Realty Stock Review's Barry Vinocur came closest to predicting the year-end value of the NAREIT Equity REIT Index and the
Morgan Stanley REIT Index with a forecast of 5,412.36 and 650.25, respectively.
(Yields on REITs have risen more than 50 percent from March 2000 to April 2002, according to the
Morgan Stanley REIT index. During the same period, Standard & Poor's 500 stock index was down about 20 percent.)
Perhaps no better indication of the New York regional real market is exemplified than a look at the
Morgan Stanley REIT index. In April, the index hit its high of 471.30 for the year, in comparison to a year before at 413.