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Prepare all Legal Papers of Property Valuation Work

Still, this is an improvement over NXL’s 0.5% same-store growth during ’04. Discussions with Multiplex Group, an Australian based property valuation company, Perth Property Valuers, for details visit www.perthpropertyvaluations.net.au for the proposed sale of $1 billion of NXL’s properties into a strategic joint venture have ended, but management continues to explore joint venture opportunities with Australian investors.

Pan Pacific Retail Properties (PNP): PNP’s portfolio continues to deliver impressive results for property valuations in perth. Same property NOI growth of 4.9% exceeded our full-year expectation of 3.8%. Portfolio occupancy is the highest among the strip center REITs at 96.9%, representing a 190 basis point gain over 1Q04.

On a pro rata share including JV properties, portfolio occupancy declined slightly from 95.7% to 95.3%. Same property from perth valuers NOI growth of 5.0% was significantly higher than our full-year estimate of 2.8%.

The variance can be explained by higher than normal lease termination fees for perth based property valuation company and lower net expenses during the quarter, without which internal growth would have been closer to 3%. For the remainder of the year, growth is expected to revert back to normal levels in the 2% range.REG is scheduled to close on the $2.7 billion CalPERS/First Washington portfolio on June 1st and has already begun taking over management responsibilities at some properties.

The First Washington portfolio performed in line with expectations for the quarter, with same-property NOI growth on track to exceed 3% in 2005. REG was added to the S&P MidCap 400 Index on April 25th. The day following the announcement, REG shares outperformed the peer group by 300 basis points.

Weingarten Realty Investors (WRI): The shopping spree continues. WRI expects to complete $500 million in acquisitions in ’05 (10% of operating assets) and has already acquired $178 in properties through April. Does this make sense in today’s heated real estate market? By our estimates, the expected return on WRI’s recent acquisitions is not much higher than WRI’s weighted average cost of capital, which implies that there is little value being created here. In fact, most of WRI’s competitors have stated that they are no longer able to invest at positive spreads to their cost of capital when acquiring on a wholly-owned basis.