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October 18, 2004 01:00 AM

2004 Real Estate Investment Managers

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    Largest real estate investment managers

    Ranked by taxable/tax-exempt assets, in millions, as of June 30.























































































































    TAXABLE/TAX-EXEMPT ASSETS* TAX-EXEMPT ASSETS**
    RANK MANAGERTOTALEQUITYTIMBERREITHYBRID DEBTMEZZA- NINEMORT- GAGES TOTALEQUITYTIMBERREITHYBRID DEBTMEZZA- NINEMORT- GAGESDISCRE- TIONARY
    1 ING Clarion/Real Estate$59,401 $35,599 $4,984 $18,818 $8,752 $7,111 $1,641 $5,683
    2 Prudential Real Estate$42,537 $16,685 $722 $25,130 $13,136 $11,650 $722 $764 $13,050
    3 RREEF/DB Real Estate$41,872 $36,999 $4,651 $8 $214 $16,813 $12,596 $4,085 $8 $124 $15,903
    4 TIAA-CREF$37,173 $11,315 $2,700 $23,158 $37,173 $11,315 $2,700 $23,158 $37,173
    5 Principal Real Estate$23,261 $7,479 $576 $285 $14,921 $15,606 $4,810 $267 $65 $10,464 $12,840
    6 LaSalle Investment$21,056 $17,291 $3,753 $12 $7,234 $4,324 $2,898 $12 $5,796
    7 UBS Realty Investors$19,636 $18,014 $1,007 $615 $8,760 $8,083 $62 $615 $8,760
    8 AEW Capital$18,398 $13,421 $4,936 $41 $8,072 $4,054 $3,982 $36 $6,173
    9 JPMorgan Fleming$18,375 $13,362 $1,303 $122 $108 $3,480 $16,599 $12,325 $579 $122 $93 $3,480 $14,217
    10 INVESCO Real Estate$17,125 $12,693 $4,425 $7 $8,318 $7,094 $1,217 $7 $5,747
    11 Morgan Stanley Real Estate***$15,825 $8,818 $7,007 $10,272 $6,786 $3,486 $7,816
    12 New York Life Inv. Mgmt.$14,372 $769 $1,420 $240 $11,943 $3,058 $158 $279 $146 $2,475
    13 CB Richard Ellis Investors$13,493 $13,493 $5,091 $5,091 $3,736
    14 Henderson Global Investors$11,355 $10,000 $1,296 $59 $912 $615 $238 $59 $528
    15 Cohen & Steers$11,179 $528 $10,651 $2,148 $2,148 $2,148
    16 Heitman$10,107 $5,370 $2,272 $2,465 $8,300 $4,913 $1,175 $2,212 $2,565
    17 Barclays Global$9,234 $9,234 $6,668 $6,668 $6,668
    18 General Motors Asset Mgmt.$9,178 $5,764 $180 $2,501 $733 $8,570 $5,302 $180 $2,355 $733 $8,570
    19 Capri Capital$7,301 $1,894 $137 $5,270 $2,031 $1,894 $137 $2,031
    20 Goldman, Sachs$6,342 $6,342 $1,579 $1,579 $1,579
    21 SSR Realty Advisors$6,092 $6,092 $6,092 $6,092 $5,213
    22 Kennedy Associates$5,436 $5,436 $5,436 $5,436 $4,829
    23 Cornerstone Real Estate$5,388 $5,099 $289 $1,955 $1,955 $1,371
    24 Vanguard Group$4,785 $4,785 $586 $586 $586
    25 Fidelity Investments$4,563 $980 $3,583 $1,210 $870 $340 $1,210
    26 CIGNA Realty Investors$4,292 $324 $114 $3,854 $4,292 $324 $114 $3,854 $4,292
    27 Security Capital Research$4,276 $63 $4,213 $2,358 $63 $2,295 $2,358
    28 Citigroup Alternative$3,888 $3,155 $50 $205 $478 $422 $45 $377 $422
    29 Blackstone Real Estate$3,850 $3,757 $13 $80 $1,772 $1,721 $7 $44 $1,772
    30 GMAC Institutional Advisors$3,822 $543 $780 $16 $2,483 $796 $58 $11 $727 $593
    31 Sentinel Real Estate$3,234 $3,234 $3,113 $3,113 $2,182
    32 Adelante Capital$3,048 $3,048 $2,491 $2,491 $2,491
    33 Russell Investment Group$2,888 $1,210 $1,678 $1,405 $1,186 $219 $1,405
    34 Shorenstein$2,874 $2,833 $20 $21 $1,539 $1,507 $16 $16 $1,539
    35 Hancock Timber$2,861 $2,861 $1,701 $1,701 $1,464
    36 GE Asset Mgmt.$2,853 $2,710 $97 $46 $2,853 $2,710 $97 $46 $2,853
    37 Westbrook Partners$2,680 $2,657 $23 $2,680 $2,657 $23 $2,680
    38 Lazard Freres Real Estate$2,590 $1,812 $746 $32 $1,924 $1,260 $657 $7 $1,924
    39 KeyBank Real Estate$2,300 $2,300 $232 $232 $232
    40 Tuckerman Group$2,246 $285 $1,846 $74 $41 $786 $204 $470 $71 $41 $786
    41 Beacon Capital$2,189 $2,189 $2,189 $2,189 $2,189
    42 E.I.I. Realty Securities$2,153 $994 $1,159 $806 $806 $806
    43 Colony Capital$2,109 $1,639 $42 $42 $386 $1,154 $896 $23 $23 $212 $1,154
    44 KBS Realty Advisors$2,089 $1,911 $178 $2,089 $1,911 $178 $1,137
    45 L&B Realty$2,011 $2,008 $3 $1,601 $1,598 $3 $963
    46 Union Labor Life$1,997 $1,997 $1,997 $1,997 $1,997
    47 Wellington Management$1,898 $1,898 $1,757 $1,757 $1,757
    48 Starwood Capital$1,886 $1,815 $71 $1,635 $1,582 $53 $1,635
    49 Lowe Enterprises$1,824 $1,473 $351 $1,824 $1,473 $351 $1,203
    50 Global Forest Partners$1,802 $1,802 $1,379 $1,379 $1,281
    51 Forest Investment$1,690 $1,690 $1,690 $1,690 $1,690
    52 MacFarlane Partners$1,673 $832 $535 $306 $1,493 $759 $428 $306 $1,493
    53 Olympus Real Estate$1,604 $1,604 $1,199 $1,199 $1,199
    54 AFL-CIO Building Trust$1,593 $1,264 $101 $228 $1,593 $1,264 $101 $228 $1,593
    55 Oaktree Capital$1,587 $1,266 $140 $181 $1,361 $1,103 $112 $146 $1,361
    56 Urdang & Associates$1,582 $600 $837 $145 $1,582 $600 $837 $145 $1,446
    57 American Realty Advisors$1,496 $1,293 $84 $119 $1,496 $1,293 $84 $119 $1,496
    58 Transwestern ****$1,485 $1,185 $300 $900 $715 $185 $900
    59 Grantham, Mayo van Otterloo$1,479 $1,023 $456 $1,479 $1,023 $456 $1,441
    60 Thomas Properties$1,470 $1,470 $490 $490 $142
    61 RMK Timberland$1,435 $1,435 $1,396 $1,396 $1,396
    62 Goldman Sachs Asset$1,400 $1,400 $19 $19 $19
    63 Campbell Group$1,357 $1,357 $1,357 $1,357
    64 Advantus Capital$1,344 $345 $999 $565 $87 $478 $565
    65 DRA Advisors$1,254 $1,254 $1,168 $1,168 $962
    66 Delaware Investments$1,226 $1,226 $127 $127 $127
    67 Berwind Property Group$1,220 $1,220 $748 $748 $638
    68 Praedium Group$1,219 $1,200 $13 $6 $465 $452 $13 $465
    69 ABN AMRO Asset (USA)$1,176 $2 $1,174 $15 $15 $15
    70 Washington Capital$1,136 $466 $670 $1,136 $466 $670 $990
    71 AMB Capital Partners$1,132 $1,132 $682 $682 $682
    72 Hearthstone$1,129 $1,129 $915 $915 $915
    73 Commonwealth Realty$1,103 $1,101 $2 $1,103 $1,101 $2 $45
    74 Walton Street Capital$1,089 $1,075 $14 $648 $640 $8
    75 Alliance Capital$1,067 $1,067 $46 $46 $46
    76 JER Partners$1,052 $1,052 $553 $553 $553
    77 Rockwood Capital$1,047 $1,047 $865 $865 $865
    78 Prima Capital Advisors$1,020 $1,020 $1,020 $1,020 $1,020
    79 Legg Mason Real Estate$1,001 $677 $22 $302 $757 $614 $22 $121 $407
    80 Rockpoint Group$1,000 $1,000 $726 $726 $726
    81 McMorgan$945 $846 $28 $71 $945 $846 $28 $71 $945
    82 O’Connor Capital$900 $900 $540 $540 $540
    83 TGM Associates$859 $859 $859 $859
    84 Landmark Partners$822 $822 $285 $285 $285
    85 Duff & Phelps$811 $811 $73 $73 $73
    86 Sarofim Realty$785 $758 $27 $785 $758 $27 $91
    87 Avanti Investment Advisors$740 $740 $675 $675 $675
    88 Canyon Capital Realty$711 $314 $397 $428 $253 $175 $428
    89 Kensington Realty$697 $667 $30 $681 $651 $30 $500
    90 Lincoln Advisory Group$639 $639 $639 $639 $639
    91 ASB Capital Mgmt.$597 $597 $597 $597 $236
    92 CS Capital$580 $580 $580 $580 $410
    93 TimberVest$525 $525 $525 $525 $525
    94 Hancock Agricultural$520 $520 $344 $344 $243
    95 Divco West Properties$488 $488 $261 $261 $225
    96 Patron Capital$482 $477 $5 $302 $302 $302
    97 Intercontinental Real Estate$480 $480 $331 $331 $331
    98 Commonfund$444 $336 $108 $444 $336 $108
    99 Molpus Woodlands Group$442 $442 $442 $442
    100 Cozad/Westchester$377 $377 $377 $377 $377
    101 Draper & Kramer Realty$340 $175 $27 $138 $340 $175 $27 $138
    102 Pacific Financial$298 $298 $129 $129 $113
    103 Rothschild Realty$264 $178 $86 $264 $178 $86
    104 Great Point Investors$241 $241 $237 $237 $122
    105 Stratton Management$226 $226 $13 $13 $13
    106 Hart Advisers$222 $222 $222 $222
    107 Strategic Property Advisers$218 $204 $7 $7 $218 $204 $7 $7 $218
    108 Timberland Investment$210 $210 $210 $210 $210
    109 Dalton, Greiner$194 $83 $111 $194 $83 $111 $194
    110 Mercantile-Safe Deposit$186 $186 $186 $186 $186
    111 Los Angeles Capital$149 $13 $136 $149 $13 $136 $149
    112 CAPROC$125 $85 $40 $125 $85 $40 $40
    113 Munder Capital$90 $90 $16 $16 $16
    114 Westwood Management$46 $46 $30 $30 $30
    Total$555,863 $321,525 $12,247 $95,619 $1,293 $3,266 $121,913 $289,206 $174,734 $10,625 $46,048 $1,069 $2,463 $54,267 $246,620

    *Total worldwide real estate assets. **U.S. institutional, tax-exempt real estate assets. ***Assets as of March 31. ****Assets shown at cost. Real estate assets are reported net of leverage, including contributions committed or received, but not yet invested.
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