Real Estate Investment Trust Update
REIT Valuations & Returns for the Retail Sector

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Prior REIT Updates
Aug Off/Indust
Aug Retail
Aug Hlth/3-Net
Aug Apt/Hosp

July Off/Indust
July Retail
July Hlth/3-Net
July Apt/Hosp

June Off/Indust
June Retail
June Hlth/3-Net
June Apt/Hosp

May Off/Indust
May Retail
May Hlth/3-Net
May Apt/Hosp

Apr Off/Ind/Apt
Apr Retail/Hlth Care

Mar 05
Mar Off/Ind/Apt
Mar Retail/Hlth Care

Feb 05
Feb Off/Ind/Apt
Feb Retail/Hlth Care

Jan 05
Jan Off/Ind/Apt
Jan Retail/Hlth Care

Dec 05
Dec Off/Ind/Apt
Dec Retail/Hlth Care

Nov 05
Nov Off/Ind/Apt
Nov Retail/Hlth Care

Oct 05
Oct Off/Ind/Apt
Oct Retail/Hlth Care

Sept 05
Sept Off/Ind/Apt
Sept Retail/Hlth Care

Aug 05
Aug Off/Ind/Apt
Aug Retail/Hlth Care

July 05
July Off/Ind/Apt
July Retail/Hlth Care

June 05
June Off/Ind/Apt
June Retail/Hlth Care

May 05
May Off/Ind/Apt
May Retail/Hlth Care

April 04
April Off/Ind/Apt
April Retail/Hlth Care

March 04
March Off/Ind/Apt
March Retail/Hlth Care

Feb 04
Feb Off/Ind/Apt
Feb Retail/Hlth Care

Jan 04
Jan Off/Ind/Apt
Jan Retail/Hlth Care

Dec 04
Dec Off/Ind/Apt
Dec Retail/Hlth Care

Nov 04
Nov Off/Ind/Apt
Nov Retail/Hlth Care

Oct 04
Oct Off/Ind/Apt
Oct Retail/Hlth Care

Sept 04
Sept Off/Ind/Apt
Sept Retail/Hlth Care

Aug 04
Aug Off/Ind/Apt
Aug Retail/Hlth Care

July 04
July Off/Ind/Apt
July Retail/Hlth Care

June 04
June Off/Ind/Apt
June Retail/Hlth Care

May 04
May Off/Ind/Apt
May Retail/Hlth Care

April 04
April Off/Ind/Apt
April Retail/Hlth Care

March 04
March Off/Ind/Apt
March Retail/Hlth Care

Feb 04
Feb Off/Ind/Apt
Feb Retail/Hlth Care

Jan 04
Jan Off/Ind/Apt
Jan Retail/Hlth Care

Dec Stats
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Dec 03
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Nov 03
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Oct 03
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July 03
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June 03

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Shopping Center & Other Retail Update - 10-31-06

Mall Update for 10-31-06


Monthly Rating Changes

    On 10-19 UBS Initiated coverage on NXL at Neutral, Initiated PEI at Neutral and Initiated MAC at Buy. On 10-30 Wachovia Downgraded DDR from Outperform to Market Perform.

    On 9-13 Realty Income [O] announced an increase in it's monthly dividend to $0.125875 per share from $0.12525 per share. On 9-19 Lehman Brothers Downgraded GGP from Overweight to Equal-weight. On 9-14 Ferris Baker Watts Downgraded BFS from Buy to Neutral. On 9-14 JP Morgan Downgraded EQY from Neutral to Underweight. On 9-22 Bear Stearns Downgraded EQY from Outperform to Peer Perform. On 9-21 Ferris Baker Watts Initiated coverage of CDR at Buy. On 9-19 Lehman Brothers analyst David Harris wrote in a note to clients that REITs' net asset values, or assets minus liabilities, continue to rise. REITs reported higher net asset values when they reported second-quarter earnings, Harris said. Harris raised his price target on Developers Diversified Realty (Overweight) to $60 from $58; on Kimco (Equal Weight) to $40 from $37; on Kite (Equal Weight) to $17 from $16; on Macerich (Overweight) to $83 from $75; and on Simon (Overweight). On 9-29 Stifel Nicolaus Downgraded WRI from Buy to Hold, Downgraded NXL from Buy to Hold, Downgraded FRT from Buy to Hold, Downgraded EQY from Buy to Hold, and Upgraded RPT from Hold to Buy.


News Update

GGP Increases Dividend   BusinessWire 10-06
    General Growth Properties declared a dividend of $0.45 per share, payable October 31, 2006, to common stockholders of record as of October 17, 2006. The current dividend represents an increase of approximately 10% over the comparable period one year ago. Since going public in 1993, the Company has increased its dividend at a compound annual growth rate of approximately 10%.

MAC Increases Dividend   PRNewswire 10-27
    The Board of Directors of the Macerich Company declared a 4.4% increase in its quarterly dividend to $0.71 per share of common stock to stockholders of record on November 15, 2006.

Regency Centers Increases FFO Guidance for Q3    PRNewswire 10-19
    Regency Centers expects third quarter diluted FFO per share is now expected to be in the range of $0.99 to $1.01 per share, up from the previously issued guidance of $0.85 to $0.92 per diluted share. The updated third quarter guidance primarily reflects a favorable impact from earlier than expected transaction profits and higher than expected recognition of profits from the Company's captive insurance program.

Heritage Closes Merger with Affiliates of Centro Properties Group    PRNewswire 10-06
    Heritage Property Investment Trust [HTG] announced that it has completed the merger (the "Merger") of Heritage with and into Centro Saturn MergerSub LLC. Under the terms of the merger agreement, holders of Heritage's common stock will receive cash in an amount equal to $36.675 per share, which amount includes the regular dividend in respect of Heritage's common stock that has not yet been paid with respect to Heritage's Q3-06.


Office/Industrial Update    Health Care/Triple-Net Update    Apartment/Hospitality Update

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