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  EQUITY RESEARCH September 8, 2003   PRUDENTIAL EQUITY GROUP, INC. IS CHANGING ITS RATING'S SYSTEM Equity Research   Steve Buell All important disclosures can be found at the end of this report.   HIGHLIGHTS   ã Below we have listed the adjusted ratings for all of the companies we follow as of Monday, September 8, 2003, along with our industry ratings.   DISCUSSION As of today, we have revised our stock rating system. Our new system will conform more closely to recently instituted moves by brokerage firms that have led to a now-common Street practice of rating the attractiveness of stocks relative to other stocks in the analyst's or analyst team's universe of coverage. We will continue to provide our clients with the kind of clear, focused, objective research they have come to expect from us, but we believe it's also important to address the needs of clients who must retain a high  percentage of their overall portfolios in a broad, diversified basket of equities. When we assign an Overweight rating, we mean that we expect the stock's total return to exceed the average total return of the analyst's (or analyst team's) coverage universe. When we assign a Neutral Weight rating, we mean that we expect the stock's total return to be in line with the average total return of the analyst's (or analyst team's) coverage universe. When we assign an Underweight rating, we mean that we expect the stock's total return to be below the average total return of the analyst's (or analyst team's) coverage universe. Our investment time frame is 12-18 months, unless otherwise specified by the analyst in the report. Our new industry ratings are Favorable, Neutral, and Unfavorable. Below we have listed the adjusted ratings for all of the companies we follow as of Monday, September 8, 2003, along with our industry ratings. All equities are priced as of the close, September 4, 2003. Sullivan -- Apartment REITS (Unfavorable), Healthcare REITS (Neutral), Hotel REITS (Neutral), Industrial REITS (Favorable), Office REITS (Unfavorable), Regional Mall REITS (Favorable), Shopping Center REITS (Neutral)   9/4/03 Prior Current Company Name Ticker Price Rating Rating AMB Property AMB 29.55 Hold Overweight Apartment Invest. & Mgmt. AIV 38.56 Hold Neutral Weight    Archstone-Smith Trust ASN 26.50 Hold Neutral Weight Arden Realty ARI 27.81 Hold Underweight AvalonBay Communities AVB 47.20 Hold Underweight Boston Properties BXP 44.54 Hold Neutral Weight Brandywine Realty Trust BDN 24.93 Hold Underweight BRE Properties BRE 34.71 Hold Underweight Camden Property Trust CPT 38.80 Hold Underweight CarrAmerica Realty CRE 28.81 Hold Neutral Weight CBL & Associates CBL 50.28 Buy Overweight CenterPoint Prop. Trust CNT 64.80 Hold Neutral Weight Crown American Realty Trust CWN 11.57 Hold Neutral Weight Developers Diversified Realty DDR 29.82 Hold Overweight Duke Realty DRE 28.70 Hold Neutral Weight Entertainment Properties Trust EPR 32.72 Hold Neutral Weight Equity Office Properties Trust EOP 28.05 Hold Neutral Weight Equity Residential Prop. Trust EQR 29.61 Hold Neutral Weight Essex Property Trust ESS 64.50 Hold Underweight FelCor Lodging Trust FCH 10.18 Hold Neutral Weight First Industrial Realty Trust FR 31.43 Hold Neutral Weight General Growth Properties GGP 71.79 Buy Overweight Glimcher Realty Trust GRT 21.47 Hold Neutral Weight Health Care Property Investors HCP 43.94 Hold Neutral Weight Health Care REIT HCN 30.91 Hold Neutral Weight Healthcare Realty Trust HR 32.96 Hold Neutral Weight Highwoods Properties HIW 23.68 Hold Neutral Weight Host Marriott HMT 10.22 Hold Neutral Weight Kilroy Realty KRC 28.71 Hold Underweight LaSalle Hotel Properties LHO 16.77 Hold Overweight Macerich Company, The MAC 38.44 Hold Overweight Mack-Cali Realty CLI 37.56 Hold Neutral Weight MeriStar Hospitality MHX 6.73 Hold Overweight Nationwide Health Properties NHP 16.88 Buy Overweight New Plan Excel Realty Trust NXL 23.36 Hold Neutral Weight Pan Pacific Retail Properties PNP 43.33 Hold Neutral Weight Post Properties PPS 28.40 Hold Neutral Weight Prentiss Properties Trust PP 31.00 Hold Neutral Weight ProLogis Trust PLD 29.09 Hold Neutral Weight Regency Centers REG 35.92 Hold Neutral Weight Simon Property Group SPG 43.60 Buy Overweight SL Green Realty SLG 36.37 Hold Neutral Weight Summit Properties SMT 22.68 Hold Underweight United Dominion Realty Trust UDR 18.73 Hold Underweight Source: Prudential Equity Group, Inc.       For complete details on the stocks mentioned in this report that are covered by Prudential Equity Group analysts, please visit our Website at www.prudential.com or contact your Prudential Equity Group representative. To view charts associated with those stocks, please visit http://cm1.prusec.com. DISCLOSURES Any analyst principally responsible for the analysis of any security or issuer included in this report certifies that the views expressed accurately reflect such research analyst's personal views about subject securities or issuers and certifies that no part of his or her compensation was, is, or will be directly or indirectly related to the specific recommendation or views contained in the research report. Prudential Financial or its affiliates beneficially owns 1% or more of any class of common equity securities of BXP,KRC. The research analyst, a member of the team, or a member of the research analyst’s household has a financial interest in ASN (preferred),CRE (preferred),DDR (preferred),FCH (preferred),GRT (preferred),HCP (preferred),HIW (preferred),HMT (preferred),LHO (preferred) and does not have a financial interest in AMB,AIV,ARI,AVB,BXP,BDN,BRE,CPT,CBL,CNT,CWN,DRE,EPR,EOP,EQR,ESS,FR,GGP,HCN,HR,KRC,MAC,CLI,MHX,NHP,NXL,PNP,PPS,PP,PLD,REG,SPG,SLG,SMT,UDR . Prudential Equity Group, Inc. has no knowledge of any material conflict of interest involving the companies mentioned in this report and our firm. Prudential Equity Group, Inc. and/or its affiliates have managed or comanaged a public offering of securities in the past 12 months, have received compensation for investment banking services in the past 12 months, or expect to receive or intend to seek compensation for investment banking services in the next 3 months from BRE,CBL,DDR,EPR,MAC. The research analyst or a member of the team does not have an actual material conflict of interest relative to any of the stocks mentioned in this report . The research analyst has not received compensation that is based upon (among other factors) the firm’s investment banking revenues as it relates to any of the stocks mentioned in this report . When we assign an Overweight  rating, we mean that we expect that the stock's total return will exceed the average total return of the analyst's (or analyst team's) coverage universe. Our investment time frame is 12-18 months except as otherwise specified by the analyst in the report. When we assign a Neutral  Weight rating, we mean that we expect that the stock's total return will be in line with the average total return of the analyst's (or analyst team's) coverage universe. Our investment time frame is 12-18 months except as otherwise specified by the analyst in the report. When we assign an Underweight  rating, we mean that we expect that the stock's total return will be below the average total return of the analyst's (or analyst team's) coverage universe. Our investment time frame is 12-18 months except as otherwise specified by the analyst in the report. Rating Distribution 09/04/03 Firm’s Sector’s Firm IBG Clients Sector IBG Clients Buy 41% 4% Hold 55% 5% Sell 4% 0% Excludes Closed End Funds 06/30/03 Firm’s Sector’s Firm IBG Clients Sector IBG Clients Buy 40% 4% Hold 57% 5% Sell 4% 0% Excludes Closed End Funds 03/31/03 Firm’s Sector’s Firm IBG Clients Sector IBG Clients    Buy 39% 3% Hold 57% 6% Sell 3% 0% Excludes Closed End Funds 12/31/02 Firm’s Sector’s Firm IBG Clients Sector IBG Clients Buy 38% 3% Hold 59% 5% Sell 3% 1% Excludes Closed End Funds Firm’s IBG Clients: represents situations where companies have entered into investment banking transactions with Prudential Equity Group, Inc.. Information as of July 10, 2003 Important Information Regarding the Accompanying Research Report For clients of Wachovia Securities, including its Prudential Securities division Wachovia Securities, LLC and/or its affiliates managed or co-managed a public offering of the following companies’ securities in the past 12 months, received compensation for investment banking services from the following companies in the past 12 months, or expects to receive or intends to seek compensation for investment banking services from the following companies in the next 3 months:  AAII, ACAS, ACE, ACF, ADCT, ADP, ADS, AFCI, AHG, AIV, ALD, AMLN, AMSG, ANSR, AOL,  APA, APC, APPB, ARI, ARO, ASN, AT, ATAC, AVB, AWE, AXL, AXP, AZPN, BAC, BBBY, BE, BG, BEBE, BLS, BMY, BOBE, BR, BRE, BSC, BSG, BWA, C, CAN, CB, CBL, CBR, CCU, CE, CEG, CEN, CFC, CHC, CHIC, CHUX, CIEN, CIN, CIT, CKC, CKFR, CLI, CLP, CMLS, CNT, CNXT, COF, CPG, CPS, CRE, CTCO, CTL, CXR, CY, D DUK, DCN, DCX, DDR, DECA, DG, DGX, DIGL, DIS, DLTR, DPH, DRE, DRI, DRL, DTPI, DVA, DVN, EAT, EMC, EMKR, EMMS, ENDP, EOG, EOP, EPD, EPN, EPR, EQR, ETR, EVG, EXC, F, FBN, FDC, FDO, FDRY, FE, FFIV, FISV, FNM, FOX, FPL, FRE,FRT, GBP, GE, GLW, GM, GS, GTN, HC, HCP, HEW, HME, HPT, HR, HRP, HTG, HVT, IBC, ICN, ICPT, IDPH, IFSIA, IMMU, INTC, IPXL, ISCA, JBX, JDAS, JDEC, JHF, JKHY, JPM, KEA, KG, KIM, KMI, KMP, KMR, KPA, KRB, KRON, KTR, LAMR, LEA, LEG, LEH, LH, LIN, LNCR, LRY, LSI, LXP, LZB, MAC, MAN, MANU, MCGC, MEDI, MER, MGA, MHK, MHX, MMA, MNST, MO, MRR, MU, MWD, NESN.VX, NI, NNN, NSCN, NSRGY, NT, NXTL, NXTP, O, OFC, OSI, PAYX, PDX, PFGC, PGN, PKY, PLD, PNP, POG, PPL, PRE, PSA, PSC, PSUN, PXD, RCII, RE, REG, RI, RL, RMK, RNR, RNT, ROIAK, RQI, RRE, RRGB, RSAS, RWT, S, SBGI, SCG, SCRI, SCT, SDS, SFNT, SFP, SGA, SIMG, SINT, SLAB, SLG, SLXP, SMT, SNH, SO, SSTI, STT, SYMC, SYY, TBI, TCR, TDS, TEK, TELK, TIER, TLRK, TM, TMA, TOM, TPC, TPP, TTEN, TTN, TUES, TUNEE, TYC, UCO, UDR, URBN, USM, USON, USPI, VAST, VMSI, VNO, VNX, VZ, WB, WEG, WEN, WFC, WPI, WRI, WSM, WTSLA, WWCA, X, XL, YBTVA, YUM, ZQK An employee, director, or officer of Wachovia Securities, LLC is a Board Member or Director of:  AIRT, CMLL, EDCO, GBTB, JHFT, PAB, SSYMW, WLC  Any OTC-traded securities or non-U.S. companies mentioned in this report may not be cleared for sale in all states. Securities products and services are offered through Prudential Equity Group Incorporated, a Prudential company.  ©Prudential Equity Group Incorporated, 2003, all rights reserved. One New York Plaza, New York, NY 10292 Prudential Financial is a service mark of The Prudential Insurance Company of America, Newark, NJ, and its affiliates. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. Any statements nonfactual in nature constitute only current opinions, which are subject to change. There are risks inherent in international investments, which may make such investments unsuitable for certain clients. These include, for example, economic, political, currency exchange rate fluctuations, and limited availability of information on international securities. Prudential Equity Group Incorporated, its affiliates, and its subsidiaries make no representation that the companies which issue securities which are the subject of their research reports are in compliance with certain informational reporting requirements imposed by the Securities Exchange Act of 1934. Sales of securities covered by this report may be made only in those jurisdictions where the security is qualified for sale. The contents of this publication have been approved for distribution by Prudential-Bache International Limied, which is authorised and regulated by The Financial Services Authority. We recommend that you obtain the advice of your Financial Advisor regarding this or other investments.  Additional information on the securities discussed herein is available upon request . The applicable disclosures can be obtained by writing to: Prudential Equity Group, 1 New York Plaza  – 17 th  floor, New York, New York, 10292 Attn: Equity Research.  
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