Total return index levels for the MSCI US REIT Index are available on the performance page of this website. Price-only index levels are available via www.amex.com as well as via other vendors listed in the table below. In addition, announcements of changes to this index are available on the US REIT Subscriber page.

Index Symbols for the MSCI US REIT Index:

REIT Index Overview

• MSCI US REIT Index
• MSCI REIT Preferred Index

MSCI US REIT Index

The MSCI US REIT Index broadly and fairly represents the equity REIT opportunity set with proper investability screens to ensure that the index is investable and replicable. The index represents approximately 85% of the US REIT universe.

Features and Benefits of the MSCI US REIT Index

The MSCI US REIT Index Methodology was developed based upon consultations with market participants. The index features:

• Broad and fair representation of US equity REITs
• Transparent, rules based index methodology
• Timely index reviews - The MSCI US REIT Index will reflect the evolving equity REIT market on a timely basis through quarterly index reviews
• Free float-adjustment

Index Calculation Information

Index Calculation and Dissemination - On June 20, 2005, MSCI assumed the calculation and dissemination of all information regarding the index.

New Index Branding - On June 20, 2005, the official name of the index changed from the Morgan Stanley REIT Index to the MSCI US REIT Index. The index continues to be calculated with dividends reinvested.

New Real Time Index - On June 20, 2005, MSCI introduced a price only index that is calculated by MSCI in real time and distributed by the AMEX over Network B of the Consolidated Tape Association, and by MSCI to Reuters and Bloomberg.

Methodology Enhancements - Following a consultation period with market participants, MSCI announced on January 11, 2005 the methodology enhancements it has made to the Morgan Stanley REIT Index.

• Free float-adjust the Morgan Stanley REIT Index constituents using the MSCI free float methodology in order to reflect the availability of shares from the perspective of U.S. domestic investors. MSCI free float-adjusts the market capitalization of each security using an adjustment factor, referred to as the Domestic Inclusion Factor (DIF)
• Apply to the Morgan Stanley REIT Index the same investability screens that are used in the construction and maintenance of the MSCI US Equity Indices
• Apply to the Morgan Stanley REIT Index the same periodicity of index reviews and corporate events maintenance as are applied to the MSCI US Equity Indices
• Include only REIT securities from the investable market segment of the MSCI US equity universe in the Morgan Stanley REIT Index. The type of REIT eligible for inclusion in the Morgan Stanley REIT Index remains unchanged

MSCI implemented the methodology changes in two separate phases. The first phase took place during the February 2005 Quarterly Index Review and the second and final phase took place during the May 2005 Semi-Annual Index Review.

During the February 2005 Quarterly Index Review, MSCI updated the number of shares and free float-adjusted the market capitalization of all constituents in the Morgan Stanley REIT Index. Constituents with a DIF lower than 0.80 and an index weight of more than 0.2% as of December 31, 2004 were assigned an interim DIF to reflect approximately one-half of the final free float adjustment. The full DIF adjustment was implemented in the May 2005 Semi-Annual Index Review. All other constituents transitioned to their final DIF reflecting their final free float-adjusted market capitalization during the February 2005 Quarterly Index Review. Additions to and deletions from the Morgan Stanley REIT Index also took place during the May 2005 Semi-Annual Index Review.

In order to be consistent with the MSCI index calculation methodology, on June 20, 2005 MSCI began calculating the MSCI US REIT Index using Laspeyres' principle of a weighted arithmetic average together with the concept of chain linking. This principle effects corporate event adjustments to the index's next day market capitalization. Prior to this, the index was calculated using Paasche's index calculation method, which effects corporate event adjustments to the index's previous day basis.

More details about the MSCI US REIT Index methodology are available in the REIT methodology section of this web site. The MSCI US Equity Indices methodology book can be found in the US Equity section of this web site.

MSCI REIT Preferred Index

The MSCI REIT Preferred Index (MSRP), formerly known as the Morgan Stanley REIT Preferred Index, is a preferred stock market capitalization-weighted total return index of certain exchange-traded perpetual preferred securities issued by US Equity and US Hybrid REITs.

The index was calculated and distributed by Morgan Stanley until February 28, 2005. MSCI took over the calculation, maintenance and distribution of the Morgan Stanley REIT Preferred Index on March 1, 2005 and changed the name of the index to MSCI REIT Preferred Index on January 15, 2009. MSCI is responsible for day-to-day management of the index.

In order to be consistent with the MSCI index calculation methodology, effective on March 1, 2005 MSCI began calculating the MSCI REIT Preferred Index using Laspeyres' principle of a eighted arithmetic average together with the concept of chain linking. This principle effects corporate event adjustments to the index's next day market capitalization. Prior to this, the index was calculated using Paasche's index calculation method, which effects corporate event adjustments to the index's previous day basis.

MSCI announced on February 2, 2006 the methodology guide for the MSCI REIT Preferred Index. The Methodology changes were implemented effective April 3, 2006 to coincide with the effective date of the March 2006 Rebalancing.

The MSCI REIT Preferred Index methodology guide is posted on the REIT methodology & Announcement section of this web site.