The data base for this study includes only equity REITs in existence in 1987 (there were no new
additions to the Wilshire list from 1988 to 1991, and the 1992 additions to the Index are not
included). There is a close similarity between the Wilshire Index and the REITs included in our
sample. In January 1987, the Wilshire list included 51 securities with a total market capitalization
of $8.0 billion. Forty five of these securities were equity REITs and 42 are included in this study