9-4-03                                                                                           Vol. 6: No. 9 RealtyStocks' Observer If you're not receiving this free monthly e-newsletter, please register. Monthly Feature: XXXXX A. XXXXX B. XXXXX C. Large Cap REIT Performance D. Equity REIT Performance E. Mortgage REIT Performance F. Realty Corporations G. Real Estate Mutual Funds A. XXXXXX XXXXXX   Top B. XXXXX XXXX   Top C. LARGE CAP REIT PERFORMANCE Large Cap REITs ended August with a slight monthly price decrease of -0.1%. They were also behind of the broader Equity REIT performance. The best large cap performer for August was between St Joe (JOE) and Equity Residential Properties (EQR) gaining 4.8% and 4.2%. The worst performing large cap REIT for the month was Crescent Real Estate Equities (CEI), falling -13.7%. The best performing stock, Year-To-Date (YTD), was Kimco Realty Corporation (KIM), gaining 36%, and the worst YTD was Crescent Real Estate Equities (CEI), losing -12.8%. Please see Large Cap REITs.)   Top D. EQUITY REIT PERFORMANCE Equity REITs had a slight price loss of -0.05% for August. Out of the fifteen groups, three had negative returns. Those groups with the best monthly performances were Hotel, up 2.87%, and Retail Malls & Centers, up 1.56%. The worst group for the August was the Diversified group, up -7.93%. The best performing groups YTD were Specialty, up 25.32%, followed by Regional Malls, up 24.84%. The worst group YTD, yet still positive was Diversified, up 3.01%. The best performing Equity REITs for August were Phillips Int'l Realty (PHIR) and Humphrey Hospitality Trust (HUMP), gaining 16.6% and 14.5%, respectively. The worst monthly performers were Income Opportunity Realty Trust (IOT) and Crescent Real Estate Equities (CEI), losing -89.9% and -13.7%, respectively. The best performing stocks YTD were Golf Trust of America (GTA) and Omega Healthcare Investors Inc. (OHI), gaining 137% and 70.3%. The worst performing stock YTD were Income Opportunity Realty Trust (IOT), losing -93.4%, and Transcontinental Realty Investors (TCI), losing -19.5%, respectively. (Please see Equity Gainers and Losers.).   Top E. MORTGAGE REIT PERFORMANCE Mortgage REITs posted a slight price loss of -0.35%. The best performing group for the month was Commercial Mortgage, gaining 2.45%. Still, YTD the mortgage sector posted a gain of 20.33% and is slightly ahead of Equity REITs. The best performers for August were Imperial Mortgage Holdings (IMH) and Capstead Mortgage Corp (CMO), up 10.2% and 9.5%, respectively. The worst performer was Novastar Financial Inc (NFI) losing -22.2%, respectively. The best performers YTD were American Residential Inv. Trust (INV), up 108%, and Impac Commercial (ICH), up 84.2%. The worst performing stock YTD was Capstead Mortgage Corp (CMO), losing -49.6%, respectively. (Please see Mortgage Gainers and Losers.)   Top F. REALTY CORPORATIONS Realty and Housing Corporations gained 2.22% in August. The best monthly performers were Home Builders with a gain of 6.1% and Lodging up 5.07%. The worst monthly was Tech & Net with a respective loss of -2.4%. The best stock performers for August were American Tower Corp (AMT), up 25.1% and Hovnanian Corporation (HOV), up 25%. The worst monthly performers were Dominion Homes (DHOM) and Schuff Steel Company (SHF), down -16.5% and -16.3%, respectively. The best performers YTD were American Tower Corp (AMT) and Crown Castle Int'l Corp. (CCI), gaining 222.4% and 186.7%. The worst performers YTD were US Realtel, Inc. (USRTE.OB), down -62.1%, and WestCoast Hospitality (WEH), down -25.4%, respectively. (Please see Realty Corp. Gainers and Losers.)   Top G. REAL ESTATE MUTUAL FUNDS (REMFs) The average total return for real estate funds in August was 1.44%. The best performing monthly REMFs were CGM Realty & Alpine with respective overall returns of 7.69% to 4.21%. The best performers YTD were CGM Realty and Alpine, both with returns of 46.15% to 29.04%. (Please see REMFs.)   Top Stock Changes. RFS Hotel (RFS) was acquired by CNL Hospitality Properties (CNL). Note: In reporting group percentage changes, stocks that were under $1 are excluded from our calculations. If a stock is under $1 for more than two months, it is subject to removal from our coverage. All gains or losses regarding Realty Stocks are price changes only; dividends are excluded, and are calculated as of the end of each month. Disclaimer: The material provided herein should not be taken as endorsements or recommendations to invest in a stock, fund, a group of stocks or other securities. No guarantee can be made as to the expected performance of such investments. Investors should consult all available information, including data external to RealtyStocks and associated Web sites, and exercise own best judgment before making any investment decisions. The author may have equity positions in some of the companies covered in RealtyStocks, which may change from time to time, and will divulge such information upon request   Top InRealty Sponsors Inquire about our special advertising banner promotions! E-MAIL: stocks@inrealty.com Copyright ©2003, WebVisers Inc. All rights reserved .