REIT Stock Price Devastation

REIT Growth and Income Monitor follows a total of 132 publicly traded REITs. As of
the end of February, 2009, 54 of them (more than 40%) are trading at or less than $5 per share.

The average of the 14 REITs included in the S&P 500 Index decreased (40%) year to date for 2009,
all of them underperforming the (19%) decline for the S&P 500 Index. This decline for 2009 for S&P 500 Index
REITs is especially shocking when considering the average decline of (41%) for 2008.

Although REITs are officially viewed by Standard & Poors as part of the Financial sector, none of the 14 REITs
included in the S&P 500 Index are actually invested in financial assets.

We think income investors should wake up to the opportunities among REITs. Average REIT yield
now exceeds 10%, despite many dividend reductions by cautious REIT managements during the
last 6 months.