With one quarter in the books, the Real Estate Portfolio Stock Challenge is starting to get interesting. After some tough going to start the year, five of the seven participants have portfolios posting a positive total return through March 31. Barry Vinocur, publisher of Realty Stock Review and Property magazine, holds a slim lead over Banc of America Securities' lead analyst Lee Schalop.

The industry experts were asked to predict the 2003 year-end index value of the NAREIT Equity REIT Index and the Morgan Stanley REIT Index and select a portfolio of five individual real estate stocks.

To see updates of how the contest is progressing, log on to www.realestateportfolio.org/challenge.shtml. The Stock Challenge is for entertainment purposes only and readers should keep in mind that the selections made are not recommendations to purchase any specific stock.

Real Estate Portfolio Stock Challenge Results through March 31, 2003
Name Company Y-T-D Return	Portfolio
Barry Vinocur Realty Stock Review 6.94%	Ventas (VTR), Chelsea Property Group (CPG) CenterPoint Properties Trust (CNT), Catellus Development Corp. (CDX), The Rouse Company (RSE)
Lee Schalop Banc of America Securities 6.66%	Simon Property Group (SPG), General Growth Properties (GGP), Chelsea Property Group (CPG), Boston Properties (BXP), CarrAmerica Realty Corporation (CRE)
Jeff Donnelly Wachovia Securities 5.94%	Chelsea Property Group (CPG), Federal Realty Investment Trust (FRT), Innkeepers USA Trust (KPA), LaSalle Hotel Properties (LHO), Senior Housing Properties Trust (SNH)
Larry Raiman Credit Suisse First Boston 5.23%	Mack-Cali Realty Corp. (CLI), Corporate Office Properties (OFC), General Growth Properties (GGP), Capital Automotive REIT (CARS), Tanger Factory Outlet Centers (SKT)
Anatole Pevnev McDonald Investments 0.73%	Boston Properties (BXP), Alexandria Real Estate Equities (ARE), Highwoods Properties (HIW), Corporate Office Properties (OFC), SL Green Realty Corp. (SLG)
Jay Leupp RBC Capital Management -3.26%	Public Storage (PSA), AIMCO (AIV), New Plan Excel Realty Trust (NXL), Glenborough Realty Trust (GLB), PS Business Parks (PSB)
David FickLegg Mason Wood Walker -6.55%	Post Properties (PPS), MeriStar Hospitality Corp. (MHX), FelCor Lodging Trust (FCH), Federal Realty Investment Trust (FRT), Mission West Properties (MSW)