Green Street Advisors, Inc. :: Our Performance

TOTAL RETURN OF GREEN STREET'S RECOMMENDATIONS^{1, 2} December 1, 2008 Cumulative Total Returns The Value of $1,000 Invested in 1/93
	BUYs	HOLDs	SELLs
'08 YTD³	-47.8%	-56.2%	-67.9%
'07	-6.5%	-22.3%	-27.6%
'06	45.4%	29.9%	18.4%
'05	26.3%	18.3%	-1.9%
'04	42.3%	28.4%	15.5%
'03	42.7%	37.2%	20.9%
'02	17.7%	2.6%	1.9%
'01	35.7%	19.1%	11.9%
'00	53.6%	29.3%	4.4%
'99	14.2%	-9.2%	-20.2%
'98	-0.6%	-15.1%	-16.4%
'97	37.2%	14.2%	5.8%
'96	47.3%	30.5%	17.5%
'95	23.6%	14.3%	-0.4%
'94	20.5%	-0.7%	-9.3%
'93³	29.4%	5.4%	6.7%
Period 2/93 - 11/08
Total Return	1870.0%	99.5%	-64.2%
Annualized	20.7%	4.5%	-6.3%

Historical results through January 3, 2005 were independently verified by Ernst & Young, LLP. E&Y did not verify stated results subsequent to January 3, 2005. Past performance cannot be used to predict future performance. For a complete explanation of study, see 5/9/03 report "How are We Doing?"
Company inclusion in the calculation of total return has been based on whether the companies were listed in the primary exhibit of Green Street's "Real Estate Securities Monthly", pg. 13-16. Beginning with May 2000, Gaming C-Corps and Hotel C-Corps, with the exception of Starwood Hotels and Homestead Village, are not included in the primary exhibit and therefore not included in the calculation of total return. Beginning with March 2003, all Hotel companies are excluded.
Study uses recommendations given in Green Street's "Real Estate Securities Monthly" from January 24, 1993 through December 1, 2008.

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