Below is a ranking of the top 50 REITs by equity market cap as of 5/16/01. This monthly ranking is provided by SNL Securities, Charlottesville, Va. (804) 977-1600. Look for REIT updates online at www.nreionline.com.

TOP 50 REITs by Implied Market Cap (includes common stock and operating units)
Property 5/16/01 1 Yr Total Equity Mkt Cap Implied Mkt Cap
REIT NAME Symbol Focus Price $ Return % (Millions) (Millions)
1 Equity Office Properties Trust EOP Office 27.66 5.51 8,547.39 9,683.01
2 Equity Residential Prop Trust EQR Residential 50.99 18.13 6,808.6 7,430.01
3 Simon Property Group Inc SPG Retail 25.55 4.0 4,311.75 5,971.64
4 Boston Properties Inc BXP Office 39.0 12.72 3,498.34 4,313.56
5 Spieker Properties Inc SPK Office 54.4 19.53 3,588.82 4,068.9
6 Apartment Invest and Mgmt Co AIV Residential 44.08 33.0 3,240.89 3,731.24
7 Host Marriott Corp HMT Hotel 13.0 40.72 3,038.12 3,702.42
8 ProLogis Trust PLD Industrial 20.4 4.42 3,544.22 3,648.02
9 Crescent Real Estate Equities Co CEI Office 23.79 42.91 2,920.05 3,585.18
10 Vornado Realty Trust VNO Div/Other 35.96 5.79 3,123.52 3,393.74
11 Duke-Weeks Realty Corp DRE Office 22.84 13.87 2,941.59 3,372.08
12 Public Storage Inc PSA Self-Storage 26.85 26.59 3,246.06 3,252.45
13 AvalonBay Communities Inc AVB Residential 44.29 15.86 2,993.25 3,022.97
14 Archstone Communities Trust ASN Residential 24.08 12.06 2,902.19 2,925.04
15 Kimco Realty Corp KIM Retail 43.74 15.14 2,779.96 2,779.96
16 General Growth Properties Inc GGP Retail 36.39 17.28 1,824.39 2,537.4
17 Liberty Property Trust LRY Industrial 29.21 26.6 2,054.99 2,171.42
18 AMB Property Corp AMB Industrial 24.02 12.38 2,041.18 2,166.8
19 CarrAmerica Realty Corp CRE Office 28.41 20.98 1,763.69 1,936.0
20 Rouse Company RSE Retail 26.64 14.8 1,831.66 1,831.66
21 Plum Creek Timber Co Inc PCL Land 26.35 10.94 1,806.87 1,806.87
22 Health Care Property Invest Inc HCP Health Care 34.72 38.47 1,772.88 1,802.24
23 Mack-Cali Realty Corp CLI Office 26.26 6.51 1,496.66 1,705.62
24 Charles E Smith Resi Rlty Inc SRW Residential 46.22 28.26 1,051.07 1,663.24
25 Arden Realty Inc ARI Office 24.37 13.9 1,551.35 1,604.06
26 Post Properties Inc PPS Residential 35.5 12.76 1,376.12 1,559.97
27 Highwoods Properties Inc HIW Office 24.95 16.9 1,353.29 1,544.46
28 Hospitality Properties Trust HPT Hotel 26.35 32.93 1,488.94 1,488.94
29 New Plan Excel Realty Trust Inc NXL Retail 16.46 26.75 1,435.39 1,459.78
30 First Industrial Realty Trust Inc FR Industrial 30.98 12.54 1,214.71 1,436.96
31 United Dominion Rlty Trust Inc UDR Residential 12.96 34.08 1,313.75 1,410.38
32 Reckson Associates Rlty Corp RA Industrial 21.89 9.86 1,241.93 1,410.37
33 FelCor Lodging Trust Inc FCH Hotel 22.61 22.39 1,200.71 1,395.09
34 Regency Centers Corp REG Retail 23.53 19.02 1,352.0 1,390.06
35 Franch Finance Corp of America FFA Restaurant 24.68 22.27 1,385.17 1,385.17
36 BRE Properties Inc BRE Residential 28.45 9.1 1,319.82 1,373.85
37 Camden Property Trust CPT Residential 33.28 24.02 1,268.63 1,353.09
38 Weingarten Realty Investors WRI Retail 42.73 11.12 1,343.6 1,343.6
39 Mission West Properties Inc MSW Industrial 13.3 63.44 226.76 1,338.32
40 Cousins Properties Inc CUZ Div/Other 26.3 5.65 1,297.85 1,297.85
41 Westfield America Inc WEA Retail 16.11 24.2 1,181.75 1,231.3
42 HRPT Properties Trust HRP Office 8.39 12.49 1,098.8 1,098.8
43 Taubman Centers Inc TCO Retail 12.95 24.02 647.61 1,059.87
44 Home Prop of New York Inc HME Residential 27.99 9.42 608.12 1,041.44
45 MeriStar Hospitality Corp MHX Hotel 21.8 26.73 970.27 1,034.78
46 CenterPoint Properties Trust CNT Industrial 46.31 27.51 1,033.85 1,033.85
47 Storage USA Inc SUS Self-Storage 33.76 21.91 914.9 1,027.86
48 Macerich Company MAC Retail 22.5 3.4 765.46 1,017.0
49 CBL & Associates Properties Inc CBL Retail 27.17 22.08 685.97 1,007.28
50 Chateau Communities Inc CPJ Residential 30.35 24.75 868.02 977.38