MORGAN STANLEY REIT INDEX FEBRUARY 2005 QUARTERLY INDEX REVIEWPrinceton, February 14, 2005. MSCI, a leading provider of international equity, US equity, fixed incomeand hedge fund indices, announced today changes to the Morgan Stanley REIT Index (RMS) resulting fromthe February 2005 Quarterly Index Review and the implementation of the first phase of the new enhanced
index methodology. Such changes will be effective as of the close of February 28, 2005.
There will be no additions to or deletions from the Morgan Stanley REIT Index during the February 2005
Quarterly Index Review. However, MSCI will update the number of shares and free float-adjust the market
capitalization of all the constituents of the Morgan Stanley REIT Index. 118 securities will have updates intheir number of shares, none of which are equal to or in excess of 5% of the security’s total shares
outstanding. The Domestic Inclusion Factor (DIF) for 55 securities will change in order to reflect theavailability of shares from the perspective of US domestic investors.
As part of the first phase of the implementation of the enhanced Index methodology, eight of those 55
securities will be assigned an interim DIF because their DIF is lower than 0.80 and their index weight wasmore than 0.2% as of December 31, 2004. The interim DIF reflects approximately one-half of the final freefloat adjustment. The full DIF adjustment will be implemented in the May 2005 Semi-Annual Index Review.
For an in-depth analysis of the February 2005 Quarterly Index Review of the Morgan Stanley REIT Index,
please refer to the Index Review summary, which is now available on MSCI’s website, www.msci.com, underthe REIT Indices section.

About MSCIMSCI (www.msci.com) is a leading provider of equity, fixed income and hedge fund indices, and related
products and services. MSCI estimates that over USD 3 trillion is benchmarked to its indices on a worldwide
basis. MSCI is headquartered in New York, with research and commercial offices around the world. In 2004,MSCI acquired Barra, Inc. (www.barra.com), a global leader in delivering risk analytics, performancemeasurement and attribution systems and services to managers of portfolio and firm-wide investment risk.
Morgan Stanley, a global financial services firm and a market leader in securities, asset management, andcredit services, is the majority shareholder of MSCI, and Capital International Inc., part of the global
investment management group of The Capital Group Companies, Inc., is the minority shareholder.

###______________________________________________________________________________________________________--1 of 3--

For further information on MSCI indices or MSCI data, please visit our web site at www.msci.com orcontact:
Dorsey Horowitz, MSCI, New York
Guillermo Benedit, MSCI, London
Sarah Chan, MSCI, Hong Kong
Olivia Vong, MSCI, Tokyo+ 1 212 762 5790
+ 44 20 7425 6660
+ 852 2848 6740
+ 813 5424 5470PR:Carla A. Schlemminger, MSCI, Berkeley, California
Ben Curson/Clare Rowsell, Penrose Financial, London
Ed Rowley/Patrick Linehan, Abernathy MacGregor, New York+ 1 510 649 4615
+ 44 20 7786 4888
+ 1 212 371 5999______________________________________________________________________________________________________The information contained in this document, including all text, data, graphs, charts and all other information(collectively, the “Information”) is the property of Morgan Stanley Capital International Inc. (MSCI) and is provided forinformational purposes only. Any use of MSCI indices, data or other information requires a license from MSCI. The
Information may not be used to verify or correct other data, to create indices, or in connection with offering, sponsoring,
managing or marketing any securities, portfolios, financial instruments or products. None of the Information constitutes
an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading
strategy, and MSCI does not endorse, approve or otherwise express any opinion regarding any issuer, securities,
financial instruments or products or trading strategies that may be described or mentioned herein. Further, none of theInformation is intended to constitute investment advice or a recommendation to make (or refrain from making) any kindof investment decision and may not be relied on as such. The user of the Information assumes the entire risk of any use
it may make or permit to be made of it. NEITHER MSCI, ANY OF ITS AFFILIATES OR ANY OTHER THIRDPARTY INVOLVED IN MAKING OR COMPILING ANY OF THE INFORMATION MAKES ANY EXPRESS OR
IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE
RESULTS TO BE OBTAINED BY THE USE THEREOF), AND MSCI, ITS AFFILIATES AND EACH SUCHOTHER THIRD PARTY HEREBY EXPRESSLY DISCLAIM ALL IMPLIED WARRANTIES (INCLUDING,WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NONINFRINGEMENT, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE)
WITH RESPECT TO ANY OF THE INFORMATION. Without limiting any of the foregoing, in no event shall MSCI,
any of its affiliates or any other third party involved in making or compiling any of the Information have any liability
regarding any of the Information for any direct, indirect, special, punitive, consequential or any other damages(including lost profits) even if notified of the possibility of such damages.
Morgan Stanley Capital International, MSCI®, ACWI, EAFE® and all other service marks referred to herein are theexclusive property of MSCI or its affiliates. All MSCI indices are the exclusive property of MSCI and may not be used inany way without the express written permission of MSCI.

______________________________________________________________________________________________________--2 of 3--