August 17, 2004 - AGENDA*
.

8:00
Registration & Continental Breakfast

8:30
The Future of the REIT Industry
How will new construction affect occupancy rates?
How will the economic recovery, offshoring, and demographics will impact on the office and apartment sectors?
Which geographic regions are strengthening and which are deteriorating?
How will Wal-Mart impact the retail REITs?
Are we overdue for another round of bankruptcies in the retail sector?
How much will Internet travel bookings adversely impact hotel rates?

Panelists: David M. Fick, Managing Director, Legg Mason Wood Walker 
               
Karen Nickerson, VP (Senior Analyst), Moody's Investors Service
                Joseph P. Smith - Portfolio Manager,  ING Clarion
 
Moderator: Jack McAllister, VP – Institutional Investor Affairs, NAREIT

9:10
Commercial Net Lease Realty, Inc. (NNN)

Invests in high quality, single-tenant retail, office and industrial properties subject generally to long-term, net leases with established tenants, such as Barnes & Noble, Best Buy, Eckerd, OfficeMax and the United States of America. The company currently owns 348 properties in 39 states with a gross leasable area of approximately 7.9 million square feet. These properties are leased to 130 corporations in 48 industrial classifications.
Speaker: Kevin Habicht, CFO

9:50
Monmouth Real Estate Investment Corporation   (MNRTA)

Monmouth was organized in 1968 and is a publicly owned REIT specializing in net-leased industrial properties. The Company's equity portfolio consists of thirty-three industrial properties and one shopping center located in New Jersey, New York, Connecticut, Maryland, Michigan, Mississippi, Missouri, Massachusetts, Iowa, Illinois, Nebraska, North Carolina, Kansas, Pennsylvania, Florida, Virginia, Ohio, Wisconsin and Arizona. In addition, the Company owns a portfolio of REIT securities.
Speaker: Michael Landy  Director

10:30
Coffee Break

10:40
Pennsylvania REIT (PEI)
One of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls and power centers (approximately 33.4 million square feet) located in the eastern United States. PREIT's portfolio currently consists of 58 properties in 14 states. PREIT's portfolio includes 40 shopping malls, 14 strip and power centers and four industrial properties.
Speaker: Jonathan B. Weller, President & COO

11:20
W. P. Carey & Co. LLC (WPC)
Founded in 1973, W. P. Carey & Co. is a leading global investment firm that has long served as the preeminent provider of sale-leaseback financing to corporations and private equity firms in the United States and Europe. It owns a portfolio of net-leased real estate assets and provides asset management services to the Corporate Property Associates (CPA®) series of income generating, publicly held non-traded real estate investment trusts (REITs). The Company currently owns and/or manages more than 680 commercial and industrial properties worldwide, representing 95 million square feet, valued at approximately $7 billion.
Speaker: Gordon F. DuGan, President & Co-CEO

12:00
Federal Realty Investment Trust  (FRT)

An equity REIT specializing in the ownership, management, development, and redevelopment of shopping centers and Street Retail properties. Federal Realty's portfolio now contains approximately 16.9 million square feet located primarily in strategic metropolitan markets in the Northeast, Mid-Atlantic, and California. The operating portfolio was approximately 93% leased to over 2,200 national, regional, and local retailers as of December 31, 2003, with no single tenant accounting for more than 2.3% of rental revenue.
Speaker:  Larry Finger, CFO, SVP, Treasurer

12:40
Adjournment  

*agenda subject to change

To nominate a speaker or conference topic, please call Davbid Wanetick at 212-952-7400, ext. 162 or dwanetick@twst.com.To inquire about sponsorship or exhibit opportunities, please call Jim Meyer at 212-952-7400, ext. 117, or jmeyer@twst.com.