The REIT Race

The following REITs are based in Southern California. The chart shows their closing prices as of Friday, their low and high share prices during the last year and their yield per share.

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Ticker Friday Southern California REITs symbol Exchange close Low** High** Alexander Haagen Properties* ACH AMEX $13.13 $12.38 $18.25 Alexandria Real Estate Equities ARE NYSE 29.19 25.56 34.56 American Residential INV NYSE 8.56 8.13 16.75 Investment Trust Angeles Mortgage ANM AMEX 17.63 15.13 19.88 Investment Trust Apex Mortgage Capital AXM NYSE 10.88 10.19 15.00 Arden Realty ARI NYSE 23.56 21.75 32.38 Burnham Pacific Properties BPP NYSE 13.75 12.75 15.75 Excel Realty Trust XEL NYSE 24.00 23.38 35.63 G&L; Realty Corp. GLR NYSE 16.00 16.00 21.75 Health Care Property Investors HCP NYSE 31.50 31.06 40.38 IMPAC Commercial Holdings ICH AMEX 13.44 13.38 20.75 IMPAC Mortgage Holdings IMH AMEX 16.25 14.00 18.56 Imperial Credit Commercial ICMI NASDAQ 10.00 9.63 19.13 Mort. Investment INMC Mortgage Holdings NDE NYSE 20.88 20.25 27.19 Irvine Apartment Communities IAC NYSE 27.13 26.56 33.50 Kilroy Realty KRC NYSE 21.13 20.31 30.00 LTC Properties LTC NYSE 18.00 17.19 21.94 Macerich MAC NYSE 26.31 24.75 30.38 National Golf Properties TEE NYSE 26.81 26.13 33.69 Nationwide Health Properties NHP NYSE 22.06 21.81 26.94 Pacific Gulf Properties PAG NYSE 22.00 19.13 24.63 Pan Pacific Retail Prop. PNP NYSE 20.19 19.38 22.75 Price Enterprises PREN NASDAQ 18.56 17.13 20.25 PS Business Parks PSB AMEX 21.44 19.94 26.63 Public Storage PSA NYSE 25.88 23.44 33.63 Realty Income O NYSE 25.19 23.44 27.81 Sunstone Hotel Investors SSI NYSE 11.19 10.13 18.19 Westfield America WEA NYSE 16.56 14.25 18.75

Southern California REITs Yield Alexander Haagen Properties* 10.97% Alexandria Real Estate Equities 5.48 American Residential 13.08 Investment Trust Angeles Mortgage 7.26 Investment Trust Apex Mortgage Capital 9.20 Arden Realty 7.13 Burnham Pacific Properties 7.64 Excel Realty Trust 8.33 G&L; Realty Corp. 9.75 Health Care Property Investors 8.19 IMPAC Commercial Holdings 10.27 IMPAC Mortgage Holdings 11.47 Imperial Credit Commercial 6.50 Mort. Investment INMC Mortgage Holdings 9.44 Irvine Apartment Communities 5.68 Kilroy Realty 7.67 LTC Properties 8.67 Macerich 6.99 National Golf Properties 6.41 Nationwide Health Properties 7.61 Pacific Gulf Properties 7.64 Pan Pacific Retail Prop. 7.53 Price Enterprises 7.54 PS Business Parks 4.66 Public Storage 3.40 Realty Income 7.86 Sunstone Hotel Investors 9.83 Westfield America 8.57

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* Will become Center Trust Retail Properties.

**52-week range

Performance Comparison

Closing share prices of Arden Realty Inc. are compared with performance of the Bloomberg Real Estate Securities Index between August 1997 and July 1998.

Bloomberg REIT Index: 126.31

Arden Realty Inc.: $23.63

Source: Deloitte & Touche and Bloomberg News