REIT Industry's Best Annual Reports Honored During NAREIT Investor Forum; Capital Automotive, Developers Diversified, Keystone, Kimco and Realty Income are Multiple Winners

Business Wire, June 8, 2004

Business Editors/Real Estate Writers

WASHINGTON--(BUSINESS WIRE)--June 8, 2004

The National Association of Real Estate Investment Trusts(R) (NAREIT) has announced the winners of its Annual Report Contest.

The competition was open to all REITs and publicly traded real estate companies who are NAREIT corporate members, with Gold, Silver and Bronze awards bestowed in three categories: Management Discussion & Analysis, Presentation & Design and Web Site.

A seven-judge panel honored entries in three groups: Large Cap (companies with equity market capitalization above $1.7 billion); Mid Cap (companies ranging in size from $600 to $1.7 billion); and Small Cap (companies with equity market capitalization of up to $600 million).

This year's winners:

Small Caps:

Management Discussion & Analysis

Gold:       AMLI Residential Properties Trust
Silver:     Parkway Properties, Inc.
Bronze:     Acadia Realty Trust

Presentation & Design

Gold:       Boykin Lodging Company
Silver:     Tanger Factory Outlet Centers, Inc.
Bronze:     Keystone Property Trust

Web Site

Gold:       Windrose Medical Properties Trust
Silver:     Kramont Realty Trust
Bronze:     Keystone Property Trust


Mid Caps

Management Discussion & Analysis

Gold:       Corporate Office Properties Trust
Silver:     Capital Automotive REIT
Bronze:     Gables Residential Trust

Presentation & Design

Gold:       Realty Income Corporation
Silver:     FelCor Lodging Trust Incorporated
Bronze:     EastGroup Properties, Inc.

Web Site

Gold:       Capital Automotive REIT
Silver:     Camden Property Trust
Bronze:     Realty Income Corporation


Large Caps

Management Discussion & Analysis

Gold:       Developers Diversified Realty Corporation
Silver:     Kimco Realty Corporation
Bronze:     Host Marriott Corporation

Presentation & Design

Gold:       iStar Financial, Inc.
Silver:     AMB Property Corporation
Bronze:     Developers Diversified Realty Corporation

Web Site

Gold:       Equity Office Properties Trust
Silver:     Archstone-Smith
Bronze:     Kimco Realty Corporation

The winning companies were recognized during this week's NAREIT Institutional Investor Forum in New York City. They also will be featured in Real Estate Portfolio magazine.

The National Association of Real Estate Investment Trusts(R) (NAREIT) is the trade association for REITs and publicly traded real estate companies. Members are real estate investment trusts (REITs) and other businesses that own, operate and finance income-producing real estate, as well as those firms and individuals who advise, study and service those businesses. Visit our Web sites at www.nareit.com and www.investinreits.com.