           4.34          0.90            2.19
Real Estate Oper.    ECRO      ECC Capital Corporation             52.83           11.110               NA            NA           0.11          0.10              NA          101.030          81.900             11.11           (5.680)            18.93            -           18.56            NA         254.54          0.33          (42.11)
Real Estate Oper.    EDR       Education Realty Trust, Inc.        31.05          341.800               NA           6.00         11.99          1.13              NA           28.510          27.400             87.80            0.430              3.88            -            1.40           0.50          6.84          0.70           (2.68)
Real Estate Oper.    EJ        E-House (China) Holdings Limi        6.19        1,882.180              0.95         53.17         24.66          7.71            40.99          76.330          75.600             19.66           15.010              0.95            -            0.03           6.87           NA           1.93          (26.61)
Real Estate Oper.    EMITF     Elbit Imaging Ltd                   78.12        1,587.040               NA            NA          56.17          4.20             9.64          28.250          14.100              0.67            0.060             50.10            -            0.43           4.45          2.92          0.02            2.99
Real Estate Oper.    EMVL      EMVELCO Corp.                       97.47            2.950               NA            NA           0.64          0.13             1.01           4.610           1.500              0.41            0.020             67.46            -            0.36           4.01           NA           0.11          (30.45)
Real Estate Oper.    EPR       Entertainment Properties Trus       58.68        1,496.600              0.96         17.00         53.29          1.53            19.35          28.080          27.500             90.46            0.660              2.08         (0.020)         1.14            NA           5.70          1.07            2.15
Real Estate Oper.    ELS       Equity Lifestyle Properties,        65.26        1,130.020              5.02          8.68         46.39         16.25            50.19          24.360          20.100             92.22           (1.290)            17.48            -           24.05            NA           1.29          0.77            0.02
Real Estate Oper.    EQY       Equity One, Inc.                    68.69        1,748.920              4.11          5.32         23.67          1.90            36.23          73.890          36.500             45.44            1.060             50.60          2.180          1.29            NA           5.07          0.98           (5.28)
Real Estate Oper.    EQR       Equity Residential                  75.10       10,086.180             26.38          5.55         37.21          2.05           307.52         271.060         258.000             95.00           (2.810)             4.82         (0.030)         1.85            NA           4.97          1.06           (4.86)
Real Estate Oper.    ESS       Essex Property Trust, Inc.          53.53        2,612.510              8.33          6.03        103.74          3.27            65.58          25.180          23.100             95.00            2.170              8.27            -            1.68            NA           3.59          1.21           (7.13)


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                                                                                                                 Real Estate 30Nov07


Real Estate Oper.   EXCL    Excal Enterprises, Inc.         29.96        0.820      NA      NA        0.25        3.21         NA         3.290        1.900    0.85       -      42.18      -      52.93     0.37         NA    0.01      -
Real Estate Oper.   EXR     Extra Space Storage, Inc.       32.26      931.170     4.96    5.92      14.26        1.48       29.53       65.300       60.100   95.00     2.110     7.96      -       2.03      NA         7.01   0.82    (5.50)
Real Estate Oper.   FRT     Federal Realty Inv. Trust       44.39    4,710.790     6.09    7.53      83.19        5.53       51.87       56.630       55.800   95.00     2.320     1.46      -       2.13      NA         2.93   0.96     0.04
Real Estate Oper.   FCH     FelCor Lodging Trust Incorpor   83.14    1,093.330     3.36    6.33      17.51        2.07      246.86       62.440       60.000   95.00     1.970     3.91      -       1.23      NA         6.85   0.89    (8.42)
Real Estate Oper.   FMP     Feldman Mall Properties, Inc.   46.50       36.530      NA      NA        2.80        0.35         NA        13.050       12.800   55.28    (0.510)    1.89      -       2.37      NA        32.50   0.97   (21.13)
Real Estate Oper.   XXFPL   FFP Partners, L.P.              89.51        0.010      NA      NA         -          0.01        0.10        2.230        2.200     NA        NA      1.52      NA     12.66     2.43         NA    0.01      -
Real Estate Oper.   FR      First Industrial Realty Trust   69.27    1,631.500     2.15    6.50      36.52        1.72         NA        44.670       42.300   87.80    (0.540)    5.31      -       2.04      NA         7.78   1.22    (3.77)
Real Estate Oper.   FPO     First Potomac Realty Trust      28.01      457.370    57.13    7.07      18.86        1.35      633.52       24.250       23.400   95.00     0.570     3.51    0.020     1.97      NA         7.21   0.77    (3.73)
Real Estate Oper.   FREVS   First Real Estate Investment    31.20      162.260      NA      NA       24.00        6.21       35.96        6.760        5.200     -         -      23.09      -       7.28      NA         1.67    -       5.26
Real Estate Oper.   FSRV    FirstService Corporation (USA   81.81      998.510     1.51   15.00      33.40        6.44       24.83       29.900       26.900   42.56    (2.880)   10.02      -       0.86     1.36         NA    0.12    (9.29)
Real Estate Oper.   FCE.A   Forest City Enterprises, Inc.   36.29    5,149.730   185.70    9.00      50.14        4.84      782.34      102.710       72.600   65.90     0.890    29.31   (1.180)    6.40      NA         0.64   0.34    (8.49)
Real Estate Oper.   FSP     Franklin Street Properties Co   38.24    1,166.460      NA      NA       16.55        1.27       30.04       70.480       59.200   31.01     1.000    16.01    0.140     0.12      NA         7.49   0.47     9.60
Real Estate Oper.   GGP     General Growth Properties       66.21   11,322.620     3.41    9.47      46.44        7.50       37.75      243.810      228.100   85.92    (1.900)    6.44    0.290    15.94      NA         4.31   1.01    (9.97)
Real Estate Oper.   GTY     Getty Realty Corp.              58.51      671.620     4.22    3.69      27.12        2.99       17.20       24.760       17.300   35.57     0.100    30.14      -       0.57      NA         6.86   0.34     1.04
Real Estate Oper.   GOOD    Gladstone Commercial Corporat   30.60      147.750     6.71   12.25      17.25        1.02       96.91        8.570        7.100   45.10    (0.060)   17.10   (0.010)    1.42      NA         8.35   0.19    (5.99)
Real Estate Oper.   GRT     Glimcher Realty Trust           36.19      731.320      NA     3.50      19.41       38.12         NA        37.680       35.400   81.41     0.280     6.05      -       6.37      NA         9.91   0.88    (6.91)
Real Estate Oper.   GCT     GMH Communities Trust           68.03      243.070     1.43    9.91       5.84        0.90       26.04       41.620       28.700   77.91    (2.960)   31.05    0.170     3.67      NA        11.30   1.13   (17.51)
Real Estate Oper.   GTA     Golf Trust of America, Inc.     96.37       15.950      NA      NA        2.18        1.28        4.31        7.320        6.500    6.86    (0.060)   11.17      -       0.18      NA          NA    0.45     1.40
Real Estate Oper.   GKK     Gramercy Capital Corp.          70.60      825.570     0.71    7.50      23.78        1.13        4.37       34.720       24.900   66.75     5.090    28.28    1.190     4.41      NA        10.60   1.46    (1.82)
Real Estate Oper.   GCIH    Great China International Hol   58.04       19.400      NA      NA        1.65        3.93        4.56       11.760        3.400     NA        NA     71.09      NA      4.19     0.29         NA    0.01   (26.67)
Real Estate Oper.   GBE     Grubb & Ellis Company           68.20      133.760     0.68   12.00       5.16        2.88       35.18       25.920       15.800   60.26     0.180    39.05    0.560      -       1.01         NA    0.58   (38.42)
Real Estate Oper.   GAV     Grubb & Ellis Realty Advisors   21.26      174.830      NA      NA        5.86        1.55       61.82       29.830       16.700   58.45     2.600    44.02    0.350      -     168.22         NA    2.05     0.17
Real Estate Oper.   GYRO    Gyrodyne Company of America,    11.79       61.910      NA      NA       48.00        4.23         NA         1.290        1.100   27.91       -      14.73      -       0.38      NA          NA    0.03    (6.32)
Real Estate Oper.   HCM     Hanover Capital Mortgage Hold   74.86        3.810      NA      NA        0.44        0.32         NA         8.660        7.200   16.23     0.740    16.90      -       3.78      NA          -     0.57   (71.61)
Real Estate Oper.   HCP     HCP, Inc.                       78.47    7,234.010     1.76    7.50      33.45        1.95       66.32      216.260      215.200   64.41     0.070     0.49      -       1.92      NA         5.32   0.72     7.28
Real Estate Oper.   HCN     Health Care REIT, Inc.          61.41    3,651.980     6.76    5.20      44.81        1.90       37.85       81.500       80.200   74.73     3.830     1.59   (0.140)    1.15      NA         5.89   1.11     5.58
Real Estate Oper.   HR      Healthcare Realty Trust Incor   68.25    1,288.880    11.99    3.00      25.43        1.99       61.27       50.680       49.700   81.76     4.480     1.94    0.030     1.21      NA         6.06   0.91     3.04
Real Estate Oper.   HT      Hersha Hospitality Trust        82.19      419.390     3.14   12.00      10.18        1.26       67.44       41.200       37.900   90.58    (1.380)    8.01      -       2.09      NA         7.07   0.60    (2.86)
Real Estate Oper.   HF      HFF, Inc.                       62.20      251.340     0.78    9.50       6.83        7.05        3.22       36.800       16.300   46.84     0.550    55.71    0.080     1.90     1.27         NA    0.77   (23.17)
Real Estate Oper.   HIW     Highwoods Properties, Inc.      63.65    1,813.640     5.89    4.50      31.73        2.02       42.71       57.160       53.200   95.00     2.950     6.93   (0.060)    1.55      NA         5.36   1.13    (6.90)
Real Estate Oper.   HTH     Hilltop Holdings Inc.           48.11      612.020      NA      NA       10.84        0.88         NA        56.460       45.700   75.63    (0.770)   19.06      -       0.17      NA          NA    0.73    (6.47)
Real Estate Oper.   HMG     HMG/Courtland Properties        48.35       11.260      NA      NA       11.00        0.68         NA         1.020        0.500     -         -      51.17      -       1.21      NA          NA    0.09    (3.51)
Real Estate Oper.   HOOB    Holobeam, Inc.                  35.76        8.730      NA      NA       32.50        3.04       23.35        0.270        0.100     NA        NA     62.83      NA      1.00     1.36         NA    0.08    (1.52)
Real Estate Oper.   HME     Home Properties, Inc.           82.36    1,508.350     9.15    5.95      45.19        2.16       57.42       33.380       32.800   95.00    (0.810)    1.73      -       3.10      NA         5.84   1.40    (5.83)
Real Estate Oper.   HSYTE   Home System Group               26.35       93.720      NA      NA        1.50        6.68      315.13       62.480       58.700    0.77       -       6.05      -        -       2.42         NA     -     (33.33)
Real Estate Oper.   HMBN    HomeBanc Corp.                  57.16        0.310      NA      NA        0.01         -           NA        51.380       51.100    0.23   (32.030)    0.55      -      23.62      NA    13,333.33   0.71   (70.00)
Real Estate Oper.   HXM     Homex Development Corp. (ADR)   42.87    2,752.450     0.92   16.77      49.17        3.41       17.66       55.980       10.800   38.55     1.340    80.71      -       0.44     3.41         NA    0.75   (13.00)
Real Estate Oper.   HGPI    Horizon Group Properties, Inc   44.55       17.170      NA      NA        6.00        1.50         NA         2.860        2.000     -         -      30.12      -       8.24      NA          NA    0.02    (4.00)
Real Estate Oper.   HPT     Hospitality Properties Trust    93.72    3,430.760     1.96    6.41      36.54        1.43       17.04       93.890       93.000   74.82     2.020     0.95      -       0.92      NA         8.43   0.94    (2.77)
Real Estate Oper.   HST     Host Hotels & Resorts, Inc.     75.49   10,024.780     1.00   12.37      19.19        1.87       23.20      522.400      501.500   95.00    20.830     4.00   (0.030)    1.07      NA         4.17   1.09    (8.88)
Real Estate Oper.   SOLD    HouseValues, Inc.               37.86       84.690      NA    24.00       3.46        0.99         NA        24.480       20.800   63.15    (0.550)   15.02      -       0.02    12.99         NA    0.28    (9.42)
Real Estate Oper.   HRP     HRPT Properties Trust           89.07    1,866.570    14.31    1.75       8.28        0.82       25.16      225.430      223.200   64.47    (5.790)    0.99      -       0.91      NA        10.15   0.76    (9.21)
Real Estate Oper.   HYSNY   Hysan Development Company Lim   53.01    2,912.720      NA      NA        5.50        0.78        7.66      529.460      307.100     -         -      42.00      -       0.10     1.31        1.13    -     (10.57)
Real Estate Oper.   IEP     Icahn Enterprises, L.P.         64.30    8,476.360      NA      NA      120.25        2.77      447.83       70.490        9.200   95.00     9.300    86.95      -       0.80     6.15        0.50   0.04    (7.40)
Real Estate Oper.   IOT     Income Opportunity Realty Inv   53.75       18.730      NA      NA        4.50        0.42         NA         4.160        0.700    2.98       -      83.18      -       1.59      NA          NA    0.02    12.22
Real Estate Oper.   IRC     Inland Real Estate Corporatio   29.58      958.230     5.85    4.00      14.62        2.60       24.23       65.540       58.400   65.50     0.310    10.90    0.410     2.34      NA         6.70   0.87     2.31
Real Estate Oper.   IRETS   Investors Real Estate Trust     71.58      490.990     9.20    4.75      10.01        1.92       54.18       49.050       47.600   26.77     1.920     2.96    0.020     3.40      NA         6.69   0.36    (4.58)
Real Estate Oper.   IRS     IRSA Inversiones Representaci   86.10      830.980     1.10   20.90      15.06        1.30       13.20       55.180       41.380   35.43     1.890    25.01      -       0.66     1.06         NA    0.33   (15.82)
Real Estate Oper.   SFI     iStar Financial Inc.            97.60    3,696.340     0.98    7.33      29.27        1.22       11.08      126.280      122.000   84.29     5.040     3.39   (0.080)    3.87      NA        11.89   1.68     9.34
Real Estate Oper.   JRT     JER Investors Trust Inc.        65.52      253.330      NA      NA        9.78        1.16        6.34       25.900       23.600   67.30    (4.010)    8.89    0.790     4.45      NA        18.41   1.37     0.82
Real Estate Oper.   JLL     Jones Lang LaSalle Incorporat   92.52    3,113.310     0.79   15.00      84.07        3.43       12.21       37.030       36.700   95.00     5.590     0.90   (0.060)    0.13     1.12        1.19   2.63    (7.96)
Real Estate Oper.   KWIC    Kennedy-Wilson, Inc.            19.72      237.130      NA      NA       41.75        4.61       90.60        5.680        2.500    8.20    (0.020)   55.99      -       1.74      NA          NA    0.02     5.70
Real Estate Oper.   KRC     Kilroy Realty Corporation       52.97    1,831.290     5.19    7.72      55.89        3.52       52.16       32.770       30.500   95.00     1.320     6.92   (0.070)    1.64      NA         3.97   1.49    (9.46)
Real Estate Oper.   KIM     Kimco Realty Corporation        59.83    9,979.460     3.26    8.01      39.49        2.86       29.00      252.710      229.300   76.33     4.810     9.26   (0.090)    1.27      NA         4.05   0.84     1.73
Real Estate Oper.   KRG     Kite Realty Group Trust         33.13      453.510     5.63    6.25      15.65        1.34       38.17       28.980       22.900   95.00    (0.120)   20.98    0.030     1.87      NA         5.24   0.61    (7.78)
Real Estate Oper.   KFN     KKR Financial Holdings LLC      39.77    1,755.240      NA     7.00      15.23        1.01        6.73      115.250      109.500   68.27    19.730     4.99    0.110     5.02      NA        13.13   0.62     1.06
Real Estate Oper.   LSBK    Lake Shore Bancorp, Inc.        32.04       58.820      NA      NA        9.10        1.10       37.13        6.460        2.500    4.78     0.050    61.32      -       1.07      NA         1.76   0.06    (4.61)
Real Estate Oper.   LHO     LaSalle Hotel Properties        81.66    1,491.310     1.74   14.60      37.20        1.42       51.15       40.090       39.800   95.00     1.000     0.72      -       0.80      NA         5.48   1.09    (4.32)
Real Estate Oper.   LXP     Lexington Realty Trust          65.97    1,126.360    38.88    4.33      17.69        1.53         NA        63.670       59.200   80.90    (0.930)    7.02      -       2.95      NA         8.48   1.12    (6.20)
Real Estate Oper.   LRY     Liberty Property Trust          81.20    2,865.920     4.14    5.08      31.31        1.55       20.99       91.530       91.000   95.00    (0.230)    0.58      -       1.50      NA         7.99   0.96   (10.92)
Real Estate Oper.   LOOP    LoopNet, Inc.                   27.35      596.900     1.02   30.00      15.36        5.18       30.06       38.860       27.700   65.01     3.290    28.72   (0.730)     -       7.16         NA    2.05   (16.11)
Real Estate Oper.   LTC     LTC Properties, Inc.            63.01      539.820      NA      NA       23.54        1.98       17.49       22.930       21.800   69.78    (0.830)    4.94      -       0.11      NA         6.37   0.50     1.95
Real Estate Oper.   LUM     Luminent Mortgage Capital, In   88.82       44.600     0.25    8.00       1.03        0.10        1.44       43.300       42.100   36.62   (19.800)    2.78    0.040    19.40      NA          -     2.01   (43.09)
Real Estate Oper.   MPG     Maguire Properties, Inc.        24.34    1,192.780     5.43    6.47      25.28        2.84         NA        47.180       37.300   95.00     0.050    20.95    0.200    12.50      NA         6.33   1.87    (2.92)
Real Estate Oper.   MRTI    Maxus Realty Trust, Inc.        64.74       15.190      NA      NA       10.79        1.54         NA         1.410        0.900    6.39    (0.080)   36.08    0.030     5.53      NA         7.41   0.11    12.98
Real Estate Oper.   MPW     Medical Properties Trust, Inc   43.62      564.460      NA      NA       11.22        1.16       13.13       50.310       48.800   68.82    (1.120)    3.00      -       0.80      NA         9.63   1.16    (8.33)
Real Estate Oper.   MMPI    Meruelo Maddux Properties, In   26.10      360.560      NA      NA        4.20        0.88         NA        85.850       85.000   50.88     2.210     0.99    0.020     0.72      NA          NA    0.44    (9.09)
Real Estate Oper.   MFA     MFA Mortgage Investments        80.17      918.750     3.82    7.50       8.78        1.11       75.35      104.640      103.500   74.72     9.280     1.09      -       8.26      NA         4.56   1.61     7.47
Real Estate Oper.   MDH     MHI Hospitality Corporation     56.45       58.690      NA     9.75       8.51        1.42       16.36        6.900        4.900   27.87       -      28.95      -       1.67     0.42        7.99   0.19   (12.27)
Real Estate Oper.   MIM     MI Developments Inc. (USA)      47.68    1,330.670      NA      NA       27.79        0.76       29.83       47.880       45.500   89.89     0.150     4.98      -       0.37      NA         2.16   0.27   (11.78)
Real Estate Oper.   MAA     Mid-America Apartment           51.92    1,235.180     8.84    6.50      48.29        2.90       95.41       25.580       23.900   86.08    (0.860)    6.56   (0.010)    2.91      NA         5.09   1.12    (0.92)
Real Estate Oper.   MSW     Mission West Properties, Inc.   99.04      201.110      NA      NA       10.24        1.44       10.84       19.640       19.500   79.15     0.940     0.71      -       2.50      NA         6.25   0.29    (9.22)
Real Estate Oper.   MNRTA   Monmouth R.E. Inv. Corp.        66.86      191.490      NA      NA        7.99        1.60       30.55       23.970       22.300   15.36    (0.440)    6.96    1.370     0.90      NA         7.51   0.05    (2.69)
Real Estate Oper.   MOVE    Move Inc.                       66.38      366.700      NA    40.00       2.36        3.17       56.34      155.380      130.400   87.43     2.790    16.08      -       0.01     2.62         NA    0.80    (0.84)
Real Estate Oper.   NHI     National Health Investors       86.26      788.720      NA      NA       28.42        1.74        8.86       27.750       23.600   40.32    (0.620)   14.96      -       0.02      NA         7.04   0.45     0.64
Real Estate Oper.   NNN     National Retail Properties, I   85.81    1,760.610     2.20    5.17      24.49        1.40       18.02       71.890       71.300   74.78     7.610     0.82      -       0.79      NA         5.80   1.20     2.13


                                                                                            C:\Docstoc\Working\pdf\473df5f0-08dd-4e01-bbf7-83be8f860d47.xls
                                                                                                                Real Estate 30Nov07


Real Estate Oper.   NHP     Nationwide Health Properties    74.20    2,907.060    2.75    8.97      31.28        2.25       26.24       92.940       92.500   95.00     5.570     0.47       -       0.96    NA         5.24    1.69     6.18
Real Estate Oper.   NEWCQ   New Century Financial Corpora   99.86        1.330     NA      NA        0.02         -           -         55.470       44.700    3.69     1.650    19.42       -      10.86    NA    31,666.67    0.75   (36.84)
Real Estate Oper.   NEN     New England Realty Associates   94.40       12.470     NA      NA       72.45        1.61       14.19        0.170        0.100   84.88    (0.040)   41.86     0.010    14.52    NA         3.87    1.61    (8.29)
Real Estate Oper.   NMTR    New York Mortgage Trust, Inc.   46.70       12.740     NA      NA        3.50        0.51         NA         3.640        2.900   61.32    (5.430)   20.33       -      19.58    NA          -      0.39    (1.41)
Real Estate Oper.   NCT     Newcastle Investment Corp.      92.37      686.660    1.08    6.33      13.01        1.03       10.01       52.780       48.900   58.98    (8.060)    7.35     0.050     9.24    NA        22.14    1.53    (1.59)
Real Estate Oper.   NRF     Northstar Realty Finance Corp   57.33      565.590    2.15    6.50       9.17        1.16       13.86       61.680       58.000   75.52    (2.010)    5.96     0.280     3.28    NA        15.70    1.49     6.26
Real Estate Oper.   NFI     NovaStar Financial Inc.         14.83       18.650     NA      NA        1.97         NA          NA         9.470        8.800   45.33     0.750     7.07       -        NA     NA          -     13.93   (54.71)
Real Estate Oper.   NLP     NTS Realty Holdings LP          48.29       62.590     NA      NA        5.50        0.78         NA        11.380        4.900    0.10       -      56.95     0.020     3.29    NA         7.27    0.02   (13.39)
Real Estate Oper.   OMAG    Omagine, Inc.                    8.88       44.120     NA      NA        0.98      454.87         NA        45.020       35.100     -         -      22.04       -        -     1.10         NA     0.03    15.29
Real Estate Oper.   OHI     Omega Healthcare Investors, I   64.56    1,099.640     NA      NA       16.17        2.37       19.02       68.000       66.700   94.55    (0.730)    1.92     0.040     0.99    NA         6.93    0.52     2.93
Real Estate Oper.   OLP     One Liberty Properties, Inc.    96.84      204.070     NA      NA       20.10        1.15        7.18       10.150        7.900   44.56    (0.160)   22.19       -       1.33    NA         7.16    0.28    (0.59)
Real Estate Oper.   ORGN    Origen Financial, Inc.          59.36      128.390    1.27   10.00       4.94        0.63       13.35       25.990       18.100   50.97    (0.360)   30.35     0.010     5.16    NA         7.29    0.14   (16.41)
Real Estate Oper.   PLMA    Palomar Enterprises, Inc.       28.33        0.300     NA      NA         -           NA          NA       251.940      249.400     -         -       1.01    (4.800)     -     0.09         NA     0.14   (47.83)
Real Estate Oper.   PRLE    Paragon R.E. Equity & Investm   33.24        0.140     NA      NA        0.35        0.43         NA         0.400        0.200     NA        NA     50.49       NA       -      NA          NA     0.52   (10.26)
Real Estate Oper.   PKY     Parkway Properties, Inc.        78.16      611.570    9.77    4.75      39.57        1.52       39.83       15.460       14.800   95.00    (0.430)    4.24       -       1.97    NA         6.57    1.18     0.18
Real Estate Oper.   PEI     Pennsylvania R.E.I.T.           51.29    1,345.010   10.27    6.11      34.53        1.72       44.17       38.950       34.200   79.28     0.800    12.20    (0.470)    2.84    NA         6.60    0.77    (3.74)
Real Estate Oper.   PW      Pittsburgh & West Virginia Ra   59.61       13.910     NA      NA        9.21        1.52       17.81        1.510        1.500    1.79     0.020     0.66       -        -      NA         5.65    0.04     0.99
Real Estate Oper.   PCL     Plum Creek Timber Co. Inc.      54.00    7,988.420    4.94    6.87      46.37        4.34       35.35      172.280      171.200   62.95     9.760     0.63    (0.010)    1.35   1.87        3.62    0.86     7.61
Real Estate Oper.   PCC     PMC Commercial Trust            92.27      129.180     NA      NA       12.00        0.82       10.00       10.770        9.600   14.81     0.050    10.82       -       0.40    NA        10.00    0.13    (8.40)
Real Estate Oper.   PPS     Post Properties, Inc.           75.59    1,587.010   20.36    5.62      36.31        1.59       19.92       43.710       43.200   95.00     1.480     1.16     0.060     1.07    NA         4.96    2.72    (6.47)
Real Estate Oper.   PDL.B   Presidential Realty Corporati   45.72       22.710     NA      NA        5.75        1.24         NA         3.950        2.000   10.02     0.060    49.37    (0.010)    0.98    NA        11.13    0.05   (11.54)
Real Estate Oper.   PLD     ProLogis                        91.26   16,847.490    1.82    9.30      65.42        2.37       14.77      257.530      237.600   95.00    14.860     7.74    (0.080)    1.29    NA         2.81    1.33    (2.82)
Real Estate Oper.   PSB     PS Business Parks, Inc.         58.01    1,151.780    7.60    6.67      53.95        2.45       66.10       21.350       15.900   78.46     0.020    25.52       -       0.05    NA         3.26    0.47    (3.19)
Real Estate Oper.   PSA     Public Storage                  45.04   13,867.380    9.22    8.93      77.34        2.51      644.34      179.300      113.100   62.16     2.330    36.92       -       0.12    NA         2.59    0.77     2.07
Real Estate Oper.   RAS     RAIT Financial Trust            71.06      527.760     NA      NA        8.65        0.51         NA        61.010       58.000   68.11   (10.230)    4.94     0.340    11.45    NA        21.27    1.75    15.18
Real Estate Oper.   RPT     Ramco-Gershenson Properties T   95.97      467.280     NA      NA       25.30        1.61        8.69       18.470       16.000   90.84     0.330    13.37     0.040     2.18    NA         7.31    0.89    (4.96)
Real Estate Oper.   O       Realty Income Corp              62.37    2,880.580    4.06    5.85      28.50        2.37       26.42      101.070       98.100   42.53     1.790     2.94    (0.110)    0.95    NA         5.73    1.21     1.50
Real Estate Oper.   RWT     Redwood Trust, Inc.             65.52      857.060    0.91    6.65      30.53        5.74      142.67       28.070       27.300   95.00     5.460     2.75     0.010    73.87    NA         9.83    2.68    19.49
Real Estate Oper.   REG     Regency Centers Corporation     61.85    4,625.190    3.22    7.61      66.44        2.92       31.75       69.610       67.500   95.00     2.450     3.04       -       1.06    NA         3.97    1.21    (4.51)
Real Estate Oper.   REIS    Reis, Inc.                      27.03       74.690     NA      NA        6.80        0.92         NA        10.980        9.700   25.74     0.180    11.70     0.030     0.30    NA          NA      NA     (2.86)
Real Estate Oper.   RSO     Resource Capital Corp.          48.06      238.020    1.37    6.00       9.55        1.37       16.76       24.920       21.200   53.53    (3.470)   14.94     0.940    12.14    NA        17.17    1.36     5.18
Real Estate Oper.   RPI     Roberts Realty Investors, Inc   48.55       38.980     NA      NA        6.71        0.99         NA         5.810        3.200    5.68    (0.010)   44.92     0.110     1.93    NA          NA     0.01    (8.08)
Real Estate Oper.   RIIC    Royal Invest International Co    3.50        2.810     NA      NA        0.25         NA          NA        11.240        7.100     NA        NA     36.84       NA       -     2.87         NA     0.01   (78.26)
Real Estate Oper.   SNWP    Satellite Newspapers Corp.      13.21        0.250     NA      NA         -           NA          NA       423.480      177.900     NA        NA     57.99       NA       -      -           NA     0.21    20.00
Real Estate Oper.   BFS     Saul Centers, Inc.              54.81    1,013.010    5.80    6.00      57.09       20.85       35.66       17.740       11.100   38.14     0.630    37.44       -       3.56    NA         3.29    0.54     7.92
Real Estate Oper.   SNH     Senior Housing Properties Tru   67.06    1,848.680    4.41    4.82      22.09        1.61       20.47       83.690       82.900   85.38     0.260     0.94       -       0.36    NA         6.34    0.86    10.95
Real Estate Oper.   SPG     Simon Property Group, Inc       56.17   21,954.970    6.33    7.91      98.45        7.62       41.60      223.010      190.100   95.00     5.090    14.76    (0.090)    4.57    NA         3.41    1.29    (0.73)
Real Estate Oper.   SLG     SL Green Realty Corp.           82.81    6,154.210    5.40    7.65     103.90        1.74       35.87       59.230       57.400   95.00     4.320     3.09       -       1.41    NA         3.03    1.98    (8.89)
Real Estate Oper.   SSS     Sovran Self Storage, Inc.       70.09      946.630    4.94    5.00      43.71        1.79       24.86       21.660       21.000   84.31     1.290     3.03       -       1.04    NA         5.76    0.63     1.32
Real Estate Oper.   BEE     Strategic Hotels & Resorts In   37.33    1,361.380    1.53   11.38      18.31        1.48       49.42       74.350       73.600   95.00    (3.960)    1.01     0.060     1.29    NA         5.24    0.97    (9.58)
Real Estate Oper.   SUI     Sun Communities, Inc.           41.39      449.040     NA     3.67      24.48       10.39         NA        18.340       15.200   76.43     0.110    17.14       -      27.26    NA        10.29    0.90   (15.59)
Real Estate Oper.   SRRE    Sunrise Real Estate Group, In   33.50        8.290     NA      NA        0.35        1.34         NA        23.690       23.500     NA        NA      0.81       NA      2.08   0.97         NA     0.01      -
Real Estate Oper.   SHO     Sunstone Hotel Investors, Inc   45.60    1,376.730    1.43   10.50      23.20        1.49       47.08       59.340       58.200   95.00     0.640     1.92    (0.060)    1.46   1.03        6.03    1.04    (8.73)
Real Estate Oper.   SPPR    Supertel Hospitality Inc.       77.77      125.440    4.24    8.00       6.10        1.32       36.88       20.560       17.400   29.48    (0.600)   15.38       -       1.99    NA         8.20    0.23   (15.86)
Real Estate Oper.   SKT     Tanger Factory Outlet Centers   46.04    1,318.780   10.59    6.09      42.11        7.22       62.88       31.320       30.200   95.00     1.840     3.57    (0.010)    2.71    NA         3.42    1.55     2.33
Real Estate Oper.   TARR    Tarragon Corporation            71.71       50.780     NA      NA        1.77        0.19         NA        28.690       13.500   28.33    (0.880)   52.94   (11.080)    5.86    NA          NA     1.60     2.31
Real Estate Oper.   TCO     Taubman Centers, Inc.           64.42    2,816.340   11.56    5.76      53.53         NA        64.81       52.610       50.800   95.00     0.330     3.44    (0.030)     -      NA         2.80    1.35    (5.00)
Real Estate Oper.   TRC     Tejon Ranch Company             28.80      653.180     NA      NA       38.65        4.03      105.64       16.900       11.700   74.87     0.530    30.77       -        -     9.99         NA     0.32     0.52
Real Estate Oper.   INTG    The InterGroup Corporation      30.97       43.330     NA      NA       18.42        6.38         NA         2.350        0.800    1.62       -      65.99       -      17.86    NA          NA     0.02    (2.49)
Real Estate Oper.   MAC     The Macerich Company            48.30    5,631.030   10.68    6.59      77.65        4.20       88.64       72.520       70.700   95.00     1.790     2.51       -       3.60    NA         4.12    1.33    (5.40)
Real Estate Oper.   DOLL    The Middleton Doll Company      99.78        1.980     NA      NA        0.52        0.60        2.51        3.800        3.500     NA        NA      7.97       NA       -     6.43         NA     0.07   (25.71)
Real Estate Oper.   JOE     The St. Joe Company             39.76    2,115.460   10.18   11.33      28.45        4.46       74.59       74.360       71.000   95.00     5.030     4.51       -       1.14    NA          -      1.25   (14.36)
Real Estate Oper.   TPGI    Thomas Properties Group, Inc.   27.68      247.450     NA      NA       10.42        1.69         NA        23.750       23.300   95.00     0.140     1.89     0.040     2.57    NA         2.30    0.76   (13.96)
Real Estate Oper.   TISM    TIS Mortgage Investment         28.96        0.220     NA      NA        0.03        0.73         NA         8.890        7.100     NA        NA     20.16       NA      1.51    NA          NA      -     (16.67)
Real Estate Oper.   TCI     Transcontinental Realty Inves   72.89      128.960     NA      NA       15.95        0.49         NA         8.090        1.600    1.57       -      80.21       -       3.85    NA          NA     0.01     3.64
Real Estate Oper.   UDR     UDR, Inc.                       48.88    2,955.850     NA     5.06      22.03        3.67         NA       134.170      130.000   86.04    (4.420)    3.11    (0.020)    3.48    NA         5.99    1.24    (0.23)
Real Estate Oper.   UMH     UMH Properties, Inc             71.94      120.070     NA      NA       11.25        2.10       22.97       10.670        8.600   19.99     0.140    19.42     0.030     1.25    NA         8.89    0.12   (12.59)
Real Estate Oper.   UHT     Universal Health Realty Incom   64.03      389.500     NA      NA       32.90        2.39       17.12       11.840       11.000   45.19     0.290     7.09       -       0.17    NA         6.99    0.63    (4.39)
Real Estate Oper.   UBA     Urstadt Biddle Properties Inc   34.96      449.100    2.77    4.25      16.88        1.92         NA        26.610       21.200   46.61     0.360    20.32       -       0.30    NA         5.45    0.31     4.52
Real Estate Oper.   YSI     U-Store-It Trust                33.35      579.890     NA     6.43      10.05        1.01         NA        57.700       47.500   80.67    (2.390)   17.68     0.010     1.78    NA        11.54    1.02    (4.38)
Real Estate Oper.   VTR     Ventas, Inc.                    49.98    5,820.170    3.19    6.06      43.60        3.16       32.58      133.490      131.700   95.00     7.570     1.34    (0.190)    1.77    NA         4.36    1.29     8.03
Real Estate Oper.   VRTA    Vestin Realty Mortgage I Inc.   17.95       32.650     NA      NA        4.75        0.53         NA         6.870        6.700    0.28       -       2.50       -        -      NA        11.87    0.30   (13.16)
Real Estate Oper.   VRTB    Vestin Realty Mortgage II, In   17.82      154.170     NA      NA        3.99        0.57         NA        38.640       37.900    0.99    (0.170)    1.91     0.360     0.22    NA        12.03    0.15   (16.35)
Real Estate Oper.   VNO     Vornado Realty Trust            70.62   13,703.780    3.80    7.27      90.00        2.55       29.02      152.260      126.400   89.61     2.490    16.99    (0.230)    2.03    NA         4.00    1.14   (14.66)
Real Estate Oper.   WPC     W. P. Carey & Co. LLC           86.55    1,343.970     NA      NA       34.95        2.10       12.06       38.450       25.100   11.92     0.390    34.73    (0.010)    0.54    NA         5.40    0.11    (0.14)
Real Estate Oper.   WRE     Washington Real Estate Invest   57.96    1,495.330    6.34    4.50      32.04        3.01       40.58       46.670       46.100   59.42    (0.240)    1.22       -       2.54    NA         5.28    0.96    (4.93)
Real Estate Oper.   WRI     Weingarten Realty Investors     74.30    3,033.300    3.12    6.17      35.65        2.01       27.09       85.090       75.300   60.67    (2.580)   11.50     0.090     2.03    NA         5.55    1.28    (2.36)
Real Estate Oper.   WLRE    Wells Real Estate Investment    28.90    4,433.100     NA      NA        9.00        1.42       42.69      492.570      487.600     -       0.010     1.01       -       0.38    NA         6.52     -     (18.18)
Real Estate Oper.   WOC     Wilshire Enterprises, Inc.      32.61       30.830     NA      NA        3.89        2.29         NA         7.930        5.800   16.88    (0.020)   26.82       -       2.11   6.00         NA     0.04    (5.81)
Real Estate Oper.   FUR     Winthrop Realty Trust           83.47      353.640    0.83   17.00       5.34        1.08        8.07       66.220       45.700   46.73    (0.840)   30.99     0.460     0.76    NA         4.87    0.32     4.09
Real Estate Oper.   ZIPR    ZipRealty, Inc.                 33.00      118.250     NA    12.50       5.06        1.43         NA        23.370       12.400   31.25     0.010    46.94    (1.120)     -     6.90         NA     0.09    (7.16)




                                                                                           C:\Docstoc\Working\pdf\473df5f0-08dd-4e01-bbf7-83be8f860d47.xls
                                                                                                                                                  Real Estate 31Oct07


   Market Category    Ticker        Name of Company (issuer)   Value Rank        Market           Projected     Long Term       Price ($)   Price to Book       Price To      Shares       Float (millions)   Institutional      Institutional     Insider        Insider Net  Total Debt To Current Ratio, Dividend Yield Volume, Daily 4 Week Price
                     Symbol                                     (higher is   Capitalization ($    Price-To-    Growth Rate   unadjusted for     Ratio,         Earnings     Outstanding,                        Percent         Net Shares       Ownership     Shares Bought Total Equity,    Quarterly          (%)        As a % of      Percent
                                                                 better)        millions)        Earnings to    (%), Mean     future splits  Quarterly           Ratio,       Current                         Owned, (%)        Purchased        Percent (%)     (millions) in  Quarterly                                     Shares     Change (%)
                                                                                                 Long Term                                                     Excluding     (millions)                                         (millions) in                   recent 6 mos                                               Outstanding
                                                                                                 Growth Rate                                                Extraordinary                                                     recent quarter                                                                                   (%)
                                                                                                                                                             Items, TTM

Real Estate Oper.    AKR       Acadia Realty Trust                 52.97          859.660              5.91          7.00         26.50           3.50           48.08          32.810          30.200             95.00            1.970              7.96         (0.220)         1.91            NA           3.02          0.60           (4.44)
Real Estate Oper.    ADC       Agree Realty Corporation            70.59          245.340              4.07          4.00         32.38           1.88           17.32           7.750           7.100             45.37            0.190              8.41          0.010          0.56            NA           6.05          0.71            1.86
Real Estate Oper.    AFN       Alesco Financial Inc.               41.88          236.050              0.61          5.00          3.98           0.64             NA           59.460          57.700             67.21            0.310              2.96          0.300         28.60            NA          31.16          1.79          (20.87)
Real Estate Oper.    ALX       Alexander's, Inc.                   34.45        2,008.900               NA            NA         401.95          19.86          400.64           5.040           3.700             35.36            0.130             26.65            -           10.46            NA            NA           0.23            1.62
Real Estate Oper.    ARE       Alexandria Real Estate Equiti       59.85        2,980.490              4.26          9.02        103.14           2.52           40.86          29.570          28.800               NA               NA               2.59         (0.030)         1.73            NA           2.95          0.86            4.60
Real Estate Oper.    AMB       AMB Property Corporation            73.75        6,425.270              3.60          6.21         65.35           2.38           23.98          99.910          94.800             91.38            5.270              5.12         (0.060)         1.23            NA           3.06          0.86            4.04
Real Estate Oper.    AMEN      AMEN Properties, Inc                99.32           13.740               NA            NA           6.00           1.42            8.62           2.290           1.400              1.35              -               38.89            -            0.30           1.49           NA           0.07            4.71
Real Estate Oper.    ACC       American Campus Communities,        25.15          671.300               NA          11.61         28.44           1.92             NA           23.540          22.800             95.00            1.430              3.13          0.010          1.69            NA           4.75          0.71           (3.23)
Real Estate Oper.    APO       American Community Properties       70.21          119.500               NA            NA          23.25           9.01           34.24           5.230           0.300              1.62              -               94.26            -           23.14            NA           1.72          0.01           (6.29)
Real Estate Oper.    AFR       American Financial Realty Tru       31.76          883.770               NA           8.00          6.74           1.25             NA          129.780         126.100             92.43            2.950              2.83         (0.030)         3.07            NA          11.28          1.13           (9.29)
Real Estate Oper.    ANL       American Land Lease, Inc.           84.44          169.640              8.40          5.50         21.62           1.48           27.81           7.980           6.300             36.99            0.150             21.08            -            1.98            NA           4.62          0.33           (3.91)
Real Estate Oper.    AMC       American Mortgage Acceptance        83.43           66.830               NA            NA           8.04           0.69             NA            8.410           8.300             21.20           (0.180)             1.26          0.240          8.75            NA          11.19          0.26           (8.63)
Real Estate Oper.    ARL       American Realty Investors, In       82.62           83.010               NA            NA           7.39           0.55             NA           11.220           2.100              2.64              -               81.28            -            9.11            NA            NA           0.02            0.41
Real Estate Oper.    AQQ       American Spectrum Realty, Inc       50.54           23.840               NA            NA          17.00           1.85             NA            1.380           0.700               -                -               49.35            -           14.11            NA            NA           0.02          (13.92)
Real Estate Oper.    AMY       AmREIT                              53.16          174.440               NA           7.75          8.14           1.07             NA           22.510           5.900              4.34            0.250             73.79            -            0.96            NA           6.11          0.04            2.50
Real Estate Oper.    AHR       Anthracite Capital Inc.             96.44          535.550              1.13          6.00          8.32           0.81            5.76          64.290          63.900             67.68            7.540              0.61          0.170          5.91            NA          14.42          0.97          (15.36)
Real Estate Oper.    ANH       Anworth Mortgage Asset Corpor       43.80          316.040               NA           5.00          6.83           0.74             NA           45.670          44.100             87.78            2.400              3.44            -            2.46            NA           2.93          2.07           16.16
Real Estate Oper.    AIV       Apartment Investment and Mana       58.92        4,412.320               NA           5.41         46.73           3.04             NA           96.740          92.600             95.00            4.410              4.28         (0.050)         3.12            NA           5.14          0.97           (0.57)
Real Estate Oper.    ABR       Arbor Realty Trust, Inc.            80.29          368.620              0.57          8.67         18.88           0.89            4.36          20.190          13.500             66.73            1.650             33.12          0.100          5.43            NA          13.14          1.31           (8.97)
Real Estate Oper.    AZL       Arizona Land Income Corporati       76.55           12.500               NA            NA           7.10           3.02            3.67           1.850           1.500              1.13           (0.050)            18.96            -             -              NA            NA           0.48           13.60
Real Estate Oper.    AHT       Ashford Hospitality Trust, In       46.73        1,207.720               NA          10.33          9.84           0.88           88.48         122.610         107.900             95.00           46.280             12.00          0.120          2.03            NA           8.54          0.74           (6.11)
Real Estate Oper.    AEC       Associated Estates Realty Cor       61.78          196.580               NA           4.00         12.14           4.63             NA           16.350          13.400             59.50            1.280             18.07         (0.050)         5.68            NA           5.60          0.76           (7.82)
Real Estate Oper.    AVB       AvalonBay Communities, Inc.         52.58        9,515.710              5.28          8.19        122.65           3.02           54.63          79.740          78.300             95.00            2.650              1.80         (0.040)         0.93            NA           2.77          0.95            0.57
Real Estate Oper.    AVTR      Avatar Holdings Inc.                99.85          398.900               NA            NA          46.55           0.76            3.67           8.300           6.000             87.51            0.630             27.68            -            0.26            NA            NA           1.37          (11.50)
Real Estate Oper.    AXGO      Axia Group, Inc. (USA)               1.81              -                 NA            NA            -              NA              NA            0.010             -                 NA               NA              80.00            NA            -             0.07           NA      16,226.20             -
Real Estate Oper.    VHTI      B. H. I. T. Inc.                    18.22           11.240               NA            NA           0.47           4.74             NA           24.990          19.700               -                -               21.16          3.530           -              NA            NA           0.06           30.56
Real Estate Oper.    BMN       Bimini Capital Managment, Inc       46.81           12.650               NA            NA           0.49           0.44             NA           25.300          22.700             34.38           (1.650)            10.29            -           65.57            NA          40.82          0.87          (53.33)
Real Estate Oper.    BMR       BioMed Realty Trust, Inc.           33.72        1,517.430              3.92          7.28         23.89           1.24           29.47          65.460          64.800             95.00            5.510              1.01            -            0.92            NA           5.19          0.84           (7.30)
Real Estate Oper.    BOWFF     Boardwalk REIT (USA)                 7.64        2,558.570               NA            NA          45.15          12.99             NA           56.450          42.300              9.46            0.400             25.07            -            9.11            NA            NA            -             (5.16)
Real Estate Oper.    BXP       Boston Properties, Inc.             89.13       12,700.470              6.46          5.92        108.34           2.92           11.72         119.250         104.700             95.00            5.130             12.20            -            1.24            NA           2.51          0.87           (0.40)
Real Estate Oper.    BDN       Brandywine Realty Trust             77.51        2,191.920             93.78          3.85         25.87           1.22             NA           86.840          82.600             95.00            7.760              4.89            -            1.76            NA           6.80          0.89            3.52
Real Estate Oper.    BRE       BRE Properties, Inc.                51.94        2,790.560              7.35          5.93         54.80           3.06           59.08          50.770          49.900             95.00            6.040              1.70            -            2.11            NA           3.92          0.81           (5.91)
Real Estate Oper.    BAM       Brookfield Asset Management I       77.75       23,144.510              2.99         13.00         40.79           3.65           20.51         583.570         577.700             54.35           (1.310)             1.01            -            3.27            NA           1.18          0.19            4.64
Real Estate Oper.    BRT       BRT Realty Trust                    98.76          172.000               NA            NA          16.02           0.69            3.52          11.180           6.500             23.22            0.440             41.84            -            0.31            NA          15.48          0.80           (9.24)
Real Estate Oper.    CPT       Camden Property Trust               76.33        3,320.530              9.43          6.97         62.35           1.96           27.25          56.130          53.100             95.00            4.930              5.39         (0.040)         1.55            NA           4.43          0.79           (3.54)
Real Estate Oper.    CAA       Capital Alliance Income             81.48            2.210               NA            NA           5.80           0.20             NA            0.380           0.300              0.26              -               21.26            -            0.36            NA            NA           0.07           (9.38)
Real Estate Oper.    CPI       Capital Properties, Inc.            26.12           79.200               NA            NA          24.25           4.78           49.04           3.300           1.600             10.45              -               51.51            -             -              NA           0.99          0.01            1.68
Real Estate Oper.    CT        Capital Trust, Inc.                 97.18          594.580              0.98          8.33         33.72           1.28            8.18          17.990          16.000             52.28            0.150             11.06          1.260          5.07            NA           9.49          0.80           (8.44)
Real Estate Oper.    LSE       CapLease, Inc.                      32.12          424.070               NA           5.00          9.36           1.14             NA           45.650          43.400             78.50            9.100              4.93          0.120          0.74            NA           8.55          0.60           (4.00)
Real Estate Oper.    CMO       Capstead Mortgage Corporation       64.47          226.900               NA           5.00         11.62           1.51             NA           19.390          18.400             45.96            0.940              5.12            -           13.78            NA           1.38          1.45            7.59
Real Estate Oper.    CBG       CB Richard Ellis Group, Inc.        57.34        5,621.880              0.67         16.50         24.38           3.69           14.80         229.280         198.100             95.00           13.620             13.60         (2.030)         1.88           0.81           NA           1.68          (13.64)
Real Estate Oper.    CBL       CBL & Associates Properties,        76.94        2,143.070              4.38          6.48         33.11           2.26           29.55          65.660          52.900             95.00            4.360             19.43         (0.030)         5.21            NA           6.10          0.69           (7.41)
Real Estate Oper.    CDR       Cedar Shopping Centers Inc          76.56          557.750              7.16          5.07         12.85           1.16           48.22          44.230          42.900             94.60            1.510              3.01          0.010          1.23            NA           7.00          0.47           (6.55)
Real Estate Oper.    CSA       Cogdell Spencer Inc.                26.34          203.740               NA           5.00         17.14           1.60             NA           11.950           9.100             79.00            0.320             23.85          0.010          1.95            NA           8.17          0.45           (8.24)
Real Estate Oper.    CLP       Colonial Properties Trust           98.30        1,459.260              2.26          2.00         31.33           1.42            4.54          46.950          38.600             77.25            3.260             17.79          0.560          1.18            NA           6.38          0.96          (12.34)
Real Estate Oper.    OFC       Corporate Office Properties T       59.42        1,911.540             15.46          8.59         41.33           2.28          224.82          47.160          40.400             95.00            4.400             14.34         (0.060)         2.09            NA           3.29          0.82           (2.82)
Real Estate Oper.    CUZ       Cousins Properties Incorporat       87.27        1,465.840               NA           8.50         28.79           3.64            6.19          51.850          48.500             62.80            1.750              6.46          0.050          0.79            NA           5.14          0.63           (3.26)
Real Estate Oper.    DCT       DCT Industrial Trust Inc.           22.50        1,812.230              5.17          9.80         10.73           1.50             NA          168.420         163.400             69.03           25.890              2.98          0.020          0.98            NA           5.97          0.67            1.13
Real Estate Oper.    DFR       Deerfield Capital Corp.             77.43          478.710              1.09          5.00          9.55           0.71            6.71          51.750          49.200             50.43            0.260              4.93          1.200         12.35            NA          17.59          1.32            2.25
Real Estate Oper.    DDR       Developers Diversified Realty       69.48        6,237.270              3.68          7.21         50.40           2.23           26.75         124.200         120.600             84.68            0.930              2.90         (0.020)         1.52            NA           5.24          0.90          (12.58)
Real Estate Oper.    DLR       Digital Realty Trust, Inc.          17.64        2,583.380              6.77         12.83         43.99           4.25          188.16          60.710          58.900             95.00           10.640              2.99            -            1.07            NA           2.60          1.28           10.11
Real Estate Oper.    DEI       Douglas Emmett, Inc.                24.77        2,895.220               NA           8.63         26.31           1.45             NA          109.830          99.700             95.00           16.170              9.23          0.030          1.41            NA           2.66          0.46            0.77
Real Estate Oper.    DRE       Duke Realty Corporation             71.28        4,358.960              5.13          5.31         32.15           2.51           42.34         136.950         135.600             75.82            1.800              0.98         (0.010)         1.56            NA           5.97          0.70           (5.75)
Real Estate Oper.    DFT       DuPont Fabros Technology, Inc        1.81          649.930               NA            NA          21.48            NA              NA           30.950          30.600               NA               NA               1.13            NA            NA             NA            NA           9.55             NA
Real Estate Oper.    DVLN      DVL, Inc.                           99.21            5.430               NA            NA           0.15           0.27            4.42          32.910          22.400              0.06            0.020             31.93            -            2.90            NA            NA           0.02           (6.25)
Real Estate Oper.    DX        Dynex Capital, Inc.                 60.24          102.920               NA            NA           8.58           1.03           18.33          12.140           9.600             27.47            0.080             20.90          0.010          1.67            NA            NA           0.11           10.00
Real Estate Oper.    EGP       EastGroup Properties Inc.           54.08        1,117.080              5.81          7.04         47.68           2.79           46.41          23.770          23.000             79.46            0.270              3.23         (0.030)         1.33            NA           4.20          0.95            3.20
Real Estate Oper.    ECRO      ECC Capital Corporation             51.67           19.200               NA            NA           0.19           0.17             NA          101.030          81.900             16.68          (10.200)            18.93            -           18.56            NA         147.37          0.09          (24.00)
Real Estate Oper.    EDR       Education Realty Trust, Inc.        30.88          363.180               NA           6.00         12.94           1.15             NA           28.510          27.400             91.60            2.220              3.88          0.010          1.35           0.74          6.34          0.90           (2.78)
Real Estate Oper.    EJ        E-House (China) Holdings Limi        4.05        2,581.430              1.17         59.45         35.50          38.83          111.40          74.610          73.900              0.79            0.590              0.95            -            0.16           2.46           NA           1.86           31.53
Real Estate Oper.    EMVL      EMVELCO Corp.                       64.98            4.240               NA            NA           0.92           0.19            2.83           4.610           1.500               -                -               67.46            -            0.26           1.98           NA           0.03            1.10
Real Estate Oper.    EPR       Entertainment Properties Trus       61.64        1,413.370              0.91         18.00         54.87           1.52           19.24          26.670          26.100             94.39            2.280              2.08         (0.030)         1.14            NA           5.54          0.77            1.89
Real Estate Oper.    ELS       Equity Lifestyle Properties,        65.14        1,210.550              5.43          8.60         50.24          17.41           44.71          24.360          20.100             95.00            1.560             17.48            -           24.06            NA           1.19          0.73           (7.12)
Real Estate Oper.    EQY       Equity One, Inc.                    67.34        1,892.020              4.69          5.66         26.18           2.08           39.59          73.160          36.100             44.29            4.650             50.66          2.180          1.29            NA           4.58          0.37           (7.46)
Real Estate Oper.    EQR       Equity Residential                  75.18       10,807.200             28.11          5.37         41.78           2.19          329.50         271.060         258.000             94.88           (3.240)             4.82         (0.010)         1.85            NA           4.43          0.70           (4.28)
Real Estate Oper.    ESS       Essex Property Trust, Inc.          50.72        3,088.240              9.59          5.90        123.43           3.76           76.76          25.160          23.000             95.00            4.170              8.59            -            1.48            NA           3.01          1.05            0.29
Real Estate Oper.    EXR       Extra Space Storage, Inc.           30.56          985.540              5.33          5.94         15.72           1.56           38.60          64.840          59.700             95.00            7.000              7.92            -            2.00            NA           5.79          0.82           (0.32)
Real Estate Oper.    FRT       Federal Realty Inv. Trust           44.55        4,957.030              6.46          7.53         88.22           5.80           56.15          56.390          55.600             93.87            3.230              1.46            -            2.10            NA           2.77          0.58           (4.90)
Real Estate Oper.    FCH       FelCor Lodging Trust Incorpor       83.33        1,269.410              3.26          6.33         20.94           2.20        4,271.01          62.440          60.000             95.00            1.570              3.91         (0.080)         1.23            NA           5.73          0.73           (3.06)
Real Estate Oper.    FMP       Feldman Mall Properties, Inc.       43.19           54.150               NA            NA           4.01           0.51             NA           13.050          12.800             58.68           (0.830)             1.89            -            2.37            NA          22.69          1.48          (44.69)


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                                                                                                                  Real Estate 31Oct07


Real Estate Oper.   FR      First Industrial Realty Trust   67.76    1,822.400     2.32    6.50      40.75        1.83         NA        45.420       43.000   89.80    2.020     5.34   (0.010)    2.03      NA         6.97   0.87    (0.49)
Real Estate Oper.   FPO     First Potomac Realty Trust      27.07      510.970   434.60    7.24      20.90        1.51      707.76       24.250       23.400   95.00    0.520     3.51    0.040     1.97      NA         6.51   0.75    (8.53)
Real Estate Oper.   FREVS   First Real Estate Investment    33.26      152.790      NA      NA       22.60        5.85       33.86        6.760        5.200     -        -      23.09      -       7.28      NA         5.31   0.01    (7.19)
Real Estate Oper.   FSRV    FirstService Corporation (USA   83.23    1,111.820     1.67   15.00      37.98        3.65       26.52       29.900       25.700   45.50    2.820    14.03      -       0.86     1.36         NA    0.22    18.32
Real Estate Oper.   FCE.A   Forest City Enterprises, Inc.   34.89    5,799.870   209.15    9.00      56.92        5.45      881.10      102.710       72.600   65.28    2.340    29.31   (1.200)    6.40      NA         0.56   0.30     0.58
Real Estate Oper.   FSP     Franklin Street Properties Co   39.30    1,162.930      NA      NA       16.25        1.27       29.95       70.480       59.200   30.15    1.140    16.01    0.140     0.12      NA         7.63   0.24    (7.41)
Real Estate Oper.   GGP     General Growth Properties       63.60   13,074.850     3.86    8.86      54.36        8.04       43.11      245.580      229.800   88.00   17.930     6.43    0.850    13.15      NA         3.68   0.67    (1.54)
Real Estate Oper.   GTY     Getty Realty Corp.              58.87      702.080     4.68    3.69      28.43        3.13       17.98       24.760       17.300   36.73    0.920    30.14      -       0.57      NA         6.54   0.34     2.52
Real Estate Oper.   GOOD    Gladstone Commercial Corporat   30.05      158.200     8.87   12.25      18.74        1.09      103.76        8.570        7.100   46.10    0.020    17.10   (0.010)    1.42      NA         7.68   0.10     2.13
Real Estate Oper.   GRT     Glimcher Realty Trust           35.10      821.750     4.72    3.50      22.20       42.85         NA        37.680       35.400   81.46    1.000     6.05      -       6.37      NA         8.66   0.70    (7.38)
Real Estate Oper.   GCT     GMH Communities Trust           55.99      300.920     5.13    9.39       7.38        1.12       26.29       41.620       28.700   85.96   (1.110)   31.05    0.180     3.81      NA         8.94   0.63    (4.53)
Real Estate Oper.   GTA     Golf Trust of America, Inc.     96.75       16.100      NA      NA        2.20        1.29        4.35        7.320        6.500    7.87   (0.320)   11.17      -       0.18      NA          NA    0.16    (4.35)
Real Estate Oper.   GKK     Gramercy Capital Corp.          70.45      817.670     0.79    7.50      26.37        1.26        4.86       30.900       22.200   70.35    0.580    28.16    1.210     4.41      NA         9.56   1.33     2.61
Real Estate Oper.   GBE     Grubb & Ellis Company           40.66      220.530     0.77   12.00       8.49        4.59         NA        25.910       15.800   61.75    2.730    39.03    0.560      -       1.01         NA    0.33    (6.91)
Real Estate Oper.   GAV     Grubb & Ellis Realty Advisors   23.27      174.530      NA      NA        5.89        1.55       53.43       29.830       16.700   50.07    1.570    44.02    0.350      -     240.58         NA    0.02     1.55
Real Estate Oper.   GYRO    Gyrodyne Company of America,     6.68       65.070      NA      NA       51.24         NA          NA         1.290        1.100   27.67   (0.020)   14.73      -       0.38      NA          NA    0.02     4.83
Real Estate Oper.   HCM     Hanover Capital Mortgage Hold   75.29       12.500      NA      NA        1.54        0.29         NA         8.060        6.700    8.30    0.130    16.92      -       1.07      NA          -     0.27   (25.60)
Real Estate Oper.   HCP     HCP, Inc.                       80.12    7,309.710     1.78    7.50      34.04        1.97       67.02      216.260      215.200   66.85    7.120     0.49      -       1.92      NA         5.23   0.54     0.38
Real Estate Oper.   HCN     Health Care REIT, Inc.          63.34    3,646.420     4.67    5.48      44.29        1.89       35.08       81.000       79.700   71.49    6.240     1.60   (0.110)    1.08      NA         5.96   0.77    (2.14)
Real Estate Oper.   HR      Healthcare Realty Trust Incor   70.79    1,238.610     5.35    3.00      26.44        2.10       54.59       47.920       47.000   76.11    9.460     1.91    0.030     1.33      NA         5.82   0.99    (2.07)
Real Estate Oper.   HT      Hersha Hospitality Trust        80.19      438.560     3.43   12.00      10.81        1.34       83.37       40.990       37.700   95.00    4.350     8.02      -       2.08      NA         6.66   0.35     1.69
Real Estate Oper.   HF      HFF, Inc.                       36.23      164.450     1.01   10.00      10.05        5.23        3.72       16.440       16.300   95.00    1.650     0.88      -        -       1.50         NA    0.69   (17.28)
Real Estate Oper.   HIW     Highwoods Properties, Inc.      62.92    1,965.300     5.93    5.00      35.96        2.19       46.20       57.130       53.100   95.00    6.210     7.06   (0.200)    1.55      NA         4.73   0.67    (3.07)
Real Estate Oper.   HTH     Hilltop Holdings Inc.           28.49      674.690      NA      NA       12.02        1.64         NA        56.460       45.700   77.63    1.390    19.06      -       2.08      NA          NA    0.55     1.61
Real Estate Oper.   HMG     HMG/Courtland Properties        49.26       11.670      NA      NA       11.40        0.67         NA         1.020        0.500    0.49      -      51.17      -       1.19      NA          NA    0.01    (3.39)
Real Estate Oper.   HOOB    Holobeam, Inc.                  32.72       10.480      NA      NA       39.00        3.64       28.03        0.270        0.100     NA       NA     62.83      NA      1.00     1.36         NA     -        -
Real Estate Oper.   HME     Home Properties, Inc.           77.23    1,671.560     8.56    5.63      51.42        2.39       60.94       33.570       33.000   95.00    3.850     1.69   (0.010)    3.15      NA         5.06   1.16    (4.41)
Real Estate Oper.   HSYT    Home System Group               19.78      187.430      NA      NA        3.00       13.33      630.25       62.480       58.700    0.77      -       6.05      -        -       2.42         NA     -     (25.19)
Real Estate Oper.   HMBN    HomeBanc Corp.                  55.52        1.130      NA      NA        0.02        0.01         NA        51.380       51.100   62.81   (8.440)    0.55      -      23.62      NA     3,636.36   0.68   (12.00)
Real Estate Oper.   HXM     Homex Development Corp. (ADR)   40.70    3,152.600     1.05   16.77      56.51        3.84       19.89       55.980       10.800   38.99    2.060    80.71      -       0.44     3.41         NA    0.82    (0.65)
Real Estate Oper.   HGPI    Horizon Group Properties, Inc   45.11       17.890      NA      NA        6.25        1.56         NA         2.860        2.000     -        -      30.12      -       8.24      NA          NA    0.02    (7.41)
Real Estate Oper.   HPT     Hospitality Properties Trust    88.87    3,707.840     2.60    6.15      39.60        1.60       18.02       93.870       92.900   77.18    1.540     1.03      -       1.01      NA         7.78   0.80    (5.15)
Real Estate Oper.   HST     Host Hotels & Resorts, Inc.     71.51   11,335.990     1.13   12.37      22.16        2.12       26.23      522.400      501.500   95.00   27.540     4.00   (0.400)    1.07      NA         3.61   0.69    (3.82)
Real Estate Oper.   SOLD    HouseValues, Inc.               37.50       96.900      NA    24.33       3.90        1.12         NA        24.660       20.900   65.80    0.160    15.24      -       0.02    12.92         NA    0.21    (1.76)
Real Estate Oper.   HRP     HRPT Properties Trust           89.38    1,975.340    23.31    1.33       9.39        0.92       25.24      211.950      209.800   72.62    5.100     1.01      -       0.88      NA         8.95   0.86    (6.38)
Real Estate Oper.   HYSNY   Hysan Development Company Lim   52.87    3,229.400      NA      NA        6.10        0.86        8.45      529.460      307.100     -        -      42.00      -       0.10     1.31        1.02    -       4.81
Real Estate Oper.   IEP     Icahn Enterprises, L.P.         61.12    8,006.750      NA      NA      130.50        3.24         NA        61.860        8.000   95.00    0.810    87.07      -       0.88     7.94        0.46   0.03    10.00
Real Estate Oper.   IOT     Income Opportunity Realty Inv   54.40       17.320      NA      NA        4.15        0.39         NA         4.170        0.800    2.90      -      80.83      -       1.58      NA          NA     -      (5.68)
Real Estate Oper.   IRC     Inland Real Estate Corporatio   31.59      964.050     6.05    4.00      14.90        2.59       24.31       65.360       58.200   67.65    3.580    10.95    0.220     2.51      NA         6.58   0.51    (6.23)
Real Estate Oper.   IHT     InnSuites Hospitality Trust     77.91       11.210      NA      NA        1.20        1.60         NA         9.190        3.200    0.02   (0.020)   65.17      -       3.00      NA         0.83   0.01    (9.09)
Real Estate Oper.   IVCO    Investco Corporation            52.71        0.010      NA      NA         -           -           NA        13.240        7.800     -        -      41.08      -       0.20     0.39         NA     -        -
Real Estate Oper.   IRETS   Investors Real Estate Trust     70.86      524.840     9.84    4.75      10.85        2.05       57.91       49.050       47.600   23.78    1.630     2.96      -       3.40      NA         6.16   0.64    (0.09)
Real Estate Oper.   IRS     IRSA Inversiones Representaci   81.92      977.750     0.94   20.90      17.86        1.53       15.55       55.180       38.070   32.00    0.520    31.00      -       0.66     1.06         NA    0.25    14.19
Real Estate Oper.   SFI     iStar Financial Inc.            97.87    3,788.770     0.94    7.67      30.51        1.22       10.51      128.220      123.800   79.82    3.990     3.44   (0.120)    2.93      NA        10.82   1.43   (14.08)
Real Estate Oper.   MAYS    J.W. Mays, Inc.                 48.63       47.170      NA      NA       23.40        1.19       22.95        2.020        1.400    5.70      -      30.56      -       0.37     1.74         NA    0.02     4.00
Real Estate Oper.   JRT     JER Investors Trust Inc.        63.87      285.570     0.29   24.00      11.17        0.89        7.57       25.890       23.600   83.23   (0.540)    8.85    0.820     3.04      NA        16.11   1.40   (12.67)
Real Estate Oper.   JLL     Jones Lang LaSalle Incorporat   89.02    3,520.650     0.83   16.00      95.33        3.98       15.10       37.420       37.100   82.89    2.490     0.86   (0.050)    0.17     1.20        0.73   1.59    (7.50)
Real Estate Oper.   KWIC    Kennedy-Wilson, Inc.            20.87      227.190      NA      NA       40.00        4.41       86.80        5.680        2.500    8.49   (0.030)   55.99      -       1.74      NA          NA    0.02      -
Real Estate Oper.   KRC     Kilroy Realty Corporation       51.15    2,077.030     5.89    7.72      65.04        3.99       59.16       32.770       30.500   95.00    2.330     6.92   (0.100)    1.64      NA         3.41   0.90    (0.26)
Real Estate Oper.   KIM     Kimco Realty Corporation        60.33   10,468.010     3.42    8.01      41.52        3.00       30.40      252.670      229.300   76.74   15.190     9.25   (0.210)    1.27      NA         3.85   0.61   (10.30)
Real Estate Oper.   KRG     Kite Realty Group Trust         30.90      514.660     6.86    6.25      18.12        1.51       45.97       28.910       22.900   95.00    3.680    20.80    0.010     1.78      NA         4.53   0.44    (6.98)
Real Estate Oper.   KFN     KKR Financial Holdings LLC      73.30    1,267.860      NA     7.00      15.61        0.75        7.37       80.500       76.500   73.31   (2.640)    4.97    0.200    10.05      NA        14.35   1.08    (7.25)
Real Estate Oper.   LSBK    Lake Shore Bancorp, Inc.        31.02       63.930      NA      NA       10.02        1.25       40.13        6.460        2.500    3.94      -      61.32      -       0.82      NA         1.60   0.07    (1.76)
Real Estate Oper.   LHO     LaSalle Hotel Properties        80.87    1,619.990     1.90   14.60      41.32        1.54       55.56       40.090       39.800   95.00    4.040     0.72   (0.020)    0.80      NA         4.94   1.60    (6.13)
Real Estate Oper.   LXP     Lexington Realty Trust          62.02    1,268.470      NA     4.00      19.79        1.67         NA        64.030       59.500   86.06    0.890     7.08      -       2.86      NA         7.58   0.83    (3.04)
Real Estate Oper.   LRY     Liberty Property Trust          76.30    3,366.440     4.89    5.08      37.62        1.83       24.76       91.160       90.600   95.00    3.110     0.61   (0.010)    1.50      NA         6.64   0.77    (8.24)
Real Estate Oper.   LOOP    LoopNet, Inc.                   25.68      719.940     1.23   30.00      18.85        6.26       36.28       38.830       27.700   57.76    5.150    28.67   (0.700)     -       7.16         NA    1.48   (11.21)
Real Estate Oper.   LTC     LTC Properties, Inc.            62.18      584.250      NA      NA       25.34        2.04       19.21       23.370       22.200   73.88    0.620     5.01      -       0.11      NA         5.92   0.37     2.88
Real Estate Oper.   LUM     Luminent Mortgage Capital, In   87.55       85.310     0.47    8.00       1.95        0.20        2.75       43.300       42.100   86.57    2.680     2.78    0.040    19.40      NA          -     2.53   (19.42)
Real Estate Oper.   MPG     Maguire Properties, Inc.        18.33    1,255.820      NA     4.20      27.25        3.39         NA        47.210       37.300   95.00    4.890    20.99    0.200    14.64      NA         5.87   1.45     2.10
Real Estate Oper.   MRTI    Maxus Realty Trust, Inc.        90.05       15.030      NA      NA        9.90        1.38         NA         1.410        0.900   12.02   (0.050)   35.99      -       4.76      NA         8.08   0.23      -
Real Estate Oper.   MPW     Medical Properties Trust, Inc   38.94      649.970      NA      NA       13.13        1.35       16.21       49.580       48.100   75.26   (3.880)    2.98      -       0.59      NA         8.23   0.54    (2.74)
Real Estate Oper.   MMPI    Meruelo Maddux Properties, In   17.53      424.100      NA      NA        4.81        1.02         NA        85.850       85.000   48.73    5.980     0.99    0.020     0.67      NA          NA    0.24   (23.53)
Real Estate Oper.   MFA     MFA Mortgage Investments        89.06      825.040     3.56    7.50       8.56        1.02       26.48       94.940       94.000   72.39    5.360     0.99      -       9.07      NA         4.67   1.13     4.39
Real Estate Oper.   MDH     MHI Hospitality Corporation     56.24       66.480     1.88   10.25       9.71        1.58       16.78        6.850        4.900   28.25   (0.110)   28.44      -       1.39     0.59        7.00   0.10    (0.82)
Real Estate Oper.   MIM     MI Developments Inc. (USA)      44.02    1,557.470      NA      NA       32.07        0.90       36.62       48.370       46.000   88.19   (0.430)    4.90      -       0.35      NA         1.87   0.14    (5.68)
Real Estate Oper.   MAA     Mid-America Apartment           51.38    1,319.280     9.23    6.67      52.00        2.88      107.32       25.510       23.900   90.56    3.240     6.32   (0.020)    2.62      NA         4.65   1.07     0.83
Real Estate Oper.   MSW     Mission West Properties, Inc.   98.71      234.700      NA      NA       11.99        1.68       12.84       19.640       19.500   78.73    0.500     0.71      -       2.50      NA         5.34   0.30    (1.72)
Real Estate Oper.   MNRTA   Monmouth R.E. Inv. Corp.        67.67      196.060      NA      NA        8.27        1.63       31.28       23.970       22.300   17.46    0.080     6.96    1.040     0.90      NA         7.26   0.06    (1.81)
Real Estate Oper.   MOVE    Move Inc.                       79.48      377.480      NA    41.67       2.54        3.31       30.69      155.340      130.400   85.62    0.990    16.06      -       0.01     2.59         NA    0.60   (14.48)
Real Estate Oper.   NHI     National Health Investors       81.04      808.700      NA      NA       29.29        1.88       12.27       27.750       23.600   42.80    1.140    14.96      -       0.26      NA         6.83   0.41    (6.63)
Real Estate Oper.   NHR     National Health Realty          55.64      230.700      NA      NA       21.50        2.07       18.83        9.960        5.300   18.90    0.060    46.77    0.010     0.07      NA         6.19   0.12    (7.53)
Real Estate Oper.   NNN     National Retail Properties, I   85.97    1,666.520     3.79    5.00      25.35        1.44       18.35       67.090       66.500   73.21    4.890     0.88      -       0.74      NA         5.60   1.33     0.56
Real Estate Oper.   NHP     Nationwide Health Properties    71.14    2,783.420     3.29    9.31      31.22        2.27       38.21       90.960       90.600   95.00    6.470     0.40      -       0.99      NA         5.25   0.88    (0.45)
Real Estate Oper.   NEWCQ   New Century Financial Corpora   99.84        2.220      NA      NA        0.04         -          0.01       55.470       44.700    0.71   (3.630)   19.42      -      10.86      NA    19,000.00   1.48   (65.22)
Real Estate Oper.   NEN     New England Realty Associates   96.69       13.340      NA      NA       80.00        1.44       13.35        0.170        0.100   95.00    0.010    42.20    0.010    11.71      NA         3.50   0.20     1.14


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                                                                                                                 Real Estate 31Oct07


Real Estate Oper.   NMTR    New York Mortgage Trust, Inc.   52.38       12.730     NA      NA        3.50        0.23         NA         3.640        2.940     NA       NA     19.14       -       9.17     NA      -      0.33   (22.22)
Real Estate Oper.   NCT     Newcastle Investment Corp.      97.76      772.690    0.86    6.00      14.85        0.79        5.39       52.780       48.900   75.78    2.220     7.35     0.050     7.73     NA    19.39    1.75   (19.21)
Real Estate Oper.   NRF     Northstar Realty Finance Corp   60.45      578.870    2.11    6.50       9.35        1.02       12.46       61.580       57.900   79.30    0.680     5.98     0.220     2.68     NA    15.40    1.41   (12.04)
Real Estate Oper.   NFI     NovaStar Financial Inc.         14.86       51.890     NA     2.00       5.28         NA          NA         9.470        8.800   38.09    0.210     7.07       -        NA      NA      -     11.17   (40.87)
Real Estate Oper.   NLP     NTS Realty Holdings LP          41.91       72.270     NA      NA        6.35        0.87         NA        11.380        4.900    0.06      -      56.95     0.010     2.83     NA     6.30    0.03    (3.05)
Real Estate Oper.   OMAG    Omagine, Inc.                    8.91       37.000     NA      NA        0.85         NA          NA        41.110       32.100     NA       NA     21.92       NA       -      0.10     NA     0.03   (15.84)
Real Estate Oper.   OHI     Omega Healthcare Investors, I   67.12    1,097.420     NA      NA       16.73        2.36       18.47       67.990       66.700   95.00    5.970     1.90     0.040     0.95     NA     6.70    0.51     2.95
Real Estate Oper.   OLP     One Liberty Properties, Inc.    97.80      205.690     NA      NA       20.45        1.12        6.37       10.100        7.900   47.01    0.190    21.81       -       1.26     NA     7.04    0.13    (3.58)
Real Estate Oper.   ORGN    Origen Financial, Inc.          51.54      155.260    1.76   10.00       6.00        0.73       18.28       25.880       18.000   52.57    1.240    30.44       -       4.62     NA     5.33    0.04     4.71
Real Estate Oper.   PTTTS   Palmetto Real Estate Trust      33.84       10.620     NA      NA        6.00        2.14       22.08        1.770        1.200     NA       NA     32.20       NA      1.81     NA     6.00     -      (0.83)
Real Estate Oper.   PLMA    Palomar Enterprises, Inc.       26.60        0.580     NA      NA         -           NA          NA       239.750      237.400     -        -       0.98   (15.260)     -      0.01     NA     0.27   (52.00)
Real Estate Oper.   PRLE    Paragon R.E. Equity & Investm   31.97        0.170     NA      NA        0.39        0.51         NA         0.440        0.200     NA       NA     54.85       NA       -       NA      NA     0.31    34.48
Real Estate Oper.   PKY     Parkway Properties, Inc.        75.96      679.420    9.90    4.40      43.00        1.57       51.87       15.910       15.300   95.00    0.930     3.82       -       1.78     NA     6.05    0.81    (8.67)
Real Estate Oper.   PEI     Pennsylvania R.E.I.T.           50.42    1,441.390   11.30    6.11      38.15        1.86       47.69       38.660       34.000   78.54    1.980    12.06    (0.410)    2.84     NA     5.98    0.75    (4.31)
Real Estate Oper.   PW      Pittsburgh & West Virginia Ra   62.67       13.620     NA      NA        9.25        1.49       17.44        1.510        1.500    0.73      -       0.66       -        -       NA     5.62    0.23     1.76
Real Estate Oper.   PCL     Plum Creek Timber Co. Inc.      57.07    7,438.870    4.57    6.90      44.67        4.04       32.92      172.280      171.200   59.88    4.030     0.63    (0.010)    1.35    1.87    3.76    0.72    (0.65)
Real Estate Oper.   PCC     PMC Commercial Trust            92.95      138.440     NA      NA       13.07        0.88       10.39       10.770        9.600   14.62    0.110    10.82       -       0.43     NA     9.18    0.11    (1.13)
Real Estate Oper.   PPS     Post Properties, Inc.           77.34    1,692.130   21.29    5.73      41.00        1.68       21.89       43.680       43.100   95.00    0.120     1.33       -       0.93     NA     4.39    1.39    (0.51)
Real Estate Oper.   PDL.B   Presidential Realty Corporati   45.14       24.680     NA      NA        6.25        1.24         NA         3.950        3.000    8.38      -      24.03    (0.010)    0.95     NA    10.24    0.12    (5.87)
Real Estate Oper.   PLD     ProLogis                        91.12   18,152.120    2.15    9.30      71.74        2.56       15.95      256.970      237.000   94.79   10.460     7.77    (0.040)    1.29     NA     2.57    0.91     3.82
Real Estate Oper.   PSB     PS Business Parks, Inc.         57.74    1,208.100    8.39    6.33      58.30        2.54       72.58       21.340       15.900   79.71    0.810    25.51       -       0.05     NA     3.02    0.44    (1.69)
Real Estate Oper.   PSA     Public Storage                  44.23   13,496.800     NA     9.02      80.97        2.58         NA       170.520      113.000   64.29    5.240    33.73       -       0.13     NA     2.47    0.46    (2.13)
Real Estate Oper.   RAS     RAIT Financial Trust            96.58      546.450     NA      NA        9.10        0.37        5.03       60.990       57.900   82.89    2.790     5.06     0.340     8.23     NA    20.22    1.66     1.00
Real Estate Oper.   RPT     Ramco-Gershenson Properties T   95.61      516.210     NA      NA       28.61        1.78        9.60       18.470       16.000   90.44    1.570    13.37     0.020     2.18     NA     6.47    0.82   (11.04)
Real Estate Oper.   O       Realty Income Corp              64.64    2,942.210    4.92    4.87      29.54        2.40       25.09      101.070       98.100   41.58    2.090     2.94       -       0.60     NA     5.53    0.61     1.13
Real Estate Oper.   RWT     Redwood Trust, Inc.             99.74      730.560    0.67    8.00      26.35        0.83        7.23       27.940       27.100   90.21    0.520     3.00     0.020    13.33     NA    11.39    3.63   (24.69)
Real Estate Oper.   REG     Regency Centers Corporation     61.43    4,891.230    3.57    7.21      71.48        3.29       32.63       69.510       67.400   95.00    5.560     3.03       -       0.98     NA     3.69    0.78    (8.80)
Real Estate Oper.   WRP     Reis, Inc.                      27.29       73.050     NA      NA        6.80        0.90         NA        10.980        9.700   24.46   (0.050)   11.70     0.020     0.31     NA      NA     0.05    (8.11)
Real Estate Oper.   RSO     Resource Capital Corp.          65.36      261.220    1.07    6.00      10.32        0.90       10.36       25.120       21.300   66.53    1.310    15.20     1.100     7.13     NA    15.89    0.82   (12.91)
Real Estate Oper.   RPI     Roberts Realty Investors, Inc   47.35       42.990     NA      NA        7.30        1.09         NA         5.810        3.200    5.92    0.020    44.92     0.080     1.93     NA      NA     0.08    (2.67)
Real Estate Oper.   SNWP    Satellite Newspapers Corp.       1.81        0.170     NA      NA         -           NA          NA       423.480      190.600     NA       NA     54.99       NA       -       -       NA     0.06   (55.56)
Real Estate Oper.   BFS     Saul Centers, Inc.              55.80      963.250    5.19    6.50      54.82       22.31       35.30       17.720       11.100   36.80    1.340    37.37       -       3.64     NA     3.43    0.41     2.05
Real Estate Oper.   SNH     Senior Housing Properties Tru   67.30    1,874.680    5.47    3.86      22.42        1.62       21.40       83.650       82.800   86.18    6.010     1.02       -       0.36     NA     6.24    0.74    (1.62)
Real Estate Oper.   SPG     Simon Property Group, Inc       56.35   22,833.610    6.40    7.91     104.33        7.93       44.05      223.010      190.100   95.00   15.440    14.76    (0.090)    4.57     NA     3.22    0.68    (0.31)
Real Estate Oper.   SLG     SL Green Realty Corp.           80.48    6,957.530    6.11    7.64     120.66        1.96       40.46       59.210       57.400   95.00    5.980     3.06    (0.270)    1.41     NA     2.32    1.13     0.42
Real Estate Oper.   SSS     Sovran Self Storage, Inc.       69.24    1,004.280    5.76    5.00      47.31        1.90       26.71       21.580       21.000   79.06    1.430     2.83       -       1.04     NA     5.33    0.58    (0.34)
Real Estate Oper.   BEE     Strategic Hotels & Resorts In   34.09    1,598.560   10.32   10.17      21.84        1.82         NA        74.350       73.600     NA       NA      1.01     0.050     1.37     NA     4.40    0.63     0.65
Real Estate Oper.   SUI     Sun Communities, Inc.           40.63      549.760     NA     3.67      30.50        9.33         NA        18.230       15.100   75.03   (0.240)   17.19       -      19.62     NA     8.26    0.82     1.13
Real Estate Oper.   SRRE    Sunrise Real Estate Group, In   26.15       16.580     NA      NA        0.70        2.12         NA        23.690       23.500     NA       NA      0.81       NA      1.08    0.47     NA     0.01   (12.50)
Real Estate Oper.   SHO     Sunstone Hotel Investors, Inc   33.68    1,618.760    2.52   10.25      27.81        1.72       74.86       59.820       58.600   95.00    5.270     2.04    (0.110)    1.45    1.18    4.60    0.78     3.27
Real Estate Oper.   SPPR    Supertel Hospitality Inc.       71.24      152.080    3.39   10.00       7.30        1.60       40.13       20.410       17.200   32.83    1.060    15.74       -       2.09     NA     6.85    0.08    (2.93)
Real Estate Oper.   SKT     Tanger Factory Outlet Centers   46.79    1,301.240   12.01    6.09      42.12        7.13       62.04       31.320       30.100   95.00    3.050     3.89    (0.030)    2.71     NA     3.42    1.30    (0.68)
Real Estate Oper.   TARR    Tarragon Corporation            70.11       63.970     NA      NA        2.07        0.23         NA        28.690       13.500   31.31    0.470    52.94   (11.080)    5.86     NA      NA     2.12   (27.37)
Real Estate Oper.   TCO     Taubman Centers, Inc.           64.30    3,039.420   12.27    5.76      58.87         NA        69.94       52.610       50.800   95.00    0.920     3.44    (0.010)     -       NA     2.55    0.96     3.03
Real Estate Oper.   TRC     Tejon Ranch Company             26.33      671.750     NA      NA       40.08        4.37      827.43       16.900       11.700   73.56    0.390    30.76    (0.080)     -     20.52     NA     0.29    (7.37)
Real Estate Oper.   INTG    The InterGroup Corporation      29.68       44.440     NA      NA       18.89        8.13         NA         2.350        0.800    1.53      -      65.99       -      23.80     NA      NA     0.02     3.62
Real Estate Oper.   MAC     The Macerich Company            47.52    6,116.400   11.51    6.59      85.71        4.46       97.36       71.710       70.000   95.00    4.680     2.39    (0.010)    3.49     NA     3.73    0.84    (4.73)
Real Estate Oper.   DOLL    The Middleton Doll Company      78.15        2.320     NA      NA        0.70        0.79         NA         3.800        3.500     NA       NA      7.97       NA       -      5.77     NA     0.08     9.38
Real Estate Oper.   JOE     The St. Joe Company             40.97    2,525.150    5.67   11.33      33.86        5.13       63.67       74.400       71.000   95.00    5.760     4.57    (0.010)    0.87     NA      -      1.13    (2.76)
Real Estate Oper.   TPGI    Thomas Properties Group, Inc.   25.11      290.670     NA      NA       12.19        1.99         NA        23.750       23.300   95.00   10.560     1.89     1.220     2.41     NA     1.97    0.39    (4.32)
Real Estate Oper.   TISM    TIS Mortgage Investment         27.19        0.270     NA      NA        0.03        0.88         NA         8.890        7.100     NA       NA     20.16       NA      1.51     NA      NA     0.17   (25.00)
Real Estate Oper.   TCI     Transcontinental Realty Inves   73.99      118.460     NA      NA       15.29        0.46         NA         7.880        1.400    1.56      -      82.22       -       3.83     NA      NA     0.03    (1.04)
Real Estate Oper.   UDR     UDR, Inc.                       46.87    3,096.400     NA      NA       23.74        3.92         NA       134.740      130.600   91.42    8.680     3.08    (0.010)    3.69     NA     5.56    0.60    (6.46)
Real Estate Oper.   UMH     UMH Properties, Inc             69.44      136.590     NA      NA       12.96        2.33       25.46       10.590        8.600   18.98    0.170    18.78       -       1.01     NA     7.72    0.09    (4.92)
Real Estate Oper.   UHT     Universal Health Realty Incom   62.38      430.220     NA      NA       36.97        2.64       18.92       11.840       11.000   43.87    0.170     7.06       -       0.17     NA     6.22    0.65    (0.67)
Real Estate Oper.   UBA     Urstadt Biddle Properties Inc   35.82      430.750    2.65    4.25      16.62        1.84         NA        26.610       21.200   46.28    0.810    20.32       -       0.30     NA     5.53    0.26     6.47
Real Estate Oper.   YSI     U-Store-It Trust                29.07      762.620     NA      NA       12.90        1.28         NA        57.690       47.500   85.76   (0.640)   17.66       -       1.50     NA     8.99    0.52    (7.86)
Real Estate Oper.   VTR     Ventas, Inc.                    53.70    5,649.160     NA      NA       42.89        3.01       29.27      133.390      131.600   95.00   38.550     1.34    (0.200)    1.75     NA     4.43    0.62    (2.61)
Real Estate Oper.   VRTA    Vestin Realty Mortgage I Inc.   17.83       36.150     NA      NA        5.26        0.58         NA         6.870        6.700    0.26   (0.020)    2.50       -        -       NA    10.72    0.03    (6.07)
Real Estate Oper.   VRTB    Vestin Realty Mortgage II, In   17.60      187.530     NA      NA        4.87        0.68         NA        38.830       38.000    1.43    0.310     2.13     0.430     0.22     NA    11.09    0.10    (4.69)
Real Estate Oper.   VNO     Vornado Realty Trust            65.92   16,730.790     NA      NA      111.72        3.11       35.44      152.260      126.400   88.27    6.560    16.99    (0.200)    2.03     NA     3.22    0.71    (1.96)
Real Estate Oper.   WPC     W. P. Carey & Co. LLC           87.16    1,367.680     NA      NA       34.95        2.08       13.03       39.140       25.500   10.95    0.310    34.86    (0.010)    0.49     NA     5.40    0.12    12.24
Real Estate Oper.   WRE     Washington Real Estate Invest   56.86    1,641.350    6.29    4.50      35.22        3.30       44.55       46.670       46.100   61.29    1.340     1.22       -       2.54     NA     4.80    0.86     2.09
Real Estate Oper.   WRI     Weingarten Realty Investors     79.85    3,289.440     NA      NA       38.26        2.40       23.20       86.450       76.500   64.50    6.040    11.51    (0.030)    2.11     NA     5.18    1.05   (11.66)
Real Estate Oper.   WLRE    Wells Real Estate Investment    27.01    5,418.280     NA      NA       11.00        1.72       49.58      492.570      487.600     -        -       1.01       -       0.39     NA     5.34     -      10.55
Real Estate Oper.   WOC     Wilshire Enterprises, Inc.      31.92       33.530     NA      NA        4.15        2.44         NA         7.930        5.800   17.33    0.100    26.82       -       2.09    6.37     NA     0.02    (0.24)
Real Estate Oper.   FUR     Winthrop Realty Trust           85.81      347.480    0.80   17.00       5.46        1.04        7.59       65.810       45.400   48.88    0.620    31.01     0.630     0.77     NA     4.76    0.40   (16.77)
Real Estate Oper.   ZIPR    ZipRealty, Inc.                 33.53      126.840     NA      NA        5.52        1.47         NA        22.530       12.000   32.53   (0.010)   46.74       -        -      8.22     NA     0.08   (13.75)




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                                                                                                                                                  Real Estate 30Sep07


   Market Category    Ticker        Name of Company (issuer)   Value Rank        Market           Projected     Long Term       Price ($)   Price to Book       Price To      Shares       Float (millions)   Institutional      Institutional     Insider        Insider Net  Total Debt To Current Ratio, Dividend Yield Volume, Daily 4 Week Price
                     Symbol                                     (higher is   Capitalization ($    Price-To-    Growth Rate   unadjusted for     Ratio,         Earnings     Outstanding,                        Percent         Net Shares       Ownership     Shares Bought Total Equity,    Quarterly          (%)        As a % of      Percent
                                                                 better)        millions)        Earnings to    (%), Mean     future splits  Quarterly           Ratio,       Current                         Owned, (%)        Purchased        Percent (%)     (millions) in  Quarterly                                     Shares     Change (%)
                                                                                                 Long Term                                                     Excluding     (millions)                                         (millions) in                   recent 6 mos                                               Outstanding
                                                                                                 Growth Rate                                                Extraordinary                                                     recent quarter                                                                                   (%)
                                                                                                                                                             Items, TTM

Real Estate Oper.    AKR       Acadia Realty Trust                 49.44          890.180              5.89          7.00         27.13           3.59           62.52          32.810          30.200             95.00            1.880              7.96         (0.220)         1.91            NA           2.95          0.98            8.65
Real Estate Oper.    ADC       Agree Realty Corporation            70.88          242.940              4.34          4.00         31.34           1.86           17.15           7.750           7.100             45.37            0.190              8.41          0.010          0.56            NA           6.25          0.57            2.75
Real Estate Oper.    AFN       Alesco Financial Inc.               39.77          292.540              0.76          5.00          4.92           0.80             NA           59.460          57.700             67.09            0.170              2.96          0.300         28.60            NA          25.20          1.52           (9.89)
Real Estate Oper.    ALX       Alexander's, Inc.                   27.43        1,943.860               NA            NA         385.50          26.83             NA            5.040           3.700             35.36            0.130             26.62            -           14.65            NA            NA           0.23           (3.56)
Real Estate Oper.    ARE       Alexandria Real Estate Equiti       60.28        2,845.970              4.18          8.76         96.26           2.41           39.02          29.570          28.800               NA               NA               2.59         (0.030)         1.73            NA           3.16          1.40            3.14
Real Estate Oper.    APSA      Alto Palermo S.A. (ADR)             40.25          330.420               NA            NA          16.90           1.26           40.39          19.550           2.350              0.60              -               88.01            -            0.92           1.80          4.62          0.01           (7.90)
Real Estate Oper.    AMB       AMB Property Corporation            71.05        5,975.670              3.17          6.60         59.81           2.39           26.08          99.910          94.800             93.31            6.080              5.12         (0.040)         1.12            NA           3.34          0.75            8.79
Real Estate Oper.    AMEN      AMEN Properties, Inc                99.36           13.860               NA            NA           6.05           1.44            8.70           2.290           1.400              1.35              -               38.89            -            0.30           1.49           NA           0.15            1.17
Real Estate Oper.    ACC       American Campus Communities,        24.73          689.430              4.84         11.21         29.29           1.92             NA           23.540          22.800             95.00            1.550              3.13          0.010          1.52            NA           4.61          0.80            3.35
Real Estate Oper.    APO       American Community Properties       66.85          136.500               NA            NA          26.10          10.29           39.12           5.230           0.300              1.62              -               94.26            -           23.14            NA           1.53          0.06            6.75
Real Estate Oper.    AFR       American Financial Realty Tru       28.80        1,044.700               NA           8.00          8.05           1.48             NA          129.780         126.100             92.33            2.830              2.83         (0.030)         3.07            NA           9.44          1.14           (2.78)
Real Estate Oper.    ANL       American Land Lease, Inc.           82.85          179.060              8.89          5.50         22.43           1.56           29.35           7.980           6.300             36.99            0.150             21.08            -            1.98            NA           4.46          0.36           (0.31)
Real Estate Oper.    AMC       American Mortgage Acceptance        80.67           74.310               NA            NA           8.84           0.77             NA            8.410           8.300             21.20           (0.180)             1.26          0.190          8.75            NA          10.18          0.29           (0.11)
Real Estate Oper.    ARL       American Realty Investors, In       83.50           74.600               NA            NA           7.36           0.55             NA           10.140           1.500              2.64              -               85.20            -            9.11            NA            NA           0.04           (4.42)
Real Estate Oper.    AQQ       American Spectrum Realty, Inc       46.26           27.640               NA            NA          20.00           2.15             NA            1.380           0.700               -                -               49.35            -           14.11            NA            NA           0.02            2.04
Real Estate Oper.    AMY       AmREIT                              53.09          178.130               NA           7.75          7.91           1.09             NA           22.510           5.900              4.34            0.250             73.79            -            0.96            NA           6.28          0.02           (3.01)
Real Estate Oper.    AHR       Anthracite Capital Inc.             95.74          585.050              1.29          6.00          9.10           0.89            6.29          64.290          63.900             67.82            7.530              0.61          0.170          5.91            NA          13.19          1.01            0.44
Real Estate Oper.    ANH       Anworth Mortgage Asset Corpor       46.56          246.160               NA           5.00          5.39           0.58             NA           45.670          44.100             88.16            2.460              3.44            -            2.46            NA           3.71          1.55            0.19
Real Estate Oper.    AIV       Apartment Investment and Mana       59.17        4,365.880               NA           5.42         45.13           3.01             NA           96.740          92.600             95.00            4.450              4.28         (0.100)         3.12            NA           5.32          1.02            0.96
Real Estate Oper.    ABR       Arbor Realty Trust, Inc.            80.29          381.340              0.61          8.67         18.89           0.92            4.51          20.190          13.500             66.79            1.670             33.12          0.100          5.43            NA          13.13          1.01           (5.64)
Real Estate Oper.    ASN       Archstone-Smith Trust               61.07       13,449.710             10.31          6.83         60.14           2.34           75.00         223.640         217.300             88.39           (6.010)             2.84            -            1.06            NA           3.01          2.97            2.28
Real Estate Oper.    AZL       Arizona Land Income Corporati       78.93           11.200               NA            NA           6.05           2.71            3.29           1.850           1.500              1.13           (0.050)            18.96            -             -              NA           6.61          0.50            1.68
Real Estate Oper.    AHT       Ashford Hospitality Trust, In       45.97        1,232.250               NA           9.00         10.05           0.90           90.27         122.610         107.900             95.00           49.180             12.00          0.120          2.03            NA           8.36          0.73           (7.88)
Real Estate Oper.    AEC       Associated Estates Realty Cor       54.48          226.590               NA          10.00         13.04           3.98             NA           17.380          14.200             59.58            1.330             18.28         (0.050)         4.93            NA           5.22          1.04           (7.78)
Real Estate Oper.    AVB       AvalonBay Communities, Inc.         51.66        9,413.650              5.66          7.64        118.06           2.99           54.04          79.740          78.300             95.00            3.230              1.80         (0.040)         0.93            NA           2.88          0.79            3.22
Real Estate Oper.    AVTR      Avatar Holdings Inc.                99.83          414.250               NA            NA          49.93           0.79            3.81           8.300           6.000             86.92            0.600             27.68         (0.060)         0.26            NA            NA           2.83          (17.85)
Real Estate Oper.    AXGO      Axia Group, Inc. (USA)               1.88              -                 NA            NA            -              NA              NA            0.010             -                 NA               NA              80.00            NA            -             0.07           NA      35,976.64          (50.00)
Real Estate Oper.    VHTI      B. H. I. T. Inc.                    18.66           10.000               NA            NA           0.40           4.21             NA           24.990          19.700               -                -               21.16          3.530           -              NA            NA           0.16            5.54
Real Estate Oper.    BMN       Bimini Capital Managment, Inc       40.66           33.400               NA            NA           1.32           1.16             NA           25.300          22.700               NA               NA              10.29            NA          65.57            NA            NA           0.61           13.79
Real Estate Oper.    BMR       BioMed Realty Trust, Inc.           32.93        1,577.650              3.95          7.22         24.10           1.29           30.64          65.460          64.800             95.00            5.680              1.01            -            0.92            NA           5.14          1.04           (1.15)
Real Estate Oper.    BOWFF     Boardwalk REIT (USA)                 7.47        2,645.570               NA            NA          46.56          14.05             NA           56.450          42.300              9.46            0.400             25.07            -            9.11            NA            NA            -              7.96
Real Estate Oper.    BXP       Boston Properties, Inc.             87.99       12,367.690              7.54          5.04        103.90           2.97           12.86         119.030         104.500             95.00            4.970             12.21            -            1.35            NA           2.62          0.88            3.83
Real Estate Oper.    BDN       Brandywine Realty Trust             78.40        2,198.000             40.27          3.85         25.31           1.22             NA           86.840          82.600             95.00            7.980              4.89            -            1.76            NA           6.95          0.90           (1.82)
Real Estate Oper.    BRE       BRE Properties, Inc.                47.24        2,837.210              5.29          5.80         55.93           2.96           59.33          50.730          49.900             95.00            5.710              1.63            -            1.92            NA           3.84          0.93            0.70
Real Estate Oper.    BAM       Brookfield Asset Management I       79.64       22,467.560              2.87         13.00         38.50           3.55           19.91         583.570         577.700             54.96            0.700              1.01            -            3.27            NA           1.25          0.24           13.67
Real Estate Oper.    BRT       BRT Realty Trust                    98.50          193.790               NA            NA          17.34           0.78            3.97          11.180           6.500             23.09            0.430             41.84            -            0.31            NA          14.30          1.04          (18.09)
Real Estate Oper.    CPT       Camden Property Trust               72.19        3,606.220             10.23          6.97         64.25           2.13           29.59          56.130          53.100             95.00            5.100              5.39         (0.050)         1.55            NA           4.30          0.91            4.49
Real Estate Oper.    COWP      Canal Capital Corp.                 52.18            0.200               NA            NA           0.04           0.13             NA            4.890           1.920               NA               NA              60.71            NA           1.65           4.39           NA           0.13           (2.44)
Real Estate Oper.    CAA       Capital Alliance Income             80.68            2.440               NA            NA           6.40           0.22             NA            0.380           0.300              0.26              -               21.26            -            0.36            NA            NA           0.27           18.52
Real Estate Oper.    CPI       Capital Properties, Inc.            25.95           77.710               NA            NA          23.55           4.69           48.12           3.300           1.600             10.45              -               51.51            -             -              NA           1.02          0.02           (2.69)
Real Estate Oper.    CT        Capital Trust, Inc.                 96.69          638.660              1.07          8.33         35.50           1.38            8.79          17.990          16.000             52.66            0.200             11.06          1.260          5.07            NA           9.01          1.01            2.42
Real Estate Oper.    LSE       CapLease, Inc.                      30.68          467.890               NA           7.50         10.25           1.26             NA           45.650          43.400             77.95            8.850              4.93          0.120          0.74            NA           7.80          0.55            6.22
Real Estate Oper.    CMO       Capstead Mortgage Corporation       69.66          199.350               NA           5.00         10.28           1.21             NA           19.390          18.400             45.77            0.900              5.12            -           15.14            NA           1.56          3.84            3.11
Real Estate Oper.    CBG       CB Richard Ellis Group, Inc.        48.87        6,383.080              0.72         17.40         27.84           4.66           17.76         229.280         198.100             95.00           15.040             13.60         (2.020)         1.90           1.21           NA           1.90           (5.69)
Real Estate Oper.    CBL       CBL & Associates Properties,        74.09        2,301.300              4.11          6.67         35.05           2.42           31.73          65.660          52.900             94.09            3.080             19.43         (0.030)         5.21            NA           5.76          1.05            6.34
Real Estate Oper.    CDR       Cedar Shopping Centers Inc          74.32          602.420              6.03          5.07         13.62           1.25           52.09          44.230          42.900             95.00            1.520              3.01          0.010          1.23            NA           6.61          0.47            2.87
Real Estate Oper.    CSA       Cogdell Spencer Inc.                25.11          221.070               NA           5.00         18.50           1.73             NA           11.950           9.100             79.00            0.320             23.85          0.010          1.95            NA           7.57          0.52            3.76
Real Estate Oper.    CLP       Colonial Properties Trust           98.45        1,610.440              0.62          5.50         34.30           1.36            5.10          46.950          38.600             76.64            3.010             17.79          0.560          1.57            NA           7.93          0.52           (4.48)
Real Estate Oper.    OFC       Corporate Office Properties T       58.41        1,963.420             16.07          8.51         41.63           2.34          230.92          47.160          40.400             95.00            3.890             14.34         (0.060)         2.09            NA           3.27          0.56           (3.34)
Real Estate Oper.    CUZ       Cousins Properties Incorporat       86.52        1,522.350               NA           8.50         29.36           3.78            6.43          51.850          48.500             62.73            1.720              6.46          0.050          0.79            NA           5.04          0.98            6.88
Real Estate Oper.    DCT       DCT Industrial Trust Inc.           22.97        1,763.390              5.46          9.80         10.47           1.46             NA          168.420         163.400             70.86           27.970              2.98          0.020          0.98            NA           6.11          0.65            2.45
Real Estate Oper.    DFR       Deerfield Capital Corp.             78.38          468.360              1.05          5.00          9.05           0.69            6.57          51.750          49.200             50.38            0.360              4.93          1.200         12.35            NA          18.56          1.29            3.43
Real Estate Oper.    DDR       Developers Diversified Realty       65.08        6,939.000              4.05          7.32         55.87           2.48           29.76         124.200         120.600             86.23            1.400              2.90         (0.030)         1.52            NA           4.72          0.75            4.47
Real Estate Oper.    DLR       Digital Realty Trust, Inc.          18.14        2,391.520              3.81         11.93         39.39           3.94          174.18          60.710          58.900             95.00           10.480              2.99            -            1.07            NA           2.91          0.86            1.00
Real Estate Oper.    DEI       Douglas Emmett, Inc.                25.63        2,716.190               NA           8.36         24.73           1.36             NA          109.830          99.700             95.00           15.780              9.23          0.030          1.41            NA           2.83          0.38            1.15
Real Estate Oper.    DRE       Duke Realty Corporation             68.52        4,630.110              5.42          5.26         33.81           2.66           44.97         136.950         135.600             75.88            1.760              0.98         (0.010)         1.56            NA           5.68          1.69            0.06
Real Estate Oper.    DVLN      DVL, Inc.                           99.24            5.100               NA            NA           0.16           0.25            4.15          32.910          22.400              0.06            0.020             31.93            -            2.90            NA            NA           0.03           (9.88)
Real Estate Oper.    DX        Dynex Capital, Inc.                 53.86           95.760               NA            NA           7.89           0.98           35.30          12.140           9.600             27.57            0.090             20.90          0.010          2.14            NA            NA           0.13           (0.13)
Real Estate Oper.    EGP       EastGroup Properties Inc.           52.65        1,075.720              6.01          7.26         45.26           2.86           46.29          23.770          23.000             80.12            0.370              3.23            -            1.33            NA           4.42          0.55            6.67
Real Estate Oper.    ECRO      ECC Capital Corporation             50.50           26.270               NA            NA           0.26           0.23             NA          101.030          81.900             16.68          (10.170)            18.93            -           18.56            NA         107.69          0.07           61.49
Real Estate Oper.    EDR       Education Realty Trust, Inc.        30.21          384.840               NA           6.00         13.50           1.22             NA           28.510          27.400             92.05            2.340              3.88          0.010          1.35           0.74          6.07          0.76           (1.24)
Real Estate Oper.    EJ        E-House (China) Holdings Limi        4.60        1,708.520              1.02         50.00         22.90          25.70           73.73          74.610          73.900               NA               NA               0.95            NA           0.16           2.46           NA           1.26           26.66
Real Estate Oper.    EMVL      EMVELCO Corp.                       64.36            4.380               NA            NA           0.95           0.19            2.92           4.610           1.500               -                -               67.46            -            0.26           1.98           NA           0.02          (20.83)
Real Estate Oper.    EPR       Entertainment Properties Trus       61.49        1,354.700              0.88         18.00         50.80           1.47           19.16          26.670          26.100             94.60            2.300              2.13         (0.030)         1.06            NA           5.98          1.05            6.19
Real Estate Oper.    ENN       Equity Inns, Inc.                   58.77        1,243.220              2.44         11.25         22.58           4.30           66.24          55.060          52.900             89.47            4.220              3.92            -            1.61            NA           4.43          2.07            0.27
Real Estate Oper.    ELS       Equity Lifestyle Properties,        62.08        1,261.140              6.02          8.59         51.80          20.08           64.27          24.350          20.100             95.00            1.580             17.44         (0.010)        27.03            NA           1.16          0.70            6.37
Real Estate Oper.    EQY       Equity One, Inc.                    66.77        2,008.010              6.11          5.75         27.20           2.15           38.04          73.820          36.400             44.30            4.620             50.69          2.180          1.27            NA           4.41          0.51            3.98
Real Estate Oper.    EQR       Equity Residential                  67.58       11,739.420             29.11          5.18         42.36           2.42          192.23         277.130         263.600             95.00           (3.410)             4.88         (0.010)         1.78            NA           4.37          0.70            5.27
Real Estate Oper.    ESS       Essex Property Trust, Inc.          50.65        2,958.160              8.75          6.21        117.57           3.60           73.53          25.160          23.000             95.00            4.210              8.59            -            1.48            NA           3.16          0.70           (0.19)
Real Estate Oper.    EXCL      Excal Enterprises, Inc.             29.95            0.820               NA            NA           0.25           3.20             NA            3.290           1.900              0.85              -               42.18            -           52.93           0.37           NA            -               -


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                                                                                                                 Real Estate 30Sep07


Real Estate Oper.   EXR     Extra Space Storage, Inc.       30.11      997.860     5.36    5.78      15.39        1.58       39.08       64.840       59.700   95.00    7.190     7.92      -       2.00      NA        5.91   0.62     0.13
Real Estate Oper.   FRT     Federal Realty Inv. Trust       43.72    4,996.510     7.05    6.95      88.60        5.84       56.60       56.390       55.600   93.84    3.250     1.41      -       2.10      NA        2.75   0.58     5.39
Real Estate Oper.   FCH     FelCor Lodging Trust Incorpor   85.02    1,244.430      NA     6.33      19.93        2.16    4,186.98       62.440       60.000   95.00    2.450     3.91   (0.080)    1.23      NA        6.02   0.93    (9.16)
Real Estate Oper.   FMP     Feldman Mall Properties, Inc.   80.09       98.510      NA      NA        7.56        0.88        5.68       13.030       12.800   59.51   (0.800)    1.76      -       2.18      NA       12.04   0.45   (14.96)
Real Estate Oper.   XXFPL   FFP Partners, L.P.              89.13        0.010      NA      NA         -           -          0.08        2.230        2.200     NA       NA      1.52      NA     12.66     2.43        NA     -     (14.29)
Real Estate Oper.   FR      First Industrial Realty Trust   67.95    1,765.620     2.36    6.50      38.87        1.81         NA        45.420       43.000   89.74    2.070     5.34   (0.010)    2.03      NA        7.31   0.94    (4.68)
Real Estate Oper.   FPO     First Potomac Realty Trust      26.83      528.660    61.42    7.55      21.80        1.53      426.61       24.250       23.400   95.00    0.500     3.51    0.040     1.90      NA        6.24   0.73     2.88
Real Estate Oper.   FREVS   First Real Estate Investment    31.72      164.620      NA      NA       24.35        6.30       36.48        6.760        5.200     -        -      23.09      -       7.28      NA        4.93    -      (1.62)
Real Estate Oper.   FSRV    FirstService Corporation (USA   86.78      929.160     1.21   18.00      31.08        3.27       23.18       29.900       25.700   45.19    2.720    14.03      -       0.85     1.33        NA    0.10     3.08
Real Estate Oper.   FCE.A   Forest City Enterprises, Inc.   34.92    5,665.320   205.93    9.00      55.16        5.32      860.66      102.710       72.600   65.44    2.360    29.31   (1.270)    6.40      NA        0.58   0.42    (0.70)
Real Estate Oper.   FSP     Franklin Street Properties Co   39.38    1,220.720      NA      NA       17.25        1.31       28.65       70.770       59.400   30.05    1.150    16.06    0.140     0.14      NA        7.19   0.25      -
Real Estate Oper.   GGP     General Growth Properties       62.57   13,168.170     4.51    8.39      53.62        8.10       43.42      245.580      229.800   90.08   16.550     6.43    0.850    13.15      NA        3.36   0.90     7.87
Real Estate Oper.   GTY     Getty Realty Corp.              59.51      673.600     4.72    3.62      27.20        3.01       16.69       24.760       17.300   36.89    0.920    30.14      -       0.59      NA        6.84   0.33    (0.26)
Real Estate Oper.   GOOD    Gladstone Commercial Corporat   30.56      159.660    10.33   11.25      18.64        1.08      134.42        8.570        7.100   46.14    0.020    17.10   (0.020)    1.23      NA        7.72   0.10     2.76
Real Estate Oper.   GRT     Glimcher Realty Trust           34.02      884.970    11.81    4.50      23.50         NA          NA        37.660       35.400   81.32    0.940     6.00      -       8.46      NA        8.18   0.60     5.10
Real Estate Oper.   GCT     GMH Communities Trust           53.49      322.570     5.55    9.39       7.75        1.20       28.18       41.620       28.700   85.93   (1.120)   31.05    0.180     3.81      NA        8.52   0.56    (1.40)
Real Estate Oper.   GTA     Golf Trust of America, Inc.     97.29       15.590      NA      NA        2.13        1.25        4.21        7.320        6.600    7.87   (0.320)    9.80      -       0.18      NA         NA    0.30    (4.48)
Real Estate Oper.   GKK     Gramercy Capital Corp.          61.58      656.310     0.77    8.33      25.17        1.37        9.89       26.070       18.800   70.00    0.550    27.90      -       4.40      NA       10.01   1.31     0.08
Real Estate Oper.   GCIH    Great China International Hol   28.48       35.460      NA      NA        3.01       16.36       55.07       11.780        3.400     NA       NA     71.14      NA     26.99     0.43        NA     -     (18.43)
Real Estate Oper.   GBE     Grubb & Ellis Company           39.39      241.000     1.00   12.00       9.30        5.02         NA        25.910       15.800   61.70    2.750    39.03    0.560      -       1.01        NA    0.62     2.65
Real Estate Oper.   GAV     Grubb & Ellis Realty Advisors   22.86      176.620      NA      NA        5.92        1.57       54.07       29.830       18.500   50.07    1.570    37.99    0.200      -     240.58        NA    0.40     2.42
Real Estate Oper.   GYRO    Gyrodyne Company of America,    11.89       67.740      NA      NA       52.52        4.59         NA         1.290        1.100   27.67   (0.020)   14.73      -       0.38      NA         NA    0.03    (0.92)
Real Estate Oper.   HCM     Hanover Capital Mortgage Hold   72.69       16.930      NA      NA        2.10        0.40         NA         8.060        6.700    8.30    0.130    16.92      -       1.07      NA         -     0.15    (1.11)
Real Estate Oper.   HCP     HCP, Inc.                       77.19    6,845.630     6.32    6.00      33.17        2.06       53.06      206.380      205.600     NA       NA      0.38      NA      1.27      NA        5.37   1.14     9.04
Real Estate Oper.   HCN     Health Care REIT, Inc.          63.14    3,583.240     5.01    4.86      44.24        1.86       34.47       81.000       79.700   71.57    8.730     1.60   (0.050)    1.08      NA        5.97   1.26    10.88
Real Estate Oper.   HR      Healthcare Realty Trust Incor   69.68    1,277.430     6.62    2.50      26.66        2.17       56.30       47.920       47.000   77.56    6.730     1.91    0.030     1.33      NA        5.78   1.74     6.77
Real Estate Oper.   HT      Hersha Hospitality Trust        83.18      405.770     3.17   12.00       9.90        1.24       77.13       40.990       37.700   95.00    4.410     8.02   (0.090)    2.08      NA        7.27   1.13    (9.42)
Real Estate Oper.   HF      HFF, Inc.                       34.38      195.200     0.97   12.00      11.87        6.20        4.41       16.440       16.300   95.00    1.840     0.88      -        -       1.50        NA    0.65     1.63
Real Estate Oper.   HIW     Highwoods Properties, Inc.      59.42    2,094.990     7.38    4.50      36.67        2.31       49.51       57.130       53.100   95.00    6.070     7.06   (0.200)    1.46      NA        4.64   0.78     2.75
Real Estate Oper.   HTH     Hilltop Holdings Inc.           29.00      662.830      NA      NA       11.74        1.62         NA        56.460       45.700   77.66    1.430    19.06      -       2.08      NA         NA    0.35    (2.33)
Real Estate Oper.   HMG     HMG/Courtland Properties        47.80       12.700      NA      NA       12.40        0.73         NA         1.020        0.500    0.49      -      51.17      -       1.19      NA         NA    0.02     3.33
Real Estate Oper.   HOOB    Holobeam, Inc.                  30.05       11.550      NA      NA       43.00        4.02       30.90        0.270        0.100     NA       NA     62.83      NA      1.00     1.36        NA    0.11    (2.27)
Real Estate Oper.   HME     Home Properties, Inc.           75.36    1,751.450     8.93    5.18      52.18        2.51       63.85       33.570       33.000   95.00    3.820     1.69      -       3.15      NA        4.98   0.99     2.68
Real Estate Oper.   HSYT    Home System Group               18.28      250.540      NA      NA        4.01       17.82      842.44       62.480       58.700    0.77      -       6.05      -        -       2.42        NA     -     (32.03)
Real Estate Oper.   HMBN    HomeBanc Corp.                  55.39        1.340      NA      NA        0.03        0.01         NA        51.380       51.100   62.82   (8.510)    0.55      -      23.62      NA    3,076.92   1.28   (10.34)
Real Estate Oper.   HMLF    HomeLife, Inc.                   9.91        1.110      NA      NA        0.09         NA          NA        12.370        3.200     NA       NA     74.14      NA       -       0.16        NA    0.01    28.57
Real Estate Oper.   HXM     Homex Development Corp. (ADR)   39.02    3,106.880     1.04   16.77      55.50        4.15       20.93       55.980       10.800   36.50    1.780    80.71      -       0.44     2.84        NA    0.87     0.73
Real Estate Oper.   HGPI    Horizon Group Properties, Inc   43.37       19.130      NA      NA        6.68        1.67         NA         2.860        2.000     -        -      30.12      -       8.24      NA         NA    0.46    (0.22)
Real Estate Oper.   HPT     Hospitality Properties Trust    87.88    3,815.790     3.12    5.22      40.65        1.64       18.54       93.870       92.900   77.49    1.560     1.03      -       1.01      NA        7.48   0.69     3.02
Real Estate Oper.   HST     Host Hotels & Resorts, Inc.     67.14   11,719.670     1.50   11.97      22.44        2.23       31.00      522.270      501.400   95.00   27.190     4.00   (0.400)    1.09      NA        3.57   0.76     0.67
Real Estate Oper.   SOLD    HouseValues, Inc.               37.74       96.660      NA    24.33       3.92        1.12         NA        24.660       20.900   65.34    0.130    15.24      -       0.02    12.92        NA    0.10    (1.75)
Real Estate Oper.   HRP     HRPT Properties Trust           88.09    2,096.150    19.82    1.68       9.89        0.97       26.78      211.950      209.800   72.68    5.240     1.01      -       0.88      NA        8.49   0.57     1.12
Real Estate Oper.   HYSNY   Hysan Development Company Lim   53.55    3,023.590      NA      NA        5.70        0.81        7.93      529.460      307.100     -        -      42.00      -       0.10     1.31       1.07    -      11.76
Real Estate Oper.   IEP     Icahn Enterprises, L.P.         63.59    7,224.260      NA      NA      116.79        2.92         NA        61.860        8.000     NA       NA     87.07      NA      0.88     7.94       0.51   0.04    (0.98)
Real Estate Oper.   IOT     Income Opportunity Realty Inv   52.78       19.620      NA      NA        4.70        0.45         NA         4.170        0.800    2.90      -      80.83      -       1.58      NA         NA     -     (18.26)
Real Estate Oper.   IRC     Inland Real Estate Corporatio   29.93    1,012.420     6.46    4.00      15.49        2.72       25.52       65.360       58.200   67.66    3.570    10.95    0.220     2.51      NA        6.33   0.53     0.06
Real Estate Oper.   IHT     InnSuites Hospitality Trust     78.02       11.940      NA      NA        1.30        1.61         NA         9.190        3.200    0.02   (0.020)   65.17      -       2.78      NA        0.77   0.01      -
Real Estate Oper.   IVCO    Investco Corporation            52.44        0.010      NA      NA         -           -           NA        13.240        7.800     -        -      41.08      -       0.20     0.39        NA     -        -
Real Estate Oper.   IRETS   Investors Real Estate Trust     70.75      529.740      NA     4.75      10.80        2.07       58.45       49.050       47.600   23.79    1.630     2.96      -       3.40      NA        6.18   0.40     3.35
Real Estate Oper.   IRS     IRSA Inversiones Representaci   88.46      737.900      NA      NA       15.87        1.37       13.93       46.500       34.870   38.16    0.550    25.01      -       0.66     1.06        NA    0.56    (6.65)
Real Estate Oper.   SFI     iStar Financial Inc.            96.54    4,358.050     1.09    7.67      33.99        1.40       12.09      128.220      123.800   79.95    4.000     3.44   (0.150)    2.93      NA        9.71   0.80    (7.13)
Real Estate Oper.   JRT     JER Investors Trust Inc.        60.80      322.330     0.33   24.00      12.45        1.00        8.54       25.890       23.600   83.42   (0.200)    8.85    0.820     3.04      NA       14.46   1.14     0.16
Real Estate Oper.   JLL     Jones Lang LaSalle Incorporat   86.34    3,845.480     0.85   17.00     102.76        4.35       16.49       37.420       37.100   83.10    2.390     0.86   (0.050)    0.17     1.20       0.68   1.45    (7.99)
Real Estate Oper.   KWIC    Kennedy-Wilson, Inc.            20.15      227.190      NA      NA       40.00        4.41       86.80        5.680        2.500    8.49   (0.030)   55.99      -       1.74      NA         NA    0.01     5.26
Real Estate Oper.   KRC     Kilroy Realty Corporation       54.80    1,982.990     5.91    7.35      60.63        3.77       57.22       32.710       30.400   95.00    2.470     7.05   (0.100)    1.57      NA        3.66   0.77    (0.82)
Real Estate Oper.   KIM     Kimco Realty Corporation        58.00   11,403.130     3.74    8.04      45.21        3.26       31.30      252.230      228.900   77.00   15.470     9.25   (0.140)    1.20      NA        3.54   0.83     5.58
Real Estate Oper.   KRG     Kite Realty Group Trust         29.62      543.570     7.25    6.25      18.80        1.60       48.55       28.910       22.900   95.00    3.590    20.80    0.010     1.78      NA        4.36   0.58    10.72
Real Estate Oper.   KFN     KKR Financial Holdings LLC      72.10    1,356.410     7.55    7.00      16.85        0.81        7.88       80.500       76.500   73.84   (1.870)    4.97    0.200    10.05      NA       13.29   1.18     8.78
Real Estate Oper.   LSBK    Lake Shore Bancorp, Inc.        30.26       66.580      NA      NA       10.30        1.28       41.63        6.460        2.500    3.94      -      61.32      -       0.82      NA        1.16   0.06    (0.96)
Real Estate Oper.   LHO     LaSalle Hotel Properties        78.84    1,687.120     1.97   13.64      42.08        1.61       64.19       40.090       39.800   95.00    3.980     0.73   (0.020)    0.79      NA        4.85   1.20     1.06
Real Estate Oper.   LXP     Lexington Realty Trust          61.86    1,281.280      NA     5.00      20.01        1.68         NA        64.030       59.500   85.89    0.510     7.08      -       2.86      NA        7.50   1.25    (3.24)
Real Estate Oper.   LRY     Liberty Property Trust          73.78    3,669.560     4.52    5.31      40.21        1.99       25.46       91.260       90.700   95.00    3.160     0.61   (0.010)    1.45      NA        6.22   0.98     2.94
Real Estate Oper.   LOOP    LoopNet, Inc.                   23.37      796.630     1.42   30.00      20.54        7.41       44.38       38.780       27.700   57.56    4.980    28.58   (0.640)     -       8.97        NA    0.96     7.76
Real Estate Oper.   LTC     LTC Properties, Inc.            63.89      553.170      NA      NA       23.67        1.93       18.19       23.370       22.200   73.89    0.610     5.01   (0.010)    0.11      NA        6.34   0.81     4.83
Real Estate Oper.   LUM     Luminent Mortgage Capital, In   88.81       72.320     0.45    6.00       1.67        0.17        2.04       43.300       42.100   87.46    2.820     2.78    0.090    19.40      NA         -     5.97    (5.11)
Real Estate Oper.   MPG     Maguire Properties, Inc.        18.87    1,219.460    83.84    4.33      25.83        3.29         NA        47.210       37.300   95.00    4.520    20.99    0.010    14.64      NA        6.19   2.16    (0.69)
Real Estate Oper.   MRTI    Maxus Realty Trust, Inc.        91.93       13.990      NA      NA        9.95        1.28         NA         1.410        0.900   12.02   (0.050)   35.99    0.010     4.76      NA        8.04   0.53   (13.85)
Real Estate Oper.   MPW     Medical Properties Trust, Inc   38.33      660.380      NA      NA       13.32        1.37       16.47       49.580       48.100   75.60   (3.820)    2.98      -       0.59      NA        8.11   0.86    (1.11)
Real Estate Oper.   MMPI    Meruelo Maddux Properties, In   16.27      507.370      NA      NA        5.91        1.22         NA        85.850       85.000   48.81    6.090     0.99    0.020     0.67      NA         NA    0.26    (1.66)
Real Estate Oper.   MFA     MFA Mortgage Investments        91.38      764.280     2.86    7.50       8.05        0.95       24.53       94.940       94.000   73.71    7.230     0.99      -       9.07      NA        4.47   1.38     3.87
Real Estate Oper.   MDH     MHI Hospitality Corporation     57.37       64.700     1.83   10.25       9.45        1.54       16.33        6.850        4.900   28.10   (0.130)   28.44      -       1.39     0.59       7.20   0.12    (4.55)
Real Estate Oper.   MIM     MI Developments Inc. (USA)      43.05    1,601.490      NA      NA       33.11        0.93       37.66       48.370       46.000   88.70   (0.430)    4.90      -       0.35      NA        1.81   0.12     4.78
Real Estate Oper.   MAA     Mid-America Apartment           51.89    1,271.830     9.24    6.50      49.85        2.78      103.46       25.510       23.900   90.74    3.240     6.32   (0.020)    2.62      NA        4.86   0.72     0.52
Real Estate Oper.   MSW     Mission West Properties, Inc.   90.01      238.630      NA      NA       12.15        1.82       24.55       19.640       19.500   78.37    0.430     0.71      -       2.69      NA        5.27   0.24    (1.46)
Real Estate Oper.   MNRTA   Monmouth R.E. Inv. Corp.        66.50      201.820      NA      NA        8.42        1.68       32.20       23.970       22.300   17.31    0.040     6.96    1.040     0.90      NA        7.13   0.04     2.06
Real Estate Oper.   MOVE    Move Inc.                       74.44      428.740      NA    41.67       2.76        3.76       34.86      155.340      130.400   85.64    0.850    16.06      -       0.01     2.59        NA    0.60    (8.00)


                                                                                            C:\Docstoc\Working\pdf\473df5f0-08dd-4e01-bbf7-83be8f860d47.xls
                                                                                                                Real Estate 30Sep07


Real Estate Oper.   NHI     National Health Investors       79.19      857.820     NA      NA       30.91        1.99       13.02       27.750       23.600   42.80    1.140    14.96       -       0.26     NA        6.47    0.45     2.22
Real Estate Oper.   NHR     National Health Realty          55.18      231.700     NA      NA       23.27        2.08       18.91        9.960        5.300   18.90    0.050    46.77       -       0.07     NA        5.72    0.08    (0.77)
Real Estate Oper.   NNN     National Retail Properties, I   86.69    1,635.660    2.88    5.00      24.38        1.41       18.01       67.090       66.500   73.36    5.020     0.88       -       0.74     NA        5.82    0.72     3.79
Real Estate Oper.   NHP     Nationwide Health Properties    71.54    2,740.670    3.62    8.25      30.13        2.23       37.62       90.960       90.600   95.00    6.620     0.40       -       0.99     NA        5.44    1.80     8.58
Real Estate Oper.   NEWCQ   New Century Financial Corpora   99.82        6.380     NA     8.00       0.12         -          0.02       55.470       44.700    0.71   (4.760)   19.42       -      10.86     NA    6,608.70    1.54    35.29
Real Estate Oper.   NEN     New England Realty Associates   96.38       13.840     NA      NA       79.90        1.49       13.86        0.170        0.100   95.00    0.010    42.20     0.010    11.71     NA        3.50    0.74     2.44
Real Estate Oper.   NMTG    New York Mortgage Trust, Inc.   51.01       16.000     NA      NA        0.88        0.29         NA        18.180       14.700   42.30    0.270    19.14     0.010     9.17     NA         -      1.32   (14.56)
Real Estate Oper.   NCT     Newcastle Investment Corp.      96.64      929.970    0.99    6.33      17.62        0.95        6.49       52.780       48.900   75.90    2.120     7.35     0.920     7.73     NA       16.34    2.25     5.89
Real Estate Oper.   NRF     Northstar Realty Finance Corp   58.64      611.510    2.31    6.50       9.93        1.08       13.16       61.580       57.900   79.93   (0.430)    5.98     0.210     2.68     NA       14.50    1.44    (6.41)
Real Estate Oper.   NFI     NovaStar Financial Inc.         14.91       83.990     NA     2.00       8.87         NA          NA         9.470        8.800   37.84    0.220     7.07       -        NA      NA      252.54   15.80     4.48
Real Estate Oper.   NLP     NTS Realty Holdings LP          41.35       74.090     NA      NA        6.51        0.89         NA        11.380        4.900    0.06      -      56.95     0.010     2.83     NA        6.14    0.02    (5.65)
Real Estate Oper.   OMAG    Omagine, Inc.                    9.03       41.520     NA      NA        1.01         NA          NA        41.110       32.100     NA       NA     21.92       NA       -      0.10        NA     0.08   (38.79)
Real Estate Oper.   OHI     Omega Healthcare Investors, I   68.56    1,055.940     NA      NA       15.53        2.27       17.77       67.990       66.700   95.00    6.080     1.90     0.040     0.95     NA        6.95    0.74     4.30
Real Estate Oper.   OLP     One Liberty Properties, Inc.    98.14      196.500     NA      NA       19.45        1.07        6.08       10.100        7.900   46.57    0.150    21.81       -       1.26     NA        7.40    0.66    (4.61)
Real Estate Oper.   ORGN    Origen Financial, Inc.          51.07      156.560    1.70   10.00       6.05        0.73       18.43       25.880       18.000   52.57    1.240    30.44       -       4.62     NA        5.29    0.16    (5.62)
Real Estate Oper.   PLMA    Palomar Enterprises, Inc.       25.93        0.700     NA      NA         -           NA          NA       239.750      237.400     -        -       0.98   (15.260)     -      0.01        NA     0.19   (39.58)
Real Estate Oper.   PKY     Parkway Properties, Inc.        75.10      702.160   10.20    4.50      44.14        1.62       53.61       15.910       15.300   95.00    0.900     3.82       -       1.78     NA        5.89    0.83    (4.62)
Real Estate Oper.   PEI     Pennsylvania R.E.I.T.           49.48    1,508.240   10.86    6.50      38.94        1.60      110.07       38.730       34.000   78.68    2.010    12.22    (0.360)    2.12     NA        5.86    0.64     2.93
Real Estate Oper.   PW      Pittsburgh & West Virginia Ra   61.84       13.730     NA      NA        9.09        1.50       17.58        1.510        1.500    0.73      -       0.66       -        -       NA        5.72    0.13    (0.66)
Real Estate Oper.   PCL     Plum Creek Timber Co. Inc.      58.48    7,814.020    4.30    6.90      44.76        4.02       30.12      174.580      173.500   60.01    4.110     0.62    (0.010)    1.20    1.92       3.75    0.56     6.75
Real Estate Oper.   PCC     PMC Commercial Trust            92.89      140.910     NA      NA       13.09        0.89       10.57       10.770        9.600   14.62    0.110    10.82       -       0.43     NA        9.17    0.07     1.63
Real Estate Oper.   PPS     Post Properties, Inc.           77.66    1,690.380    3.38    5.50      38.70        1.68       21.87       43.680       43.100   95.00    0.040     1.33       -       0.93     NA        4.65    0.95    (3.03)
Real Estate Oper.   PDL.B   Presidential Realty Corporati   44.28       25.670     NA      NA        6.50        1.28         NA         3.950        3.000    8.38      -      24.03    (0.020)    0.95     NA        9.85    0.02     2.36
Real Estate Oper.   PLD     ProLogis                        85.83   17,049.730    2.54    7.24      66.35        2.50       16.96      256.970      237.000   95.00    7.830     7.77    (0.040)    1.34     NA        2.77    0.68    10.29
Real Estate Oper.   PSB     PS Business Parks, Inc.         57.23    1,213.440    8.54    6.25      56.85        2.56       72.90       21.340       15.900   79.68    0.890    25.51       -       0.05     NA        3.10    0.56     0.62
Real Estate Oper.   PSA     Public Storage                  43.94   13,411.540     NA     8.69      78.65        2.56         NA       170.520      113.000   63.63    2.270    33.73       -       0.13     NA        2.54    0.50     3.79
Real Estate Oper.   RAS     RAIT Financial Trust            96.92      501.930     NA      NA        8.23        0.34        4.62       60.990       57.900   83.84    3.430     5.06     0.340     8.23     NA       22.36    2.60    (7.01)
Real Estate Oper.   RPT     Ramco-Gershenson Properties T   93.95      576.970     NA      NA       31.24        1.94       10.64       18.470       16.000   90.85    1.690    13.37     0.020     2.09     NA        5.92    1.01    (3.13)
Real Estate Oper.   O       Realty Income Corp              65.65    2,824.960    4.91    4.75      27.95        2.31       24.09      101.070       98.100   41.99    2.010     2.94       -       0.60     NA        5.84    0.58     3.52
Real Estate Oper.   RWT     Redwood Trust, Inc.             99.51      928.080    1.12    6.10      33.22        1.05        9.19       27.940       27.100   90.78    0.580     3.00     0.020    13.33     NA        9.03    2.19   (11.01)
Real Estate Oper.   REG     Regency Centers Corporation     58.19    5,334.690    3.73    7.58      76.75        3.59       35.59       69.510       67.400   95.00    5.520     3.03    (0.030)    0.98     NA        3.44    0.64    10.48
Real Estate Oper.   WRP     Reis, Inc.                      45.93       50.550     NA      NA        7.42        0.47         NA         6.820        6.500   39.42   (0.050)    4.65     0.020     1.05     NA         NA     0.07   (10.11)
Real Estate Oper.   RPB     Republic Property Trust         18.76      382.750     NA     6.17      14.67        2.20         NA        26.090       22.700   93.96    3.950    13.00       -       2.46     NA        3.41    1.61     2.09
Real Estate Oper.   RSO     Resource Capital Corp.          62.77      282.820    1.21    6.00      11.26        0.97       11.21       25.120       21.300   67.11    1.370    15.20     1.100     7.13     NA       14.56    1.26    (6.17)
Real Estate Oper.   RPI     Roberts Realty Investors, Inc   46.79       44.150     NA      NA        7.60        1.12         NA         5.810        3.200    5.92    0.020    44.92     0.090     1.93     NA         NA     0.01      -
Real Estate Oper.   RIIC    Royal Invest International Co    1.88       14.050     NA      NA        1.25         NA          NA        11.240        7.100     NA       NA     36.84       NA       -      0.02        NA     0.09   177.78
Real Estate Oper.   SNWP    Satellite Newspapers Corp.       1.88        0.380     NA      NA         -           NA          NA       423.480      190.600     NA       NA     54.99       NA       -       -          NA     0.04   (10.00)
Real Estate Oper.   BFS     Saul Centers, Inc.              56.18      912.730    4.88    6.50      51.50       21.14       33.45       17.720       11.100   36.81    1.360    37.37       -       3.64     NA        3.65    0.43     2.88
Real Estate Oper.   SNH     Senior Housing Properties Tru   67.79    1,845.410    5.41    3.86      22.06        1.60       21.06       83.650       82.800   86.12    5.960     1.02       -       0.36     NA        6.16    1.52     8.46
Real Estate Oper.   SPG     Simon Property Group, Inc       53.39   22,339.800    7.08    7.74     100.00        7.62       48.61      223.400      190.400   95.00   14.570    14.77    (0.090)    4.30     NA        3.36    0.66     5.35
Real Estate Oper.   SLG     SL Green Realty Corp.           81.83    6,948.960    4.42    7.62     116.77        1.97       36.27       59.510       57.700   95.00    7.230     3.04    (0.270)    1.24     NA        2.40    1.10     4.72
Real Estate Oper.   SSS     Sovran Self Storage, Inc.       69.72      989.170    6.35    4.50      45.84        1.88       26.31       21.580       21.000   79.14    1.420     2.68       -       1.04     NA        5.50    0.70     1.62
Real Estate Oper.   BEE     Strategic Hotels & Resorts In   35.12    1,530.900   12.08    9.62      20.59        1.75         NA        74.350       73.600     NA       NA      1.01     0.050     1.37     NA        4.66    0.75     0.10
Real Estate Oper.   SUI     Sun Communities, Inc.           40.36      548.480     NA     3.67      30.08        9.31         NA        18.230       15.100   76.35   (0.030)   17.19       -      19.62     NA        8.38    0.66     5.51
Real Estate Oper.   SRRE    Sunrise Real Estate Group, In   24.15       18.950     NA      NA        0.80        2.42         NA        23.690       23.500     NA       NA      0.81       NA      1.08    0.47        NA     0.02    56.86
Real Estate Oper.   SHO     Sunstone Hotel Investors, Inc   34.85    1,533.810    2.30    9.40      25.64        1.63       70.93       59.820       58.600   95.00    5.490     2.04    (0.110)    1.45    1.18       4.99    1.00    (4.90)
Real Estate Oper.   SPPR    Supertel Hospitality Inc.       70.72      153.920    3.30   10.00       7.54        1.62       40.61       20.410       17.200   32.88    0.940    15.74       -       2.09     NA        6.63    0.34    (4.68)
Real Estate Oper.   SKT     Tanger Factory Outlet Centers   45.18    1,270.660   12.02    7.25      40.59        6.62       63.19       31.300       30.200   95.00    3.070     3.53    (0.030)    2.56     NA        3.55    0.84     6.62
Real Estate Oper.   TARR    Tarragon Corporation            69.94       75.160     NA      NA        2.62        0.27         NA        28.690       13.500   31.54    0.470    52.94   (11.080)    5.86     NA         NA     6.45   178.72
Real Estate Oper.   TCO     Taubman Centers, Inc.           63.24    2,896.670   12.15    5.85      54.75       60.56       77.79       52.910       51.000   95.00    1.030     3.60    (0.010)   54.01     NA        2.74    0.69     6.15
Real Estate Oper.   TRC     Tejon Ranch Company             25.98      699.630     NA      NA       41.40        4.55      861.78       16.900       11.700   73.99    0.500    30.76    (0.080)     -     20.52        NA     0.28     0.05
Real Estate Oper.   INTG    The InterGroup Corporation      23.53       42.150     NA      NA       17.93        5.73         NA         2.350        0.800    1.53      -      65.97       -      17.72     NA         NA     0.01    (2.36)
Real Estate Oper.   MAC     The Macerich Company            47.32    6,294.490   11.84    7.49      87.58        4.58       96.33       71.870       70.100   95.00    6.350     2.46    (0.010)    3.49     NA        3.24    0.76     7.83
Real Estate Oper.   DOLL    The Middleton Doll Company      77.39        2.660     NA      NA        0.70        0.91         NA         3.800        3.500     -        -       7.97     0.010      -      5.77        NA     0.09    (5.41)
Real Estate Oper.   JOE     The St. Joe Company             40.42    2,500.590    4.36    9.50      33.61        5.08       63.06       74.400       71.000   95.00    5.110     4.57    (0.010)    0.87     NA        1.90    0.73     6.29
Real Estate Oper.   TPGI    Thomas Properties Group, Inc.   25.72      284.980     NA      NA       12.00        1.95         NA        23.750       23.300   95.00   10.650     1.89     1.220     2.41     NA        2.00    0.55    (6.18)
Real Estate Oper.   TISM    TIS Mortgage Investment         18.69        0.440     NA      NA        0.05        1.47         NA         8.890        7.100     NA       NA     20.16       NA      1.51     NA         NA      -      25.00
Real Estate Oper.   TCI     Transcontinental Realty Inves   73.98      122.870     NA      NA       15.60        0.47         NA         7.880        1.400    1.56      -      82.22       -       3.83     NA         NA     0.02    (1.02)
Real Estate Oper.   TUXS    Tuxis Corp.                     18.43        4.230     NA      NA        4.30        0.52         NA         0.980        0.500     -     (0.130)   49.19     0.020      -     39.54        NA     0.01     3.61
Real Estate Oper.   UDR     UDR, Inc.                       44.58    3,276.950    6.67    4.76      24.32        4.15         NA       134.740      130.600   91.59    8.820     3.08    (0.010)    3.69     NA        5.43    0.74    (3.15)
Real Estate Oper.   UMH     UMH Properties, Inc             66.12      147.390     NA      NA       13.92        2.51       27.48       10.590        8.600   18.98    0.170    18.78       -       1.01     NA        7.18    0.12     5.37
Real Estate Oper.   UHT     Universal Health Realty Incom   75.03      420.500     NA      NA       35.53        2.55       12.36       11.840       11.000   43.80    0.170     7.05       -       0.13     NA        6.47    0.96     6.00
Real Estate Oper.   UBA     Urstadt Biddle Properties Inc   36.32      411.590    2.66    4.25      15.47        1.76         NA        26.610       21.200   46.29    0.830    20.32       -       0.30     NA        5.95    0.31    (8.68)
Real Estate Oper.   YSI     U-Store-It Trust                29.53      761.470     NA     5.62      13.20        1.28         NA        57.690       47.500   86.27   (0.690)   17.66       -       1.50     NA        8.79    0.71    (2.65)
Real Estate Oper.   VTR     Ventas, Inc.                    53.83    5,522.430    3.66    6.53      41.40        2.94       28.61      133.390      131.600   95.00   38.370     1.34    (0.210)    1.75     NA        4.59    1.86     8.72
Real Estate Oper.   VRTA    Vestin Realty Mortgage I Inc.   17.66       37.320     NA      NA        5.43        0.60         NA         6.870        6.700    0.26   (0.020)    2.50       -        -       NA       10.39    0.05     2.45
Real Estate Oper.   VRTB    Vestin Realty Mortgage II, In   17.49      191.020     NA      NA        4.92        0.69         NA        38.830       38.000    1.43    0.310     2.13     0.400     0.22     NA       10.98    0.09    (8.72)
Real Estate Oper.   VNO     Vornado Realty Trust            65.87   16,622.060    4.65    8.21     109.35        3.09       32.72      152.010      126.200   88.48    6.760    16.98       -       2.02     NA        3.29    0.69     2.59
Real Estate Oper.   WPC     W. P. Carey & Co. LLC           90.71    1,233.020     NA      NA       31.50        1.88       11.75       39.140       25.500   10.92    0.310    34.86    (0.010)    0.49     NA        5.99    0.12     0.90
Real Estate Oper.   WRE     Washington Real Estate Invest   53.58    1,548.350    6.19    4.67      33.18        3.21       39.79       46.670       46.100   61.33    1.600     1.21       -       2.55     NA        5.09    0.79     1.31
Real Estate Oper.   WRI     Weingarten Realty Investors     76.58    3,584.230    4.51    6.17      41.46        2.61       25.28       86.450       76.500   65.70    6.050    11.51    (0.030)    2.11     NA        4.78    0.71     3.11
Real Estate Oper.   WLRE    Wells Real Estate Investment    30.81    4,393.240     NA      NA        9.00        1.40       40.57      488.140      483.300     -        -       0.99       -       0.39     NA        6.52     -      (6.74)
Real Estate Oper.   WOC     Wilshire Enterprises, Inc.      31.50       34.480     NA      NA        4.35        2.51         NA         7.930        5.800   17.33    0.100    26.82       -       2.09    6.37        NA     0.04    (2.03)
Real Estate Oper.   FUR     Winthrop Realty Trust           80.34      442.910    1.01   17.00       6.73        1.33        9.67       65.810       45.400   49.14    0.830    31.01     0.630     0.77     NA        3.86    0.32     5.98
Real Estate Oper.   ZIPR    ZipRealty, Inc.                 31.14      143.740     NA    12.50       6.38        1.66         NA        22.530       12.000   32.62   (0.010)   46.74       -        -      8.22        NA     0.25   (14.36)



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                                                                                                                                                  Real Estate 14Sep07


   Market Category    Ticker        Name of Company (issuer)   Value Rank        Market           Projected     Long Term       Price ($)   Price to Book       Price To      Shares       Float (millions)   Institutional      Institutional     Insider        Insider Net  Total Debt To Current Ratio, Dividend Yield Volume, Daily 4 Week Price
                     Symbol                                     (higher is   Capitalization ($    Price-To-    Growth Rate   unadjusted for     Ratio,         Earnings     Outstanding,                        Percent         Net Shares       Ownership     Shares Bought Total Equity,    Quarterly          (%)        As a % of      Percent
                                                                 better)        millions)        Earnings to    (%), Mean     future splits  Quarterly           Ratio,       Current                         Owned, (%)        Purchased        Percent (%)     (millions) in  Quarterly                                     Shares     Change (%)
                                                                                                 Long Term                                                     Excluding     (millions)                                         (millions) in                   recent 6 mos                                               Outstanding
                                                                                                 Growth Rate                                                Extraordinary                                                     recent quarter                                                                                   (%)
                                                                                                                                                             Items, TTM

Real Estate Oper.    AKR       Acadia Realty Trust                 50.47          828.490              5.38          7.00         25.25           3.34           58.19          32.810          30.200             95.00            1.900              7.96         (0.220)         1.91            NA           3.17          0.48            7.81
Real Estate Oper.    ADC       Agree Realty Corporation            69.85          241.470              4.14          4.00         31.15           1.85           17.04           7.750           7.100             45.50            0.210              8.41          0.010          0.56            NA           6.29          0.51           (3.68)
Real Estate Oper.    AFN       Alesco Financial Inc.               36.73          346.650              0.95          5.00          5.83           0.94             NA           59.460          57.700             67.25            0.420              2.96          0.300         28.60            NA          21.27          1.87            9.38
Real Estate Oper.    ALX       Alexander's, Inc.                   26.88        1,829.150               NA            NA         362.75          25.25             NA            5.040           3.700             35.36            0.130             26.62            -           14.65            NA            NA           0.23           (3.14)
Real Estate Oper.    ARE       Alexandria Real Estate Equiti       59.86        2,759.340              4.04          8.91         93.33           2.33           37.83          29.570          28.800               NA               NA               2.59         (0.030)         1.73            NA           3.26          0.67            4.07
Real Estate Oper.    APSA      Alto Palermo S.A. (ADR)             37.00          369.130               NA            NA          18.88           1.40           44.83          19.550           2.350              0.60              -               88.01            -            0.92           1.80          4.14           -             15.40
Real Estate Oper.    AMB       AMB Property Corporation            73.02        5,549.050              2.90          6.60         55.54           2.22           24.22          99.910          94.800             93.31            6.070              5.12         (0.040)         1.12            NA           3.60          0.65           10.53
Real Estate Oper.    AMEN      AMEN Properties, Inc                99.51           12.850               NA            NA           5.61           1.33            8.06           2.290           1.400              1.35              -               38.89            -            0.30           1.49           NA           0.08           (3.28)
Real Estate Oper.    APRO      America First Apartment Inves       48.77          279.040               NA            NA          25.26           2.84             NA           11.050          10.300             15.74            0.600              6.76         (0.010)         2.60            NA           4.28          0.35            1.69
Real Estate Oper.    ACC       American Campus Communities,        24.05          671.070              4.60         11.21         28.51           1.87             NA           23.540          22.800             95.00            1.540              3.13          0.010          1.52            NA           4.74          0.52           10.93
Real Estate Oper.    APO       American Community Properties       67.50          125.520               NA            NA          24.00           9.46           35.97           5.230           0.300              1.62              -               94.26            -           23.14            NA           1.67          0.02            3.23
Real Estate Oper.    AFR       American Financial Realty Tru       27.52        1,065.460               NA           8.00          8.21           1.51             NA          129.780         126.100             92.33            2.830              2.83          0.020          3.07            NA           9.26          0.93           19.85
Real Estate Oper.    ANL       American Land Lease, Inc.           82.99          174.110              8.70          5.50         21.81           1.52           28.54           7.980           6.300             36.89            0.150             21.08            -            1.98            NA           4.59          0.46           (3.37)
Real Estate Oper.    AMC       American Mortgage Acceptance        82.70           67.990               NA            NA           8.09           0.70             NA            8.410           8.300             21.20           (0.180)             1.26          0.170          8.75            NA          11.13          0.22            7.84
Real Estate Oper.    ACP       American Real Estate Partners       63.37        6,918.070               NA            NA         111.84           2.80             NA           61.860           8.000             95.00            0.830             87.07            -            0.88           7.94          0.54          0.05            7.08
Real Estate Oper.    ARL       American Realty Investors, In       83.38           75.410               NA            NA           7.44           0.55             NA           10.140           1.500              2.64              -               85.20            -            9.11            NA            NA           0.03           (5.46)
Real Estate Oper.    AQQ       American Spectrum Realty, Inc       45.72           27.240               NA            NA          19.71           2.12             NA            1.380           0.700               -                -               49.35            -           14.11            NA            NA            -              6.54
Real Estate Oper.    AMY       AmREIT                              50.56          185.910               NA           7.75          8.26           1.14             NA           22.510           5.900              4.34            0.250             73.79            -            0.96            NA           6.02          0.02            6.58
Real Estate Oper.    AHR       Anthracite Capital Inc.             95.64          578.620              1.19          6.00          9.00           0.88            6.22          64.290          63.900             67.82            7.510              0.61          0.170          5.91            NA          13.33          0.99            4.65
Real Estate Oper.    ANH       Anworth Mortgage Asset Corpor       46.34          236.120               NA           8.50          5.17           0.55             NA           45.670          44.100             88.16            2.460              3.44            -            2.46            NA           3.87          1.98           27.34
Real Estate Oper.    AIV       Apartment Investment and Mana       59.07        4,180.140               NA           5.42         43.21           2.88             NA           96.740          92.600             95.00            4.460              4.28         (0.120)         3.12            NA           5.55          1.11            2.03
Real Estate Oper.    ABR       Arbor Realty Trust, Inc.            79.29          387.190              0.59          8.67         19.18           0.94            4.57          20.190          13.500             66.89            1.710             33.12          0.100          5.43            NA          12.93          0.94            4.35
Real Estate Oper.    ASN       Archstone-Smith Trust               60.38       13,194.760             10.08          6.83         59.00           2.30           73.58         223.640         217.300             88.34           (6.050)             2.84            -            1.06            NA           3.07          1.87            4.42
Real Estate Oper.    AZL       Arizona Land Income Corporati       79.12           10.550               NA            NA           5.70           2.55            3.10           1.850           1.500              1.13           (0.050)            18.96            -             -              NA           7.02          0.27           (8.80)
Real Estate Oper.    AHT       Ashford Hospitality Trust, In       44.46        1,245.730             22.69          9.00         10.16           0.91           91.26         122.610         107.900             95.00           49.210             12.00          0.120          2.03            NA           8.27          0.56            1.20
Real Estate Oper.    AEC       Associated Estates Realty Cor       53.11          224.850               NA          10.00         12.94           3.95             NA           17.380          14.200             59.49            1.330             18.28         (0.050)         4.93            NA           5.26          0.47            2.45
Real Estate Oper.    AVB       AvalonBay Communities, Inc.         50.78        9,302.020              5.42          7.64        116.66           2.95           53.40          79.740          78.300             95.00            3.230              1.80         (0.040)         0.93            NA           2.91          0.81            3.84
Real Estate Oper.    AVTR      Avatar Holdings Inc.                99.84          472.900               NA            NA          57.00           0.90            4.35           8.300           6.000             86.92            0.600             27.68         (0.150)         0.26            NA            NA           0.45           (9.51)
Real Estate Oper.    AXGO      Axia Group, Inc. (USA)               1.95              -                 NA            NA            -              NA              NA            0.010             -                 NA               NA              80.00            NA            -             0.07           NA       ########          (50.00)
Real Estate Oper.    VHTI      B. H. I. T. Inc.                    17.94           10.000               NA            NA           0.40           4.21             NA           24.990          19.700               -                -               21.16          3.530           -              NA            NA           0.16           21.21
Real Estate Oper.    BMR       BioMed Realty Trust, Inc.           31.61        1,578.960              3.76          7.22         24.12           1.29           30.67          65.460          64.800             95.00            5.680              1.01            -            0.92            NA           5.14          0.69            2.33
Real Estate Oper.    BOWFF     Boardwalk REIT (USA)                 7.10        2,532.620               NA            NA          44.86          13.98             NA           56.450          42.300              9.12            0.430             25.07            -            9.11            NA            NA            -             13.30
Real Estate Oper.    BXP       Boston Properties, Inc.             88.66       11,605.860              6.98          5.04         97.50           2.79           12.07         119.030         104.500             95.00            4.970             12.21            -            1.35            NA           2.79          0.77            0.67
Real Estate Oper.    BDN       Brandywine Realty Trust             77.29        2,195.390             38.79          3.85         25.28           1.22             NA           86.840          82.600             95.00            7.980              4.89         (0.010)         1.76            NA           6.96          0.59            5.82
Real Estate Oper.    BRE       BRE Properties, Inc.                46.74        2,739.310              5.02          5.80         54.00           2.86           57.28          50.730          49.900             95.00            5.710              1.63            -            1.92            NA           3.98          1.01            2.00
Real Estate Oper.    BAM       Brookfield Asset Management I       83.91       19,800.630              2.40         13.00         33.93           3.12           17.54         583.570         577.700             54.81            0.120              1.01            -            3.27            NA           1.41          0.29            6.90
Real Estate Oper.    BRT       BRT Realty Trust                    98.11          209.320               NA            NA          18.73           0.84            4.29          11.180           6.500             23.02            0.450             41.84            -            0.31            NA          13.24          0.65           (3.95)
Real Estate Oper.    CPT       Camden Property Trust               73.64        3,424.930              9.51          6.97         61.02           2.02           28.10          56.130          53.100             95.00            5.090              5.39         (0.060)         1.55            NA           4.52          0.93            2.13
Real Estate Oper.    COWP      Canal Capital Corp.                 51.69            0.200               NA            NA           0.04           0.13             NA            4.890           1.920               NA               NA              60.71            NA           1.65           4.39           NA           0.01             -
Real Estate Oper.    CAA       Capital Alliance Income             82.79            1.950               NA            NA           5.12           0.17             NA            0.380           0.300              0.26              -               21.26            -            0.36            NA            NA           0.37           (8.08)
Real Estate Oper.    CPI       Capital Properties, Inc.            24.53           81.340               NA            NA          24.65           4.91           50.37           3.300           1.600             10.45              -               51.51            -             -              NA           0.97          0.02           (8.53)
Real Estate Oper.    CT        Capital Trust, Inc.                 96.69          626.430              1.03          8.33         34.82           1.35            8.62          17.990          16.000             52.76            0.220             11.06          1.260          5.07            NA           9.19          0.81           10.93
Real Estate Oper.    LSE       CapLease, Inc.                      31.30          432.280               NA           7.50          9.47           1.16             NA           45.650          43.400             77.95            8.830              4.93          0.120          0.74            NA           8.45          0.49            3.05
Real Estate Oper.    CMO       Capstead Mortgage Corporation       69.88          193.920              8.70          5.00         10.00           1.17             NA           19.390          18.400             45.37            0.830              5.12            -           15.14            NA           1.60          0.49           15.07
Real Estate Oper.    CBG       CB Richard Ellis Group, Inc.        50.76        5,851.150              0.62         17.40         25.52           4.27           16.28         229.280         198.100             95.00           15.050             13.60         (2.020)         1.90           1.21           NA           2.25          (12.30)
Real Estate Oper.    CBL       CBL & Associates Properties,        73.77        2,248.770              3.83          6.67         34.25           2.37           31.01          65.660          52.900             94.10            3.090             19.43         (0.020)         5.21            NA           5.90          0.68           12.30
Real Estate Oper.    CDR       Cedar Shopping Centers Inc          76.18          555.980              5.55          5.07         12.57           1.16           48.07          44.230          42.900             95.00            1.510              3.01          0.010          1.23            NA           7.16          0.47           (5.49)
Real Estate Oper.    CSA       Cogdell Spencer Inc.                23.75          222.740               NA           5.00         18.64           1.74             NA           11.950           9.100             78.89            0.310             23.85          0.010          1.95            NA           7.51          0.38           13.45
Real Estate Oper.    CLP       Colonial Properties Trust           98.39        1,583.680              0.60          5.50         33.73           1.34            5.01          46.950          38.600             76.64            3.010             17.79          0.560          1.57            NA           8.06          0.59            3.56
Real Estate Oper.    OFC       Corporate Office Properties T       56.96        1,969.080             15.63          8.53         41.75           2.35          231.58          47.160          40.400             95.00            3.890             14.34         (0.050)         2.09            NA           2.97          0.75            5.06
Real Estate Oper.    CUZ       Cousins Properties Incorporat       87.58        1,377.690              3.01          8.50         26.57           3.42            5.82          51.850          48.500             62.73            1.720              6.46         (0.030)         0.79            NA           5.57          0.83            4.32
Real Estate Oper.    DCT       DCT Industrial Trust Inc.           22.98        1,699.390              5.20          9.80         10.09           1.40             NA          168.420         163.400             70.86           27.970              2.98          0.020          0.98            NA           6.34          0.49            1.92
Real Estate Oper.    DFR       Deerfield Capital Corp.             79.60          416.090              0.89          5.00          8.04           0.62            5.83          51.750          49.200             50.37            0.360              4.93          1.200         12.35            NA          20.90          0.98           40.31
Real Estate Oper.    DDR       Developers Diversified Realty       64.99        6,709.230              3.84          7.32         54.02           2.40           28.77         124.200         120.600             86.23            1.390              2.90         (0.040)         1.52            NA           4.89          0.87            8.37
Real Estate Oper.    DLR       Digital Realty Trust, Inc.          18.09        2,253.090              3.51         11.93         37.11           3.71          164.10          60.710          58.900             95.00           10.500              2.99         (0.060)         1.07            NA           3.09          0.89            6.00
Real Estate Oper.    DEI       Douglas Emmett, Inc.                25.26        2,641.500               NA           8.36         24.05           1.33             NA          109.830          99.700             95.00           15.830              9.23          0.030          1.41            NA           2.91          0.34            3.62
Real Estate Oper.    DRE       Duke Realty Corporation             68.33        4,474.000              4.53          5.26         32.67           2.57           43.46         136.950         135.600             75.88            1.750              0.98         (0.020)         1.56            NA           5.88          0.62            4.01
Real Estate Oper.    DVLN      DVL, Inc.                           99.23            5.430               NA            NA           0.17           0.27            4.42          32.910          22.400              0.06            0.020             31.93         (5.410)         2.90            NA            NA           0.02            3.13
Real Estate Oper.    DX        Dynex Capital, Inc.                 53.24           93.450               NA            NA           7.70           0.96           34.45          12.140           9.600             27.57            0.090             20.90          0.010          2.14            NA            NA           0.13           (0.34)
Real Estate Oper.    EGP       EastGroup Properties Inc.           52.98        1,001.330              5.49          7.35         42.13           2.66           43.09          23.770          23.000             80.17            0.380              3.23            -            1.33            NA           4.75          0.55           (1.22)
Real Estate Oper.    ECRO      ECC Capital Corporation             50.49           23.240               NA            NA           0.23           0.21             NA          101.030          81.900             16.73          (10.110)            18.93            -           18.56            NA         121.74          0.06           43.75
Real Estate Oper.    EDR       Education Realty Trust, Inc.        29.51          378.290               NA           6.00         13.27           1.20             NA           28.510          27.400             92.05            2.340              3.88          0.010          1.35           0.74          6.18          0.54            8.95
Real Estate Oper.    EJ        E-House (China) Holdings Limi        4.72        1,428.740               NA            NA          19.15          21.49           61.66          74.610          73.900               NA               NA               0.95            NA           0.16           2.46           NA           0.80           47.65
Real Estate Oper.    EMVL      EMVELCO Corp.                       63.29            4.890               NA            NA           1.06           0.22            3.26           4.610           1.500               -                -               67.46            -            0.26           1.98           NA           0.03          (23.19)
Real Estate Oper.    EPR       Entertainment Properties Trus       60.55        1,337.640              0.84         18.00         50.16           1.45           18.92          26.670          26.100             94.64            2.320              2.13         (0.050)         1.06            NA           6.06          0.86            9.04
Real Estate Oper.    ENN       Equity Inns, Inc.                   57.34        1,245.430              2.45         11.25         22.62           4.31           66.35          55.060          52.900             89.45            4.190              3.92            -            1.61            NA           4.42          1.06            3.33
Real Estate Oper.    ELS       Equity Lifestyle Properties,        61.25        1,228.030              5.64          8.59         50.44          19.56           62.58          24.350          20.100             95.00            1.600             17.44         (0.010)        27.03            NA           1.19          0.45            5.41
Real Estate Oper.    EQY       Equity One, Inc.                    67.22        1,909.820              4.76          5.75         25.87           2.04           36.18          73.820          36.400             43.99            4.600             50.69          2.180          1.27            NA           4.64          0.49            1.57
Real Estate Oper.    EQR       Equity Residential                  68.39       11,174.070             26.91          5.20         40.32           2.31          182.97         277.130         263.600             95.00           (3.410)             4.88         (0.010)         1.78            NA           4.59          0.66            3.36
Real Estate Oper.    ESS       Essex Property Trust, Inc.          50.22        2,875.880              8.33          6.21        114.30           3.50           71.49          25.160          23.000             95.00            4.220              8.59            -            1.48            NA           3.26          0.90            7.68


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                                                                                                                 Real Estate 14Sep07


Real Estate Oper.   EXR     Extra Space Storage, Inc.       29.47      966.080     5.00    5.78      14.90        1.53       37.84       64.840       59.700   95.00    7.220     7.92      -       2.00      NA        6.11   0.62     0.81
Real Estate Oper.   FRT     Federal Realty Inv. Trust       43.08    4,783.340     6.53    6.95      84.82        5.59       54.18       56.390       55.600   93.71    3.240     1.41   (0.050)    2.10      NA        2.88   0.71     9.91
Real Estate Oper.   FCH     FelCor Lodging Trust Incorpor   81.13    1,310.000      NA     6.33      20.98        2.27    4,407.56       62.440       60.000   95.00    2.440     3.91   (0.090)    1.23      NA        5.72   0.76     1.94
Real Estate Oper.   FMP     Feldman Mall Properties, Inc.   77.53      105.940      NA      NA        8.13        0.94        6.11       13.030       12.800   59.38   (0.810)    1.76      -       2.18      NA       11.19   0.37    (7.09)
Real Estate Oper.   FR      First Industrial Realty Trust   66.53    1,759.260     2.31    6.50      38.73        1.80         NA        45.420       43.000   89.75    2.070     5.34   (0.010)    2.03      NA        7.33   0.93    (0.95)
Real Estate Oper.   FPO     First Potomac Realty Trust      27.37      477.490    55.24    7.55      19.69        1.38      385.32       24.250       23.400   95.00    0.520     3.51    0.030     1.90      NA        6.91   0.67    (5.56)
Real Estate Oper.   FREVS   First Real Estate Investment    27.23      155.040      NA      NA       22.95        6.77       33.30        6.760        5.200     -        -      23.03      -       8.32      NA        5.23   0.01    (8.20)
Real Estate Oper.   FSRV    FirstService Corporation (USA   89.83      808.680     1.14   16.50      27.05        2.85       20.17       29.900       25.700   44.56    2.720    14.03      -       0.85     1.33        NA    0.23    (8.95)
Real Estate Oper.   FCE.A   Forest City Enterprises, Inc.   33.61    5,622.180   598.44    9.00      54.74        5.28      854.11      102.710       72.600   65.43    2.350    29.31   (1.270)    6.40      NA        0.58   0.32    (2.82)
Real Estate Oper.   FSP     Franklin Street Properties Co   38.43    1,215.770      NA      NA       17.18        1.31       28.54       70.770       59.400   30.06    1.170    16.06    0.130     0.14      NA        7.22   0.27    (2.55)
Real Estate Oper.   GGP     General Growth Properties       62.82   12,168.640     4.08    8.39      49.55        7.48       40.12      245.580      229.800   90.07   16.520     6.43    0.800    13.15      NA        3.63   0.73     0.30
Real Estate Oper.   GTY     Getty Realty Corp.              58.44      667.410     4.49    3.62      26.95        2.98       16.53       24.760       17.300   36.89    0.930    30.14      -       0.59      NA        6.90   0.26     3.10
Real Estate Oper.   GOOD    Gladstone Commercial Corporat   28.88      164.970     9.80   11.25      19.26        1.12      138.89        8.570        7.100   46.14    0.020    17.10   (0.020)    1.23      NA        7.48   0.12     9.06
Real Estate Oper.   GRT     Glimcher Realty Trust           33.28      856.350    15.77    4.50      22.74         NA          NA        37.660       35.400   81.29    0.930     6.00      -       8.46      NA        8.46   0.63    11.74
Real Estate Oper.   GCT     GMH Communities Trust           51.07      328.390     5.17    9.81       7.89        1.23       28.69       41.620       28.700   85.93   (1.120)   31.05    0.180     3.81      NA        8.36   0.38    (1.00)
Real Estate Oper.   GTA     Golf Trust of America, Inc.     97.45       14.630      NA      NA        2.00        1.17        3.95        7.320        6.600    7.87   (0.320)    9.80      -       0.18      NA         NA    0.30   (21.57)
Real Estate Oper.   GKK     Gramercy Capital Corp.          59.64      672.210     0.70    8.33      25.78        1.40       10.12       26.070       18.800   69.91    0.500    27.90      -       4.40      NA        9.77   0.83    13.02
Real Estate Oper.   GCIH    Great China International Hol   28.50       32.400      NA      NA        2.75       14.95       50.31       11.780        3.400     NA       NA     71.14      NA     26.99     0.43        NA     -     (22.54)
Real Estate Oper.   GBE     Grubb & Ellis Company           38.52      242.300     0.77   15.00       9.35        5.05         NA        25.910       15.800   61.70    2.750    39.03    0.300      -       1.01        NA    0.67    17.76
Real Estate Oper.   GAV     Grubb & Ellis Realty Advisors   22.26      171.850      NA      NA        5.76        1.53       56.29       29.830       18.500   50.07    1.570    37.99    0.200      -     160.07        NA    0.13     0.52
Real Estate Oper.   GYRO    Gyrodyne Company of America,    11.96       60.690      NA      NA       47.05        4.11         NA         1.290        1.100   27.67   (0.020)   14.73      -       0.38      NA         NA    0.04    (4.47)
Real Estate Oper.   HCM     Hanover Capital Mortgage Hold   72.49       17.100      NA      NA        2.12        0.40         NA         8.060        6.700    8.30    0.130    16.92      -       1.07      NA         -     0.22     0.96
Real Estate Oper.   HCP     HCP, Inc.                       77.15    6,612.420     2.40    6.50      32.04        1.99       51.25      206.380      205.600     NA       NA      0.38      NA      1.27      NA        5.56   0.62    22.06
Real Estate Oper.   HCN     Health Care REIT, Inc.          63.72    3,382.380     4.67    4.86      41.76        1.75       32.54       81.000       79.700   71.60    8.740     1.60   (0.120)    1.08      NA        6.32   0.84    14.91
Real Estate Oper.   HR      Healthcare Realty Trust Incor   70.74    1,206.510     6.12    2.50      25.18        2.05       53.17       47.920       47.000   77.56    6.730     1.91    0.030     1.33      NA        6.12   1.06     4.83
Real Estate Oper.   HT      Hersha Hospitality Trust        81.59      416.020     3.27   12.00      10.15        1.27       79.08       40.990       37.700   95.00    4.460     8.02   (0.100)    2.08      NA        7.09   0.65   (10.18)
Real Estate Oper.   HF      HFF, Inc.                       34.08      183.360     0.88   12.00      11.15        5.83        4.14       16.440       16.300   95.00    1.840     0.88      -        -       1.50        NA    0.69     1.64
Real Estate Oper.   HIW     Highwoods Properties, Inc.      59.29    2,000.720     6.79    4.50      35.02        2.20       47.28       57.130       53.100   95.00    6.040     7.06   (0.200)    1.46      NA        4.85   0.62     2.91
Real Estate Oper.   HTH     Hilltop Holdings Inc.           27.71      672.430      NA      NA       11.91        1.64         NA        56.460       45.700   77.59    1.380    19.06      -       2.08      NA         NA    0.38     5.59
Real Estate Oper.   HMG     HMG/Courtland Properties        47.21       12.490      NA      NA       12.20        0.72         NA         1.020        0.500    0.49      -      51.17      -       1.19      NA         NA    0.01     4.27
Real Estate Oper.   HOOB    Holobeam, Inc.                  28.37       11.820      NA      NA       44.00        4.11       31.62        0.270        0.100     NA       NA     62.83      NA      1.00     1.36        NA    0.05     1.73
Real Estate Oper.   HME     Home Properties, Inc.           73.95    1,730.640     8.47    5.18      51.56        2.48       63.09       33.570       33.000   95.00    3.820     1.69   (0.010)    3.15      NA        5.04   1.11     2.73
Real Estate Oper.   HSYT    Home System Group               17.79      250.540      NA      NA        4.01       17.82      842.44       62.480       58.700    0.77      -       6.05      -        -       2.42        NA    0.01   (32.03)
Real Estate Oper.   HXM     Homex Development Corp. (ADR)   37.93    3,051.770     0.91   17.57      54.52        4.13       20.83       55.980       10.800   36.50    1.780    80.71      -       0.44     2.84        NA    0.53     9.70
Real Estate Oper.   HGPI    Horizon Group Properties, Inc   42.01       19.180      NA      NA        6.70        1.67         NA         2.860        2.000     -        -      30.12      -       8.24      NA         NA     -      (0.74)
Real Estate Oper.   HPT     Hospitality Properties Trust    86.84    3,796.080     3.15    5.22      40.44        1.63       18.45       93.870       92.900   77.48    1.560     1.03      -       1.01      NA        7.52   0.66     8.22
Real Estate Oper.   HST     Host Hotels & Resorts, Inc.     67.32   11,291.410     1.41   11.97      21.62        2.15       29.86      522.270      501.400   95.00   27.200     4.00   (0.400)    1.09      NA        3.70   0.72     1.69
Real Estate Oper.   SOLD    HouseValues, Inc.               37.02       95.420      NA    24.33       3.87        1.10         NA        24.660       20.900   65.34    0.100    15.24      -       0.02    12.92        NA    0.13     3.48
Real Estate Oper.   HRP     HRPT Properties Trust           88.25    2,028.330    18.77    1.68       9.57        0.94       25.92      211.950      209.800   72.69    5.290     1.01      -       0.88      NA        8.78   0.52    (1.85)
Real Estate Oper.   HYSNY   Hysan Development Company Lim   53.41    2,806.160      NA      NA        5.30        0.75        7.38      529.460      307.100     -        -      42.00      -       0.10     1.31       1.15    -      11.58
Real Estate Oper.   IOT     Income Opportunity Realty Inv   49.26       22.960      NA      NA        5.50        0.52         NA         4.170        0.800    2.90      -      80.83      -       1.58      NA         NA     -      (8.33)
Real Estate Oper.   IRC     Inland Real Estate Corporatio   29.02      989.540     6.20    4.00      15.14        2.66       24.95       65.360       58.200   67.66    3.570    10.95    0.300     2.51      NA        6.47   0.56    (1.69)
Real Estate Oper.   IHT     InnSuites Hospitality Trust     78.27       11.480      NA      NA        1.25        1.55         NA         9.190        3.200    0.02   (0.020)   65.17      -       2.78      NA        0.80   0.01   (14.38)
Real Estate Oper.   IRETS   Investors Real Estate Trust     71.10      505.260      NA     4.75      10.34        1.95       51.78       48.860       47.400   23.84    1.660     3.00    0.010     3.34      NA        6.46   0.18    (1.43)
Real Estate Oper.   IRS     IRSA Inversiones Representaci   89.19      712.790      NA      NA       15.33        1.32       13.37       46.500       34.870   38.16    0.550    25.01      -       0.66     1.06        NA    0.27     6.09
Real Estate Oper.   SFI     iStar Financial Inc.            95.73    4,472.160     1.11    7.67      34.88        1.44       12.41      128.220      123.800   79.95    4.000     3.44   (0.150)    2.93      NA        9.46   0.78     2.32
Real Estate Oper.   JRT     JER Investors Trust Inc.        60.08      317.410     0.33   24.00      12.26        0.99        8.41       25.890       23.600   83.26   (0.240)    8.85    0.880     3.04      NA       14.68   1.30    16.54
Real Estate Oper.   JLL     Jones Lang LaSalle Incorporat   86.13    3,749.300     0.78   17.00     100.19        4.24       16.08       37.420       37.100   83.10    2.390     0.86   (0.050)    0.17     1.20       0.70   4.01    (4.58)
Real Estate Oper.   KWIC    Kennedy-Wilson, Inc.            19.41      220.090      NA      NA       38.75        4.28       84.09        5.680        2.500    8.49   (0.030)   55.99      -       1.74      NA         NA    0.02     7.28
Real Estate Oper.   KRC     Kilroy Realty Corporation       54.62    1,886.510     5.54    7.35      57.68        3.59       54.43       32.710       30.400   95.00    2.470     7.05   (0.100)    1.57      NA        3.85   1.19    (5.91)
Real Estate Oper.   KIM     Kimco Realty Corporation        57.82   10,936.510     3.46    8.04      43.36        3.12       30.02      252.230      228.900   76.95   15.450     9.25   (0.310)    1.20      NA        3.69   0.56     8.75
Real Estate Oper.   KRG     Kite Realty Group Trust         30.67      495.570     6.67    6.25      17.14        1.45       44.26       28.910       22.900   95.00    3.670    20.80    0.010     1.78      NA        4.78   0.56     4.90
Real Estate Oper.   KFN     KKR Financial Holdings LLC      73.98    1,213.120     3.50    7.00      15.07        0.72        7.05       80.500       76.500   73.86   (1.810)    4.97    0.200    10.05      NA       14.86   0.85    13.74
Real Estate Oper.   LSBK    Lake Shore Bancorp, Inc.        28.46       68.970      NA      NA       10.67        1.33       43.13        6.460        2.500    3.94      -      61.32      -       0.82      NA        1.12   0.07     6.31
Real Estate Oper.   LHO     LaSalle Hotel Properties        78.54    1,643.820     1.88   13.64      41.00        1.57       62.54       40.090       39.800   95.00    3.990     0.73   (0.020)    0.79      NA        4.98   0.99     0.64
Real Estate Oper.   LXP     Lexington Realty Trust          59.53    1,322.900      NA     5.00      20.66        1.74         NA        64.030       59.500   85.89    0.520     7.08      -       2.86      NA        7.26   0.74     3.87
Real Estate Oper.   LRY     Liberty Property Trust          74.24    3,529.930     3.73    5.31      38.68        1.91       24.49       91.260       90.700   95.00    3.170     0.61   (0.050)    1.45      NA        6.41   0.73     8.80
Real Estate Oper.   LOOP    LoopNet, Inc.                   24.17      658.170     1.20   30.00      16.97        6.13       36.66       38.780       27.700   57.56    5.060    28.58   (0.610)     -       8.97        NA    0.89   (12.71)
Real Estate Oper.   LTC     LTC Properties, Inc.            64.40      529.800      NA      NA       22.67        1.85       17.42       23.370       22.200   73.89    0.610     5.01   (0.010)    0.11      NA        6.62   0.42     7.29
Real Estate Oper.   LUM     Luminent Mortgage Capital, In   88.61       69.280     0.91    6.00       1.60        0.16        1.96       43.300       42.100   87.61    2.930     2.78    0.110    19.40      NA         -     8.82   220.00
Real Estate Oper.   MPG     Maguire Properties, Inc.        19.94    1,098.600    76.29    4.33      23.27        2.96         NA        47.210       37.300   95.00    4.550    20.99      -      14.64      NA        6.88   1.04    (8.71)
Real Estate Oper.   MRTI    Maxus Realty Trust, Inc.        88.58       15.480      NA      NA       11.01        1.42         NA         1.410        0.900   12.02   (0.050)   35.99    0.010     4.76      NA        7.27   0.14   (12.27)
Real Estate Oper.   MPW     Medical Properties Trust, Inc   36.97      674.260      NA      NA       13.60        1.40       16.81       49.580       48.100   75.64   (3.810)    2.98      -       0.59      NA        7.94   0.68     9.94
Real Estate Oper.   MMPI    Meruelo Maddux Properties, In   17.22      419.800      NA      NA        4.89        1.01         NA        85.850       85.000   48.80    6.120     0.99    0.020     0.67      NA         NA    0.20   (17.95)
Real Estate Oper.   MFA     MFA Mortgage Investments        91.58      742.440     2.69    7.50       7.82        0.92       23.83       94.940       94.000   84.36    7.220     0.99      -       9.07      NA        4.60   1.73    20.87
Real Estate Oper.   MDH     MHI Hospitality Corporation     52.24       69.840     1.78   10.25      10.20        1.66       17.63        6.850        4.900   28.10   (0.130)   28.44      -       1.39     0.59       6.67   0.20     2.10
Real Estate Oper.   MIM     MI Developments Inc. (USA)      43.14    1,524.580      NA      NA       31.52        0.88       35.85       48.370       46.000   88.70   (0.430)    4.90      -       0.35      NA        1.90   0.22    11.73
Real Estate Oper.   MAA     Mid-America Apartment           50.39    1,268.770     9.11    6.50      49.73        2.77      103.21       25.510       23.900   90.75    3.240     6.32   (0.020)    2.62      NA        4.87   0.67     6.83
Real Estate Oper.   MSW     Mission West Properties, Inc.   88.79      239.410      NA      NA       12.19        1.83       24.63       19.640       19.500   78.23    0.460     0.71      -       2.69      NA        5.25   0.19     5.09
Real Estate Oper.   MNRTA   Monmouth R.E. Inv. Corp.        65.68      198.220      NA      NA        8.27        1.65       31.62       23.970       22.300   17.30    0.040     6.96    0.040     0.90      NA        7.26   0.09     6.99
Real Estate Oper.   MOVE    Move Inc.                       70.97      452.040      NA    41.67       2.91        3.96       36.76      155.340      130.400   85.64    0.850    16.06      -       0.01     2.59        NA    0.82     9.40
Real Estate Oper.   NHI     National Health Investors       79.82      815.080      NA      NA       29.37        1.89       12.37       27.750       23.600   42.81    1.160    14.96      -       0.26      NA        6.81   0.29    (2.00)
Real Estate Oper.   NHR     National Health Realty          53.94      231.500      NA      NA       23.25        2.08       18.89        9.960        5.300   18.90    0.050    46.77      -       0.07      NA        5.72   0.03    (0.21)
Real Estate Oper.   NNN     National Retail Properties, I   87.38    1,555.820     2.65    5.00      23.19        1.34       17.13       67.090       66.500   73.36    5.040     0.88      -       0.74      NA        6.12   0.81    (2.03)
Real Estate Oper.   NHP     Nationwide Health Properties    72.00    2,658.800     3.45    8.25      29.23        2.16       36.50       90.960       90.600   95.00    6.640     0.40      -       0.99      NA        5.61   1.18    15.17
Real Estate Oper.   NEWCQ   New Century Financial Corpora   99.86        5.130      NA     8.00       0.09         -          0.01       55.470       44.700    0.71   (4.790)   19.42      -      10.86      NA    8,172.04   0.22   (11.90)


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                                                                                                                Real Estate 14Sep07


Real Estate Oper.   NEN     New England Realty Associates   96.30       13.510     NA      NA       77.99        1.46       13.52        0.170        0.100   95.00    0.010    42.20     0.010    11.71     NA      3.59    0.58     3.99
Real Estate Oper.   NMTG    New York Mortgage Trust, Inc.   50.18       17.270     NA      NA        0.95        0.31         NA        18.180       14.700   42.30    0.270    19.14     0.010     9.17     NA       -      1.24   (15.18)
Real Estate Oper.   NCT     Newcastle Investment Corp.      96.20      950.030    0.92    6.33      18.00        0.97        6.62       52.780       48.900   75.94    2.150     7.35     0.920     7.73     NA     16.00    1.73    10.57
Real Estate Oper.   NRF     Northstar Realty Finance Corp   58.18      597.960    2.15    6.50       9.71        1.05       12.87       61.580       57.900   79.98   (0.380)    5.98     0.180     2.68     NA     14.83    1.29     3.19
Real Estate Oper.   NFI     NovaStar Financial Inc.         14.56       77.460     NA     2.00       8.18         NA          NA         9.470        8.800   37.84    0.220     7.07       -        NA      NA    273.84   17.22    11.60
Real Estate Oper.   NLP     NTS Realty Holdings LP          39.16       77.280     NA      NA        6.79        0.93         NA        11.380        4.900    0.06      -      56.95     0.010     2.83     NA      5.89    0.01    (1.88)
Real Estate Oper.   OMAG    Omagine, Inc.                    8.52       63.520     NA      NA        1.54         NA          NA        41.110       32.100     NA       NA     21.92       NA       -      0.10      NA     0.01    10.36
Real Estate Oper.   OHI     Omega Healthcare Investors, I   69.54      998.830     NA      NA       14.69        2.15       16.81       67.990       66.700   95.00    6.050     1.90     0.040     0.95     NA      7.35    0.58     1.80
Real Estate Oper.   OLP     One Liberty Properties, Inc.    97.69      210.940     NA      NA       20.88        1.15        6.53       10.100        7.900   46.54    0.160    21.81       -       1.26     NA      6.90    0.20     1.75
Real Estate Oper.   OPX     Opteum Inc.                     39.36       35.430     NA      NA        1.40        1.23         NA        25.300       22.700   35.78   (1.460)   10.29    (0.180)   65.57     NA     14.29    0.64    53.85
Real Estate Oper.   ORGN    Origen Financial, Inc.          48.69      160.960    1.82   10.00       6.22        0.75       18.95       25.880       18.000   52.56    1.230    30.44    (0.010)    4.62     NA      5.14    0.04     1.63
Real Estate Oper.   PLMA    Palomar Enterprises, Inc.       23.83        0.890     NA      NA         -           NA          NA       239.750      237.400     -        -       0.98   (15.260)     -      0.01      NA     0.40   (38.33)
Real Estate Oper.   PKY     Parkway Properties, Inc.        73.62      700.890    9.73    4.50      44.06        1.62       53.51       15.910       15.300   95.00    0.920     3.82       -       1.78     NA      5.90    0.68     2.47
Real Estate Oper.   PEI     Pennsylvania R.E.I.T.           49.12    1,459.820   10.06    6.50      37.69        1.55      106.53       38.730       34.000   78.32    2.000    12.22    (0.300)    2.12     NA      6.05    0.77    (0.03)
Real Estate Oper.   PW      Pittsburgh & West Virginia Ra   60.49       13.730     NA      NA        9.09        1.50       17.58        1.510        1.500    0.73      -       0.66       -        -       NA      5.72    0.32     0.28
Real Estate Oper.   PCL     Plum Creek Timber Co. Inc.      58.67    7,391.550    4.00    6.90      42.34        3.81       28.49      174.580      173.500   60.00    4.090     0.62    (0.010)    1.20    1.92     3.97    0.52     6.04
Real Estate Oper.   PCC     PMC Commercial Trust            92.59      141.560     NA      NA       13.15        0.90       10.62       10.770        9.600   14.61    0.100    10.82    (0.010)    0.43     NA      9.12    0.06     5.62
Real Estate Oper.   PPS     Post Properties, Inc.           76.85    1,673.340    3.17    5.50      38.31        1.66       21.65       43.680       43.100   95.00    0.040     1.33       -       0.93     NA      4.70    0.86    (2.54)
Real Estate Oper.   PDL.B   Presidential Realty Corporati   43.52       25.430     NA      NA        6.44        1.27         NA         3.950        3.000    8.38      -      24.03    (0.020)    0.95     NA      9.94    0.04    (0.16)
Real Estate Oper.   PLD     ProLogis                        86.66   16,191.460    2.36    7.24      63.01        2.38       16.11      256.970      237.000   95.00    7.820     7.77    (0.040)    1.34     NA      2.92    0.73    13.43
Real Estate Oper.   PSB     PS Business Parks, Inc.         56.59    1,178.650    9.06    5.67      55.22        2.48       70.81       21.340       15.900   79.71    0.900    25.51       -       0.05     NA      3.19    0.34     0.77
Real Estate Oper.   PSA     Public Storage                  43.31   13,036.390     NA     8.69      76.45        2.49         NA       170.520      113.000   63.63    2.270    33.73       -       0.13     NA      2.62    0.47     5.00
Real Estate Oper.   RAS     RAIT Financial Trust            96.68      510.470     NA      NA        8.37        0.34        4.70       60.990       57.900   83.80    3.410     5.06     0.340     8.23     NA     21.98    2.25    12.35
Real Estate Oper.   RPT     Ramco-Gershenson Properties T   93.86      564.780     NA      NA       30.58        1.90       10.41       18.470       16.000   90.97    1.720    13.37     0.020     2.09     NA      6.05    0.58     2.10
Real Estate Oper.   O       Realty Income Corp              65.28    2,745.110    4.62    4.75      27.16        2.24       23.41      101.070       98.100   42.01    2.060     2.94       -       0.60     NA      5.99    0.61     2.03
Real Estate Oper.   RWT     Redwood Trust, Inc.             99.36      980.600    1.12    6.10      35.10        1.11        9.71       27.940       27.100   90.79    0.570     3.00     0.020    13.33     NA      8.55    1.43     8.33
Real Estate Oper.   REG     Regency Centers Corporation     59.28    4,887.060    3.46    7.58      70.31        3.29       32.60       69.510       67.400   95.00    5.530     3.03    (0.030)    0.98     NA      3.76    0.66    11.60
Real Estate Oper.   WRP     Reis, Inc.                      44.31       52.830     NA      NA        7.75        0.49         NA         6.820        6.500   39.42   (0.050)    4.65     0.010     1.05     NA       NA     0.03     3.33
Real Estate Oper.   RPB     Republic Property Trust         18.14      378.320     NA     6.17      14.50        2.18         NA        26.090       22.700   93.96    3.950    13.00       -       2.46     NA      3.45    0.65     4.02
Real Estate Oper.   RSO     Resource Capital Corp.          63.52      267.500    1.08    6.00      10.65        0.92       10.61       25.120       21.300   67.27    1.460    15.20     1.100     7.13     NA     15.40    1.62     5.45
Real Estate Oper.   RPI     Roberts Realty Investors, Inc   46.22       43.280     NA      NA        7.45        1.10         NA         5.810        3.200    5.92    0.020    44.92     0.090     1.93     NA       NA     0.07     0.68
Real Estate Oper.   SNWP    Satellite Newspapers Corp.       1.95        0.380     NA      NA         -           NA          NA       423.480      190.600     NA       NA     54.99       NA       -       -        NA     0.07      -
Real Estate Oper.   BFS     Saul Centers, Inc.              56.11      846.100    4.54    6.50      47.74       19.60       31.01       17.720       11.100   36.76    1.360    37.37       -       3.64     NA      3.69    0.32     2.16
Real Estate Oper.   SNH     Senior Housing Properties Tru   69.60    1,704.870    4.86    3.86      20.38        1.48       19.46       83.650       82.800   86.11    5.930     1.02       -       0.36     NA      6.67    0.64     6.15
Real Estate Oper.   SPG     Simon Property Group, Inc       52.57   21,508.760    6.70    7.74      96.28        7.34       46.80      223.400      190.400   95.00   14.580    14.77    (0.090)    4.30     NA      3.49    0.65     9.57
Real Estate Oper.   SLG     SL Green Realty Corp.           85.43    6,108.680    3.89    7.62     102.65        1.74       31.89       59.510       57.700   95.00    7.230     3.04    (0.270)    1.24     NA      2.73    1.21    (1.30)
Real Estate Oper.   SSS     Sovran Self Storage, Inc.       69.48      957.240    5.98    4.50      44.36        1.82       25.46       21.580       21.000   79.14    1.420     2.68       -       1.04     NA      5.68    0.42     1.91
Real Estate Oper.   BEE     Strategic Hotels & Resorts In   33.43    1,552.470   11.80    9.62      20.88        1.77         NA        74.350       73.600     NA       NA      1.01     0.050     1.37     NA      4.60    0.80     6.91
Real Estate Oper.   SUI     Sun Communities, Inc.           39.96      525.690     NA     3.67      28.83        8.93         NA        18.230       15.100   76.34   (0.030)   17.19       -      19.62     NA      8.74    0.87     7.17
Real Estate Oper.   SRRE    Sunrise Real Estate Group, In   21.23       20.140     NA      NA        0.85        2.58         NA        23.690       23.500     NA       NA      0.81       NA      1.08    0.47      NA     0.01   (15.00)
Real Estate Oper.   SHO     Sunstone Hotel Investors, Inc   33.65    1,536.200    2.25    9.40      25.68        1.63       71.04       59.820       58.600   95.00    5.510     2.04    (0.110)    1.45    1.18     4.98    1.19     2.27
Real Estate Oper.   SPPR    Supertel Hospitality Inc.       69.44      153.100    3.41   10.00       7.50        1.61       40.40       20.410       17.200   32.62    0.890    15.74       -       2.09     NA      6.67    0.23    (2.85)
Real Estate Oper.   SKT     Tanger Factory Outlet Centers   45.09    1,178.000   10.96    7.25      37.63        6.14       58.58       31.300       30.200   95.00    3.060     3.53    (0.030)    2.56     NA      3.83    1.00     2.56
Real Estate Oper.   TARR    Tarragon Corporation            69.99       59.090     NA      NA        2.06        0.22         NA        28.690       13.500   31.54    0.460    52.94   (11.080)    5.86     NA       NA    20.10   249.15
Real Estate Oper.   TCO     Taubman Centers, Inc.           63.17    2,708.850   11.27    5.85      51.20       56.64       72.75       52.910       51.000   95.00    1.020     3.60       -      54.01     NA      2.93    0.70     0.75
Real Estate Oper.   TRC     Tejon Ranch Company             25.46      666.170     NA      NA       39.42        4.34      820.57       16.900       11.700   73.99    0.500    30.76    (0.080)     -     20.52      NA     0.20    (7.72)
Real Estate Oper.   INTG    The InterGroup Corporation      22.25       41.970     NA      NA       17.85        5.70         NA         2.350        0.800    1.53      -      65.97       -      17.72     NA       NA      -       8.12
Real Estate Oper.   MAC     The Macerich Company            47.63    5,893.440   10.10    7.49      82.00        4.28       90.19       71.870       70.100   95.00    6.330     2.46    (0.020)    3.49     NA      3.46    0.83     1.15
Real Estate Oper.   DOLL    The Middleton Doll Company      75.88        2.850     NA      NA        0.75        0.97         NA         3.800        3.500     -        -       7.97     0.010      -      5.77      NA     0.09    82.93
Real Estate Oper.   JOE     The St. Joe Company             38.40    2,606.990    4.25    9.50      35.04        5.30       65.74       74.400       71.000   95.00    5.110     4.57    (0.010)    0.87     NA      1.83    1.49     1.39
Real Estate Oper.   TPGI    Thomas Properties Group, Inc.   24.21      292.570     NA      NA       12.32        2.00         NA        23.750       23.300   95.00   10.590     1.89     1.220     2.41     NA      1.95    0.25    (3.52)
Real Estate Oper.   TCI     Transcontinental Realty Inves   73.67      119.720     NA      NA       15.20        0.46         NA         7.880        1.400    1.56      -      82.22       -       3.83     NA       NA     0.01    (5.06)
Real Estate Oper.   TUXS    Tuxis Corp.                     18.29        4.030     NA      NA        4.10        0.50         NA         0.980        0.500     -     (0.130)   49.19     0.020      -     39.54      NA     0.08   (13.68)
Real Estate Oper.   UDR     UDR, Inc.                       44.21    3,144.900    6.34    4.76      23.34        3.98         NA       134.740      130.600   91.46    8.820     3.08     0.010     3.69     NA      5.66    0.85     1.74
Real Estate Oper.   UMH     UMH Properties, Inc             66.95      138.200     NA      NA       13.05        2.36       25.76       10.590        8.600   18.98    0.170    18.78       -       1.01     NA      7.66    0.07    (0.90)
Real Estate Oper.   UHT     Universal Health Realty Incom   75.73      400.620     NA      NA       33.85        2.42       11.78       11.840       11.000   43.80    0.170     7.05       -       0.13     NA      6.80    0.58    (3.01)
Real Estate Oper.   UBA     Urstadt Biddle Properties Inc   81.33      437.020    2.67    4.25      16.42        1.86        8.24       26.620       21.200   46.01    0.830    20.35       -       0.30     NA      5.60    0.28    (0.79)
Real Estate Oper.   YSI     U-Store-It Trust                28.60      752.240     NA     5.62      13.04        1.26         NA        57.690       47.500   86.30   (0.670)   17.66     0.020     1.50     NA      8.90    0.93     4.32
Real Estate Oper.   VTR     Ventas, Inc.                    54.63    5,195.620    3.41    6.53      38.95        2.76       26.92      133.390      131.600   95.00   38.370     1.34    (0.190)    1.75     NA      4.88    0.88    16.20
Real Estate Oper.   VRTA    Vestin Realty Mortgage I Inc.   17.27       37.250     NA      NA        5.42        0.60         NA         6.870        6.700    0.26   (0.020)    2.50       -        -       NA     10.41    0.06     5.24
Real Estate Oper.   VRTB    Vestin Realty Mortgage II, In   17.07      198.010     NA      NA        5.10        0.71         NA        38.830       38.000    1.42    0.300     2.13     0.390     0.22     NA     11.77    0.11    21.43
Real Estate Oper.   VNO     Vornado Realty Trust            65.70   15,941.070    4.38    8.21     104.87        2.96       31.38      152.010      126.200   88.48    6.760    16.98    (0.020)    2.02     NA      3.43    0.65     5.45
Real Estate Oper.   WPC     W. P. Carey & Co. LLC           89.48    1,247.900     NA      NA       31.88        1.90       11.89       39.140       25.500   10.91    0.310    34.86       -       0.49     NA      5.86    0.09     6.02
Real Estate Oper.   WRE     Washington Real Estate Invest   52.59    1,504.020    7.68    4.67      32.23        3.12       38.65       46.670       46.100   61.04    1.610     1.21       -       2.55     NA      5.24    0.63     3.20
Real Estate Oper.   WRI     Weingarten Realty Investors     77.00    3,421.710    3.58    6.17      39.58        2.49       24.14       86.450       76.500   65.71    6.050    11.51    (0.030)    2.11     NA      5.00    0.87     2.19
Real Estate Oper.   WOC     Wilshire Enterprises, Inc.      29.98       34.320     NA      NA        4.33        2.50         NA         7.930        5.800   17.33    0.100    26.82       -       2.09    6.37      NA     0.05     2.36
Real Estate Oper.   FUR     Winthrop Realty Trust           81.70      413.290    0.94   17.00       6.28        1.24        9.03       65.810       45.400   49.14    0.810    31.01     0.630     0.77     NA      4.14    0.43    (7.65)
Real Estate Oper.   ZIPR    ZipRealty, Inc.                 28.81      150.500     NA    12.50       6.68        1.74         NA        22.530       12.000   32.62   (0.010)   46.74       -        -      8.22      NA     0.16    (0.15)




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                                                                                                                           Real Estate Industry 31Aug07


                                                                                                                                                                                Price to                                                 Institutional                                         Total Debt
                                                                                                                 Market                     L-Term      Current     Price to    Earnings Current Shares                  Institutional    Net Shrs         Insider   Insider Net                to Total     Current
                              Ticker                                         Stock                           Capitalization ($             Mean Grth   Price per   Book Ratio, Ratio, excl. Outstanding   Share Float   Percent Held     Purchased       Ownership       Shrs      Dividend    Equity (%),    Ratio,
      Real Estate Industry    Symbol          Name of Company (issuer)     Exchange        Economic Sector      millions)      PEG Ratio   Rate (%)    Share ($)    Quarterly Xord Items     (millions)    (millions)        (%)          (millions)     Percent (%) Purchased     Yield (%)    Quarterly    Quarterly
Construction Services         DHMS     Diamond Home Services                   OTC    Capital Goods                 0.020           NA          NA         0.00         0.00        NA          8.510         4.600             NA              NA           45.93         NA           NA       222.68           0.66
Construction Services         GFA      Gafisa S.A. (ADR)                      NYSE    Capital Goods             1,318.690          0.49       51.00       23.37          NA         NA         56.430        55.850           27.62          13.560           1.02       0.000          NA          NA             NA
Construction Services         NVR      NVR, Inc.                              AMEX    Capital Goods             3,045.010          1.06       10.00      559.50         2.45       8.28         5.440         4.400           95.00           1.140          19.15     -12.000          NA        26.50            NA
Construction Services         PVHI     Promotora Valle Hermoso, Inc.           OTC    Capital Goods                 0.590           NA          NA         2.50          NA        7.55         0.240         0.090             NA              NA           60.43         NA           NA          NA            0.47
Construction Services         SUHJY    Sun Hung Kai Properties Limited (ADR) OTC      Capital Goods            33,517.030           NA          NA        13.45         1.49      14.99     2,492.000     2,467.100            0.00          -0.380           1.00       0.000         2.66       21.48           4.18
Consumer Financial Services   LEND     Accredited Home Lenders Holding Co. NASD       Financial                   227.370           NA         6.00        9.05         0.41        NA         25.120        19.500           95.00          -3.620          22.39      -2.000          NA     1,875.20            NA
Consumer Financial Services   ATVA     Altiva Financial Corporation            OTC    Financial                     0.060           NA          NA         0.01         0.00        NA         10.270         3.800            0.00           0.000          62.99       0.000          NA       408.28            NA
Consumer Financial Services   ATAXZ                                           NASD
                                       America First Tax Exempt Investors, L.P.       Financial                   106.480          3.03        5.00        7.88         1.50      54.47        13.510        13.400            1.25           0.000           0.84       0.000         6.85      108.35            NA
Consumer Financial Services   AAMC     American Asset Management Corporation   OTC    Financial                     0.080           NA          NA         0.06          NA         NA          1.320         0.600             NA              NA           54.44         NA           NA          NA            0.50
Consumer Financial Services   AMAF     AMSTAR Financial Services, Inc.         OTC    Financial                     0.060           NA          NA         0.00         0.02        NA         27.420        14.700             NA              NA           46.39         NA           NA       213.89           0.87
Consumer Financial Services   AOPL     AppOnline.com, Inc.                     OTC    Financial                     0.180           NA          NA         0.00         0.01        NA         44.840        16.600             NA              NA           62.98         NA           NA       396.50            NA
Consumer Financial Services   CAA      Capital Alliance Income                AMEX    Financial                     2.060           NA          NA         5.40         0.18        NA          0.380         0.300            0.26           0.000          21.26       9.000          NA        40.85            NA
Consumer Financial Services   CBF      CBRE Realty Finance, Inc.              NYSE    Financial                   184.360           NA         6.00        6.00         0.47      46.64        30.730        29.800           68.64           3.480           3.01      29.000        14.00        5.81            NA
Consumer Financial Services   CFIM     CFI Mortgage Inc.                       OTC    Financial                     0.020           NA          NA         0.00          NA         NA         34.320        20.600             NA              NA           39.98         NA           NA          NA            0.28
Consumer Financial Services   CCMI     Complete Care Medical Inc.              OTC    Financial                     0.000           NA          NA         0.01         0.00        NA          0.010         0.010             NA              NA           20.00         NA           NA       256.17            NA
Consumer Financial Services   CFC      Countrywide Financial Corporation      NYSE    Financial                11,433.930          0.81       11.36       19.85         0.79       5.55       576.020       573.800           95.00          14.950           0.39     -85.000         3.02      539.90            NA
Consumer Financial Services   DFC      Delta Financial Corporation            NASD    Financial                   128.170         33.94        8.00        5.43         0.83       6.04        23.600        16.900           64.28           0.320          28.41       0.000         3.68    4,976.01            NA
Consumer Financial Services   DVFA     Diversified Acquisitions, Inc.          OTC    Financial                     0.000           NA          NA         0.15          NA         NA          0.000         0.000             NA              NA           54.54         NA           NA          NA            0.88
Consumer Financial Services   FMOR     First Mortgage Corporation              OTC    Financial                    31.190           NA          NA         6.00         0.92       9.31         5.200         0.400             NA              NA           92.31         NA           NA       191.86            NA
Consumer Financial Services   GNVN     Geneva Financial Corp.                  OTC    Financial                     2.340           NA          NA         0.60         0.46       6.32         3.910         2.500             NA              NA           36.01         NA           NA       627.41            NA
Consumer Financial Services   HGFNQ    HomeGold Financial, Inc.                OTC    Financial                     0.010           NA          NA         0.00          NA         NA         16.910         9.300            0.00           0.000          45.01       0.000          NA          NA             NA
Consumer Financial Services   IMCC     IMC Mortgage Company                    OTC    Financial                     0.090           NA          NA         0.00          NA         NA         34.160        30.100            0.00           0.000          11.88       0.000          NA          NA             NA
Consumer Financial Services   MDCM     Mortgage.com, Inc.                      OTC    Financial                     0.000           NA          NA         0.00         0.00        NA         44.380        14.600             NA              NA           67.10         NA           NA       572.94            NA
Consumer Financial Services   MBKR     MortgageBrokers.com Holdings Inc.       OTC    Financial                    15.880           NA          NA         0.44          NA         NA         36.100         8.700             NA              NA           75.90         NA           NA          NA            0.29
Consumer Financial Services   MMA      Municipal Mortgage & Equity, LLC       NYSE    Financial                   916.520           NA          NA        23.85         1.18      13.17        38.430        37.100            8.93           0.300           3.46       0.000         8.76      208.75            NA
Consumer Financial Services   NEWS     NewStar Financial, Inc.                NASD    Financial                   419.100          0.45       36.33       11.56         0.97        NA         36.250        35.000           72.10           6.730           3.46       4.000          NA       416.34            NA
Consumer Financial Services   RFNS     Reliant Financial Services Corporation OTC     Financial                     2.200           NA          NA         0.02          NA         NA        110.100       109.000             NA              NA            0.96         NA           NA          NA            0.06
Consumer Financial Services   RDRN     Rodman & Renshaw Capital Group Inc. OTC        Financial                   200.000           NA          NA         8.00          NA         NA         25.000         9.800             NA              NA           60.80         NA           NA          NA            0.20
Consumer Financial Services   TWHR     The Washtenaw Group, Inc.               OTC    Financial                     0.180           NA          NA         0.04         0.02        NA          4.490         2.200            0.00          -0.010          50.98       0.000          NA       293.54            NA
Consumer Financial Services   TMA      Thornburg Mortgage, Inc.               NYSE    Financial                 1,447.270          5.22        4.08       11.78         0.61       4.55       122.860       121.600           25.77           0.100           1.02      18.000        23.09    2,011.73            NA
Consumer Financial Services   TRFN     Transnational Financial Network, Inc.   OTC    Financial                     3.070           NA          NA         0.30        12.50        NA         10.250         6.600            0.05          -1.130          35.60       0.000          NA     1,736.29            NA
Consumer Financial Services   WTHL     Whitehall Enterprises                   OTC    Financial                     0.020           NA          NA         0.00         0.01        NA        162.790       161.200             NA              NA            0.98         NA           NA        20.07           0.14
Real Estate Operations        AKR      Acadia Realty Trust                    NYSE    Services                    819.310          5.07        7.00       24.97         3.30      57.55        32.810        30.200           95.00           1.920           7.96     -11.000         3.20      191.14            NA
Real Estate Operations        ADC      Agree Realty Corporation               NYSE    Services                    236.430          4.12        4.00       30.50         1.81      16.69         7.750         7.100           45.40           0.210           8.41       2.000         6.43       56.14            NA
Real Estate Operations        AFN      Alesco Financial Inc.                  NYSE    Services                    324.650          0.85        5.00        5.46         0.88        NA         59.460        57.700           67.25           0.420           2.96      16.000        22.71    2,860.38            NA
Real Estate Operations        ALX      Alexander's, Inc.                      NYSE    Services                  2,015.720           NA          NA       399.75        27.83        NA          5.040         3.700           35.36           0.130          26.62      -2.000          NA     1,465.33            NA
Real Estate Operations        ARE      Alexandria Real Estate Equities, Inc.  NYSE    Services                  2,759.340          4.09        8.91       93.33         2.33      37.83        29.570        28.800             NA              NA            2.59      -6.000         3.26      173.32            NA
Real Estate Operations        AMEN     AMEN Properties, Inc                   NASD    Services                     13.700           NA          NA         5.98         1.50       8.93         2.290         1.400            1.35           0.000          38.89       5.000          NA        32.68           2.39
Real Estate Operations        ACC      American Campus Communities, Inc. NYSE         Services                    667.070          4.68       11.21       28.34         1.86        NA         23.540        22.800           95.00           1.560           3.14      10.000         4.76      152.27            NA
Real Estate Operations        APO      American Community Properties Trust AMEX       Services                    127.870           NA          NA        24.45         9.64      36.64         5.230         0.300            1.63           0.000          94.26       0.000         1.64    2,314.40            NA
Real Estate Operations        AFR      American Financial Realty Trust        NYSE    Services                  1,074.550           NA         8.00        8.28         1.52        NA        129.780       126.100           92.33           2.820           2.83       0.000         9.18      306.59            NA
Real Estate Operations        AMC      American Mortgage Acceptance Company   AMEX    Services                     74.390           NA          NA         8.85         0.77        NA          8.410         8.300           21.20          -0.180           1.26      26.000        10.17      875.14            NA
Real Estate Operations        ARL      American Realty Investors, Inc.        NYSE    Services                     78.050           NA          NA         7.70         0.57        NA         10.140         1.500            2.64           0.000          85.20       0.000          NA       911.43            NA
Real Estate Operations        AQQ      American Spectrum Realty, Inc.         AMEX    Services                     27.080           NA          NA        19.60         2.11        NA          1.380         0.700            0.00           0.000          49.35      10.000          NA     1,411.13            NA
Real Estate Operations        AHR      Anthracite Capital Inc.                NYSE    Services                    582.480          1.24        6.00        9.06         0.89       6.26        64.290        63.900           67.82           7.540           0.61       2.000        13.25      591.26            NA
Real Estate Operations        ANH      Anworth Mortgage Asset Corporation NYSE        Services                    245.710           NA         8.50        5.38         0.58        NA         45.670        44.100           88.12           2.480           3.44       0.000         3.72      246.11            NA
Real Estate Operations        AIV      Apartment Investment and ManagementNYSE Co.    Services                  4,324.280           NA         5.42       44.70         2.98        NA         96.740        92.600           95.00           4.470           4.28      -9.000         5.37      312.25            NA
Real Estate Operations        ABR      Arbor Realty Trust, Inc.               NYSE    Services                    404.150          0.62        8.67       20.02         0.98       4.78        20.190        13.500           66.89           1.710          33.13       3.000        12.39      543.31            NA
Real Estate Operations        ASN      Archstone-Smith Trust                  NYSE    Services                 13,150.030          9.75        6.83       58.80         2.29      73.33       223.640       217.300           88.14          -6.370           2.84       1.000         3.08      106.28            NA
Real Estate Operations        AZL      Arizona Land Income Corporation        AMEX    Services                     11.010           NA          NA         5.95         2.65       3.13         1.850         1.500            1.14          -0.050          18.96       0.000         6.72        0.00            NA
Real Estate Operations        AHT      Ashford Hospitality Trust, Inc.        NYSE    Services                  1,337.690         24.24        9.00       10.91         0.98      98.00       122.610       107.900           95.00          49.150          12.00       1.000         7.70      202.61            NA
Real Estate Operations        AEC      Associated Estates Realty Corporation NYSE     Services                    245.700           NA        10.00       14.14         4.32        NA         17.380        14.200           59.44           1.320          18.28       0.000         4.81      493.40            NA
Real Estate Operations        AVB      AvalonBay Communities, Inc.            NYSE    Services                  9,120.220          5.42        7.64      114.38         2.90      52.36        79.740        78.300           95.00           2.860           1.80      -5.000         2.97       92.54            NA
Real Estate Operations        AVTR     Avatar Holdings Inc.                   NASD    Services                    504.260           NA          NA        60.78         0.96       4.64         8.300         6.000           86.86           0.590          27.68     -14.000          NA        25.83            NA
Real Estate Operations        AXGO     Axia Group, Inc. (USA)                  OTC    Services                      0.000           NA          NA         0.00          NA         NA          0.010         0.000             NA              NA           80.00         NA           NA          NA            0.07
Real Estate Operations        VHTI     B. H. I. T. Inc.                        OTC    Services                      5.680           NA          NA         0.38         4.08        NA         14.990        11.800            0.01           0.000          21.27       3.000          NA         0.00            NA
Real Estate Operations        BMR      BioMed Realty Trust, Inc.              NYSE    Services                  1,595.980          3.93        7.22       24.38         1.30      31.00        65.460        64.800           95.00           5.680           1.01      -1.000         5.09       92.41            NA
Real Estate Operations        BXP      Boston Properties, Inc.                NYSE    Services                 11,911.780          7.34        5.04      100.07         2.86      12.39       119.030       104.500           95.00           4.210          12.21      -1.000         2.72      134.98            NA
Real Estate Operations        BDN      Brandywine Realty Trust                NYSE    Services                  2,238.810         40.64        3.85       25.78         1.25        NA         86.840        82.600           95.00           7.980           4.89      -6.000         6.83      176.30            NA
Real Estate Operations        BRE      BRE Properties, Inc.                   NYSE    Services                  2,817.430          8.18        5.80       55.54         2.94      58.92        50.730        49.900           95.00           5.440           1.63       1.000         3.87      192.41            NA
Real Estate Operations        BRT      BRT Realty Trust                       NYSE    Services                    236.590           NA          NA        21.17         0.95       4.85        11.180         6.500           22.82           0.440          41.84       1.000        11.72       31.16            NA
Real Estate Operations        CPT      Camden Property Trust                  NYSE    Services                  3,451.310          9.80        6.98       61.49         2.04      28.32        56.130        53.100           95.00           5.090           5.40      -6.000         4.49      155.11            NA
Real Estate Operations        CT       Capital Trust, Inc.                    NYSE    Services                    623.550          1.04        8.33       34.66         1.34       8.58        17.990        16.000           52.62           0.210          11.06      18.000         9.23      507.30            NA
Real Estate Operations        LSE      CapLease, Inc.                         NYSE    Services                    440.500           NA         7.50        9.65         1.18        NA         45.650        43.400           77.95           8.800           4.93      17.000         8.29       74.35            NA
Real Estate Operations        CMO      Capstead Mortgage Corporation          NYSE    Services                    193.340          5.25        5.00        9.97         1.17        NA         19.390        18.400           45.37           0.830           5.12       6.000         1.61    1,514.08            NA



             473df5f0-08dd-4e01-bbf7-83be8f860d47.xls Real Estate Industry 31Aug07                                                     13 of 24                                                                                                                                7/13/2011 10:27 AM
                                                                                                                            Real Estate Industry 31Aug07


                                                                                                                                                                                 Price to                                                 Institutional                                         Total Debt
                                                                                                                  Market                     L-Term      Current     Price to    Earnings Current Shares                  Institutional    Net Shrs         Insider   Insider Net                to Total     Current
                              Ticker                                          Stock                           Capitalization ($             Mean Grth   Price per   Book Ratio, Ratio, excl. Outstanding   Share Float   Percent Held     Purchased       Ownership       Shrs      Dividend    Equity (%),    Ratio,
      Real Estate Industry    Symbol          Name of Company (issuer)      Exchange        Economic Sector      millions)      PEG Ratio   Rate (%)    Share ($)    Quarterly Xord Items     (millions)    (millions)        (%)          (millions)     Percent (%) Purchased     Yield (%)    Quarterly    Quarterly
Real Estate Operations       CBL       CBL & Associates Properties, Inc.        NYSE   Services                  2,164.080          3.88        6.67       32.96         2.28    29.84          65.660        52.900           94.11           3.100          19.43       7.000        6.13       521.17           NA
Real Estate Operations       CDR       Cedar Shopping Centers Inc               NYSE   Services                    585.620          5.84        5.06       13.24         1.22    50.63          44.230        42.900           95.00           1.510           3.01       2.000        6.80       122.96           NA
Real Estate Operations       CSA       Cogdell Spencer Inc.                     NYSE   Services                    213.060           NA         5.00       17.83         1.67      NA           11.950         9.100           78.89           0.310          23.85       4.000        7.85       194.51           NA
Real Estate Operations       CLP       Colonial Properties Trust                NYSE   Services                  1,686.040           NA         5.50       35.91         1.43     5.34          46.950        38.600           76.67           3.030          17.79      27.000        7.57       156.62           NA
Real Estate Operations       OFC       Corporate Office Properties Trust        NYSE   Services                  2,031.340         16.54        8.54       43.07         2.42   238.91          47.160        40.400           95.00           2.690          14.34      -2.000        2.88       209.18           NA
Real Estate Operations       CUZ       Cousins Properties Incorporated          NYSE   Services                  1,424.350          3.20        8.50       27.47         3.53     6.01          51.850        48.500           62.69           1.700           6.46       8.000        5.39        79.30           NA
Real Estate Operations       DCT       DCT Industrial Trust Inc.                NYSE   Services                  1,721.280          4.73        9.40       10.22         1.42      NA          168.420       163.400           70.54          27.440           2.98       6.000        6.26        98.40           NA
Real Estate Operations       DFR       Deerfield Capital Corp.                  NYSE   Services                    452.840          1.01        5.00        8.75         0.67     6.35          51.750        49.200           50.37           0.370           4.93       6.000       19.20     1,235.47           NA
Real Estate Operations       DDR       Developers Diversified Realty Corp.      NYSE   Services                  6,642.160          3.68        7.32       53.48         2.38    28.48         124.200       120.600           85.46           0.440           2.90      -5.000        4.94       152.15           NA
Real Estate Operations       DLR       Digital Realty Trust, Inc.               NYSE   Services                  2,367.840          3.81       11.77       39.00         3.90   172.46          60.710        58.900           95.00           9.200           2.99     -10.000        2.94       106.76           NA
Real Estate Operations       DEI       Douglas Emmett, Inc.                     NYSE   Services                  2,685.440           NA         8.36       24.45         1.35      NA          109.830        99.700           95.00          15.670           9.23       1.000        2.86       141.25           NA
Real Estate Operations       DRE       Duke Realty Corporation                  NYSE   Services                  4,627.370          4.76        5.26       33.79         2.66    44.95         136.950       135.600           75.26           0.910           0.98      -2.000        5.68       156.00           NA
Real Estate Operations       DVLN      DVL, Inc.                                OTC    Services                      5.660           NA          NA         0.17         0.29     4.55          32.910        22.400            0.06           0.020          31.93      -1.000         NA        300.12           NA
Real Estate Operations       DX        Dynex Capital, Inc.                      NYSE   Services                     95.880           NA          NA         7.90         0.98    35.35          12.140         9.600           27.57           0.090          20.90       3.000         NA        214.40           NA
Real Estate Operations       EGP       EastGroup Properties Inc.                NYSE   Services                  1,008.460          5.59        7.35       42.43         2.68    43.39          23.770        23.000           80.17           0.380           3.23       0.000        4.71       132.91           NA
Real Estate Operations       ECRO      ECC Capital Corporation                  OTC    Services                     20.210           NA          NA         0.20         0.18      NA          101.030        81.900           16.73         -10.110          18.93       0.000      140.00     1,855.64           NA
Real Estate Operations       EDR       Education Realty Trust, Inc.             NYSE   Services                    389.690           NA         6.00       13.67         1.24      NA           28.510        27.400           92.04           2.330           3.88       2.000        6.00       134.60          0.74
Real Estate Operations       EJ        E-House (China) Holdings Limited         NYSE   Services                  1,348.910           NA          NA        18.08        20.29    58.21          74.610        73.900             NA              NA            0.95         NA          NA         16.46          2.47
Real Estate Operations       EPR       Entertainment Properties Trust           NYSE   Services                  1,275.770          0.82       18.00       47.84         1.38    18.04          26.670        26.100           94.42           2.310           2.13     -11.000        6.36       106.31           NA
Real Estate Operations       ENN       Equity Inns, Inc.                        NYSE   Services                  1,239.920          2.44       11.25       22.52         4.29    66.06          55.060        52.900           89.38           4.130           3.92       0.000        4.44       160.51           NA
Real Estate Operations       ELS       Equity Lifestyle Properties, Inc.        NYSE   Services                  1,185.670          5.57        8.59       48.70        18.88    60.42          24.350        20.100           95.00           1.600          17.44      -1.000        1.23     2,702.70           NA
Real Estate Operations       EQY       Equity One, Inc.                         NYSE   Services                  1,931.230          4.89        5.75       26.16         2.07    36.58          73.820        36.400           43.99           4.600          50.69      32.000        4.59       126.63           NA
Real Estate Operations       EQR       Equity Residential                       NYSE   Services                 11,151.890         26.90        5.20       40.24         2.30   182.61         277.130       263.600           94.61          -4.720           4.88      -6.000        4.60       178.31           NA
Real Estate Operations       ESS       Essex Property Trust, Inc.               NYSE   Services                  2,963.700          8.73        6.21      117.79         3.61    73.67          25.160        23.000           95.00           3.850           8.59      -2.000        3.16       147.54           NA
Real Estate Operations       EXR       Extra Space Storage, Inc.                NYSE   Services                    996.560          5.29        5.78       15.37         1.58    39.03          64.840        59.700           95.00           5.610           7.92       1.000        5.92       199.69           NA
Real Estate Operations       FRT       Federal Realty Inv. Trust                NYSE   Services                  4,741.040          6.62        6.95       84.07         5.55    53.70          56.390        55.600           93.21           2.950           1.41      -7.000        2.90       209.66           NA
Real Estate Operations       FCH       FelCor Lodging Trust Incorporated        NYSE   Services                  1,369.940           NA         6.33       21.94         2.37 4,609.24          62.440        60.000           95.00           2.260           3.91      -5.000        5.47       122.87           NA
Real Estate Operations       FMP       Feldman Mall Properties, Inc.            NYSE   Services                    115.840           NA          NA         8.89         1.03     6.68          13.030        12.800           59.37          -0.810           1.77       0.000       10.24       218.11           NA
Real Estate Operations       XXFPL     FFP Partners, L.P.                       OTC    Services                      0.010           NA          NA         0.00         0.00     0.08           2.230         2.200             NA              NA            1.52         NA          NA      1,265.58          2.43
Real Estate Operations       FR        First Industrial Realty Trust, Inc.      NYSE   Services                  1,852.380          2.48        6.50       40.78         1.90      NA           45.420        43.000           89.71           2.060           5.34      -1.000        6.96       203.19           NA
Real Estate Operations       FPO       First Potomac Realty Trust               NYSE   Services                    513.870         56.10        7.55       21.19         1.49   414.68          24.250        23.400           95.00           0.520           3.51       8.000        6.42       189.84           NA
Real Estate Operations       FREVS     First Real Estate Investment Trust of NJ OTC    Services                    167.200           NA          NA        24.75         7.30    35.92           6.760         5.200            0.00           0.000          23.03       1.000        4.85       831.77           NA
Real Estate Operations       FSRV      FirstService Corporation (USA)          NASD    Services                    901.350          1.26       16.50       30.15         3.18    22.49          29.900        25.700           44.72           2.720          14.04       0.000         NA         85.39          1.33
Real Estate Operations       FSP       Franklin Street Properties Corp.        AMEX    Services                  1,220.720           NA          NA        17.25         1.31    28.65          70.770        59.400           30.12           1.200          16.06      10.000        7.19        13.54           NA
Real Estate Operations       GGP       General Growth Properties                NYSE   Services                 12,207.940          4.19        8.39       49.71         7.51    40.25         245.580       229.800           89.59          15.340           6.43      16.000        3.62     1,314.71           NA
Real Estate Operations       GTY       Getty Realty Corp.                       NYSE   Services                    675.340          4.60        3.61       27.27         3.02    16.73          24.760        17.300           36.78           0.890          30.14       0.000        6.82        58.79           NA
Real Estate Operations       GRT       Glimcher Realty Trust                    NYSE   Services                    842.040         29.23        4.50       22.36          NA       NA           37.660        35.400           81.29           0.930           6.00      -3.000        8.60       846.00           NA
Real Estate Operations       GCT       GMH Communities Trust                    NYSE   Services                    327.150          5.23        9.81        7.86         1.22    28.58          41.620        28.700           85.95          -1.120          31.05      10.000        8.40       381.32           NA
Real Estate Operations       GTA       Golf Trust of America, Inc.             AMEX    Services                     16.320           NA          NA         2.23         1.31     4.41           7.320         6.600            7.87          -0.320           9.80       0.000         NA         17.78           NA
Real Estate Operations       GKK       Gramercy Capital Corp.                   NYSE   Services                    655.790          0.71        8.33       25.15         1.36     9.88          26.070        18.800           69.81           0.470          27.90       0.000       10.02       440.17           NA
Real Estate Operations       GCIH      Great China International Holdings, Inc. OTC    Services                     43.470           NA          NA         3.69        20.05    67.51          11.780         3.400             NA              NA           71.14         NA          NA      2,699.45          0.43
Real Estate Operations       GBE       Grubb & Ellis Company                    NYSE   Services                    234.780          1.37       15.00        9.06         4.89      NA           25.910        15.800           61.72           2.750          39.03      16.000         NA          0.00          1.01
Real Estate Operations       GAV       Grubb & Ellis Realty Advisors, Inc.     AMEX    Services                    172.440           NA          NA         5.78         1.54    56.49          29.830        18.500           50.07           1.570          37.99       1.000         NA          0.00        160.07
Real Estate Operations       HCM       Hanover Capital Mortgage Holdings, Inc.AMEX     Services                     17.130           NA          NA         2.12         0.36      NA            8.070         6.700            8.29           0.130          16.96       3.000        0.00       100.22           NA
Real Estate Operations       HCP       Health Care Property Investors Inc.      NYSE   Services                  6,278.090          4.92        7.00       30.42         1.89    48.66         206.380       205.600           66.54           6.440           0.38       2.000        5.85       127.42           NA
Real Estate Operations       HCN       Health Care REIT, Inc.                   NYSE   Services                  3,231.720          4.16        4.86       39.90         1.67    31.09          81.000        79.700           71.49           8.660           1.60     -16.000        6.62       108.34           NA
Real Estate Operations       HR        Healthcare Realty Trust Incorporated NYSE       Services                  1,196.450          6.20        2.50       24.97         2.03    52.73          47.920        47.000           77.56           6.710           1.91       4.000        6.17       133.01           NA
Real Estate Operations       HT        Hersha Hospitality Trust                AMEX    Services                    447.990          3.50       12.00       10.93         1.37    85.16          40.990        37.700           95.00           4.440           8.02      -2.000        6.59       207.77           NA
Real Estate Operations       HF        HFF, Inc.                                NYSE   Services                    192.080          0.93       12.00       11.68         6.11     4.34          16.450        16.300           95.00           1.840           0.88       0.000         NA          0.46          1.50
Real Estate Operations       HIW       Highwoods Properties, Inc.               NYSE   Services                  2,039.000          7.08        4.50       35.69         2.24    48.18          57.130        53.100           95.00           6.040           7.06     -15.000        4.76       146.09           NA
Real Estate Operations       HTH       Hilltop Holdings Inc.                    NYSE   Services                    678.640           NA          NA        12.02         1.65      NA           56.460        45.700           77.59           1.380          19.06       0.000         NA        207.93           NA
Real Estate Operations       HMG       HMG/Courtland Properties                AMEX    Services                     12.290           NA          NA        12.00         0.72      NA            1.020         0.500            0.49           0.000          51.17      -2.000         NA        121.18           NA
Real Estate Operations       HME       Home Properties, Inc.                    NYSE   Services                  1,705.800          8.51        5.18       50.82         2.44    62.19          33.570        33.000           95.00           3.820           1.69     -17.000        5.12       315.38           NA
Real Estate Operations       HSYT      Home System Group                        OTC    Services                    368.620           NA          NA         5.90        26.22 1,239.50          62.480        58.700             NA              NA            6.05         NA          NA          0.00          2.42
Real Estate Operations       HMB       HomeBanc Corp.                           NYSE   Services                        NA            NA          NA          NA          0.01      NA           51.380        51.100           62.82          -8.510           0.55       0.000         NA      2,362.08           NA
Real Estate Operations       HMLF      HomeLife, Inc.                           OTC    Services                      0.870           NA          NA         0.07          NA       NA           12.370         3.200             NA              NA           74.14         NA          NA           NA           0.34
Real Estate Operations       HGPI      Horizon Group Properties, Inc.           OTC    Services                     19.180           NA          NA         6.70         1.67      NA            2.860         2.000            0.00           0.000          30.12       0.000         NA        824.46           NA
Real Estate Operations       HPT       Hospitality Properties Trust             NYSE   Services                  3,704.090          3.13        5.22       39.46         1.60    18.00          93.870        92.900           77.48           1.560           1.03       0.000        7.70       100.76           NA
Real Estate Operations       HST       Host Hotels & Resorts, Inc.              NYSE   Services                 11,641.330          1.49       11.97       22.29         2.22    30.79         522.270       501.400           95.00          23.330           4.00     -12.000        3.59       108.75           NA
Real Estate Operations       SOLD      HouseValues, Inc.                       NASD    Services                     98.380           NA        24.33        3.99         1.14      NA           24.660        20.900           65.34           0.100          15.24       0.000         NA          2.09         12.92
Real Estate Operations       HRP       HRPT Properties Trust                    NYSE   Services                  2,072.840         19.38        1.68        9.78         0.96    26.49         211.950       209.800           72.71           5.370           1.01       0.000        8.59        88.26           NA
Real Estate Operations       IOT       Income Opportunity Realty Investors, IncAMEX    Services                     23.960           NA          NA         5.75         0.53      NA            4.170         0.800            2.90           0.000          80.81       0.000         NA        136.99           NA
Real Estate Operations       IRC       Inland Real Estate Corporation           NYSE   Services                  1,011.760          6.19        4.00       15.48         2.72    25.51          65.360        58.200           67.64           3.670          10.95      44.000        6.33       250.80           NA
Real Estate Operations       IHT       InnSuites Hospitality Trust             AMEX    Services                     11.940           NA          NA         1.30         1.61      NA            9.190         3.200            0.02          -0.020          65.17       0.000        0.77       277.81           NA
Real Estate Operations       IVCO      Investco Corporation                     OTC    Services                      0.010           NA          NA         0.00         0.00      NA           13.240         7.800            0.00           0.000          41.08       0.000         NA         20.41          0.39


             473df5f0-08dd-4e01-bbf7-83be8f860d47.xls Real Estate Industry 31Aug07                                                      14 of 24                                                                                                                                7/13/2011 10:27 AM
                                                                                                                          Real Estate Industry 31Aug07


                                                                                                                                                                               Price to                                                 Institutional                                         Total Debt
                                                                                                                Market                     L-Term      Current     Price to    Earnings Current Shares                  Institutional    Net Shrs         Insider   Insider Net                to Total     Current
                              Ticker                                        Stock                           Capitalization ($             Mean Grth   Price per   Book Ratio, Ratio, excl. Outstanding   Share Float   Percent Held     Purchased       Ownership       Shrs      Dividend    Equity (%),    Ratio,
      Real Estate Industry    Symbol          Name of Company (issuer)    Exchange        Economic Sector      millions)      PEG Ratio   Rate (%)    Share ($)    Quarterly Xord Items     (millions)    (millions)        (%)          (millions)     Percent (%) Purchased     Yield (%)    Quarterly    Quarterly
Real Estate Operations       IRETS     Investors Real Estate Trust           NASD    Services                    510.640           NA         4.75       10.45         1.97    52.33          48.860        47.400           23.79           1.660           3.00    9.000     6.39   333.77                      NA
Real Estate Operations       SFI       iStar Financial Inc.                  NYSE    Services                  4,692.690          1.16        7.67       36.60         1.51    13.02         128.220       123.800           79.96           4.010           3.44   -2.000     9.02   292.56                      NA
Real Estate Operations       JRT       JER Investors Trust Inc.              NYSE    Services                    321.810          0.29       24.00       12.43         1.00     8.53          25.890        23.600           83.23          -0.230           8.85   24.000    14.48   303.86                      NA
Real Estate Operations       JLL       Jones Lang LaSalle Incorporated       NYSE    Services                  4,179.280          0.92       16.60      111.68         4.73    17.92          37.420        37.100           82.97           2.330           0.86 -10.000      0.63    17.00                     1.20
Real Estate Operations       KWIC      Kennedy-Wilson, Inc.                   OTC    Services                    215.550           NA          NA        37.95         4.19    82.36           5.680         2.500            8.48          -0.030          57.78    0.000      NA    174.22                      NA
Real Estate Operations       KRC       Kilroy Realty Corporation             NYSE    Services                  1,999.340          5.76        7.60       61.13         3.80    57.69          32.710        30.400           95.00           2.320           7.05   -5.000     3.63   157.20                      NA
Real Estate Operations       KIM       Kimco Realty Corporation              NYSE    Services                 10,800.310          3.52        8.04       42.82         3.09    29.65         252.230       228.900           76.41          14.090           9.25   -7.000     3.74   119.75                      NA
Real Estate Operations       KRG       Kite Realty Group Trust               NYSE    Services                    490.950          6.55        6.25       16.98         1.44    43.85          28.910        22.900           95.00           3.660          20.80    3.000     4.83   178.49                      NA
Real Estate Operations       KFN       KKR Financial Holdings LLC            NYSE    Services                  1,246.930          2.24        7.00       15.49         0.74     7.25          80.500        76.500           74.06          -1.650           4.97   18.000    14.46 1,005.41                      NA
Real Estate Operations       LSBK      Lake Shore Bancorp, Inc.              NASD    Services                     67.220           NA          NA        10.40         1.29    42.04           6.460         2.500            3.95          -0.010          61.32    0.000     1.15    82.09                      NA
Real Estate Operations       LHO       LaSalle Hotel Properties              NYSE    Services                  1,669.480          1.94       13.64       41.64         1.59    63.52          40.090        39.800           95.00           3.460           0.73   -4.000     4.90    79.43                      NA
Real Estate Operations       LXP       Lexington Realty Trust                NYSE    Services                  1,324.180           NA         5.00       20.68         1.74      NA           64.030        59.500           85.82           0.480           7.08   -2.000     7.25   285.60                      NA
Real Estate Operations       LRY       Liberty Property Trust                NYSE    Services                  3,564.610          4.38        5.31       39.06         1.93    24.73          91.260        90.700           95.00           3.170           0.61   -6.000     6.35   145.29                      NA
Real Estate Operations       LOOP      LoopNet, Inc.                         NASD    Services                    739.230          1.35       30.00       19.06         6.88    41.18          38.780        27.700           57.42           5.030          28.58 -104.000      NA      0.00                     8.97
Real Estate Operations       LTC       LTC Properties, Inc.                  NYSE    Services                    527.690           NA          NA        22.58         1.84    17.35          23.370        22.200           73.82           0.580           5.01   -4.000     6.64    10.57                      NA
Real Estate Operations       LUM       Luminent Mortgage Capital, Inc.       NYSE    Services                     76.210          0.96        6.00        1.76         0.18     2.15          43.300        42.100           87.61           2.950           2.78   14.000     0.00 1,939.68                      NA
Real Estate Operations       MPG       Maguire Properties, Inc.              NYSE    Services                  1,227.960           NA         4.33       26.01         3.31      NA           47.210        37.300           95.00           4.530          20.99    5.000     6.15 1,463.62                      NA
Real Estate Operations       MRTI      Maxus Realty Trust, Inc.              NASD    Services                     16.240           NA          NA        11.55         1.49      NA            1.410         0.900           12.05          -0.050          35.99    5.000     6.93   476.32                      NA
Real Estate Operations       MPW       Medical Properties Trust, Inc.        NYSE    Services                    667.820           NA          NA        13.47         1.39    16.65          49.580        48.100           75.61          -3.810           2.98    5.000     8.02    58.76                      NA
Real Estate Operations       LESR      Mego Financial Corp.                   OTC    Services                      0.000           NA          NA         0.00         0.00      NA            6.590         4.400            0.00           0.000          33.24    0.000      NA    837.85                      NA
Real Estate Operations       MPQI      Meredith Enterprises, Inc.             OTC    Services                        NA            NA          NA          NA           NA       NA            0.950         0.800             NA              NA           15.43      NA       NA    202.57                      NA
Real Estate Operations       MMPI      Meruelo Maddux Properties, Inc.       NASD    Services                    515.960           NA          NA         6.01         1.24      NA           85.850        85.000           48.65           6.200           0.99    4.000      NA     66.97                      NA
Real Estate Operations       MFA       MFA Mortgage Investments              NYSE    Services                    642.760          2.38        7.50        7.75         0.91    23.62          82.940        82.200           84.23           7.200           0.89    1.000     4.65   907.14                      NA
Real Estate Operations       MDH       MHI Hospitality Corporation           AMEX    Services                     67.790          1.77       10.25        9.90         1.61    17.11           6.850         4.900           28.10          -0.130          28.44    0.000     6.87   139.46                     0.59
Real Estate Operations       MAA       Mid-America Apartment                 NYSE    Services                  1,265.190          9.08        6.50       49.59         2.77   102.92          25.510        23.900           90.75           3.200           6.32   -1.000     4.88   261.99                      NA
Real Estate Operations       MNRTA     Monmouth R.E. Inv. Corp.              NASD    Services                    197.740           NA          NA         8.25         1.65    31.55          23.970        22.300           17.26           0.050           6.96    4.000     7.27    90.30                      NA
Real Estate Operations       MOVE      Move Inc.                             NASD    Services                    466.020           NA        37.50        3.00         4.09    37.89         155.340       130.400           85.64           0.840          16.06    0.000      NA      1.47                     2.59
Real Estate Operations       NHI       National Health Investors             NYSE    Services                    839.230           NA          NA        30.24         1.95    12.74          27.750        23.600           42.81           1.160          14.96    0.000     6.61    26.00                      NA
Real Estate Operations       NHR       National Health Realty                AMEX    Services                    233.490           NA          NA        23.45         2.10    19.06           9.960         5.300           18.90           0.050          46.77    2.000     5.67     7.09                      NA
Real Estate Operations       NNN       National Retail Properties, Inc.      NYSE    Services                  1,575.950          2.71        5.00       23.49         1.36    17.36          67.090        66.500           73.39           5.130           0.88    0.000     6.05    73.53                      NA
Real Estate Operations       NHP       Nationwide Health Properties Inc.     NYSE    Services                  2,524.180          3.33        8.25       27.75         2.06    34.65          90.960        90.600           95.00           6.570           0.40    0.000     5.91    98.94                      NA
Real Estate Operations       NBD       NB Capital Corp.                      NYSE    Services                    306.360           NA          NA        25.53         0.64 1,874.45          12.000         0.000             NA              NA             NA       NA       NA      0.00                      NA
Real Estate Operations       NEWCQ                                            OTC
                                       New Century Financial Corporation (REIT)      Services                      4.990           NA         8.00        0.09         0.00     0.01          55.470        44.700            0.72          -4.840          19.42    0.000 8,444.44 1,086.11                      NA
Real Estate Operations       NTR       New York Mortgage Trust, Inc.         NYSE    Services                     21.820           NA          NA         1.20         0.39      NA           18.180        14.700           42.30           0.270          19.14    1.000     0.00   916.56                      NA
Real Estate Operations       NCT       Newcastle Investment Corp.            NYSE    Services                    878.250          0.91        6.33       16.64         0.90     6.12          52.780        48.900           75.60           1.980           7.35    4.000    17.31   773.04                      NA
Real Estate Operations       NRF       Northstar Realty Finance Corp.        NYSE    Services                    653.390          2.38        6.50       10.61         1.15    14.07          61.580        57.900           80.16          -0.250           5.98   14.000    13.57   268.07                      NA
Real Estate Operations       NFI       NovaStar Financial Inc.               NYSE    Services                     80.390           NA         2.00        8.49          NA       NA            9.470         8.800           37.84           0.220           7.07    0.000   263.84      NA                       NA
Real Estate Operations       NLP       NTS Realty Holdings LP                AMEX    Services                     78.530           NA          NA         6.90         0.94      NA           11.380         4.900            0.06           0.000          56.95   18.000     5.80   282.80                      NA
Real Estate Operations       ORCG      Oak Ridge Capital Group, Inc.          OTC    Services                      0.000           NA          NA         0.00         0.00      NA            4.840         3.000             NA              NA           38.04      NA       NA     59.46                      NA
Real Estate Operations       OMAG      Omagine, Inc.                          OTC    Services                     67.840           NA          NA         1.65          NA       NA           41.110        32.100             NA              NA           21.92      NA       NA       NA                      0.10
Real Estate Operations       OHI       Omega Healthcare Investors, Inc.      NYSE    Services                  1,012.430           NA          NA        14.89         2.18    17.04          67.990        66.700           95.00           5.990           1.90    3.000     7.25    95.27                      NA
Real Estate Operations       OLP       One Liberty Properties, Inc.          NYSE    Services                    205.990           NA          NA        20.39         1.12     6.38          10.100         7.900           46.49           0.150          21.81    5.000     7.06   125.50                      NA
Real Estate Operations       OPX       Opteum Inc.                           NYSE    Services                     29.350           NA          NA         1.16         1.02      NA           25.300        22.700           35.94          -1.460          10.31   -4.000    17.24 6,557.15                      NA
Real Estate Operations       ORGN      Origen Financial, Inc.                NASD    Services                    165.870          1.89       10.00        6.41         0.78    19.53          25.880        18.000           52.56           1.230          30.44   -2.000     4.99   462.14                      NA
Real Estate Operations       PTTTS     Palmetto Real Estate Trust             OTC    Services                     10.710           NA          NA         6.05         2.16    22.26           1.770         1.200             NA              NA           32.20      NA      5.97   180.71                      NA
Real Estate Operations       PLMA      Palomar Enterprises, Inc.              OTC    Services                      2.670           NA          NA         0.00          NA       NA          557.240       551.700            0.00           0.000           1.00   -4.000      NA       NA                      0.03
Real Estate Operations       PRLE      Paragon R.E. Equity & Investment Trust OTC    Services                      0.120           NA          NA         0.30         0.44      NA            0.400         0.200             NA              NA           50.49      NA       NA      0.00                      NA
Real Estate Operations       PKY       Parkway Properties, Inc.              NYSE    Services                    736.210         10.49        4.50       46.28         1.70    56.21          15.910        15.300           95.00           0.890           3.82    0.000     5.62   178.45                      NA
Real Estate Operations       PEI       Pennsylvania R.E.I.T.                 NYSE    Services                  1,465.250         10.30        6.50       37.83         1.55   106.93          38.730        34.000           78.28           1.990          12.22   -9.000     6.03   212.09                      NA
Real Estate Operations       PW        Pittsburgh & West Virginia Railroad   AMEX    Services                     13.820           NA          NA         9.15         1.51    17.69           1.510         1.500            0.73           0.000           0.66    0.000     5.68     0.00                      NA
Real Estate Operations       PCL       Plum Creek Timber Co. Inc.            NYSE    Services                  7,319.970          4.05        6.90       41.93         3.77    28.22         174.580       173.500           60.03           4.090           0.62   -4.000     4.01   120.28                     1.92
Real Estate Operations       PCC       PMC Commercial Trust                  AMEX    Services                    138.650           NA          NA        12.88         0.88    10.41          10.770         9.600           14.61           0.110          10.82   -3.000     9.32    42.85                      NA
Real Estate Operations       PPS       Post Properties, Inc.                 NYSE    Services                  1,743.230         18.14        5.50       39.91         1.73    22.55          43.680        43.100           95.00           0.040           1.33    0.000     4.51    93.23                      NA
Real Estate Operations       PDL.B     Presidential Realty Corporation       AMEX    Services                     24.950           NA          NA         6.35         1.14      NA            3.930         3.000            8.43           0.000          23.65   -1.000    10.08    86.99                      NA
Real Estate Operations       PLD       ProLogis                              NYSE    Services                 15,459.110          2.32        7.24       60.16         2.27    15.38         256.970       237.000           95.00           6.410           7.77   -2.000     3.06   133.50                      NA
Real Estate Operations       PSB       PS Business Parks, Inc.               AMEX    Services                  1,205.970          9.36        5.67       56.50         2.54    72.45          21.340        15.900           79.21           0.790          25.51    2.000     3.12     5.16                      NA
Real Estate Operations       PSA       Public Storage                        NYSE    Services                 12,922.140           NA         8.69       75.78         2.47      NA          170.520       113.000           63.31           1.720          33.73    2.000     2.64    12.72                      NA
Real Estate Operations       RAS       RAIT Financial Trust                  NYSE    Services                    539.740          0.10       29.00        8.85         0.36     4.97          60.990        57.900           83.51           3.280           5.06   19.000    37.97   823.13                      NA
Real Estate Operations       RPT       Ramco-Gershenson Properties Trust     NYSE    Services                    595.620           NA          NA        32.25         2.01    10.98          18.470        16.000           90.92           1.750          13.37    5.000     5.74   209.36                      NA
Real Estate Operations       O         Realty Income Corp                    NYSE    Services                  2,728.940          4.06        5.38       27.00         2.23    23.27         101.070        98.100           41.95           2.000           2.94   -1.000     6.02    59.50                      NA
Real Estate Operations       RWT       Redwood Trust, Inc.                   NYSE    Services                  1,042.900          1.24        6.10       37.33         1.19    10.33          27.940        27.100           90.79           0.570           3.00    7.000     8.04 1,332.54                      NA
Real Estate Operations       REG       Regency Centers Corporation           NYSE    Services                  4,828.680          3.24        7.58       69.47         3.25    32.22          69.510        67.400           95.00           4.950           3.03   -1.000     3.80    98.44                      NA
Real Estate Operations       WRP       Reis, Inc.                            AMEX    Services                     56.240           NA          NA         8.25         0.52      NA            6.820         6.500           39.42          -0.050           4.65    5.000      NA    104.56                      NA
Real Estate Operations       RPB       Republic Property Trust               NYSE    Services                    374.930           NA         6.17       14.37         2.16      NA           26.090        22.700           93.96           3.950          13.00    0.000     3.48   245.60                      NA
Real Estate Operations       RSO       Resource Capital Corp.                NYSE    Services                    301.410          1.20        6.00       12.00         1.04    11.95          25.120        21.300           67.25           1.450          15.20   21.000    13.67   713.28                      NA


             473df5f0-08dd-4e01-bbf7-83be8f860d47.xls Real Estate Industry 31Aug07                                                    15 of 24                                                                                                                                7/13/2011 10:27 AM
                                                                                                                            Real Estate Industry 31Aug07


                                                                                                                                                                                 Price to                                                 Institutional                                         Total Debt
                                                                                                                  Market                     L-Term      Current     Price to    Earnings Current Shares                  Institutional    Net Shrs         Insider   Insider Net                to Total     Current
                              Ticker                                          Stock                           Capitalization ($             Mean Grth   Price per   Book Ratio, Ratio, excl. Outstanding   Share Float   Percent Held     Purchased       Ownership       Shrs      Dividend    Equity (%),    Ratio,
      Real Estate Industry    Symbol          Name of Company (issuer)      Exchange        Economic Sector      millions)      PEG Ratio   Rate (%)    Share ($)    Quarterly Xord Items     (millions)    (millions)        (%)          (millions)     Percent (%) Purchased     Yield (%)    Quarterly    Quarterly
Real Estate Operations       RPI       Roberts Realty Investors, Inc.          AMEX    Services                     44.130           NA          NA         7.60         1.09        NA          5.810         3.300            5.92           0.020          43.17      18.000          NA    188.67              NA
Real Estate Operations       SNWP      Satellite Newspapers Corp.               OTC    Services                      0.420           NA          NA         0.00          NA         NA        423.480       190.600             NA              NA           54.99         NA           NA       NA              0.00
Real Estate Operations       BFS       Saul Centers, Inc.                      NYSE    Services                    887.210          4.78        6.50       50.06        20.55      32.51        17.720        11.100           36.57           1.330          37.37       3.000         3.52   364.39              NA
Real Estate Operations       SMLE      Semele Group, Inc.                       OTC    Services                      0.490           NA          NA         0.35          NA        0.48         1.410         0.600             NA              NA           57.39         NA           NA       NA               NA
Real Estate Operations       SNH       Senior Housing Properties Trust         NYSE    Services                  1,701.520          4.97        3.86       20.34         1.48      19.42        83.650        82.800           86.11           5.940           1.02       0.000         6.69    35.75              NA
Real Estate Operations       SPG       Simon Property Group, Inc               NYSE    Services                 21,204.940          6.70        7.74       94.92         7.24      46.14       223.400       190.400           95.00          13.440          14.77       1.000         3.54   429.56              NA
Real Estate Operations       SLG       SL Green Realty Corp.                   NYSE    Services                  6,635.940          4.26        7.62      111.51         1.88      34.64        59.510        57.700           95.00           6.590           3.04      -3.000         2.51   123.67              NA
Real Estate Operations       SSS       Sovran Self Storage, Inc.               NYSE    Services                    973.420          6.21        4.50       45.11         1.85      25.89        21.580        21.000           79.25           1.420           2.68      -1.000         5.50   103.78              NA
Real Estate Operations       BEE       Strategic Hotels & Resorts Inc.         NYSE    Services                  1,529.420         11.87        9.63       20.57         1.74        NA         74.350        73.600             NA              NA            1.01       7.000         4.67   137.36              NA
Real Estate Operations       SUI       Sun Communities, Inc.                   NYSE    Services                    519.860           NA         3.67       28.51         8.83        NA         18.230        15.100           76.34          -0.030          17.19       1.000         8.84 1,962.02              NA
Real Estate Operations       SRRE      Sunrise Real Estate Group, Inc.          OTC    Services                     12.080           NA          NA         0.51         1.55        NA         23.690        23.500             NA              NA            0.81         NA           NA    108.16             0.47
Real Estate Operations       SHO       Sunstone Hotel Investors, Inc           NYSE    Services                  1,612.780          2.39        9.40       26.96         1.72      74.59        59.820        58.600           95.00           4.810           2.04      -8.000         4.75   144.72             1.18
Real Estate Operations       SPPR      Supertel Hospitality Inc.               NASD    Services                    161.470          3.60       10.00        7.91         1.70      42.61        20.410        17.200           32.62           0.890          15.74       1.000         6.32   209.40              NA
Real Estate Operations       SKT       Tanger Factory Outlet Centers Inc.      NYSE    Services                  1,191.770          9.72        7.25       38.07         6.21      59.27        31.300        30.200           95.00           2.540           3.53     -10.000         3.78   256.06              NA
Real Estate Operations       TARR      Tarragon Corporation                    NASD    Services                     26.970           NA          NA         0.94         0.10        NA         28.690        13.500           31.54           0.460          52.94     -39.000          NA    586.13              NA
Real Estate Operations       TCO       Taubman Centers, Inc.                   NYSE    Services                  2,728.950         11.51        5.85       51.58        57.06      73.29        52.910        51.000           95.00           1.020           3.60       0.000         2.91 5,400.54              NA
Real Estate Operations       MAC       The Macerich Company                    NYSE    Services                  5,837.380         10.78        7.49       81.22         4.24      89.33        71.870        70.100           95.00           5.750           2.46      -2.000         3.50   348.56              NA
Real Estate Operations       DOLL      The Middleton Doll Company               OTC    Services                      2.810           NA          NA         0.74         0.75        NA          3.800         3.500            0.00           0.000           7.97       2.000          NA      0.00            13.95
Real Estate Operations       JOE       The St. Joe Company                     NYSE    Services                  2,352.540          3.92        9.50       31.62         4.78      59.32        74.400        71.000           95.00           4.950           4.57       0.000         2.02    87.13              NA
Real Estate Operations       TPGI      Thomas Properties Group, Inc.           NASD    Services                    303.740           NA          NA        12.79         2.08        NA         23.750        23.300           95.00          10.600           1.89       5.000         1.88   241.48              NA
Real Estate Operations       TISM      TIS Mortgage Investment                  OTC    Services                      0.440           NA          NA         0.05         1.47        NA          8.890         7.100             NA              NA           20.16         NA           NA    150.82              NA
Real Estate Operations       TCI       Transcontinental Realty Investors, Inc. NYSE    Services                    124.130           NA          NA        15.76         0.48        NA          7.880         1.400            1.56           0.010          82.22       0.000          NA    382.92              NA
Real Estate Operations       TSY       Trustreet Properties, Inc.              NYSE    Services                  1,149.290           NA          NA        17.02         1.07        NA         67.530        60.800            0.00          -0.100           9.96       0.000         7.76   140.18              NA
Real Estate Operations       TUXS      Tuxis Corp.                              OTC    Services                      4.330           NA          NA         4.40         0.54        NA          0.980         0.500            0.00          -0.130          49.19       2.000          NA      0.00            39.54
Real Estate Operations       UDR       UDR, Inc.                               NYSE    Services                  3,383.400           NA         4.76       25.11         4.28        NA        134.740       130.600           90.79           7.910           3.08       1.000         5.26   369.45              NA
Real Estate Operations       UHT       Universal Health Realty Income Trust NYSE       Services                    396.720           NA          NA        33.52         2.40      11.66        11.840        11.000           43.80           0.170           7.06       0.000         6.86    12.63              NA
Real Estate Operations       UBA       Urstadt Biddle Properties Inc.          NYSE    Services                    450.860          3.12        3.75       16.94         1.92       8.50        26.620        21.200           45.97           0.820          20.35       1.000         5.43    30.48              NA
Real Estate Operations       YSI       U-Store-It Trust                        NYSE    Services                    782.230           NA         5.62       13.56         1.32        NA         57.690        47.500           86.14          -0.750          17.66       2.000         8.56   150.37              NA
Real Estate Operations       VTR       Ventas, Inc.                            NYSE    Services                  5,079.570          3.33        6.53       38.08         2.70      26.32       133.390       131.600           95.00          37.080           1.34     -15.000         4.99   174.80              NA
Real Estate Operations       VRTA      Vestin Realty Mortgage I Inc.           NASD    Services                     36.420           NA          NA         5.30         0.58        NA          6.870         6.700            0.26          -0.020           2.50       2.000        10.64     0.24              NA
Real Estate Operations       VRTB      Vestin Realty Mortgage II, Inc.         NASD    Services                    209.270           NA          NA         5.39         0.75        NA         38.830        38.000            1.42           0.300           2.13      22.000        11.13    21.73              NA
Real Estate Operations       VNO       Vornado Realty Trust                    NYSE    Services                 16,202.520          4.55        8.16      106.59         3.01      31.90       152.010       126.200           88.10           6.170          16.98      -4.000         3.38   202.43              NA
Real Estate Operations       WRE       Washington Real Estate Investment Trust NYSE    Services                  1,528.280          7.93        4.67       32.75         3.17      39.27        46.670        46.100           61.04           1.580           1.21      -1.000         5.16   254.88              NA
Real Estate Operations       WRI       Weingarten Realty Investors             NYSE    Services                  3,476.170          3.80        6.17       40.21         2.53      24.52        86.450        76.500           65.70           6.050          11.51       2.000         4.92   210.80              NA
Real Estate Operations       WLRE      Wells Real Estate Investment Trust Inc. OTC     Services                  4,710.530           NA          NA         9.65         1.51      43.50       488.140       483.300            0.00           0.000           0.99       0.000         6.08    38.72              NA
Real Estate Operations       FUR       Winthrop Realty Trust                   NYSE    Services                    417.900          0.96       17.00        6.35         1.25       9.13        65.810        45.400           49.14           0.810          31.01       8.000         3.78    76.58              NA
Real Estate Operations       ZIPR      ZipRealty, Inc.                         NASD    Services                    167.850           NA        12.50        7.45         1.95        NA         22.530        12.000           32.62          -0.010          46.74       0.000          NA      0.00             8.22
Rental & Leasing             CLI       Mack-Cali Realty Corp.                  NYSE    Services                  2,836.640          7.83        4.51       41.76         1.62      40.78        67.930        61.900           95.00           2.740           8.87      -2.000         6.13   117.41              NA
Rental & Leasing             SWHI      SonomaWest Holdings, Inc.                OTC    Services                     26.730           NA          NA        22.50         3.88      71.42         1.190         0.800            8.50           0.090          32.66       0.000          NA      0.00             4.68
Rental & Leasing             TPL       Texas Pacific Land Trust                NYSE    Services                    609.150           NA          NA        57.50        25.61      59.77        10.590        10.500           45.43           0.190           0.89       0.000         0.28     0.00              NA




             473df5f0-08dd-4e01-bbf7-83be8f860d47.xls Real Estate Industry 31Aug07                                                      16 of 24                                                                                                                                7/13/2011 10:27 AM
                                                                                                                            Real Estate Industry 30Jun07


                                                                                                                                                                                 Price to                                                 Institutional                                         Total Debt
                                                                                                                  Market                     L-Term      Current     Price to    Earnings Current Shares                  Institutional    Net Shrs         Insider   Insider Net                to Total     Current
                              Ticker                                          Stock                           Capitalization ($             Mean Grth   Price per   Book Ratio, Ratio, excl. Outstanding   Share Float   Percent Held     Purchased       Ownership       Shrs      Dividend    Equity (%),    Ratio,
      Real Estate Industry    Symbol          Name of Company (issuer)      Exchange        Economic Sector      millions)      PEG Ratio   Rate (%)    Share ($)    Quarterly Xord Items     (millions)    (millions)        (%)          (millions)     Percent (%) Purchased     Yield (%)    Quarterly    Quarterly
Construction Services         DHMS     Diamond Home Services                    OTC    Capital Goods                 0.020          NA           NA         0.00        0.00         NA          8.510         4.600             NA              NA           45.93      NA              NA       222.68           0.66
Construction Services         GFA      Gafisa S.A. (ADR)                       NYSE    Capital Goods             1,760.520         0.64        73.00       31.20         NA          NA         56.430        55.850            3.62           2.040           1.02    0.000             NA          NA             NA
Construction Services         NVR      NVR, Inc.                               AMEX    Capital Goods             3,811.160         1.18        10.00      679.75        3.07        8.34         5.610         4.500           95.00           0.030          19.74 -23.000              NA        22.47            NA
Construction Services         SUHJY    Sun Hung Kai Properties Limited (ADR) OTC       Capital Goods            30,402.780          NA           NA        12.20        1.35       13.63     2,492.000     2,467.100            0.02          -0.040           1.00    0.000            2.93       21.48           4.18
Consumer Financial Services   LEND     Accredited Home Lenders Holding Co. NASD        Financial                   295.030          NA         10.75       13.67        0.47        4.89        21.580        19.600             NA              NA            9.18   -2.000             NA     1,423.16            NA
Consumer Financial Services   ATVA     Altiva Financial Corporation             OTC    Financial                     0.060          NA           NA         0.01        0.00         NA         10.270         3.800            0.00           0.000          62.99    0.000             NA       408.28            NA
Consumer Financial Services   ATAXZ    America First Tax Exempt Investors, L.P.NASD    Financial                   104.760         3.08         5.00        8.02        1.76       60.41        13.060        12.900            1.26           0.000           1.25    0.000            6.73       98.68            NA
Consumer Financial Services   AAMC     American Asset Management Corporation    OTC    Financial                     0.160          NA           NA         0.12         NA          NA          1.320         0.600             NA              NA           54.44      NA              NA          NA            0.50
Consumer Financial Services   AMAF     AMSTAR Financial Services, Inc.          OTC    Financial                     0.070          NA           NA         0.00        0.02         NA         27.420        14.700             NA              NA           46.39      NA              NA       213.89           0.87
Consumer Financial Services   AOPL     AppOnline.com, Inc.                      OTC    Financial                     0.180          NA           NA         0.00        0.01         NA         44.840        16.600             NA              NA           62.98      NA              NA       396.50            NA
Consumer Financial Services   CAA      Capital Alliance Income                 AMEX    Financial                     3.070          NA           NA         8.06        0.27         NA          0.380         0.300            0.26           0.000          21.26    3.000             NA        40.85            NA
Consumer Financial Services   CBF      CBRE Realty Finance, Inc.               NYSE    Financial                   365.250         2.00         7.00       11.89        0.92       30.77        30.720        29.800           56.99           2.340           2.99   19.000            7.07        0.00            NA
Consumer Financial Services   CFIM     CFI Mortgage Inc.                        OTC    Financial                     0.020          NA           NA         0.00         NA          NA         34.320        20.600             NA              NA           39.98      NA              NA          NA            0.28
Consumer Financial Services   CCMI     Complete Care Medical Inc.               OTC    Financial                     0.000          NA           NA         0.01        0.00         NA          0.010         0.010             NA              NA           20.00      NA              NA       256.17            NA
Consumer Financial Services   CFC      Countrywide Financial Corporation       NYSE    Financial                21,569.800         0.83        11.57       36.35        1.45        9.28       593.390       590.700           95.00           2.920           0.45 -121.000            1.65      501.56            NA
Consumer Financial Services   DFC      Delta Financial Corporation             NASD    Financial                   289.340         0.92        13.67       12.27        1.91       10.47        23.580        16.900           62.92           2.490          28.33    0.000            1.63    4,605.09            NA
Consumer Financial Services   EFSV     Enthrust Financial Services, Inc.        OTC    Financial                     1.050          NA           NA         0.51      510.00         NA          2.060         1.600             NA              NA           22.25      NA              NA         0.00           1.40
Consumer Financial Services   FMOR     First Mortgage Corporation               OTC    Financial                    31.190          NA           NA         6.00        0.92        9.31         5.200         0.400             NA              NA           92.31      NA              NA       191.86            NA
Consumer Financial Services   GNVN     Geneva Financial Corp.                   OTC    Financial                     3.130          NA           NA         0.80        0.62        8.43         3.910         2.500             NA              NA           36.01      NA              NA       627.41            NA
Consumer Financial Services   HGFNQ    HomeGold Financial, Inc.                 OTC    Financial                     0.050          NA           NA         0.00         NA          NA         16.910         9.300            0.00           0.000          45.01    0.000             NA          NA             NA
Consumer Financial Services   IMCC     IMC Mortgage Company                     OTC    Financial                     0.050          NA           NA         0.00         NA          NA         34.160        30.100             NA              NA           11.88      NA              NA          NA             NA
Consumer Financial Services   MDCM     Mortgage.com, Inc.                       OTC    Financial                     0.000          NA           NA         0.00        0.00         NA         44.380        14.600             NA              NA           67.10      NA              NA       572.94            NA
Consumer Financial Services   MMA      Municipal Mortgage & Equity, LLC        NYSE    Financial                   936.890          NA           NA        24.38        1.21       13.46        38.430        37.100            8.13           0.670           3.46    0.000            8.49      208.75            NA
Consumer Financial Services   NEWS     NewStar Financial, Inc.                 NASD    Financial                   515.990         0.60        36.33       14.23        1.24         NA         36.260        35.000           54.37           4.080           3.48    4.000             NA       399.15            NA
Consumer Financial Services   RWT      Redwood Trust, Inc.                     NYSE    Financial                 1,323.630         1.68         6.10       48.38        1.42       10.96        27.360        26.600           90.63           0.770           2.77    0.000            6.20    1,290.67            NA
Consumer Financial Services   TQWI     Tailor Aquaponics World Wide, Inc.       OTC    Financial                     0.000          NA           NA         0.00         NA          NA          0.010         0.010             NA              NA           54.54      NA              NA          NA            0.88
Consumer Financial Services   TWHR     The Washtenaw Group, Inc.                OTC    Financial                     0.310          NA           NA         0.07        0.04         NA          4.490         2.200            0.20           0.000          50.98    0.000             NA       293.54            NA
Consumer Financial Services   TMA      Thornburg Mortgage, Inc.                NYSE    Financial                 3,163.410         2.67         4.02       26.18        1.40       10.31       120.830       119.600           26.36           4.690           1.02    5.000           10.39    2,166.58            NA
Consumer Financial Services   TRFN     Transnational Financial Network, Inc.    OTC    Financial                     3.070          NA           NA         0.30       12.50         NA         10.250         6.600           11.11           0.000          35.60    0.000             NA     1,736.29            NA
Consumer Financial Services   WTHL     Whitehall Enterprises                    OTC    Financial                     0.020          NA           NA         0.00        0.01         NA        162.790       161.200             NA              NA            0.98      NA              NA        20.07           0.14
Real Estate Operations        AKR      Acadia Realty Trust                     NYSE    Services                    850.460         5.79         7.00       25.95        3.54         NA         32.770        30.200           95.00           3.040           7.85 -14.000             3.08      184.72            NA
Real Estate Operations        ARC      Affordable Residential Communities Inc. NYSE    Services                    666.650          NA          3.00       11.82        1.59         NA         56.400        45.700           75.29          10.870          18.97    7.000             NA       205.13            NA
Real Estate Operations        ADC      Agree Realty Corporation                NYSE    Services                    242.200         4.26         4.00       31.25        1.86       17.26         7.750         7.100           43.04           0.090           8.40    0.000            6.27       54.26            NA
Real Estate Operations        AFN      Alesco Financial Inc.                   NYSE    Services                    495.680         1.21         5.00        8.13        1.14         NA         60.970        59.100           66.11          -3.250           3.07    3.000           15.25    2,167.79            NA
Real Estate Operations        ALX      Alexander's, Inc.                       NYSE    Services                  2,037.000          NA           NA       404.25       38.74         NA          5.040         3.700           32.86           0.220          26.57   -3.000             NA     2,025.09            NA
Real Estate Operations        ARE      Alexandria Real Estate Equities, Inc.   NYSE    Services                  2,853.670         4.35         8.85       96.82        2.46       41.24        29.470        28.700           95.00           2.920           2.63 -14.000             3.14      168.51            NA
Real Estate Operations        AMEN     AMEN Properties, Inc                    NASD    Services                     14.110          NA           NA         6.16        1.55        9.20         2.290         1.400            1.40           0.000          38.89    3.000             NA        32.68           2.39
Real Estate Operations        ACC      American Campus Communities, Inc. NYSE          Services                    655.450        12.03        10.93       28.29        1.82         NA         23.170        22.500           95.00           0.650           2.89    8.000            4.77      146.81            NA
Real Estate Operations        APO      American Community Properties Trust AMEX        Services                    106.740          NA           NA        20.41        7.66       25.81         5.230         0.300            1.61           0.000          94.26    0.000            1.96    2,216.25            NA
Real Estate Operations        AFR      American Financial Realty Trust         NYSE    Services                  1,344.430          NA          8.00       10.32        1.83         NA        130.270       126.600           92.73          -0.830           2.82   -1.000            7.36      307.30            NA
Real Estate Operations        AMC      American Mortgage Acceptance Company    AMEX    Services                     84.110          NA           NA        10.01        0.97       55.97         8.400         8.300           23.73           0.290           1.21    3.000            8.99      773.30            NA
Real Estate Operations        ARL      American Realty Investors, Inc.         NYSE    Services                     83.080          NA           NA         8.19        0.57         NA         10.140         1.500            2.66           0.000          85.21    0.000             NA       791.71            NA
Real Estate Operations        AQQ      American Spectrum Realty, Inc.          AMEX    Services                     28.570          NA           NA        20.75        2.02         NA          1.380         0.700            0.29           0.000          49.17   10.000             NA     1,097.41            NA
Real Estate Operations        AHR      Anthracite Capital Inc.                 NYSE    Services                    682.940         1.62         6.00       11.70        1.12        8.58        58.370        58.100           61.86           1.280           0.46    0.000           10.26      578.03            NA
Real Estate Operations        ANH      Anworth Mortgage Asset Corporation NYSE         Services                    412.830          NA           NA         9.05        0.92         NA         45.620        44.100           83.06           2.760           3.32    0.000            2.21      265.87            NA
Real Estate Operations        AIV      Apartment Investment and ManagementNYSE  Co.    Services                  4,898.560          NA          5.53       50.42        3.21         NA         97.150        93.000           95.00           4.950           4.28 -18.000             4.76      298.46            NA
Real Estate Operations        ABR      Arbor Realty Trust, Inc.                NYSE    Services                    447.790         0.96         9.50       25.81        1.46        8.58        17.350        11.600           68.17           1.080          33.14    0.000            9.61      682.87            NA
Real Estate Operations        ASN      Archstone-Smith Trust                   NYSE    Services                 13,176.590         8.99         6.83       59.11        2.28       61.19       222.920       216.600           95.00           7.010           2.83   -7.000            3.06      111.08            NA
Real Estate Operations        AZL      Arizona Land Income Corporation         AMEX    Services                     16.100          NA           NA         8.70        3.88        4.58         1.850         1.500            4.00           0.030          18.96   -9.000            4.60        0.00            NA
Real Estate Operations        AHT      Ashford Hospitality Trust, Inc.         NYSE    Services                  1,441.760          NA          9.00       11.76        1.37       30.96       122.600       107.900           61.19           6.230          11.99    1.000            7.14      152.49            NA
Real Estate Operations        AEC      Associated Estates Realty Corporation NYSE      Services                    272.760          NA         10.00       15.59        5.39         NA         17.500        14.300           52.46           0.250          18.27    0.000            4.36      433.85            NA
Real Estate Operations        AVB      AvalonBay Communities                   NYSE    Services                  9,468.350         5.81         7.44      118.88        3.00       57.60        79.650        78.200           95.00           7.620           1.82 -21.000             2.86       88.82            NA
Real Estate Operations        AVTR     Avatar Holdings Inc.                    NASD    Services                    638.030          NA           NA        76.94        1.22        5.07         8.290         6.000           79.85           0.210          27.65 -14.000              NA        26.22            NA
Real Estate Operations        AXGO     Axia Group, Inc. (USA)                   OTC    Services                      0.000          NA           NA         0.19         NA          NA          0.010         0.000             NA              NA           80.00      NA              NA          NA            0.07
Real Estate Operations        VHTI     B. H. I. T. Inc.                         OTC    Services                      3.000          NA           NA         0.20        2.15         NA         14.990        11.800            0.00           0.000          21.27    3.000             NA         0.00            NA
Real Estate Operations        BMR      BioMed Realty Trust, Inc.               NYSE    Services                  1,644.190         4.11         6.98       25.12        1.36       33.39        65.450        64.800           95.00           3.350           1.00   -1.000            4.94       86.43            NA
Real Estate Operations        BXP      Boston Properties, Inc.                 NYSE    Services                 12,153.920         7.59         5.16      102.13        2.94         NA        119.000       104.400           95.00           0.470          12.27 -26.000             2.66      138.63            NA
Real Estate Operations        BDN      Brandywine Realty Trust                 NYSE    Services                  2,487.770       112.32         3.91       28.58        1.35         NA         87.050        82.800           95.00           0.800           4.88 -20.000             6.16      173.10            NA
Real Estate Operations        BRE      BRE Properties, Inc.                    NYSE    Services                  3,005.630         9.44         5.44       59.29        3.10       45.71        50.690        49.900           93.11           3.450           1.57    1.000            3.63      191.33            NA
Real Estate Operations        BRT      BRT Realty Trust                        NYSE    Services                    288.470          NA           NA        26.01        1.14        6.29        11.090         6.400           20.09           0.470          42.30   -1.000            9.54       45.06            NA
Real Estate Operations        CPT      Camden Property Trust                   NYSE    Services                  3,805.350         8.52         7.38       66.97        2.21       31.62        56.820        53.700           93.29           1.250           5.49   -6.000            4.12      143.37            NA
Real Estate Operations        LSE      Capital Lease Funding, Inc.             NYSE    Services                    468.830        28.67         7.50       10.75        1.38      144.49        43.610        41.400           61.38           0.030           5.07    6.000            7.44        0.00            NA
Real Estate Operations        CMO      Capstead Mortgage Corporation           NYSE    Services                    186.590         3.66         5.00        9.69        1.09         NA         19.260        18.300           41.69           1.130           4.97    7.000            1.65    1,448.60            NA
Real Estate Operations        CBL      CBL & Associates Properties, Inc.       NYSE    Services                  2,366.080         3.52         6.95       36.05        2.21       31.60        65.630        52.900           90.80           0.920          19.40   -6.000            5.60      440.76            NA
Real Estate Operations        CDR      Cedar Shopping Centers Inc              NYSE    Services                    634.100         3.89         5.40       14.35        1.30       52.66        44.190        42.900           92.38           2.370           2.92    1.000            6.27      102.45            NA



             473df5f0-08dd-4e01-bbf7-83be8f860d47.xls Real Estate Industry 30Jun07                                                      17 of 24                                                                                                                                7/13/2011 10:27 AM
                                                                                                                            Real Estate Industry 30Jun07


                                                                                                                                                                                 Price to                                                 Institutional                                         Total Debt
                                                                                                                  Market                     L-Term      Current     Price to    Earnings Current Shares                  Institutional    Net Shrs         Insider   Insider Net                to Total     Current
                              Ticker                                          Stock                           Capitalization ($             Mean Grth   Price per   Book Ratio, Ratio, excl. Outstanding   Share Float   Percent Held     Purchased       Ownership       Shrs      Dividend    Equity (%),    Ratio,
      Real Estate Industry    Symbol          Name of Company (issuer)      Exchange        Economic Sector      millions)      PEG Ratio   Rate (%)    Share ($)    Quarterly Xord Items     (millions)    (millions)        (%)          (millions)     Percent (%) Purchased     Yield (%)    Quarterly    Quarterly
Real Estate Operations       CSA       Cogdell Spencer Inc.                     NYSE   Services                    246.040           NA          NA        20.59        1.87         NA         11.950         9.100           76.71           3.790          23.84       1.000         6.80      149.45           NA
Real Estate Operations       CLP       Colonial Properties Trust                NYSE   Services                  1,694.180           NA         5.50       36.45        1.13         NA         46.480        38.200           75.51           0.840          17.81      24.000         7.46      154.32           NA
Real Estate Operations       OFC       Corporate Office Properties Trust        NYSE   Services                  1,930.320         17.79        8.14       41.01        2.30      193.68        47.070        40.300           95.00           3.700          14.38      -6.000         3.02      205.31           NA
Real Estate Operations       CUZ       Cousins Properties Incorporated          NYSE   Services                  1,509.300           NA         8.50       29.01        3.53         NA         52.030        48.700           59.34           1.220           6.40       1.000         5.10       58.60           NA
Real Estate Operations       CEI       Crescent Real Estate Equities CompanyNYSE       Services                  2,307.420          7.01        2.50       22.44        3.45         NA        102.830        83.000           73.37           4.180          19.28       0.000         6.68      194.72           NA
Real Estate Operations       DCT       DCT Industrial Trust Inc.                NYSE   Services                  1,812.160         25.02        8.60       10.76        1.49         NA        168.420       163.400           55.34          48.150           2.98       7.000         5.95       98.23           NA
Real Estate Operations       DFR       Deerfield Triarc Capital Group           NYSE   Services                    756.690          1.67        5.00       14.63        1.09       10.08        51.720        49.100           49.72          -0.660           5.07       0.000        11.48    1,254.36           NA
Real Estate Operations       DDR       Developers Diversified Realty Corp.      NYSE   Services                  6,586.080          4.15        7.29       52.71        2.39         NA        124.950       121.300           89.46           9.760           2.92      -4.000         5.01      177.02           NA
Real Estate Operations       DLR       Digital Realty Trust, Inc.               NYSE   Services                  2,286.910          5.99       12.33       37.68        3.70      172.84        60.690        58.900           95.00          11.440           2.95      -9.000         3.04      141.23           NA
Real Estate Operations       DEI       Douglas Emmett, Inc.                     NYSE   Services                  2,845.240           NA         8.76       24.74        1.37         NA        115.010       104.100           81.68           2.500           9.48       0.000         2.83      133.81           NA
Real Estate Operations       DRE       Duke Realty Corporation                  NYSE   Services                  4,883.950          7.29        5.39       35.67        2.79       48.18       136.920       135.600           75.16           1.340           0.96      -3.000         5.33      156.78           NA
Real Estate Operations       DVLN      DVL, Inc.                                 OTC   Services                      5.170           NA          NA         0.16        0.26        4.16        32.910        22.400            0.00          -0.040          31.93      -1.000          NA       300.12           NA
Real Estate Operations       DX        Dynex Capital, Inc.                      NYSE   Services                    100.120           NA          NA         8.25        1.04       61.57        12.140         9.600           26.81           0.120          20.90       0.000          NA       211.99           NA
Real Estate Operations       EHP       Eagle Hospitality Properties Trust, Inc. NYSE   Services                    237.040           NA         7.67       13.16         NA          NA         18.010        14.400           79.45           0.890          20.05      -4.000         5.32         NA            NA
Real Estate Operations       EGP       EastGroup Properties Inc.                NYSE   Services                  1,040.650          5.81        6.56       43.82        2.73       45.58        23.750        23.000           78.76          -0.220           3.15      -3.000         4.56      125.44           NA
Real Estate Operations       ECROE     ECC Capital Corporation                   OTC   Services                     34.350           NA          NA         0.34        0.27         NA        101.030        81.900           26.74           3.690          18.93       0.000        82.35    1,862.94           NA
Real Estate Operations       EDR       Education Realty Trust, Inc.             NYSE   Services                    392.460          2.44        6.00       14.03        1.26         NA         27.970        26.900           87.37           2.330           3.84       2.000         5.85      157.61          0.45
Real Estate Operations       EPR       Entertainment Properties Trust           NYSE   Services                  1,433.340          1.85        9.00       53.78        1.68       19.89        26.650        26.100           86.96           2.310           2.07     -10.000         5.65       86.23           NA
Real Estate Operations       ENN       Equity Inns, Inc.                        NYSE   Services                  1,233.000          4.80       11.25       22.40        4.23      101.84        55.040        52.800           84.21           4.710           4.08       0.000         4.46      156.83           NA
Real Estate Operations       ELS       Equity Lifestyle Properties, Inc.        NYSE   Services                  1,269.080          6.04        8.92       52.19       20.14       66.09        24.320        20.100           92.46           0.700          17.34      -1.000         1.15    2,670.83           NA
Real Estate Operations       EQY       Equity One, Inc.                         NYSE   Services                  1,886.030          5.56        5.74       25.55        2.01       32.17        73.820        36.400           38.06           0.870          50.69       4.000         4.70      128.36           NA
Real Estate Operations       EQR       Equity Residential                       NYSE   Services                 13,266.790         22.55        5.22       45.63        2.50         NA        290.750       276.300           94.64           1.440           4.97      -6.000         4.05      148.78           NA
Real Estate Operations       ESS       Essex Property Trust, Inc.               NYSE   Services                  2,839.580         10.19        6.08      116.30        4.50       77.84        24.420        22.400           95.00           0.960           8.26      -5.000         3.20      189.77           NA
Real Estate Operations       EUROY     EuroTrust A/S (ADR)                       OTC   Services                    500.150           NA          NA        15.00        4.68       42.92        33.340        25.300            9.38          -3.300          24.12       0.000          NA       222.16          0.70
Real Estate Operations       EXR       Extra Space Storage, Inc.                NYSE   Services                  1,062.200          5.96        6.11       16.50        1.67       51.01        64.380        59.200           95.00           4.240           8.04       0.000         5.52      195.31           NA
Real Estate Operations       FRT       Federal Realty Inv. Trust                NYSE   Services                  4,353.940          5.59        7.80       77.26        5.08       50.49        56.350        55.600           91.26           1.400           1.34      -7.000         2.98      210.93           NA
Real Estate Operations       FCH       FelCor Lodging Trust Incorporated        NYSE   Services                  1,623.960         15.22        6.33       26.03        3.01         NA         62.390        60.000           95.00           4.290           3.83      -5.000         4.61      133.13           NA
Real Estate Operations       FMP       Feldman Mall Properties, Inc.            NYSE   Services                    149.510           NA          NA        11.40        1.32        8.56        13.110        12.700           65.28           0.030           3.16       0.000         7.98      218.11           NA
Real Estate Operations       XXFPL     FFP Partners, L.P.                        OTC   Services                      0.000           NA          NA         0.00        0.00        0.05         2.230         2.200             NA              NA            1.52         NA           NA     1,265.58          2.43
Real Estate Operations       FICC      Fieldstone Investment Corporation        NASD   Services                    170.620           NA          NA         3.64        0.55         NA         46.870        45.300           61.72          -0.130           3.35       0.000         5.50    1,750.53           NA
Real Estate Operations       FR        First Industrial Realty Trust, Inc.      NYSE   Services                  1,759.330          2.41        6.50       38.76        1.73         NA         45.390        43.000           85.34           1.600           5.27      -2.000         7.33      180.81           NA
Real Estate Operations       FPO       First Potomac Realty Trust               NYSE   Services                    563.900         39.17        7.67       23.29        1.59      363.79        24.210        23.400           95.00          -0.260           3.35       6.000         5.84      173.84           NA
Real Estate Operations       FREVS     First Real Estate Investment Trust of NJ OTC    Services                    179.020           NA          NA        26.50        7.82       38.46         6.760         5.200            0.00           0.000          23.03       0.000         4.53      831.77           NA
Real Estate Operations       FSRV      FirstService Corporation (USA)           NASD   Services                  1,073.450          1.45       16.50       36.02        4.07       29.82        29.800        26.800           43.60           0.200          10.07       0.000          NA        88.78          1.41
Real Estate Operations       FSP       Franklin Street Properties Corp.         AMEX   Services                  1,170.470           NA          NA        16.54        1.27       26.96        70.770        59.400           29.22           1.970          16.06       5.000         7.50       14.67           NA
Real Estate Operations       GGP       General Growth Properties                NYSE   Services                 12,977.250          4.59        8.71       52.95        7.11       48.41       245.090       229.300           85.96           9.590           6.44      12.000         3.40    1,136.55           NA
Real Estate Operations       GTY       Getty Realty Corp.                       NYSE   Services                    650.820          3.69        4.05       26.28        2.90       15.27        24.760        17.300           34.00           0.220          30.14       0.000         7.08       56.41           NA
Real Estate Operations       GRT       Glimcher Realty Trust                    NYSE   Services                    927.720         11.57        4.50       25.00      219.30         NA         37.110        34.900           80.15           0.810           5.95      -3.000         7.69      744.10           NA
Real Estate Operations       GCT       GMH Communities Trust                    NYSE   Services                    402.790         22.20       10.08        9.69        1.61         NA         41.570        28.700           88.69          -0.320          30.96       5.000         6.81      439.05           NA
Real Estate Operations       GTA       Golf Trust of America, Inc.              AMEX   Services                     17.560           NA          NA         2.40        1.31        4.14         7.320         6.600           12.25          -0.010           9.80       0.000          NA        17.44           NA
Real Estate Operations       GKK       Gramercy Capital Corp.                   NYSE   Services                    717.410          1.31        8.33       27.54        1.54       11.86        26.050        18.700           68.69           1.040          28.22       0.000         9.15      494.07           NA
Real Estate Operations       GBE       Grubb & Ellis Co.                        NYSE   Services                    300.520          8.59       15.00       11.60        6.54         NA         25.910        15.900           52.30           0.770          38.63      -1.000          NA         8.60          1.09
Real Estate Operations       GAV       Grubb & Ellis Realty Advisors, Inc.      AMEX   Services                    171.850           NA          NA         5.76        1.53       56.29        29.830        18.500           44.81           1.730          37.99       1.000          NA         0.00        160.07
Real Estate Operations       HCM       Hanover Capital Mortgage Holdings, Inc.AMEX     Services                     38.640           NA          NA         4.79        0.81         NA          8.070         6.700            6.69           0.070          16.96       4.000        12.53      100.22           NA
Real Estate Operations       HCP       Health Care Property Investors Inc.      NYSE   Services                  5,960.120          4.03        7.00       28.93        1.79         NA        206.020       205.200           67.20          14.130           0.40       0.000         6.15      140.12           NA
Real Estate Operations       HCN       Health Care REIT, Inc.                   NYSE   Services                  3,249.790          6.97        4.33       40.36        1.79         NA         80.520        79.300           63.45           2.410           1.52     -16.000         6.54      117.13           NA
Real Estate Operations       HR        Healthcare Realty Trust Incorporated NYSE       Services                  1,328.560          7.18        2.67       27.78        2.20       37.72        47.820        46.900           65.19          -1.060           1.93       1.000         9.50      122.96           NA
Real Estate Operations       HT        Hersha Hospitality Trust                 AMEX   Services                    481.920          3.86       12.00       11.82        1.49      548.75        40.770        37.500           86.56           3.560           8.03      -2.000         6.09      205.77           NA
Real Estate Operations       HF        HFF, Inc.                                NYSE   Services                    255.060          1.39       12.00       15.51        9.63        4.76        16.450        16.300           94.09          15.470           0.88       0.000          NA         0.72          1.17
Real Estate Operations       HIW       Highwoods Properties, Inc.               NYSE   Services                  2,132.970         12.72        4.50       37.50        2.31       53.74        56.880        52.900           95.00           4.390           7.00     -28.000         4.53      133.12           NA
Real Estate Operations       HMG       HMG/Courtland Properties                 AMEX   Services                     12.490           NA          NA        12.20        0.73         NA          1.020         0.500            0.49           0.010          51.17      -1.000          NA       121.18           NA
Real Estate Operations       HME       Home Properties, Inc.                    NYSE   Services                  1,726.330          9.59        4.54       51.93        2.47       66.09        33.240        32.600           95.00           0.490           1.93     -18.000         5.01      313.87           NA
Real Estate Operations       HSYT      Home System Group                         OTC   Services                    279.770           NA          NA         4.48       41.48       41.39        62.450        58.700             NA              NA            6.00         NA           NA        24.32          1.21
Real Estate Operations       HMB       HomeBanc Corp.                           NYSE   Services                     65.340           NA          NA         1.27        0.40         NA         51.450        51.000           81.30          -0.680           0.87       0.000        62.99    2,362.08           NA
Real Estate Operations       HMLF      HomeLife, Inc.                            OTC   Services                      0.870           NA          NA         0.07         NA          NA         12.370         3.200             NA              NA           74.14         NA           NA          NA           0.34
Real Estate Operations       HGPI      Horizon Group Properties, Inc.            OTC   Services                     19.180           NA          NA         6.70        1.67         NA          2.860         2.000            0.00           0.000          30.12       0.000          NA       824.46           NA
Real Estate Operations       HPT       Hospitality Properties Trust             NYSE   Services                  3,894.490          2.68        7.13       41.49        1.66       19.22        93.870        92.900           76.11          12.120           1.03       0.000         7.33       76.38           NA
Real Estate Operations       HST       Host Hotels & Resorts, Inc.              NYSE   Services                 12,069.830          1.86       11.38       23.12        2.32         NA        522.050       501.200           95.00          17.680           3.99     -12.000         3.46      121.81           NA
Real Estate Operations       SOLD      HouseValues, Inc.                        NASD   Services                    112.320           NA        24.33        4.57        1.30         NA         24.580        20.900           65.04           0.180          14.96      -1.000          NA         0.00         10.79
Real Estate Operations       HRP       HRPT Properties Trust                    NYSE   Services                  2,204.090         19.81        1.50       10.40        1.01       26.01       211.930       209.800           70.84           1.880           1.01       0.000         8.08       83.89           NA
Real Estate Operations       IOT       Income Opportunity Realty Investors, Inc AMEX   Services                     20.050           NA          NA         4.81        0.45         NA          4.170         0.800            2.83           0.000          80.81      -1.000          NA       136.99           NA
Real Estate Operations       IRC       Inland Real Estate Corporation           NYSE   Services                  1,107.070          6.79        4.00       16.98        2.96       27.91        65.200        58.100           64.25           3.420          10.89      38.000         5.77      239.10           NA
Real Estate Operations       KPA       Innkeepers USA Trust                     NYSE   Services                    847.600           NA         7.00       17.73        2.17       42.85        47.810        45.900           84.89           0.140           3.99      -2.000         5.19       99.77           NA
Real Estate Operations       IHT       InnSuites Hospitality Trust              AMEX   Services                     13.870           NA          NA         1.51        2.12         NA          9.180         3.300            0.24           0.000          64.07       0.000         0.66      320.02           NA
Real Estate Operations       IVCO      Investco Corporation                      OTC   Services                      0.010           NA          NA         0.00        0.00         NA         13.240         7.800            0.00           0.000          41.08       0.000          NA        20.41          0.39


             473df5f0-08dd-4e01-bbf7-83be8f860d47.xls Real Estate Industry 30Jun07                                                      18 of 24                                                                                                                                7/13/2011 10:27 AM
                                                                                                                          Real Estate Industry 30Jun07


                                                                                                                                                                               Price to                                                 Institutional                                         Total Debt
                                                                                                                Market                     L-Term      Current     Price to    Earnings Current Shares                  Institutional    Net Shrs         Insider   Insider Net                to Total     Current
                              Ticker                                        Stock                           Capitalization ($             Mean Grth   Price per   Book Ratio, Ratio, excl. Outstanding   Share Float   Percent Held     Purchased       Ownership       Shrs      Dividend    Equity (%),    Ratio,
      Real Estate Industry    Symbol          Name of Company (issuer)    Exchange        Economic Sector      millions)      PEG Ratio   Rate (%)    Share ($)    Quarterly Xord Items     (millions)    (millions)        (%)          (millions)     Percent (%) Purchased     Yield (%)    Quarterly    Quarterly
Real Estate Operations       IRETS     Investors Real Estate Trust           NASD    Services                    498.230           NA         4.00       10.33         1.93    69.32          48.230        46.300           21.06           1.360           4.00       8.000     6.45   327.17                   NA
Real Estate Operations       SFI       iStar Financial Inc.                  NYSE    Services                  5,681.630          1.42        7.75       44.33         1.83      NA          128.170       123.800           77.26          -2.560           3.41      -7.000     7.44   287.46                   NA
Real Estate Operations       JRT       JER Investors Trust Inc.              NYSE    Services                    388.200          0.34       24.00       15.00         1.12    11.01          25.880        23.600           85.30           0.620           8.81      18.000    12.00   281.79                   NA
Real Estate Operations       JLL       Jones Lang LaSalle Incorporated       NYSE    Services                  4,176.040          1.14       17.00      113.50         5.37    19.38          36.790        36.500           78.16          -0.880           0.80      -4.000     0.62    34.22                  1.36
Real Estate Operations       KWIC      Kennedy-Wilson, Inc.                   OTC    Services                    214.610           NA          NA        37.75         4.34    34.78           5.690         2.400            9.02           0.030          57.78       0.000      NA     81.94                   NA
Real Estate Operations       KRC       Kilroy Realty Corporation             NYSE    Services                  2,316.370          7.82        6.81       70.84         4.35      NA           32.700        30.400           95.00           1.420           7.03      -5.000     3.13   142.30                   NA
Real Estate Operations       KIM       Kimco Realty Corporation              NYSE    Services                  9,594.140          3.21        7.73       38.07         2.78      NA          252.010       228.700           73.48           9.120           9.25      -9.000     3.78   105.34                   NA
Real Estate Operations       KRG       Kite Realty Group Trust               NYSE    Services                    549.350          8.01        6.25       19.02         1.60    54.97          28.880        22.900           95.00           0.790          20.72       1.000     4.10   173.71                   NA
Real Estate Operations       KFN       KKR Financial Holdings LLC            NYSE    Services                  2,004.380          1.44        7.00       24.91         1.19    12.98          80.460        76.400           77.90           3.130           5.05       7.000     8.99   886.85                   NA
Real Estate Operations       LSBK      Lake Shore Bancorp, Inc.              NASD    Services                     79.350           NA          NA        12.00         1.47    42.13           6.610         2.600            3.92           0.000          60.68       0.000     1.00    78.74                   NA
Real Estate Operations       LHO       LaSalle Hotel Properties              NYSE    Services                  1,741.320          1.97       13.64       43.42         1.66    68.84          40.100        39.800           95.00           1.240           0.76      -4.000     4.70    79.72                   NA
Real Estate Operations       LXP       Lexington Realty Trust                NYSE    Services                  1,376.290         30.81        5.00       20.80         1.70      NA           66.170        61.500           81.91           0.100           7.06      -1.000     7.21   183.50                   NA
Real Estate Operations       LRY       Liberty Property Trust                NYSE    Services                  4,039.780          5.29        5.09       43.93         2.14    24.92          91.960        91.400           95.00           1.040           0.61     -12.000     5.65   134.85                   NA
Real Estate Operations       LOOP      LoopNet, Inc.                         NASD    Services                    895.820          1.43       35.00       23.33         9.20    55.82          38.400        27.400           44.96           5.400          28.64     -77.000      NA      0.00                  8.61
Real Estate Operations       LTC       LTC Properties, Inc.                  NYSE    Services                    538.240           NA          NA        22.75         1.85      NA           23.660        22.500           71.36           1.060           4.90      -7.000     6.59    10.62                   NA
Real Estate Operations       LUM       Luminent Mortgage Capital, Inc.       NYSE    Services                    472.440          1.28        6.00       10.09         1.02    10.38          46.820        45.500           78.02           2.080           2.82      13.000    12.69 1,673.82                   NA
Real Estate Operations       MPG       Maguire Properties, Inc.              NYSE    Services                  1,613.480           NA         4.33       34.33         3.91      NA           47.000        37.100           95.00           1.480          21.06       0.000     4.66   704.53                   NA
Real Estate Operations       MRTI      Maxus Realty Trust, Inc.              NASD    Services                     16.830           NA          NA        12.00         1.43      NA            1.400         0.900           15.34           0.010          35.81       3.000     6.67   440.86                   NA
Real Estate Operations       MPW       Medical Properties Trust, Inc.        NYSE    Services                    647.850           NA          NA        13.23         1.36    18.60          48.970        47.500           84.31          13.340           3.00       5.000     8.16    57.40                   NA
Real Estate Operations       LESR      Mego Financial Corp.                   OTC    Services                      0.000           NA          NA         0.00         0.00      NA            6.590         4.400            0.00           0.000          33.24       0.000      NA    837.85                   NA
Real Estate Operations       MPQI      Meredith Enterprises, Inc.             OTC    Services                     13.830           NA          NA        14.61         0.79    39.14           0.950         0.800             NA              NA           15.43         NA       NA    202.57                   NA
Real Estate Operations       MMPI      Meruelo Maddux Properties, Inc.       NASD    Services                    700.210           NA          NA         8.16         1.67      NA           85.810        85.000           46.41          39.830           0.94       5.000      NA     63.22                   NA
Real Estate Operations       MFA       MFA Mortgage Investments              NYSE    Services                    590.880          2.06        7.50        7.28         0.85      NA           81.170        80.500           81.41           4.710           0.82       1.000     4.40   831.05                   NA
Real Estate Operations       MDH       MHI Hospitality Corporation           AMEX    Services                     72.580          2.22        8.75       10.60         1.74    19.92           6.850         4.900           30.00           1.160          28.44       0.000     6.42   156.46                  0.84
Real Estate Operations       MAA       Mid-America Apartment                 NYSE    Services                  1,335.590         12.92        6.25       52.48         2.96   102.92          25.450        23.800           83.29           1.330           6.48      -2.000     4.61   263.65                   NA
Real Estate Operations       MNRTA     Monmouth R.E. Inv. Corp.              NASD    Services                    175.650           NA          NA         8.69         1.70    33.53          20.210        18.800           20.23          -0.040           6.99       0.000     6.90    86.92                   NA
Real Estate Operations       MOVE      Move Inc.                             NASD    Services                    694.300          3.82       37.50        4.48         6.34    39.94         154.980       130.100           85.21           3.070          16.05       0.000      NA      1.74                  2.63
Real Estate Operations       NHI       National Health Investors             NYSE    Services                    880.300           NA          NA        31.72         2.04    13.31          27.750        23.600           38.69           1.190          14.96       0.000     6.31    26.09                   NA
Real Estate Operations       NHR       National Health Realty                AMEX    Services                    234.580           NA          NA        23.56         2.10    19.16           9.960         5.300           18.45          -0.030          46.77       0.000     5.65     7.46                   NA
Real Estate Operations       NNN       National Retail Properties, Inc.      NYSE    Services                  1,458.640          3.28        4.75       21.86         1.31      NA           66.730        66.100           67.93           7.040           0.94       0.000     6.50    62.73                   NA
Real Estate Operations       NHP       Nationwide Health Properties Inc.     NYSE    Services                  2,427.490          5.76        5.19       27.20         2.16    31.35          89.250        88.900           93.12           6.550           0.39       0.000     6.03   108.16                   NA
Real Estate Operations       NBD       NB Capital Corp.                      NYSE    Services                    313.560           NA          NA        26.13         0.65 1,901.75          12.000         0.000             NA              NA             NA          NA       NA      0.00                   NA
Real Estate Operations       NEWCQ                                            OTC
                                       New Century Financial Corporation (REIT)      Services                     22.470           NA         8.00        0.41         0.01     0.06          55.470        44.700            7.46         -36.450          19.42      -1.000 1,876.54 1,086.11                   NA
Real Estate Operations       NTR       New York Mortgage Trust, Inc.         NYSE    Services                     34.570           NA          NA         1.91         0.53   239.65          18.100        14.700           40.98          -0.170          18.79      -1.000    10.47    69.10                   NA
Real Estate Operations       NCT       Newcastle Investment Corp.            NYSE    Services                  1,322.940          1.34        6.33       25.07         1.36     9.20          52.770        48.900           71.99           1.100           7.33       5.000    11.49   522.78                   NA
Real Estate Operations       NRF       Northstar Realty Finance Corp.        NYSE    Services                    767.420          2.51        6.50       12.51         1.32    17.60          61.340        57.700           81.70           2.030           5.94       3.000    11.51   162.65                   NA
Real Estate Operations       NFI       NovaStar Financial Inc.               NYSE    Services                    264.530         24.93        2.00        6.98         0.47     2.62          37.900        35.200           35.83          -0.360           7.12      -2.000    80.23   961.45                   NA
Real Estate Operations       NLP       NTS Realty Holdings LP                AMEX    Services                     80.920           NA          NA         7.11         0.92      NA           11.380         4.900            0.05           0.010          56.95       4.000     5.63   271.21                   NA
Real Estate Operations       ORCG      Oak Ridge Capital Group, Inc.          OTC    Services                      0.000           NA          NA         0.00         0.00      NA            4.840         3.000             NA              NA           38.04         NA       NA     59.46                   NA
Real Estate Operations       OHI       Omega Healthcare Investors, Inc.      NYSE    Services                  1,064.340           NA          NA        15.83         3.05    16.99          67.240        65.900           91.82           9.070           1.99     -12.000     6.82   144.06                   NA
Real Estate Operations       OLP       One Liberty Properties, Inc.          NYSE    Services                    228.870           NA          NA        22.76         1.24     7.09          10.060         7.800           45.42           0.010          22.43       2.000     6.33   125.82                   NA
Real Estate Operations       OPX       Opteum Inc.                           NYSE    Services                     68.540           NA          NA         2.72         0.58      NA           25.200        22.600           51.55           0.680          10.31      -3.000     7.35 2,967.29                   NA
Real Estate Operations       ORGN      Origen Financial, Inc.                NASD    Services                    170.580          1.94       10.00        6.60         0.83    22.24          25.860        18.000           47.82           0.870          30.41      -3.000     3.64   426.07                   NA
Real Estate Operations       PTTTS     Palmetto Real Estate Trust             OTC    Services                     10.620           NA          NA         6.00         2.14    22.08           1.770         1.200             NA              NA           32.20         NA      6.02     0.00                   NA
Real Estate Operations       PLMA      Palomar Enterprises, Inc.              OTC    Services                      1.840           NA          NA         0.00          NA       NA          557.240       551.700            0.00           0.000           1.00      -2.000      NA       NA                   0.03
Real Estate Operations       PRLE      Paragon R.E. Equity & Investment Trust OTC    Services                      0.210           NA          NA         0.51         0.75      NA            0.400         0.200            0.00           0.000          50.49       0.000      NA      0.00                   NA
Real Estate Operations       PKY       Parkway Properties, Inc.              NYSE    Services                    763.110           NA         4.50       48.03         1.80      NA           15.890        15.300           94.14           0.660           3.70      -4.000     5.41   181.91                   NA
Real Estate Operations       PEI       Pennsylvania R.E.I.T.                 NYSE    Services                  1,645.040         15.69        5.00       44.33         1.79      NA           37.110        32.600           76.74           1.160          12.15      -2.000     5.14   212.79                   NA
Real Estate Operations       PW        Pittsburgh & West Virginia Railroad   AMEX    Services                     14.040           NA          NA         9.30          NA       NA            1.510         1.500            0.73          -0.030           0.66       0.000     5.59      NA                    NA
Real Estate Operations       PCL       Plum Creek Timber Co. Inc.            NYSE    Services                  7,363.750          3.99        6.90       41.66         3.60    27.85         176.760       175.700           57.67           4.820           0.60      -5.000     4.03   113.65                  2.05
Real Estate Operations       PCC       PMC Commercial Trust                  AMEX    Services                    141.520           NA          NA        13.16         0.90    10.57          10.750         9.600           13.66           0.050          10.73      -3.000     9.12    43.77                   NA
Real Estate Operations       PPS       Post Properties, Inc.                 NYSE    Services                  2,274.960         18.31        5.75       52.13         2.37    84.72          43.640        43.100           95.00           2.360           1.24      -5.000     3.45   107.61                   NA
Real Estate Operations       PDL.B     Presidential Realty Corporation       AMEX    Services                     28.010           NA          NA         7.13         1.28      NA            3.930         3.000            8.35           0.000          23.65      -1.000     8.98    86.99                   NA
Real Estate Operations       PLD       ProLogis                              NYSE    Services                 14,600.290          2.49        8.04       56.90         2.24      NA          256.600       236.700           95.00           7.630           7.75      -7.000     3.23   136.01                   NA
Real Estate Operations       PSB       PS Business Parks, Inc.               AMEX    Services                  1,351.780          8.74        5.67       63.37         2.82    84.03          21.330        15.900           77.08           0.620          25.46       1.000     2.78     5.16                   NA
Real Estate Operations       PSA       Public Storage                        NYSE    Services                 13,097.410           NA         9.16       76.82         2.47   893.78         170.490       113.000           63.63           2.810          33.72      -1.000     2.60    13.94                   NA
Real Estate Operations       RAS       RAIT Financial Trust                  NYSE    Services                  1,657.090          0.26       31.00       26.02         1.09    13.84          63.690        60.500           77.38          15.250           5.00      13.000    12.91   759.80                   NA
Real Estate Operations       RPT       Ramco-Gershenson Properties Trust     NYSE    Services                    645.210           NA          NA        35.93         2.45    13.64          17.960        15.600           84.39           0.870          13.13       1.000     5.15   203.37                   NA
Real Estate Operations       O         Realty Income Corp                    NYSE    Services                  2,544.810          4.28        4.76       25.19         2.07      NA          101.020        98.000           40.41           5.740           2.99      -2.000     6.09    61.56                   NA
Real Estate Operations       REG       Regency Centers Corporation           NYSE    Services                  4,898.170          3.33        7.70       70.50         3.11      NA           69.480        67.400           95.00           0.210           2.99     -13.000     3.75    90.44                   NA
Real Estate Operations       WRP       Reis, Inc.                            AMEX    Services                     61.900           NA          NA         9.08         0.57      NA            6.820         6.500           40.09           0.550           4.65       4.000      NA    104.56                   NA
Real Estate Operations       RPB       Republic Property Trust               NYSE    Services                    319.570           NA         6.67       12.25         1.77      NA           26.090        22.700           80.39           0.540          12.98       0.000     4.08   242.94                   NA
Real Estate Operations       RSO       Resource Capital Corp.                NYSE    Services                    349.430          1.33        6.00       13.98         1.18    14.75          25.000        21.200           62.04           0.230          15.18       6.000    11.73   611.57                   NA
Real Estate Operations       RPI       Roberts Realty Investors, Inc.        AMEX    Services                     44.890           NA          NA         7.73         1.11      NA            5.810         3.300            5.63           0.040          43.17      12.000      NA    188.67                   NA
Real Estate Operations       BFS       Saul Centers, Inc.                    NYSE    Services                    796.750          4.69        6.00       45.35        21.37    30.50          17.570        11.000           30.09           0.110          37.39       7.000     3.88   376.48                   NA


             473df5f0-08dd-4e01-bbf7-83be8f860d47.xls Real Estate Industry 30Jun07                                                    19 of 24                                                                                                                                7/13/2011 10:27 AM
                                                                                                                            Real Estate Industry 30Jun07


                                                                                                                                                                                 Price to                                                 Institutional                                         Total Debt
                                                                                                                  Market                     L-Term      Current     Price to    Earnings Current Shares                  Institutional    Net Shrs         Insider   Insider Net                to Total     Current
                              Ticker                                          Stock                           Capitalization ($             Mean Grth   Price per   Book Ratio, Ratio, excl. Outstanding   Share Float   Percent Held     Purchased       Ownership       Shrs      Dividend    Equity (%),    Ratio,
      Real Estate Industry    Symbol          Name of Company (issuer)      Exchange        Economic Sector      millions)      PEG Ratio   Rate (%)    Share ($)    Quarterly Xord Items     (millions)    (millions)        (%)          (millions)     Percent (%) Purchased     Yield (%)    Quarterly    Quarterly
Real Estate Operations       SMLE      Semele Group, Inc.                      OTC     Services                      0.490      NA               NA         0.35         NA         0.48         1.410         0.600             NA               NA          57.39         NA           NA       NA               NA
Real Estate Operations       SNH       Senior Housing Properties Trust         NYSE    Services                  1,702.200     4.49             4.24       20.35        1.46       20.83        83.650        82.800           79.35            6.860          1.01       0.000         6.68    35.49              NA
Real Estate Operations       SZSN      Shandong Zhouyuan Sd. & Nrsry. Co., Ltd.OTC     Services                     16.750      NA               NA         0.25      250.00         NA         67.000        57.600             NA               NA          14.03         NA           NA      0.00             1.75
Real Estate Operations       SPG       Simon Property Group, Inc               NYSE    Services                 20,783.940     6.50             7.42       93.04        6.81       42.97       223.390       190.400           92.71            7.020         14.77      -5.000         3.61   434.09              NA
Real Estate Operations       SLG       SL Green Realty Corp.                   NYSE    Services                  7,360.800     6.28             7.80      123.89        2.20       28.81        59.410        57.600           95.00            8.480          3.05     -10.000         2.26   138.91              NA
Real Estate Operations       SSS       Sovran Self Storage, Inc.               NYSE    Services                    991.470     5.65             4.50       48.16        1.96       25.68        20.590        20.000           76.86            0.450          2.85      -3.000         5.15    86.98              NA
Real Estate Operations       SFC       Spirit Finance Corporation              NYSE    Services                  1,661.080     1.82            12.67       14.56        1.56       27.71       114.090       108.400           94.78           -0.310          4.98       6.000         6.04   189.26              NA
Real Estate Operations       BEE       Strategic Hotels & Resorts Inc.         NYSE    Services                  1,672.170     9.76             9.50       22.49        1.81         NA         74.350        73.600           95.00            6.030          1.01       1.000         4.27   123.40              NA
Real Estate Operations       SUI       Sun Communities, Inc.                   NYSE    Services                    544.080      NA              3.67       29.77        7.76         NA         18.280        15.200           77.62            0.230         16.83       1.000         8.47 1,651.65              NA
Real Estate Operations       SHO       Sunstone Hotel Investors, Inc           NYSE    Services                  1,773.040     3.62             9.00       28.39        1.95       62.44        62.450        61.200           95.00            2.370          2.01      -8.000         4.51   161.89             1.02
Real Estate Operations       SPPR      Supertel Hospitality Inc.               NASD    Services                    169.100     5.57             9.50        8.47        1.77       45.50        19.960        16.800           26.95            1.400         15.85       1.000         5.43   120.14              NA
Real Estate Operations       SKT       Tanger Factory Outlet Centers Inc.      NYSE    Services                  1,171.600    11.88             7.08       37.45        6.11       58.23        31.280        30.200           95.00            2.930          3.47     -11.000         3.85   253.91              NA
Real Estate Operations       TARR      Tarragon Corporation                    NASD    Services                    242.690      NA               NA         8.46        0.89         NA         28.690        13.500           29.98            0.270         52.94      -1.000          NA    586.13              NA
Real Estate Operations       TCO       Taubman Centers, Inc.                   NYSE    Services                  2,659.220    10.00             5.89       49.61       26.37      101.06        53.600        51.700           95.00            1.130          3.55      -1.000         3.02 2,345.44              NA
Real Estate Operations       TPL       Texas Pacific Land Trust                NYSE    Services                    651.520      NA               NA       307.50       27.81       58.54         2.120         2.100           44.69           -0.070          0.90       0.000         0.26     0.00              NA
Real Estate Operations       MAC       The Macerich Company                    NYSE    Services                  5,907.650    14.65             6.70       82.42        4.23         NA         71.680        69.900           95.00            3.790          2.48      -3.000         3.45   335.46              NA
Real Estate Operations       DOLL      The Middleton Doll Company              OTC     Services                      1.790      NA               NA         0.47         NA          NA          3.800         3.500            0.00            0.000          7.97       2.000          NA       NA               NA
Real Estate Operations       JOE       The St. Joe Company                     NYSE    Services                  3,445.890     5.45            11.33       46.34        7.26       60.84        74.360        71.000           95.00            2.220          4.52      -4.000         1.38   127.43              NA
Real Estate Operations       TPGI      Thomas Properties Group, Inc.           NASD    Services                    379.440      NA               NA        15.98        3.83         NA         23.740        23.300           59.03           -0.040          1.87       2.000         1.50   552.35              NA
Real Estate Operations       TISM      TIS Mortgage Investment                 OTC     Services                      0.530      NA               NA         0.06        1.77         NA          8.890         7.100             NA               NA          20.16         NA           NA    150.82              NA
Real Estate Operations       TCI       Transcontinental Realty Investors, Inc. NYSE    Services                    133.400      NA               NA        16.91        0.52         NA          7.890         1.400            1.50           -0.010         82.25       0.000          NA    359.13              NA
Real Estate Operations       TUXS      Tuxis Corp.                             OTC     Services                      5.310      NA               NA         5.40        0.66         NA          0.980         0.500           13.01            0.010         49.19       4.000          NA      0.00            39.54
Real Estate Operations       UDR       UDR, Inc.                               NYSE    Services                  3,573.470 1,464.89             4.49       26.30        4.14         NA        135.870       131.600           85.92            4.520          3.15       0.000         5.02   332.11              NA
Real Estate Operations       UHT       Universal Health Realty Income Trust NYSE       Services                    392.790     5.47             3.50       33.30        2.40       11.17        11.800        10.900           43.49            0.220          7.59       0.000         6.91    16.31              NA
Real Estate Operations       UBA       Urstadt Biddle Properties Inc.          NYSE    Services                    452.720     3.13             3.75       17.01        1.92        8.54        26.620        21.200           43.46            1.350         20.35       1.000         5.41    30.48              NA
Real Estate Operations       YSI       U-Store-It Trust                        NYSE    Services                    940.930   264.82             6.19       16.39        1.55         NA         57.410        47.300           88.59            1.680         17.61       2.000         7.08   147.15              NA
Real Estate Operations       VTR       Ventas, Inc.                            NYSE    Services                  4,830.630     3.98             6.93       36.25        5.44       25.95       133.260       131.500           77.87            4.570          1.32     -19.000         5.24   334.37              NA
Real Estate Operations       VRTA      Vestin Realty Mortgage I Inc.           NASD    Services                     38.680      NA               NA         5.63        0.62         NA          6.870         6.700            0.54            0.020          2.49       2.000        10.02     0.00              NA
Real Estate Operations       VRTB      Vestin Realty Mortgage II, Inc.         NASD    Services                    224.320      NA               NA         5.77        0.80         NA         38.880        38.100            0.64           -0.010          2.00       9.000        11.13     3.82              NA
Real Estate Operations       VNO       Vornado Realty Trust                    NYSE    Services                 16,680.800     5.21             7.85      109.84        3.10       33.56       151.860       126.000           86.62            2.650         17.03      -5.000         3.10   187.28              NA
Real Estate Operations       WRE       Washington Real Estate Investment Trust NYSE    Services                  1,531.540     8.83             4.67       34.00        3.52       39.90        45.050        44.500           60.18            1.610          1.21      -1.000         4.97   275.77              NA
Real Estate Operations       WRI       Weingarten Realty Investors             NYSE    Services                  3,552.490     4.05             6.21       41.10        2.65         NA         86.440        76.500           59.99            2.400         11.49       0.000         4.82   215.77              NA
Real Estate Operations       WLRE      Wells Real Estate Investment Trust Inc. OTC     Services                  4,594.160      NA               NA         9.50        1.49       43.77       483.600       478.800            0.00            0.000          0.99       0.000         6.18    40.83              NA
Real Estate Operations       WXH       Winston Hotels, Inc.                    NYSE    Services                    441.220     2.66            12.00       15.00        1.67      525.03        29.410        26.200           73.21            0.580         10.93       0.000         4.00    92.81              NA
Real Estate Operations       FUR       Winthrop Realty Trust                   NYSE    Services                    453.870      NA             17.00        6.91        1.38       10.62        65.680        45.300           47.47            1.200         31.03       6.000         3.47   111.57              NA
Real Estate Operations       ZIPR      ZipRealty, Inc.                         NASD    Services                    168.680      NA             12.50        7.50        1.94         NA         22.490        12.000           32.74            0.700         46.65      -5.000          NA      0.00             9.36
Rental & Leasing             CLI       Mack-Cali Realty Corp.                  NYSE    Services                  2,953.720     8.76             4.72       43.49        1.70       40.59        67.920        61.900           93.43            5.160          8.86      -1.000         5.89   113.18              NA
Rental & Leasing             SWHI      SonomaWest Holdings, Inc.               OTC     Services                     31.480      NA               NA        26.50        4.57       84.11         1.190         0.800            0.84            0.010         32.66       0.000          NA      0.00             4.68




             473df5f0-08dd-4e01-bbf7-83be8f860d47.xls Real Estate Industry 30Jun07                                                      20 of 24                                                                                                                                7/13/2011 10:27 AM
                                                                                                                            Real Estate Industry 31Mar07


                                                                                                                                                                                 Price to                                                 Institutional                                         Total Debt
                                                                                                                  Market                     L-Term      Current     Price to    Earnings Current Shares                  Institutional    Net Shrs         Insider   Insider Net                to Total     Current
                              Ticker                                          Stock                           Capitalization ($             Mean Grth   Price per   Book Ratio, Ratio, excl. Outstanding   Share Float   Percent Held     Purchased       Ownership       Shrs      Dividend    Equity (%),    Ratio,
      Real Estate Industry    Symbol          Name of Company (issuer)      Exchange        Economic Sector      millions)      PEG Ratio   Rate (%)    Share ($)    Quarterly Xord Items     (millions)    (millions)        (%)          (millions)     Percent (%) Purchased     Yield (%)    Quarterly    Quarterly
Construction Services         DHMS     Diamond Home Services                    OTC    Capital Goods                 0.030           NA          NA         0.00         0.00        NA          8.510         4.600             NA              NA           45.93      NA              NA       222.68           0.66
Construction Services         GFA      Gafisa S.A. (ADR)                       NYSE    Capital Goods             1,438.880           NA          NA        25.50          NA         NA         56.430        55.850             NA              NA             NA       NA              NA          NA             NA
Construction Services         NVR      NVR, Inc.                               AMEX    Capital Goods             3,847.940          1.30       10.00      665.00         3.19       7.55         5.790         4.700           91.91           0.450          18.77 -13.000              NA        30.96            NA
Construction Services         SUHJY    Sun Hung Kai Properties Limited (ADR) OTC       Capital Goods            29,281.300           NA          NA        11.75         1.30      13.12     2,492.000     2,467.100            0.02           0.450           1.00    0.000            3.07       21.48           4.18
Consumer Financial Services   LEND     Accredited Home Lenders Holding Co. NASD        Financial                   200.070           NA        10.57        9.27         0.32       3.32        21.580        19.600             NA              NA            9.18   -2.000             NA     1,423.16            NA
Consumer Financial Services   ATVA     Altiva Financial Corporation             OTC    Financial                     0.080           NA          NA         0.01         0.00        NA         10.270         3.800            0.00           0.000          62.99    0.000             NA       408.28            NA
Consumer Financial Services   ATAXZ    America First Tax Exempt Investor, L.P.NASD     Financial                    79.490           NA          NA         8.08         1.76      79.73         9.840         9.700            1.72           0.000           1.40    0.000            6.66       97.91            NA
Consumer Financial Services   AAMC     American Asset Management Corporation    OTC    Financial                     0.120           NA          NA         0.09          NA         NA          1.320         0.600             NA              NA           54.44      NA              NA          NA            0.50
Consumer Financial Services   AMAF     AMSTAR Financial Services, Inc.          OTC    Financial                     0.060           NA          NA         0.00         0.02        NA         27.420        14.700             NA              NA           46.39      NA              NA       213.89           0.87
Consumer Financial Services   AOPL     AppOnline.com, Inc.                      OTC    Financial                     0.180           NA          NA         0.00         0.01        NA         44.840        16.600             NA              NA           62.98      NA              NA       396.50            NA
Consumer Financial Services   CAA      Capital Alliance Income                 AMEX    Financial                     3.690           NA          NA         9.71         0.29        NA          0.380         0.300            0.26           0.000          21.26    1.000             NA        50.07            NA
Consumer Financial Services   CBF      CBRE Realty Finance, Inc.               NYSE    Financial                   404.850          1.91        7.00       13.23         0.98        NA         30.600        30.300           53.50          15.240           0.98    8.000            6.37         NA             NA
Consumer Financial Services   CFIM     CFI Mortgage Inc.                        OTC    Financial                     0.010           NA          NA         0.00          NA         NA         34.320        20.600             NA              NA           39.98      NA              NA          NA            0.28
Consumer Financial Services   CCMI     Complete Care Medical Inc.               OTC    Financial                     0.000           NA          NA         0.02         0.00        NA          0.010         0.010             NA              NA           20.00      NA              NA       256.17            NA
Consumer Financial Services   CFC      Countrywide Financial Corporation       NYSE    Financial                19,841.450          0.70       11.50       33.64         1.38       7.83       589.820       589.400           95.00          18.800           0.07 -121.000            1.77      499.29            NA
Consumer Financial Services   DFC      Delta Financial Corporation             NASD    Financial                   194.310          0.57       13.67        8.27         1.30       6.47        23.500        13.500           52.75           3.050          42.54    0.000            2.35    4,252.91            NA
Consumer Financial Services   EFSV     Enthrust Financial Services, Inc.        OTC    Financial                     1.050           NA          NA         0.51          NA         NA          2.060         1.600             NA              NA           22.25      NA              NA          NA            0.71
Consumer Financial Services   FMOR     First Mortgage Corporation               OTC    Financial                    31.190           NA          NA         6.00         0.92       9.31         5.200         0.400             NA              NA           92.31      NA              NA       191.86            NA
Consumer Financial Services   GNVN     Geneva Financial Corp.                   OTC    Financial                     2.580           NA          NA         0.66         0.51       6.96         3.910         2.500             NA              NA           36.01      NA              NA       627.41            NA
Consumer Financial Services   HGFNQ    HomeGold Financial, Inc.                 OTC    Financial                     0.010           NA          NA         0.00          NA         NA         16.910         9.300            0.00          -0.030          45.01    0.000             NA          NA             NA
Consumer Financial Services   IMCC     IMC Mortgage Company                     OTC    Financial                     0.050           NA          NA         0.00          NA         NA         34.160        30.100             NA              NA           11.88      NA              NA          NA             NA
Consumer Financial Services   MDCM     Mortgage.com, Inc.                       OTC    Financial                     0.000           NA          NA         0.00         0.00        NA         44.380        14.600             NA              NA           67.10      NA              NA       572.94            NA
Consumer Financial Services   MMA      Municipal Mortgage & Equity, LLC        NYSE    Financial                 1,095.220           NA          NA        28.50         1.41      15.73        38.430        37.100            6.39           0.040           3.46    0.000            7.12      208.75            NA
Consumer Financial Services   NEWS     NewStar Financial, Inc.                 NASD    Financial                   560.610          0.80       27.00       16.76         1.32        NA         33.450        11.000           46.66          15.610          67.11    8.000             NA       338.83            NA
Consumer Financial Services   RWT      Redwood Trust, Inc.                     NYSE    Financial                 1,399.750          1.65        6.10       52.18         1.39      10.78        26.830        26.400           90.49          -0.140           1.58   -3.000            5.79    1,190.34            NA
Consumer Financial Services   TQWI     Tailor Aquaponics World Wide, Inc.       OTC    Financial                     0.000           NA          NA         0.01          NA         NA          0.010         0.010            0.00           0.000          54.54    0.000             NA          NA            0.88
Consumer Financial Services   TWHR     The Washtenaw Group, Inc.                OTC    Financial                     0.180           NA          NA         0.04         0.02        NA          4.490         2.200            0.20           0.010          50.98    0.000             NA       293.54            NA
Consumer Financial Services   TFN      Transnational Financial Network, Inc. AMEX      Financial                     6.350           NA          NA         0.62         2.78        NA         10.250         6.600           11.11           1.140          35.60    0.000             NA       163.30            NA
Consumer Financial Services   WTHL     Whitehall Enterprises                    OTC    Financial                     0.020           NA          NA         0.00         0.01        NA        162.790       161.200             NA              NA            0.98      NA              NA        20.07           0.14
Real Estate Operations        AKR      Acadia Realty Trust                     NYSE    Services                    854.450          5.43        8.00       26.07         3.51      54.69        32.780        30.200           95.00           1.470           7.86   -3.000            3.05      185.55            NA
Real Estate Operations        ARC      Affordable Residential Communities Inc. NYSE    Services                    684.050           NA         5.50       12.13         1.67        NA         56.390        46.800           56.64           2.540          17.01    6.000             NA       249.62            NA
Real Estate Operations        ADC      Agree Realty Corporation                NYSE    Services                    264.600          4.70        4.00       34.14         2.03      19.13         7.750         7.200           41.22           0.230           7.11    0.000            5.99       52.75            NA
Real Estate Operations        AFN      Alesco Financial Inc.                   NYSE    Services                    483.040          1.33        5.00        8.71         1.12        NA         55.460        53.800           80.91          37.600           2.99   10.000           13.64    1,622.57            NA
Real Estate Operations        ALX      Alexander's, Inc.                       NYSE    Services                  2,073.300           NA          NA       411.70        76.27        NA          5.040         3.700           30.24          -0.070          26.53   -6.000             NA     3,930.90            NA
Real Estate Operations        ARE      Alexandria Real Estate Equities, Inc.   NYSE    Services                  2,911.950          4.68        8.56      100.37         2.50      42.33        29.010        28.100           95.00           1.570           3.14 -11.000             2.97      149.81            NA
Real Estate Operations        ACC      American Campus Communities, Inc. NYSE          Services                    693.730           NA         7.10       30.29         1.88     679.15        22.900        22.000           95.00           0.880           3.94    0.000            4.56      117.00            NA
Real Estate Operations        APO      American Community Properties Trust AMEX        Services                    100.420           NA          NA        19.20         6.81      11.55         5.230         2.400            1.68           0.010          54.11    0.000            2.09    1,939.87            NA
Real Estate Operations        AFR      American Financial Realty Trust         NYSE    Services                  1,323.230           NA         8.00       10.08         1.68        NA        131.270       123.200           93.73           9.360           6.15    0.000            7.56      289.26            NA
Real Estate Operations        AMC      American Mortgage Acceptance Company    AMEX    Services                     75.110           NA          NA         8.94         0.88      34.39         8.400         8.200           20.34           0.450           2.40   -2.000            9.91      145.98            NA
Real Estate Operations        ARL      American Realty Investors, Inc.         NYSE    Services                     88.040           NA          NA         8.08         0.63        NA         10.900         1.600            2.46           0.040          85.32    0.000             NA       717.10            NA
Real Estate Operations        AQQ      American Spectrum Realty, Inc.          AMEX    Services                     37.260           NA          NA        27.02         2.11        NA          1.380         0.800            0.36           0.000          41.99    0.000             NA       869.05            NA
Real Estate Operations        NLY      Annaly Capital Management, Inc.         NYSE    Services                  3,720.630          2.37        5.85       15.48         1.34      47.56       240.350       234.000           76.20           7.660           2.60    3.000            5.19    1,086.32            NA
Real Estate Operations        AHR      Anthracite Capital Inc.                 NYSE    Services                    694.120          1.81        5.67       12.00         1.16       9.36        57.840        57.600           60.74           1.080           0.42    0.000            9.68      658.15            NA
Real Estate Operations        ANH      Anworth Mortgage Asset Corporation NYSE         Services                    445.670           NA          NA         9.77         1.00        NA         45.620        44.700           82.30           4.720           2.01    0.000            0.83      307.35            NA
Real Estate Operations        AIV      Apartment Investment and ManagementNYSE  Co.    Services                  5,591.740           NA         5.44       57.69         3.68        NA         96.930        92.800           94.46           0.520           4.26 -14.000             4.21      290.83            NA
Real Estate Operations        ABR      Arbor Realty Trust, Inc.                NYSE    Services                    524.490          1.24        9.00       30.44         1.76      10.39        17.230        11.900           63.23          -0.420          30.93    2.000            7.99      609.54            NA
Real Estate Operations        ASN      Archstone-Smith Trust                   NYSE    Services                 11,962.220         10.04        6.49       54.28         2.17      54.66       220.380       211.900           93.97           4.930           3.85 -19.000             3.41      115.98            NA
Real Estate Operations        AZL      Arizona Land Income Corporation         AMEX    Services                     15.990           NA          NA         8.64         2.59       4.21         1.850         1.500            2.27           0.040          18.96 -11.000             4.67        0.00            NA
Real Estate Operations        AHT      Ashford Hospitality Trust, Inc.         NYSE    Services                    870.870          4.42       10.00       11.94         1.36      35.13        72.940        62.000           95.00           1.890          15.00    0.000            6.95      152.27            NA
Real Estate Operations        AEC      Associated Estates Realty Corporation NYSE      Services                    243.230           NA          NA        14.09         4.50        NA         17.260        14.200           51.75           1.510          17.74 -12.000             4.82      445.01            NA
Real Estate Operations        AVB      AvalonBay Communities                   NYSE    Services                 10,314.790          6.25        7.58      130.00         3.69      57.30        79.340        77.300           91.29           2.370           2.58 -19.000             2.70      107.38            NA
Real Estate Operations        AVTR     Avatar Holdings Inc.                    NASD    Services                    586.150           NA          NA        71.44         1.16       4.33         8.200         5.900           78.46           0.130          28.09 -10.000              NA        27.09            NA
Real Estate Operations        AXGJ     Axia Group, Inc. (USA)                   OTC    Services                      0.010           NA          NA         0.00          NA         NA         56.490        13.600             NA              NA           80.00      NA              NA          NA            0.07
Real Estate Operations        VHTI     B. H. I. T. Inc.                         OTC    Services                      2.700           NA          NA         0.18         1.92        NA         14.990         8.700            0.00          -0.040          41.95    0.000             NA         0.00            NA
Real Estate Operations        BMR      BioMed Realty Trust, Inc.               NYSE    Services                  1,721.470          3.86        9.00       26.30         1.42      43.65        65.460        61.500           95.00           3.210           6.04   -4.000            4.74      112.66            NA
Real Estate Operations        BXP      Boston Properties, Inc.                 NYSE    Services                 13,964.010         10.67        4.43      117.40         4.28      15.49       118.940       102.500           95.00          12.010          13.83 -51.000             2.37      142.74            NA
Real Estate Operations        BDN      Brandywine Realty Trust                 NYSE    Services                  2,960.120           NA         4.04       33.41         1.56        NA         88.600        82.400           95.00           1.230           7.00 -27.000             5.27      166.09            NA
Real Estate Operations        BRE      BRE Properties, Inc.                    NYSE    Services                  3,229.100          9.75        5.68       63.15         3.26      54.95        51.130        50.300           86.18           1.510           1.63    0.000            3.47      170.85            NA
Real Estate Operations        BRT      BRT Realty Trust                        NYSE    Services                    332.680           NA          NA        30.19         1.34      11.08        11.020         6.400           16.18           1.510          41.92    0.000            8.26       48.49            NA
Real Estate Operations        CPT      Camden Property Trust                   NYSE    Services                  3,993.200          8.51        7.26       70.31         2.64      32.91        56.790        53.900           91.66           1.530           5.10   -1.000            3.97      134.40            NA
Real Estate Operations        LSE      Capital Lease Funding, Inc.             NYSE    Services                    365.190           NA          NA        10.71         1.33      79.04        34.100        32.100           81.81           0.360           5.86   -2.000            7.49        0.00            NA
Real Estate Operations        CMO      Capstead Mortgage Corporation           NYSE    Services                    192.370          2.97        6.00        9.99         1.20        NA         19.260        18.300           36.63           2.710           4.97    7.000            0.81    1,464.64            NA
Real Estate Operations        CBL      CBL & Associates Properties, Inc.       NYSE    Services                  2,938.680          4.82        6.71       44.84         2.70      38.66        65.540        55.000           90.22           3.280          16.08 -14.000             4.52      420.75            NA
Real Estate Operations        CDR      Cedar Shopping Centers Inc              NYSE    Services                    714.860          6.72        5.40       16.20         1.43      72.61        44.130         3.800           86.94           7.060          91.39    0.000            5.59       98.29            NA
Real Estate Operations        CSA      Cogdell Spencer Inc.                    NYSE    Services                    168.470           NA          NA        21.07         2.82        NA          8.000         6.200           67.20           0.300          22.46   20.000            6.70      444.29            NA



             473df5f0-08dd-4e01-bbf7-83be8f860d47.xls Real Estate Industry 31Mar07                                                      21 of 24                                                                                                                                7/13/2011 10:27 AM
                                                                                                                            Real Estate Industry 31Mar07


                                                                                                                                                                                 Price to                                                 Institutional                                         Total Debt
                                                                                                                  Market                     L-Term      Current     Price to    Earnings Current Shares                  Institutional    Net Shrs         Insider   Insider Net                to Total     Current
                              Ticker                                          Stock                           Capitalization ($             Mean Grth   Price per   Book Ratio, Ratio, excl. Outstanding   Share Float   Percent Held     Purchased       Ownership       Shrs      Dividend    Equity (%),    Ratio,
      Real Estate Industry    Symbol          Name of Company (issuer)      Exchange        Economic Sector      millions)      PEG Ratio   Rate (%)    Share ($)    Quarterly Xord Items     (millions)    (millions)        (%)          (millions)     Percent (%) Purchased     Yield (%)    Quarterly    Quarterly
Real Estate Operations       CDS       Cold Spring Capital Inc.                 AMEX   Services                    141.000           NA          NA         5.64         1.58        NA         25.000        20.900           45.53           1.440          16.40       0.000          NA         0.00         29.26
Real Estate Operations       CLP       Colonial Properties Trust                NYSE   Services                  2,113.000           NA         5.33       45.67         1.42      33.24        46.270        38.100           74.17           1.410          17.65      -2.000         6.02      161.30           NA
Real Estate Operations       OFC       Corporate Office Properties Trust        NYSE   Services                  2,105.020          8.66        8.20       45.68         2.91     131.58        46.080        38.300           95.00           3.130          16.89      -4.000         2.73      222.24           NA
Real Estate Operations       CUZ       Cousins Properties Incorporated          NYSE   Services                  1,706.550           NA         8.50       32.86         3.99      13.17        51.930        40.500           57.25           1.890          22.02      -8.000         4.53       50.35           NA
Real Estate Operations       CEI       Crescent Real Estate Equities CompanyNYSE       Services                  2,062.310           NA         7.06       20.06         2.86        NA        102.810        80.800           69.36           5.080          21.41       0.000         7.50      204.61           NA
Real Estate Operations       DCT       DCT Industrial Trust Inc.                NYSE   Services                  1,797.750           NA        10.20       11.83         1.46        NA        151.970        15.000           29.75          45.210          90.13       8.000         5.41      105.14           NA
Real Estate Operations       DFR       Deerfield Triarc Capital Group           NYSE   Services                    775.310          1.74        5.00       14.99         1.12      10.80        51.720        48.600           53.58           2.920           6.04       0.000        11.34    1,073.15           NA
Real Estate Operations       DDR       Developers Diversified Realty Corp.      NYSE   Services                  7,974.540          4.13        7.41       62.90         3.83      37.43       126.780       123.100           76.97           6.380           2.90      -5.000         4.21      170.21           NA
Real Estate Operations       DLR       Digital Realty Trust, Inc.               NYSE   Services                  2,164.880         12.72       11.83       39.90         3.94     172.55        54.260        25.000           95.00           8.030          53.92     -15.000         2.93      133.87           NA
Real Estate Operations       DEI       Douglas Emmett, Inc.                     NYSE   Services                  2,936.100         55.83        9.15       25.53         1.46        NA        115.010       113.900           79.48          91.410           0.96      11.000         2.79      136.96           NA
Real Estate Operations       DRE       Duke Realty Corporation                  NYSE   Services                  5,949.800         10.01        5.24       43.47         3.58      61.29       136.870       135.500           74.35           6.630           1.00     -13.000         4.44      164.45           NA
Real Estate Operations       DVLN      DVL, Inc.                                 OTC   Services                      5.360           NA          NA         0.14         0.28       5.84        38.320        33.400            0.09           0.040          12.83       0.000          NA       254.62           NA
Real Estate Operations       DX        Dynex Capital, Inc.                      NYSE   Services                     94.020           NA          NA         7.75         0.99     108.91        12.130         9.700           25.87           0.050          20.04       3.000          NA       225.24           NA
Real Estate Operations       EHP       Eagle Hospitality Properties Trust, Inc. NYSE   Services                    197.950         11.19        7.67       11.15         1.13      59.26        17.750        14.000           75.08           0.130          21.15       1.000         6.34      144.75           NA
Real Estate Operations       EGP       EastGroup Properties Inc.                NYSE   Services                  1,209.640          4.61        8.95       51.03         3.13      57.43        23.700        23.000           79.96           0.550           2.97      -7.000         3.93      106.62           NA
Real Estate Operations       ECRO      ECC Capital Corporation                   OTC   Services                     40.100           NA          NA         0.40         0.19        NA        100.240        68.200           26.70          -1.530          31.97       1.000        71.79    1,664.94           NA
Real Estate Operations       EDR       Education Realty Trust, Inc.             NYSE   Services                    404.770          5.13        3.00       14.78         1.31        NA         27.390        26.300           82.83           0.440           3.97      -2.000         5.60      162.82          0.40
Real Estate Operations       EPR       Entertainment Properties Trust           NYSE   Services                  1,594.150          1.48       14.00       60.25         1.87      22.66        26.460        25.800           81.72           0.540           2.49      -7.000         5.10       79.20           NA
Real Estate Operations       ENN       Equity Inns, Inc.                        NYSE   Services                    901.580          4.75        9.50       16.38         3.01      95.72        55.040        52.300           79.54          -0.400           4.98      -3.000         6.22      144.48           NA
Real Estate Operations       ELS       Equity Lifestyle Properties, Inc.        NYSE   Services                  1,299.780          8.69        9.21       54.01        27.43      78.88        24.070        19.700           90.64           0.890          18.14       0.000         1.13    3,644.49           NA
Real Estate Operations       EQY       Equity One, Inc.                         NYSE   Services                  1,928.030          5.10        5.41       26.50         2.08      34.80        72.760        37.500           36.61           1.630          48.46      -5.000         4.58      116.59           NA
Real Estate Operations       EQR       Equity Residential                       NYSE   Services                 14,180.380         22.22        5.67       48.23         2.58     245.47       294.020       279.300           93.66           4.030           5.01      -8.000         3.88      136.94           NA
Real Estate Operations       ESS       Essex Property Trust, Inc.               NYSE   Services                  3,134.070          8.98        6.76      129.48         5.16     100.21        24.210        21.900           95.00           0.230           9.52      -6.000         2.91      186.19           NA
Real Estate Operations       EURO      EuroTrust A/S (ADR)                      NASD   Services                    551.820           NA          NA        16.55         5.24      48.10        33.340        25.300           19.26           5.420          24.12       0.000          NA       222.16          0.70
Real Estate Operations       EXR       Extra Space Storage, Inc.                NYSE   Services                  1,216.760          8.39        6.27       18.94         1.89      78.06        64.240        57.800           94.21           0.330          10.03       0.000         4.87      147.33           NA
Real Estate Operations       FRT       Federal Realty Inv. Trust                NYSE   Services                  5,103.400          6.26        8.03       90.62         6.39      61.14        56.320        55.500           90.72           2.440           1.45      -9.000         2.62      216.42           NA
Real Estate Operations       FCH       FelCor Lodging Trust Inc.                NYSE   Services                  1,611.180         19.24        5.00       25.97         3.03        NA         62.040        58.500           95.00          -1.300           5.71      -4.000         3.94      135.43           NA
Real Estate Operations       FMP       Feldman Mall Properties, Inc.            NYSE   Services                    159.280           NA          NA        12.14         1.35       9.74        13.120        12.700           65.20           0.120           3.20       0.000         7.67      211.87           NA
Real Estate Operations       XXFPL     FFP Partners, L.P.                        OTC   Services                      0.030           NA          NA         0.02         0.02       0.38         2.230         2.200             NA              NA            1.52         NA           NA     1,265.58          2.43
Real Estate Operations       FICC      Fieldstone Investment Corporation        NASD   Services                    143.920           NA          NA         3.07         0.38        NA         46.880        45.700           69.73           0.260           2.52       0.000         6.43    1,557.99           NA
Real Estate Operations       FR        First Industrial Realty Trust, Inc.      NYSE   Services                  2,034.860          2.87        6.50       45.30         1.99        NA         44.920        42.600           83.02          -0.230           5.17      -3.000         6.33      179.35           NA
Real Estate Operations       FPO       First Potomac Realty Trust               NYSE   Services                    689.320         10.62        7.27       28.57         1.90     247.29        24.130        22.900           95.00           2.410           5.09       1.000         4.78      161.90           NA
Real Estate Operations       FREVS     First Real Estate Investment Trust of NJ OTC    Services                    162.020           NA          NA        24.00         6.81      34.99         6.750         5.200            0.00          -0.060          22.97       4.000         5.10      777.39           NA
Real Estate Operations       FSRV      FirstService Corporation (USA)           NASD   Services                    817.690          1.28       16.50       27.66         3.15      25.63        29.560        26.500           43.27           0.210          10.36       0.000          NA        91.25          1.37
Real Estate Operations       FSP       Franklin Street Properties Corp.         AMEX   Services                  1,357.300           NA          NA        19.18         1.46      28.50        70.770        59.400           26.47           2.220          16.06       3.000         6.53        0.00           NA
Real Estate Operations       GGP       General Growth Properties                NYSE   Services                 15,810.420         13.11        8.75       64.57         9.39     260.82       244.860       229.100           82.99           1.490           6.44     -11.000         2.84    1,233.23           NA
Real Estate Operations       GTY       Getty Realty Corp.                       NYSE   Services                    711.740         21.26        0.79       28.74         3.16      16.65        24.760        17.600           33.21           0.020          28.93       0.000         6.32       20.04           NA
Real Estate Operations       GRT       Glimcher Realty Trust                    NYSE   Services                    993.990         16.23        4.50       27.02        65.27        NA         36.790        35.200           78.92          -0.300           4.31      -4.000         7.21      700.11           NA
Real Estate Operations       GCT       GMH Communities Trust                    NYSE   Services                    415.260         19.65       10.88        9.99         1.61        NA         41.570        22.900           89.51           1.220          44.91       0.000         6.63      477.16           NA
Real Estate Operations       GTA       Golf Trust of America, Inc.              AMEX   Services                     13.540           NA          NA         1.85         1.01       3.19         7.320         6.600           12.33          -1.000           9.80       0.000          NA        17.44           NA
Real Estate Operations       GPT       Government Properties Trust, Inc.        NYSE   Services                    222.560           NA          NA        10.70         1.53        NA         20.800        20.600           90.16           0.250           0.96       0.000         4.21      259.14           NA
Real Estate Operations       GKK       Gramercy Capital Corp.                   NYSE   Services                    798.720          1.34        9.25       30.68         1.72      14.33        26.030        18.700           65.11          -0.450          28.17      -1.000         7.39      488.69           NA
Real Estate Operations       GBE       Grubb & Ellis Co.                        NYSE   Services                    303.260          4.75       15.00       11.75         6.29        NA         25.810        15.900           49.84           1.400          38.39      -4.000          NA         0.00          1.15
Real Estate Operations       GAV       Grubb & Ellis Realty Advisors, Inc.      AMEX   Services                    169.760           NA          NA         5.69         1.52      58.46        29.830        18.500           39.00           0.780          37.99       0.000          NA         0.00         81.36
Real Estate Operations       HCM       Hanover Capital Mortgage Holdings, Inc.AMEX     Services                     35.360           NA          NA         4.38         0.63        NA          8.060         7.000            5.82           0.060          13.19       1.000        13.58       84.44           NA
Real Estate Operations       HCP       Health Care Property Investors Inc.      NYSE   Services                  7,402.500          5.32        5.83       36.03         2.38      47.81       205.450       202.000           61.08          47.250           1.68      -1.000         5.01      188.28           NA
Real Estate Operations       HCN       Health Care REIT, Inc.                   NYSE   Services                  3,228.200          7.78        4.00       43.90         1.96      32.43        73.540        72.300           66.48           8.070           1.68     -18.000         5.84      111.08           NA
Real Estate Operations       HR        Healthcare Realty Trust Incorporated NYSE       Services                  1,783.780          9.73        3.33       37.30         2.16      49.88        47.820        46.900           68.06           1.260           1.93       0.000         7.18      102.94           NA
Real Estate Operations       HT        Hersha Hospitality Trust                 AMEX   Services                    479.170          2.55       12.50       11.78         1.45        NA         40.680        37.000           76.66           5.820           9.04      -1.000         6.10      175.06           NA
Real Estate Operations       HF        HFF, Inc.                                NYSE   Services                    214.500          1.34       10.00       15.00        20.41       4.32        14.300        14.300            0.00           0.000           0.00       0.000          NA       537.07          1.41
Real Estate Operations       HIW       Highwoods Properties, Inc.               NYSE   Services                  2,220.820         19.50        4.50       39.49         2.44     138.09        56.240        52.000           92.73           1.530           7.53     -16.000         4.34      132.26           NA
Real Estate Operations       HMG       HMG/Courtland Properties                 AMEX   Services                     12.770           NA          NA        12.47         0.74        NA          1.020         0.500            0.00           0.000          51.17      -3.000          NA       122.14           NA
Real Estate Operations       HME       Home Properties, Inc.                    NYSE   Services                  1,757.570          9.35        5.02       52.81         2.51      77.96        33.280        32.700           95.00           2.020           2.73     -30.000         5.00      281.14           NA
Real Estate Operations       HSYT      Home System Group                         OTC   Services                     81.170           NA          NA         4.10        19.07        NA         19.800        16.000             NA              NA           19.18         NA           NA         0.00          2.32
Real Estate Operations       HMB       HomeBanc Corp.                           NYSE   Services                    198.910           NA          NA         3.49         0.89        NA         56.990        56.500           74.87           3.160           0.87       0.000        23.12    1,797.11           NA
Real Estate Operations       HMLF      HomeLife, Inc.                            OTC   Services                      0.740           NA          NA         0.06          NA         NA         12.370         3.200             NA              NA           74.14         NA           NA          NA           0.31
Real Estate Operations       HGPI      Horizon Group Properties, Inc.            OTC   Services                     20.750           NA          NA         7.25         1.68        NA          2.860         2.000            0.00          -0.050          30.12       0.000          NA       758.65           NA
Real Estate Operations       HPT       Hospitality Properties Trust             NYSE   Services                  4,391.510          4.24        5.58       46.80         1.71      21.35        93.840        88.200           63.45           7.230           6.01       0.000         6.36       49.02           NA
Real Estate Operations       HST       Host Hotels & Resorts, Inc.              NYSE   Services                 13,780.760          2.10       11.07       26.31         2.68      44.87       523.780       497.700           95.00          13.640           4.98      -8.000         3.07      112.56           NA
Real Estate Operations       SOLD      HouseValues, Inc.                        NASD   Services                    123.620           NA        20.75        5.06         1.44        NA         24.430        14.100           65.18          -0.720          42.29      -4.000          NA         0.00          6.51
Real Estate Operations       HRP       HRPT Properties Trust                    NYSE   Services                  2,596.000         13.67        2.25       12.30         1.20      13.00       211.060       208.900           70.31          16.550           1.02       0.000         6.85       81.24           NA
Real Estate Operations       IMH       IMPAC Mortgage Holdings, Inc             NYSE   Services                    380.420          1.47        4.00        5.00         0.38        NA         76.080        75.400           38.51           2.680           0.90       0.000        22.03    2,033.26           NA
Real Estate Operations       IOT       Income Opportunity Realty Investors, Inc AMEX   Services                     24.340           NA          NA         5.84         0.54      38.04         4.170         0.800            2.76           0.100          80.81       0.000          NA       135.05           NA
Real Estate Operations       IRC       Inland Real Estate Corporation           NYSE   Services                  1,193.900          7.40        4.00       18.34         3.17      31.86        65.100        58.600           59.82           4.420           9.98      31.000         5.37      220.24           NA
Real Estate Operations       KPA       Innkeepers USA Trust                     NYSE   Services                    744.530          4.75        7.00       16.28         2.00      38.75        45.730        41.200           88.37          -1.300           9.91     -13.000         5.68       99.54           NA


             473df5f0-08dd-4e01-bbf7-83be8f860d47.xls Real Estate Industry 31Mar07                                                      22 of 24                                                                                                                                7/13/2011 10:27 AM
                                                                                                                          Real Estate Industry 31Mar07


                                                                                                                                                                               Price to                                                 Institutional                                         Total Debt
                                                                                                                Market                     L-Term      Current     Price to    Earnings Current Shares                  Institutional    Net Shrs         Insider   Insider Net                to Total     Current
                              Ticker                                        Stock                           Capitalization ($             Mean Grth   Price per   Book Ratio, Ratio, excl. Outstanding   Share Float   Percent Held     Purchased       Ownership       Shrs      Dividend    Equity (%),    Ratio,
      Real Estate Industry    Symbol          Name of Company (issuer)    Exchange        Economic Sector      millions)      PEG Ratio   Rate (%)    Share ($)    Quarterly Xord Items     (millions)    (millions)        (%)          (millions)     Percent (%) Purchased     Yield (%)    Quarterly    Quarterly
Real Estate Operations       IHT       InnSuites Hospitality Trust           AMEX    Services                     11.050           NA          NA         1.20        1.56         NA          9.210         3.300            0.24           0.010          64.16       0.000        0.80   293.16                NA
Real Estate Operations       IVCO      Investco Corporation                   OTC    Services                      0.010           NA          NA         0.00        0.00         NA         13.240         7.800            0.00           0.000          41.08       0.000         NA     20.41               0.39
Real Estate Operations       IRETS     Investors Real Estate Trust           NASD    Services                    510.770           NA         4.00       10.59        1.97       71.06        48.230        46.300           18.30           1.010           4.00       5.000        6.36   327.17                NA
Real Estate Operations       SFI       iStar Financial Inc.                  NYSE    Services                  5,933.420          1.65        7.25       46.83        1.98       17.32       126.700       122.400           81.17          12.420           3.40      -6.000        6.57   262.26                NA
Real Estate Operations       JRT       JER Investors Trust Inc.              NYSE    Services                    489.900          0.38       27.00       19.02        1.32       15.41        25.760        25.500           84.32           1.830           1.00      15.000        9.36   263.41                NA
Real Estate Operations       JDOG      John D. Oil and Gas Co.                OTC    Services                      4.950           NA          NA         0.55        1.07         NA          9.000         2.000            0.00           0.000          77.77       0.000         NA     63.89               0.34
Real Estate Operations       JLL       Jones Lang LaSalle Incorporated       NYSE    Services                  3,832.120          1.30       16.00      104.28        5.09       20.25        36.750        36.500           80.80          -0.210           0.68      -7.000        0.68     6.68               0.97
Real Estate Operations       KWIC      Kennedy-Wilson, Inc.                   OTC    Services                    170.260           NA          NA        30.00        3.40       27.45         5.680         2.500            8.51           0.050          55.95       0.000         NA     88.74                NA
Real Estate Operations       KRC       Kilroy Realty Corporation             NYSE    Services                  2,411.520         13.40        6.33       73.75        4.32       67.64        32.700        29.800           95.00           0.640           8.87      -5.000        3.05   130.39                NA
Real Estate Operations       KIM       Kimco Realty Corporation              NYSE    Services                 12,241.670          3.98        8.03       48.74        3.63       35.50       251.160       225.200           70.69          11.140          10.34     -10.000        2.98   106.54                NA
Real Estate Operations       KRG       Kite Realty Group Trust               NYSE    Services                    576.200          7.09        6.25       19.95        1.65       56.73        28.880        22.800           93.81           0.290          21.06       5.000        3.92   162.59                NA
Real Estate Operations       KFN       KKR Financial Corp                    NYSE    Services                  2,207.150          1.23        9.67       27.43        1.28       16.15        80.460        76.400           76.44           1.880           5.05       2.000        7.87   913.83                NA
Real Estate Operations       LSBK      Lake Shore Bancorp, Inc.              NASD    Services                     84.110           NA          NA        12.72         NA        44.73         6.610         2.600            3.87          -0.070          60.68       0.000        0.94      NA                 NA
Real Estate Operations       LHO       LaSalle Hotel Properties              NYSE    Services                  1,858.530          2.12       13.57       46.36        1.62       24.84        40.090        39.800           95.00           1.840           0.72      -2.000        3.73    70.74                NA
Real Estate Operations       LXP       Lexington Realty Trust                NYSE    Services                  1,484.000         10.70        5.00       21.13        1.63         NA         70.230        66.000           78.28         -12.330           6.03      -1.000        7.12   189.16                NA
Real Estate Operations       LRY       Liberty Property Trust                NYSE    Services                  4,453.140          6.45        5.06       48.72        2.37       28.53        91.400        90.300           95.00           3.600           1.21     -10.000        5.16   127.59                NA
Real Estate Operations       LOOP      LoopNet, Inc.                         NASD    Services                    653.420          1.15       33.33       17.09        7.20       45.60        38.230        21.800           31.40           4.020          42.98     -25.000         NA      0.00               9.03
Real Estate Operations       LTC       LTC Properties, Inc.                  NYSE    Services                    611.200           NA          NA        25.91        2.10       21.31        23.590        22.200           67.24           0.380           5.89     -13.000        5.82    10.75                NA
Real Estate Operations       LUM       Luminent Mortgage Capital, Inc.       NYSE    Services                    428.750          1.68        4.00        8.94        0.91        8.02        47.960        46.600           76.75           7.160           2.83       2.000       13.48 1,584.37                NA
Real Estate Operations       MPG       Maguire Properties, Inc.              NYSE    Services                  1,670.800           NA         6.11       35.56        3.87       31.80        46.990        38.500           95.00           0.040          18.06       0.000        4.58   665.22                NA
Real Estate Operations       MRTI      Maxus Realty Trust, Inc.              NASD    Services                     18.970           NA          NA        13.54        1.69         NA          1.400         0.900           14.56          -0.010          35.76       3.000         NA    370.54                NA
Real Estate Operations       MPW       Medical Properties Trust, Inc.        NYSE    Services                    722.680          2.66        6.00       14.69        1.69       19.60        49.200        47.700           58.92           2.390           3.04       0.000        7.22   101.28                NA
Real Estate Operations       LESR      Mego Financial Corp.                   OTC    Services                      0.070           NA          NA         0.01        0.00         NA          6.590         4.400            0.00           0.000          33.24       0.000         NA    837.85                NA
Real Estate Operations       MPQI      Meredith Enterprises, Inc.             OTC    Services                     13.830           NA          NA        14.61        0.79       39.14         0.950         0.800            0.00           0.000          15.43       0.000         NA    202.57                NA
Real Estate Operations       MFA       MFA Mortgage Investments              NYSE    Services                    621.780          2.82        6.00        7.70        0.92         NA         80.750        79.900           80.15           3.440           1.05       1.000        3.14   844.78                NA
Real Estate Operations       MDH       MHI Hospitality Corporation           AMEX    Services                     66.520          2.22        8.75        9.91        1.58       20.71         6.710         5.000           13.35           0.080          25.51       0.000        6.80   135.25               0.36
Real Estate Operations       MAA       Mid-America Apartment                 NYSE    Services                  1,425.220         12.54        6.50       56.26        3.14      204.36        25.330        23.500           79.15           0.250           7.24      -9.000        4.32   266.41                NA
Real Estate Operations       MNRTA     Monmouth R.E. Inv. Corp.              NASD    Services                    174.240           NA          NA         8.62        1.66       27.62        20.210        18.800           20.35          -0.230           6.99       0.000        7.05    87.01                NA
Real Estate Operations       MOVE      Move Inc.                             NASD    Services                    858.150          1.06       42.50        5.54        8.42       56.81       154.900       129.000           83.67           4.780          16.72      -1.000         NA      2.06               2.52
Real Estate Operations       NHI       National Health Investors             NYSE    Services                    869.880           NA          NA        31.34        2.02       13.83        27.760        23.500           38.47           0.440          15.68       0.000        6.49    26.29                NA
Real Estate Operations       NHR       National Health Realty                AMEX    Services                    233.870           NA          NA        23.50        2.08       18.85         9.950         5.300           19.08           0.080          46.74       0.000        5.66     7.79                NA
Real Estate Operations       NNN       National Retail Properties, Inc.      NYSE    Services                  1,590.350          4.63        4.00       24.19        1.51       20.53        65.740        61.500           64.26           3.200           6.46      -2.000        5.51    70.84                NA
Real Estate Operations       NHP       Nationwide Health Properties Inc.     NYSE    Services                  2,784.390          8.09        4.38       31.26        2.57       38.63        89.070        88.700           86.64           5.760           0.42       0.000        5.32   111.10                NA
Real Estate Operations       NBD       NB Capital Corp.                      NYSE    Services                      0.000           NA          NA        26.35        0.00        0.00         0.000         0.000             NA              NA             NA          NA          NA      0.00                NA
Real Estate Operations       NEWC                                             OTC
                                       New Century Financial Corporation (REIT)      Services                     58.800          0.38        6.00        1.06        0.03        0.16        55.470        44.700           73.31          -3.160          19.42      -5.000      737.86 1,086.11                NA
Real Estate Operations       NXL       New Plan Excel Realty Tr.             NYSE    Services                  3,418.480          5.09        6.00       33.03        2.36       39.03       103.500       100.200           69.23           0.290           3.19      -1.000        3.78   126.97                NA
Real Estate Operations       NTR       New York Mortgage Trust, Inc.         NYSE    Services                     45.920           NA          NA         2.54        0.58         NA         18.080        14.600           41.97           0.030          19.23      -2.000        7.97    55.73                NA
Real Estate Operations       NCT       Newcastle Investment Corp.            NYSE    Services                  1,334.840          1.41        6.67       27.73        1.41       10.40        48.140        47.100           77.73           3.370           2.15       2.000        9.96   549.59                NA
Real Estate Operations       NRF       Northstar Realty Finance Corp.        NYSE    Services                    933.050          2.49        6.50       15.21        1.55       18.66        61.340        55.200           79.64          11.360          10.02       3.000        9.32    83.19                NA
Real Estate Operations       NFI       NovaStar Financial Inc.               NYSE    Services                    187.050         20.83        2.00        5.00        0.36        2.28        37.410        34.300           36.97           1.330           8.31      -6.000      110.89   838.03                NA
Real Estate Operations       NLP       NTS Realty Holdings LP                AMEX    Services                     85.700           NA          NA         7.53        1.05         NA         11.380         4.900            0.02           0.000          56.95       5.000        5.29   268.04                NA
Real Estate Operations       ORCG      Oak Ridge Capital Group, Inc.          OTC    Services                      0.100           NA          NA         0.02        0.02         NA          4.840         3.000             NA              NA           38.04         NA          NA     59.46                NA
Real Estate Operations       OHI       Omega Healthcare Investors, Inc.      NYSE    Services                  1,030.700           NA          NA        17.15        2.95       21.57        60.100        58.300           91.06           1.230           2.99     -12.000        6.14   145.26                NA
Real Estate Operations       OLP       One Liberty Properties, Inc.          NYSE    Services                    228.890         -3.50       -7.00       22.81        1.24        7.12        10.030         7.900           45.74           0.000          20.72       0.000        6.18   126.54                NA
Real Estate Operations       OPX       Opteum Inc.                           NYSE    Services                    113.380           NA          NA         4.50        0.59         NA         25.190        22.800           50.16           1.190           9.51       1.000        4.47 1,923.59                NA
Real Estate Operations       ORGN      Origen Financial, Inc.                NASD    Services                    180.020          3.09        5.00        6.96        0.88       25.37        25.870        18.200           46.45           0.850          29.64       0.000        2.29   400.42                NA
Real Estate Operations       PTTTS     Palmetto Real Estate Trust             OTC    Services                     11.610           NA          NA         6.56        2.34       24.14         1.770         1.200             NA              NA             NA          NA          NA      0.00                NA
Real Estate Operations       PLMA      Palomar Enterprises, Inc.              OTC    Services                      0.520           NA          NA         0.01         NA          NA         40.340        39.900             NA              NA            1.10         NA          NA       NA                0.20
Real Estate Operations       PRLE      Paragon R.E. Equity & Investment Trust OTC    Services                      0.170           NA          NA         0.38        1.12         NA          0.440         0.200            0.00           0.000          54.85      -1.000         NA      0.00                NA
Real Estate Operations       PKY       Parkway Properties, Inc.              NYSE    Services                    830.050          4.38        4.67       52.25        1.91       54.11        15.890        15.000           90.13           1.750           5.58     -22.000        5.01   173.02                NA
Real Estate Operations       PEI       Pennsylvania R.E.I.T.                 NYSE    Services                  1,643.060         14.19        5.00       44.33        1.76      130.71        37.060        32.600           73.95          -0.610          12.04      -2.000        5.14   207.98                NA
Real Estate Operations       PGCH      Pingchuan Pharmaceuticals, Inc.        OTC    Services                      2.570           NA          NA         0.29      290.00         NA          8.850         0.000            0.00           0.000         100.00       0.000         NA      0.00               1.75
Real Estate Operations       PW        Pittsburgh & West Virginia Railroad   AMEX    Services                     13.610           NA          NA         9.01        1.48       17.31         1.510         1.500            2.38           0.000           0.66       0.000        5.69     0.00                NA
Real Estate Operations       PCL       Plum Creek Timber Co. Inc.            NYSE    Services                  6,987.520          3.53        7.40       39.42        3.34       22.65       177.260       175.500           55.35           6.890           0.99      -2.000        4.30   111.20               1.83
Real Estate Operations       PCC       PMC Commercial Trust                  AMEX    Services                    157.540           NA          NA        14.65        1.00       11.54        10.750         9.700           13.19           0.180           9.80      -2.000        8.09    43.31                NA
Real Estate Operations       PPS       Post Properties, Inc.                 NYSE    Services                  1,992.230         26.35        5.03       45.73        2.08       85.17        43.570        42.300           95.00           0.830           2.90      -7.000        3.97   108.08                NA
Real Estate Operations       PDL.B     Presidential Realty Corporation       AMEX    Services                     29.970           NA          NA         7.64        1.12         NA          3.920         2.900            8.26           0.050          26.08       3.000        8.38    13.29                NA
Real Estate Operations       PLD       ProLogis                              NYSE    Services                 16,637.480          3.09        7.62       64.93        2.69       23.93       256.240       238.400           93.74           9.230           6.96      -5.000        2.86   131.07                NA
Real Estate Operations       PSB       PS Business Parks, Inc.               AMEX    Services                  1,503.390          9.72        5.67       70.52        3.11      101.74        21.320        15.800           72.70         -12.010          25.89      -2.000        1.65    11.09                NA
Real Estate Operations       PSA       Public Storage, Inc.                  NYSE    Services                 16,131.480           NA         9.43       94.67        2.99      163.49       170.400       113.000           62.27           3.830          33.68     -11.000        2.13    22.52                NA
Real Estate Operations       RAS       RAIT Financial Trust                  NYSE    Services                  1,778.820           NA          NA        27.94        1.22       12.96        63.670        62.100           56.88          19.620           2.46       8.000       11.44   873.63                NA
Real Estate Operations       RPT       Ramco-Gershenson Properties Trust     NYSE    Services                    592.330           NA          NA        35.71        2.59       23.17        16.590        14.800           85.50          -0.460          10.77       0.000        5.20   224.54                NA
Real Estate Operations       H         Realogy Corporation                   NYSE    Services                  6,443.810          1.85       12.50       29.61        2.57       19.92       217.620       206.700           75.10         -24.810           5.02      -1.000         NA    108.46               0.93
Real Estate Operations       O         Realty Income Corp                    NYSE    Services                  2,848.410          5.06        4.62       28.20        2.30       25.61       101.010        98.000           34.81           5.330           2.98      -2.000        5.44    58.38                NA
Real Estate Operations       REG       Regency Centers Corporation           NYSE    Services                  5,782.530          4.40        7.23       83.55        3.65       43.28        69.210        67.100           95.00           2.940           3.05     -17.000        3.23    85.42                NA


             473df5f0-08dd-4e01-bbf7-83be8f860d47.xls Real Estate Industry 31Mar07                                                    23 of 24                                                                                                                                7/13/2011 10:27 AM
                                                                                                                          Real Estate Industry 31Mar07


                                                                                                                                                                               Price to                                                 Institutional                                         Total Debt
                                                                                                                Market                     L-Term      Current     Price to    Earnings Current Shares                  Institutional    Net Shrs         Insider   Insider Net                to Total     Current
                              Ticker                                        Stock                           Capitalization ($             Mean Grth   Price per   Book Ratio, Ratio, excl. Outstanding   Share Float   Percent Held     Purchased       Ownership       Shrs      Dividend    Equity (%),    Ratio,
      Real Estate Industry    Symbol         Name of Company (issuer)     Exchange        Economic Sector      millions)      PEG Ratio   Rate (%)    Share ($)    Quarterly Xord Items     (millions)    (millions)        (%)          (millions)     Percent (%) Purchased     Yield (%)    Quarterly    Quarterly
Real Estate Operations       RPB       Republic Property Trust              NYSE     Services                    299.680           NA         6.67       11.49         1.60        NA         26.080        25.600           79.17           2.140           1.85       0.000         4.37   195.88              NA
Real Estate Operations       RSO       Resource Capital Corp.               NYSE     Services                    384.480          1.52        6.00       16.14         1.25      16.51        23.820        19.800           63.77           4.480          16.88       6.000         9.68   919.85              NA
Real Estate Operations       RPI       Roberts Realty Investors, Inc.       AMEX     Services                     45.880           NA          NA         7.90         1.11        NA          5.810         3.300            5.00           0.020          41.15       9.000          NA    185.36              NA
Real Estate Operations       BFS       Saul Centers, Inc.                   NYSE     Services                    992.910          5.31        7.00       56.90        30.74      39.75        17.450        11.300           29.83           0.340          35.24      38.000         3.16   395.52              NA
Real Estate Operations       SMLE      Semele Group, Inc.                    OTC     Services                      0.490           NA          NA         0.35          NA        0.48         1.410         0.600             NA              NA           57.39         NA           NA       NA               NA
Real Estate Operations       SNH       Senior Housing Properties Trust      NYSE     Services                  1,998.350          6.15        3.67       23.90         1.82      26.39        83.610        74.400           71.39           4.830          11.02       0.000         5.75    53.47              NA
Real Estate Operations       SPG       Simon Property Group, Inc            NYSE     Services                 24,651.650          7.56        7.55      111.25         8.12      50.80       221.590       188.900           90.62           3.810          14.75     -11.000         3.08   386.83              NA
Real Estate Operations       SLG       SL Green Realty Corp.                NYSE     Services                  8,116.940          6.76        7.56      137.18         3.19      59.11        59.170        56.000           92.75           6.850           5.36      -6.000         2.09    76.49              NA
Real Estate Operations       SSS       Sovran Self Storage, Inc.            NYSE     Services                  1,136.050          6.64        4.50       55.41         2.25      29.27        20.500        19.700           75.32           2.460           3.92      -2.000         4.47    87.03              NA
Real Estate Operations       SFC       Spirit Finance Corporation           NYSE     Services                  1,608.230          2.10       11.25       14.90         1.61      30.08       107.940       102.500           95.00           9.000           5.04       6.000         5.92   181.02              NA
Real Estate Operations       BEE       Strategic Hotels & Resorts Inc.      NYSE     Services                  1,724.550         10.03        9.50       22.87         1.78     147.47        75.410        74.700           95.00           3.490           0.94       1.000         4.16   118.26              NA
Real Estate Operations       SUI       Sun Communities, Inc.                NYSE     Services                    567.060           NA         3.00       31.02         7.14        NA         18.280        15.500           76.57           0.240          15.21      -4.000         8.21 1,473.35              NA
Real Estate Operations       SHO       Sunstone Hotel Investors, Inc        NYSE     Services                  1,593.430          3.31       10.01       27.26         1.83      67.74        58.450        57.300           95.00           1.070           1.97      -3.000         4.72   131.90             1.05
Real Estate Operations       SNRR      Sunterra Corporation                  OTC     Services                    309.600          1.24       15.00       15.70         1.60        NA         19.720        18.800           25.09          -2.820           4.67       0.000          NA    188.70              NA
Real Estate Operations       SPPR      Supertel Hospitality Inc.            NASD     Services                    145.540          2.63       10.00        7.63         1.03      42.49        19.070        14.300           20.90           3.230          25.03       1.000         5.91   100.04              NA
Real Estate Operations       SKT       Tanger Factory Outlet Centers Inc.   NYSE     Services                  1,253.760          7.12        6.50       40.39         6.28      62.35        31.040        30.000           87.22           1.100           3.35      -9.000         3.42   247.05              NA
Real Estate Operations       TARR      Tarragon Corporation                 NASD     Services                    295.440           NA          NA        10.37          NA         NA         28.490        13.400           29.22           0.510          52.97       5.000         0.95      NA               NA
Real Estate Operations       TCO       Taubman Centers, Inc.                NYSE     Services                  3,108.400         28.82        6.01       57.99        28.26     144.13        53.600        51.700           95.00           1.240           3.55       7.000         2.68 2,135.03              NA
Real Estate Operations       TPL       Texas Pacific Land Trust             NYSE     Services                    514.720           NA          NA       242.50        21.06      44.75         2.120         2.100           46.82           0.130           1.08       0.000         0.34     0.00              NA
Real Estate Operations       MAC       The Macerich Company                 NYSE     Services                  6,644.850          8.21        6.87       92.36         4.29     126.07        71.950        69.500           95.00           1.970           3.40      -4.000         3.12   304.27              NA
Real Estate Operations       DOLL      The Middleton Doll Company            OTC     Services                      1.270           NA          NA         0.34          NA         NA          3.730         3.300             NA              NA           11.48         NA           NA       NA               NA
Real Estate Operations       MLS       The Mills Corporation                NYSE     Services                  1,428.660           NA          NA        25.24         3.85        NA         56.600        52.900           68.18          -6.360           6.54       0.000         0.00   333.28              NA
Real Estate Operations       JOE       The St. Joe Company                  NYSE     Services                  3,890.350          7.07       11.33       52.31         8.43      97.31        74.370        68.800           95.00          -0.520           7.49      -7.000         1.21   136.00              NA
Real Estate Operations       TPGI      Thomas Properties Group, Inc.        NASD     Services                    223.770           NA          NA        15.52         2.17        NA         14.420        14.300           95.00           0.110           0.82       0.000         1.54   323.27              NA
Real Estate Operations       TMA       Thornburg Mortgage, Inc.             NYSE     Services                  2,967.720          2.72        4.10       26.00         1.38      10.06       114.140       113.000           24.11           2.440           1.00       4.000        10.46 2,095.45              NA
Real Estate Operations       TISM      TIS Mortgage Investment               OTC     Services                      0.440           NA          NA         0.05         1.47        NA          8.890         7.100             NA              NA           20.16         NA           NA    150.82              NA
Real Estate Operations       TCI       Transcontinental Realty              NYSE     Services                    100.970           NA          NA        12.78         0.41        NA          7.900         1.400            1.65           0.010          82.28       0.000          NA    296.04              NA
Real Estate Operations       TUXS      Tuxis Corp.                           OTC     Services                      5.610           NA          NA         5.70         0.70        NA          0.980         0.500           11.89           0.120          49.19       6.000          NA      0.00            39.54
Real Estate Operations       UDR       UDR, Inc.                            NYSE     Services                  4,158.940           NA         4.50       30.62         4.74        NA        135.820       131.600           84.03           8.270           3.11       0.000         4.13   316.40              NA
Real Estate Operations       UHT       Universal Health Realty Income Trust NYSE     Services                    421.570          6.46        3.50       35.75         2.57      12.23        11.790        10.900           41.63           0.140           7.56       0.000         6.50    16.04              NA
Real Estate Operations       UBA       Urstadt Biddle Properties Inc.       NYSE     Services                    520.830          8.13        3.25       19.56         2.38      33.19        26.630        21.300           38.79           0.180          20.01      -2.000         4.84    32.66              NA
Real Estate Operations       YSI       U-Store-It Trust                     NYSE     Services                  1,155.050           NA         5.74       20.12         1.84        NA         57.410        48.100           85.85          -1.680          16.21       2.000         5.82   140.15              NA
Real Estate Operations       VTR       Ventas, Inc.                         NYSE     Services                  4,477.130          5.13        6.75       42.13         6.30      33.60       106.270       105.200           93.67           4.490           1.01     -17.000         4.55   328.09              NA
Real Estate Operations       VRTA      Vestin Realty Mortgage I Inc.        NASD     Services                     39.710           NA          NA         5.78         0.64      67.78         6.870         6.700            0.29           0.020            NA        0.000          NA      0.53              NA
Real Estate Operations       VRTB      Vestin Realty Mortgage II, Inc.      NASD     Services                    204.410           NA          NA         5.26         0.73      12.89        38.860        38.100            0.66           0.160           1.96       7.000        11.32     4.96              NA
Real Estate Operations       VNO       Vornado Realty Trust                 NYSE     Services                 18,092.070          5.31        7.97      119.34         3.27      38.28       151.600       124.300           85.45          14.440          18.01     -18.000         2.90   155.34              NA
Real Estate Operations       WRE                                            NYSE
                                       Washington Real Estate Investment Trust       Services                  1,685.480         10.02        4.67       37.42         3.81      42.46        45.040        44.500           56.74           2.070           1.20      -5.000         4.40   232.24              NA
Real Estate Operations       WRI       Weingarten Realty Investors          NYSE     Services                  4,110.340          4.96        5.89       47.56         3.62      30.17        86.420        76.500           57.73           1.520          11.48       0.000         4.19   257.68              NA
Real Estate Operations       WRP       Wellsford Real Properties, Inc.      AMEX     Services                     50.640           NA          NA         7.83         0.49        NA          6.470         6.200           33.77          -0.960           4.14       0.000          NA    104.56              NA
Real Estate Operations       WXH       Winston Hotels, Inc.                 NYSE     Services                    442.110          3.11       12.00       15.03         1.69      78.13        29.410        26.200           73.86           0.730          10.93       0.000         4.00    92.50              NA
Real Estate Operations       FUR       Winthrop Realty Trust                NYSE     Services                    433.270           NA          NA         6.61         1.34       9.37        65.550        39.300           45.55          17.200          40.04       5.000         3.60   112.03              NA
Real Estate Operations       ZIPR      ZipRealty, Inc.                      NASD     Services                    156.890           NA        12.50        7.08         1.74        NA         22.160        11.500           32.53           0.320          47.77      -2.000          NA      0.00             9.40
Rental & Leasing             CLI       Mack-Cali Realty Corp.               NYSE     Services                  3,228.950         10.07        4.82       47.63         1.99      37.22        67.790        65.100           86.24           0.400           3.97      -6.000         5.41   141.37              NA
Rental & Leasing             SWHI      SonomaWest Holdings, Inc.             OTC     Services                     23.600           NA          NA        20.00         3.59      87.77         1.180         0.700            0.17           0.000          40.68       0.000          NA      0.00             4.21




             473df5f0-08dd-4e01-bbf7-83be8f860d47.xls Real Estate Industry 31Mar07                                                    24 of 24                                                                                                                                7/13/2011 10:27 AM

								
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