NREI presents the Top 100 Pension Fund Managers as ranked by Nelson Information Inc., Port Chester, N.Y., based on real estate assets managed as of July 23, 1997. Combined, these 100 firms manage $241.5 billion out of the total $256.6 billion of real estate assets managed by all real estate investment management firms.

Denotes a tie

1 ERE Yarmouth (Independent) Real Estate Assets ($ Mil.): 24754.9 Year Founded: 1859 3424 Peachtree Road, N.E., Atlanta, GA 30326 Douglas A. Tibbetts, Pres.

2 CIGNA Investment Management, Real Estate (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 14017.0 Year Founded: 1967 S-314 , Hartford, CT 06152-2314 Philip J. Ward, Investment Officer

3 John Hancock Real Estate Investment Group (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 10827.0 Year Founded: 1966 Hancock Place 53rd Floor, Boston, MA 02117-0111 Kevin Mcguire, Pres.

4 LaSalle Advisors Limited (Independent) Real Estate Assets ($ Mil.): 10114.1 Year Founded: 1968 200 E. Randolph, Chicago, IL 60601 Stuart L. Scott, CEO

5 Heitman Capital Management (Independent) Real Estate Assets ($ Mil.): 9778.0 Year Founded: 1966 180 N. LaSalle St Chicago, IL 60601-3100 Charles Wurtzebach, CEO

6 AMP Investments Australia Ltd. (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 8154.0 Year Founded: 1849 GPO Box 4134, Sydney 2001 Australia Andrew Threadgold, CEO

7 Prudential Private Asset Management Group (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 8130.3 Year Founded: 1970 8 Campus Drive, Parsippany, NJ 07054 Les Horsager, CEO

8 Richard Ellis Property Fund Management (Independent) Real Estate Assets ($ Mil.): 7500.0 Year Founded: 1773 Berkeley Square House, London W1X 6AN England Andrew Hearn, Director of Marketing

9 General Growth Properties (Independent) Real Estate Assets ($ Mil.): 6700.0 Year Founded: 1993 55 W. Monroe, Ste. 3100, Chicago IL 60603 Matthew Bucksbaum, CEO

10 RREEF (Independent) Real Estate Assets ($ Mil.): 6673.1 Year Founded: 1975 101 California St., 26th Floor, San Francisco, CA 94111 Donald A. King, CEO

11 AEW Capital Management (Independent) Real Estate Assets ($ Mil.): 6537.0 Year Founded: 1981 225 Franklin St., Boston, MA 02110-2803 Joseph F. Azrack, CEO

12 Boston Financial (Real Estate Mgr.) (Independent) Real Estate Assets ($ Mil.): 5659.3 Year Founded: 1969 101 Arch St., 16th Floor, Boston, MA 02110-1106 Fred N. Pratt, CEO

13 Corporate Property Investors (Independent) Real Estate Assets ($ Mil.): 4500.0 Year Founded: 1971 Three Dag Hammarskjold Plaza, 305 E. 47th St., New York, NY 10017 Mark S. Ticotin, Pres.

14 GE Investments (Real Estate) (Independent) Real Estate Assets ($ Mil.): 4339.0 3003 Summer St., Stamford, CT 06905-4316 John H. Myers, CEO

15 Jones Lang Wootton (Independent) Real Estate Assets ($ Mil.): 4152.1 Year Founded: 1982 355 Madison Ave., New York, NY 10017 Charles Grossman, Investment Officer

16 AEGON USA Realty Advisors (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 4138.0 4333 Edgewood Road, N.E., Cedar Rapids, IA 52499-0001 David Blankenship, Pres.

17 Allegis Realty Investors LLC (Independent) Real Estate Assets ($ Mil.): 3970.2 Year Founded: 1984 242 Trumbull St. ARI4T, Hartford, CT06103-1205 James W. O'Keefe, CEO

18 Healey & Baker (Independent) Real Estate Assets ($ Mil.): 3967.0 Year Founded: 1820 29 St. George St., Hanover Square, London W1A 3BG England P.D. Orchard-Lisle, CEO

19 Equity Group Investments (Broker Affiliate) Real Estate Assets ($ Mil.): 3937.3 Two N. Riverside Plaza, 7th Floor, Chicago, IL 60606-2609 Timothy Callahan, Investment Officer

20 Cohen & Steers Capital Management (Independent) Real Estate Assets ($ Mil.): 3867.0 Year Founded: 1986 757 Third Ave. 27th Floor, New York, NY 10017-2013 Robert H. Steers, CEO

21 Westmark Realty Advisors L.L.C. (Independent) Real Estate Assets ($ Mil.): 3736.0 Year Founded: 1971 865 S. Figueroa St., Ste. 3500, Los Angeles, CA 90017-2543 Richard C. Clotfelter, CEO

22 MIG Realty Advisors (Independent) Real Estate Assets ($ Mil.): 3220.0 Year Founded: 1984 One Clearlake Centre, 250 Australian Ave. S., Ste 400, W. Palm Beach, FL 33401 Larry E. Wright, CEO

23 Sentinel Real Estate Corporation (Independent) Real Estate Assets ($ Mil.): 2877.8 Year Founded: 1969 666 Fifth Ave. , New York, NY 10103-2698 John H. Streicker, CEO

24 L&B Real Estate Counsel (Independent) Real Estate Assets ($ Mil.): 2774.9 Year Founded: 1983 8750 N. Central Expressway Ste. 800, Dallas, TX 75231-6437 M. Thomas Lardner, CEO

25 Beacon Properties Corp. (Independent) Real Estate Assets ($ Mil.): 2600.0 50 Rowes Wharf , Boston, MA 02110-3328 Alan M. Leventhal, CEO

26 AMB Institutional Realty Advisors (Independent) Real Estate Assets ($ Mil.): 2540.0 Year Founded: 1983 505 Montgomery St., 5th Floor, San Francisco, CA 94111-2552 Hamid R. Moghadam, CEO

27 UBS Asset Management (NY)- (Real Estate) (Bank Affiliate) Real Estate Assets ($ Mil.): 2379.9 Year Founded: 1972 1345 Ave. of the Americas, 47th Floor, New York, NY 10105 Henry W. Haunss CIO

28 Phoenix Realty (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 2348.3 Year Founded: 1981 38 Prospect St., P.O. Box 150479, Hartford CT 06115-0479 Scott C. Noble, CEO

29 Meditrust (Independent) Real Estate Assets ($ Mil.): 2285.8 Year Founded: 1985 197 First Ave. P.O. Box 9127, Needham Heights, MA 02194-9127 Abraham D. Gosman, CEO

30 INVESCO Realty Advisors (Independent) Real Estate Assets ($ Mil.): 2278.1 Year Founded: 1983 5400 LBJ Freeway Ste. 1200, Dallas, TX 75240 David A. Ridley, Pres.

31 Sarofim Realty Advisors (Independent) Real Estate Assets ($ Mil.): 2108.0 Year Founded: 1985 8201 Preston Road, Ste. 300, Dallas, TX 75225-6209 C.A. Galpern, Pres.

32 W.P. Carey & Company (Bank Affiliate) Real Estate Assets ($ Mil.): 2100.0 Year Founded: 1973 50 Rockefeller Plaza, New York, NY 10020-1605 William P. Carey, CEO

33 Schroders Australia Property Management (Bank Affiliate) Real Estate Assets ($ Mil.): 2066.2 Year Founded: 1972 225 George St., Sydney 2000 Australia Andrew Jaffray, Investment Officer

34 Kennedy Assocs. Real Estate Counsel (Independent) Real Estate Assets ($ Mil.): 2012.0 Year Founded: 1975 2400 Financial Center Building, 1215 Fourth Ave., Seattle,WA 98161 Duff Kennedy, CEO

35 Hancock Timber Resource Group (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 1999.9 Year Founded: 1985 99 High St. 26th Floor, Boston, MA02110 Endicott Peabody, Director of Marketing

36 Health & Retirement Properties Trust (Independent) Real Estate Assets ($ Mil.): 1947.0 Year Founded: 1986 400 Centre St. , Newton, MA 02158-2076 David J. Hegarty, Pres.

37 Koll Investment Management (Independent) Real Estate Assets ($ Mil.): 1906.0 Year Founded: 1993 4343 Von Karman Ave., Newport Beach, CA 92660-2005 Bill Harris, Investment Officer

38 GE Capital Investment Advisors (Independent) Real Estate Assets ($ Mil.): 1683.0 Year Founded: 1995 444 Market St., Ste. 2100, San Francisco, CA 94111-5331 Victor B. MacFarlane, CEO

39(tie) Morguard Investments Limited (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 1600.0 Year Founded: 1966 One University Ave., Ste. 1500, Toronto, ON M5J 2V5 Canada Tony Stephens, CEO

39(tie) Laureate Realty Services (Independent) Real Estate Assets ($ Mil.): 1600.0 227 W. Trade St., Ste. 400, Charlotte, NC 28202 Thomas S. Dennard, CEO

40 Spieker Properties (Independent) Real Estate Assets ($ Mil.): 1390.3 Year Founded: 1993 2180 Sand Hill Road, Ste. 200, Menlo Park, CA 94025-6935 Warren E. Spieker, CEO

41 Royal Insurance Asset Management (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 1390.0 Year Founded: 1990 Westgate House, 9 Holborn, London EC1N 2QE England Richard Johnson, CEO

42 Greystone Realty Corporation (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 1362.3 Year Founded: 1988 100 First Stamford Place, Sixth Floor, Stamford, CT 06902 Donald E. Conover, CEO

43 Lowe Enterprises Investment Management (Independent) Real Estate Assets ($ Mil.): 1227.5 Year Founded: 1972 11777 San Vicente Blvd., Ste. 900, Los Angeles, CA 90049-5011 Robert J. Lowe, CEO

44 McMorgan & Co. (Real Estate Mgr.) (Independent) Real Estate Assets ($ Mil.): 1210.0 Year Founded: 1969 One Bush St., Ste. 800, San Francisco, CA 94104-4441 Thomas A. Morton, CEO

45 United Dominion Realty Trust (Independent) Real Estate Assets ($ Mil.): 1131.1 Year Founded: 1972 10 S. Sixth St., Richmond, VA 23219-3802 John P. McCann, CEO

46 Post Properties (Independent) Real Estate Assets ($ Mil.): 1109.3 3350 Cumberland Circle, Ste. 2200, Atlanta, GA 30339-3363 John A. Williams, CEO

47 U.S. Realty Advisors, LLC (Independent) Real Estate Assets ($ Mil.): 1098.4 Year Founded: 1989 1370 Ave. of the Americas, 29th Floor, New York, NY 10019-4602 Richard H. Ader, CEO

48 UBS Resource Investments Int'l (Bank Affiliate) Real Estate Assets ($ Mil.): 1076.9 Year Founded: 1982 Trade Center - Box 24, 24 Airport Road, W. Lebanon, NH 03784-1663 C. Edward Broom, CEO

49 Raymond James Realty Advisors (Broker Affiliate) Real Estate Assets ($ Mil.): 1024.0 Year Founded: 1989 7000 Central Parkway, Ste. 1500, Atlanta, GA 30328-4597 J. Robert Love, CEO

50 Weatherall Green & Smith (Independent) Real Estate Assets ($ Mil.): 1012.6 Year Founded: 1860 22 Chancery Lane, London WC2A 1LT England Eilan Goldwin, CEO

51 USF&G Realty Advisors (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 1010.0 Year Founded: 1989 6225 Centennial Way LB0101, Baltimore, MD 21209 Charles Werhane, CEO

52 Cabot Partners Limited Partnership (Independent) Real Estate Assets ($ Mil.): 1005.5 Year Founded: 1986 Two Center Plaza, Ste. 200, Boston, MA 02108-1906 Ferdinand Colloredo-Mansfeld, CEO

53 Felcor Ste. Hotels, Inc. (Independent) Real Estate Assets ($ Mil.): 978.8 Year Founded: 1994 545 E. John Carpenter Freeway, Ste. 1300, Irving, TX 75062 Thomas Corcoran, CEO

54 Crown American Realty Trust (Independent) Real Estate Assets ($ Mil.): 960.0 Pasquerilla Plaza, Johnstown, PA 15901 Frank Pasquerilla, CEO

55 AMRESCO Advisors, Inc. (Independent) Real Estate Assets ($ Mil.): 947.7 Year Founded: 1996 265 Franklin St., 18th Floor, Boston, MA02116 Stephen J. Murphy, Investment Officer

56 DRA Advisors, Inc. (Independent) Real Estate Assets ($ Mil.): 920.0 Year Founded: 1986 1180 Ave. of the Americas, 18th Floor, New York, NY 10036-8401 Francis X. Tansey, CEO

57 PM Realty Advisors (Independent) Real Estate Assets ($ Mil.): 915.0 Year Founded: 1868 800 Newport Center Drive, Ste. 300, Newport Beach, CA 92660-6315 Laura R. Gaylord, Investment Officer

58 ULLICO (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 888.3 Year Founded: 1927 111 Massachusetts Ave., N.W., Washington, DC 20001-1461 Michael R. Steed, CIO

59 NWM Property Advisory Ltd. (Bank Affiliate) Real Estate Assets ($ Mil.): 883.3 8 Fenchurch Place, London EC3M 4TE England J.L. Fender, Investment Officer

60 Union Labor Life Insurance Co. (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 839.6 Year Founded: 1927 111 Massachusetts Ave. NW, Washington, DC 20001-1498 Robert A. Georgine, CEO

61 Gables Residential (Independent) Real Estate Assets ($ Mil.): 785.0 2859 Paces Ferry Road Ste. 1450, Atlanta, GA 30339-5701 Marcus E. Bromley, CEO

62 Legg Mason Real Estate Services (Independent) Real Estate Assets ($ Mil.): 743.1 Year Founded: 1954 Mellon Bank Center, 12th Floor, 1735 Market St., Philadelphia, PA 19103-7501 M. Walter D'Alessio, CEO

63 Schroder Real Estate Associates (Independent) Real Estate Assets ($ Mil.): 742.0 Year Founded: 1972 437 Madison Ave., New York, NY 10022-7189Norman L. Peck, CEO

64 Prudential Agricultural Investments (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 704.0 Year Founded: 1878 801 Warrenville Road, Ste. 600, Lisle, IL 60532-1357 Mel Gould, Investment Officer

65 SFRE, Inc. (Independent) Real Estate Assets ($ Mil.): 700.0 Year Founded: 1963 66 Canal Center Plaza Ste. 700, Alexandria, VA 22314-1591 Nitin M. Chittal, CEO

66 Colonial Properties Trust (Independent) Real Estate Assets ($ Mil.): 679.6 2101 6th Ave. N., Ste. 750, Birmingham, AL 35203 Thomas H. Lowder, CEO

67 Hearthstone Advisors (Independent) Real Estate Assets ($ Mil.): 669.0 Year Founded: 1989 16830 Ventura Boulevard, Ste. 352, Encino, CA 91436-1716 Richard Werner, CEO

68 DLJ Real Estate Capital Partners, L.P. (Broker Affiliate) Real Estate Assets ($ Mil.): 660.0 277 Park Ave. 19th Floor, New York, NY 10172 Neil N. Hasson, Investment Officer

69 MIMLIC Asset Management Co. (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 655.8 Year Founded: 1984 400 Robert St. N. Station 15-4452, St. Paul, MN 55101-2015 Paul Gooding, CEO

70 ASB Capital Mgmt. (R.E. Mgr.) (Bank Affiliate) Real Estate Assets ($ Mil.): 647.6 Year Founded: 1983 1101 Pennsylvania Ave., NW, Ste. 300, Washington, DC 20004-2514 Robert M. Phillips, CEO

71 Camden Property Trust (Independent) Real Estate Assets ($ Mil.): 646.5 3200 S.W. Freeway, Ste. 1500, Houston, TX 77027 Richard J. Campo, CEO

72 McNeil Capital, LLC (Independent) Real Estate Assets ($ Mil.): 645.0 Year Founded: 1996 4 Embarcadero Center, Ste. 3250, San Francisco, CA 94111 Carole J. McNeil, CEO

73 Penreal Advisors Ltd. (Independent) Real Estate Assets ($ Mil.): 627.5 Year Founded: 1982 1090 W Georgia St., Ste. 700, Vancouver, BC V6E 3V7 Canada Walter R. Badun, CEO

74 Midland Advisory Services (MAS) (Independent) Real Estate Assets ($ Mil.): 605.0 Year Founded: 1983 33 N. Garden Ave., Ste. 1200, Clearwater, FL 34615 Robert J. Banks, CEO

75 Charles E. Smith Residential Realty (Independent) Real Estate Assets ($ Mil.): 586.5 2345 Crystal Drive, Crystal City, Arlington, VA 22202-4801 Robert P. Kogod, CEO

76 American Realty Advisors (Independent) Real Estate Assets ($ Mil.): 583.4 Year Founded: 1976 700 N. Brand Boulevard, Ste. 300, Glendale, CA 91203-1261 Stanley L. Iezman, CEO

77 Advance Property Fund (Bank Affiliate) Real Estate Assets ($ Mil.): 573.1 Level 10, 182 George St., Sydney 2000 Australia Russell Hooper, Investment Officer

78 Westpac Investment Mgmt. Pty Ltd. (Bank Affiliate) Real Estate Assets ($ Mil.): 559.2 Year Founded: 1958 Level 36, Westpac Plaza, 60 Margaret St., Sydney NSW 2000 Australia Ian Macoun, CEO

79 GIO Asset Management (Insurance Co. Affiliate) Real Estate Assets ($ Mil.): 557.8 Year Founded: 1927 Level 10, 111 Elizabeth St., Sydney 2000 Australia Mark Dutton, CEO

80 Hawaiian Trust Company (Bank Affiliate) Real Estate Assets ($ Mil.): 542.0 Year Founded: 1893 Financial Plaza of the Pacific, P.O. Box 3170, Honolulu, HI 96802-3170 W.J. Laskey, CEO

81 TGM Associates L.P. (Independent) Real Estate Assets ($ Mil.): 541.3 Year Founded: 1991 650 Fifth Ave. 28th Floor, New York, NY 10019-6108 Thomas Gochberg, CEO

82 Ambassador Apartments, Inc. (Independent) Real Estate Assets ($ Mil.): 525.0 77 W. Wacker Drive, Ste. 4040, Chicago, IL 60601-1629 David M. Glickman, CEO

83 Berkshire Realty Co. (Independent) Real Estate Assets ($ Mil.): 519.1 Year Founded: 1990 Harbor Plaza, 470 Atlantic Ave., Boston, MA 02210 David Marshall, CEO

84(tie) Rosen Associates Management Corp. (Independent) Real Estate Assets ($ Mil.): 500.0 Year Founded: 1959 333 Jericho Turnpike, Jericho, NY 11753 Robert A. Rosen, CEO

84(tie) Capital Apartment Properties, Inc. (Independent) Real Estate Assets ($ Mil.): 500.0 11200 Rockville Plaza, Ste. 400, Rockville, MD 20852-3103 Richard L. Kadish, CEO

85 Canagex Inc. (Independent) Real Estate Assets ($ Mil.): 496.6 Year Founded: 1972 The Exchange Tower, 130 King St. W., Ste. 1130, Toronto, ON M5X 1E3 Canada Robert Ciamarro, Pres.

86 M.D. Sass Group of Companies (Independent) Real Estate Assets ($ Mil.): 481.0 Year Founded: 1972 1185 Ave. of the Americas, 18th Floor, New York, NY 10036-2699 Martin D. Sass, CEO

87 Bristol Group, Inc. (Independent) Real Estate Assets ($ Mil.): 464.0 Year Founded: 1980 400 Montgomery St., Ste. 400, San Francisco, CA 94104-1213 James J. Curtis, Pres.

88 Rothschild Realty (Broker Affiliate) Real Estate Assets ($ Mil.): 463.5 Year Founded: 1981 1251 Ave. of the Americas, 51st Floor, New York, NY 10020-1104 John D. McGurk, Pres.

89 Morgan Stanley Asset Management (Broker Affiliate) Real Estate Assets ($ Mil.): 453.2 Year Founded: 1975 1221 Ave. of the Americas, New York, NY 10020-1001 James Allwin, Pres.

90 Essex Property Trust (Independent) Real Estate Assets ($ Mil.): 437.1 777 California Ave., Palo Alto, CA 94304-1102 Keith R. Guericke, CEO

91 Urdang & Associates Real Estate Advisors (Independent) Real Estate Assets ($ Mil.): 421.0 Year Founded: 1987 630 W. Germantown Pike, Ste. 321, Plymouth Meeting, PA 19462-1074 E. Scott Urdang, CEO

92(tie) Capital Property Trust (Independent) Real Estate Assets ($ Mil.): 403.0 60 Marcus Clarke St., Canberra ACT 2601 Australia Chris O'Donnell, CEO

92(tie) Northern Trust Global Advisors (Bank Affiliate) Real Estate Assets ($ Mil.): 403.0 Year Founded: 1976 300 Atlantic St., Ste. 400, Stamford, CT 06901-3540 Edgar W. Barksdale, CEO

93 Kensington Realty Advisors (Independent) Real Estate Assets ($ Mil.): 400.0 Year Founded: 1991 77 W. Wacker Drive, Ste. 4150, Chicago, IL 60601-1629 James S. Smith, CEO

94 Beutel, Goodman & Co. Ltd. (Real Estate) (Independent) Real Estate Assets ($ Mil.): 372.8 Year Founded: 1967 20 Eglinton Ave. W., Ste. 1502, Toronto, ON M4R 1K8 Canada Owen R. McCreery, Pres.

95(tie) Regency Windsor Companies (Independent) Real Estate Assets ($ Mil.): 350.0 8500 N. Keystone Ave., Ste. 530, Indianapolis, IN 46240-4325 John A. Purdie, CEO

95(tie) Allied Capital Advisers (Independent) Real Estate Assets ($ Mil.): 350.0 Year Founded: 1976 1666 K St., N.W., 9th Floor, Washington, DC 20006-2803 David Gladstone, CEO

96 Wachovia Timberland Investment Management (Bank Affiliate) Real Estate Assets ($ Mil.): 349.1 Year Founded: 1981 MC 37131, 100 N.Main St., Winston-Salem, NC 27150-0001 James F. Webb, CEO