OFFICE-USING JOB GROWTH VARIES WIDELY BY METRO

According to Property and Portfolio Research and Economy.com, nearly half of the major metros lost jobs between 2003 and 2004. However, office-using job growth rebounded during 2004, and through August, only seven major metro markets continued to lose jobs.

INDUSTRIAL REITS — EBB BEGINNING IN 2005

The SNL Industrial REIT index underperformed the broader SNL Equity REIT index during the month of January. The disparity is largely due to sector heavyweights AMB, Catellus, Liberty Property and ProLogis, which together comprise over 75% of the sector's total equity market cap. Industry-wide, large cap REITs (over $2B) have underperformed all REITs with large cap prices ending down 6.1% over the same one-month period.

Company Name Ticker Closing Price ($) Price Change One Month (%) Equity Market Cap ($M)
Monmouth Capital Corp. MONM 6.45 0.62 23.2
Monmouth Real Estate Investment Corp. MNRTA 8.51 0.12 147.8
First Industrial Realty Trust FR 40.16 -0.35 1,978.3
EastGroup Properties EGP 37.07 -1.20 780.2
First Potomac Realty Trust FPO 21.85 -3.06 339.8
AMB Property Corp. AMB 38.30 -5.43 3,369.8
CenterPoint Properties Trust CNT 43.93 -5.71 2,141.3
Liberty Property Trust LRY 39.29 -8.82 3,508.7
ProLogis PLD 38.50 -9.62 7,366.4
Catellus Development Corp. CDX 27.19 -10.41 2,801.6
SNL Industrial REIT Index -7.48
SNL Equity REIT Index -5.84
* Pricing as of 2/3/2005. Source: SNL Financial


OFFICE PROPERTY SALES SURGE IN 2004

According to Real Capital Analytics, office property sales totaled $72.4 billion in 2004, representing an increase of 57% by dollar volume and 38% by number of properties sold compared to 2003. CBD towers accounted for 44% of sales volume in 2004, but represented only 20% of office properties traded.

Rank Property Name Location Price Price per Sq. Ft. Sq. Ft. Buyer
1 Sears Tower Chicago, IL $840,000,000 $244 3,446,363 Feil Organization
2 Bank of America Center San Francisco, CA $825,000,000 $458 1,800,000 Karsick/Werner/IPC US
3 111 Eighth Street New York, NY $758,078,000 $274 2,800,000 Jamestown
4 State Street Financial Center Boston, MA $705,400,000 $672 1,050,000 American Financial Realty Trust
5 Houston Center Houston, TX n/a n/a 3,000,000 JP Morgan Investment Mgmt.
6 AT&T Corporate Center Chicago, IL $480,000,000 $320 1,500,000 Tishman Speyer Office Fund
7 Shell Plaza Towers Houston, TX $480,000,000 $200 2,400,000 Hines Interests
8 1001 Pennsylvania Ave Washington, DC $466,700,000 $582 802,390 Teacher's Insurance & Annuity
9 Marine Midland Bank Bldg. New York, NY $456,500,000 $380 1,200,866 DIFA
10 Colorado Center/MGM Plaza Santa Monica, CA $444,000,000 $374 1,187,000 Teacher's Insurance & Annuity
11 Bank of America Tower Los Angeles, CA $435,000,000 $311 1,400,000 Trizec Properties
12 Bertelsmann Bldg. New York, NY $426,000,000 $387 1,100,000 Paramount Group
13 Manhattan Mall New York, NY $421,000,000 $421 1,000,000 HausInvest Global
14 300 Park New York, NY $387,058,824 $539 718,700 Tishman Speyer Office Fund
15 179 Maiden Lane New York, NY $355,000,000 $325 1,091,850 Moinian Group
Source: Real Capital Analytics