Month

1989- January
February
March
April
May
June
July
August
September
October
November
December
1990- January
February
March
April
May
June
July
August
September
October
November
December
Mean
Variance (Monthly)
Standard Deviation (monthly)
Standard Deviation (yearly)

Vanguard Index
500 Trust

California REIT

Brown Group

7.32%
-2.47%
2.26%
5.18%
4.04%
-0.59%
9.01%
1.86%
-0.40%
-2.34%
2.04%
2.38%
-6.72%
1.27%
2.61%
-2.50%
9.69%
-0.69%
-0.32%
-9.03%
-4.89%
-0.41%
6.44%
2.72%

-28.26%
-3.03%
8.75%
-1.47%
-1.49%
-9.09%
10.67%
-9.38%
10.34%
-14.38%
-14.81%
-4.35%
-5.45%
5.00%
9.52%
-0.87%
0%
4.55%
3.48%
0%
-13.04%
0%
1.50%
-2.56%

9.16%
0.73%
-0.29%
2.21%
-1.08%
-0.65%
2.22%
0%
1.88%
-7.55%
-12.84%
-1.70%
-15.21%
7.61%
1.11%
-0.51%
12.71%
3.32%
3.17%
-14.72%
-1.91%
-12.50%
17.26%
-8.53%

1.10%
0.21%
4.61%
15.96%

-2.27%
0.85%
9.23%
31.98%

-0.67%
0.67%
8.17%
28.29%

BRE Properties, Inc.

Date
Open
High
Low
Close
Volume Adj Close BRE Returns
12/3/1990
11.72
12.23
11.65
11.91
8800
1.28
11/1/1990
11.79
11.98
11.29
11.78
8800
1.26
10/1/1990
12.29
12.42
11.6
11.79
11200
1.2
9/4/1990
12.67
13.42
12.29
12.36
5900
1.26
8/1/1990
12.93
13.11
12.5
12.67
5700
1.29
7/2/1990
12.87
13.48
12.81
12.93
13100
1.25
6/1/1990
13.05
13.17
12.81
12.87
8900
1.25
5/1/1990
12.82
13.42
12.7
13.05
7600
1.27
4/2/1990
12.76
13.18
12.52
12.88
9300
1.19
3/1/1990
12.89
13.12
12.46
12.82
9300
1.19
2/1/1990
12.95
13.48
12.77
12.89
3700
1.14
1/2/1990
13.07
13.24
12.89
12.89
5900
1.14
12/1/1989
13.48
13.54
12.72
13.13
13800
1.16
11/1/1989
13.66
13.66
12.97
13.54
13100
1.19
10/2/1989
13.83
14.06
13.26
13.6
18100
1.15
9/1/1989
13.66
14.23
13.66
13.95
7100
1.17
8/1/1989
14.18
14.24
13.39
13.79
6000
1.11
7/3/1989
13.45
14.35
13.34
14.29
7600
1.15
6/1/1989
13.28
13.62
13.17
13.39
5000
1.08
5/1/1989
13.34
13.4
12.85
13.39
11300
1.08
4/3/1989
13.12
13.4
13.01
13.4
4600
1.03
3/1/1989
12.97
13.12
12.75
13.12
6800
1.01
2/1/1989
13.13
13.56
12.69
12.91
8100
0.95
1/3/1989
13.29
13.4
12.86
13.13
10700
0.96

Brandywine Realty Trust

Date
Open
High
12/3/1990
0.69
11/1/1990
0.56
10/1/1990
0.62
9/4/1990
0.87
8/1/1990
1.12
7/2/1990
1.25
6/1/1990
1.12
5/1/1990
1
4/2/1990
1.25
3/1/1990
1.37
2/1/1990
1.37
1/2/1990
1.5
12/1/1989
1.37
11/1/1989
1.5

Low
0.75
0.75
0.62
0.94
1.12
1.25
1.25
1.12
1.37
1.37
1.5
1.5
1.75
1.62

Close
0.5
0.56
0.5
0.5
0.87
1.12
1.12
1
0.94
1.25
1.25
1.37
1.37
1.25

0.56
0.69
0.56
0.62
0.87
1.12
1.25
1.12
1
1.25
1.25
1.37
1.37
1.37

1.62%
-0.08%
-4.07%
-2.45%
-2.01%
0.47%
-1.38%
1.79%
0.94%
-0.54%
-0.46%
-1.38%
-2.60%
-0.88%
-1.66%
2.12%
-2.75%
6.25%
0.83%
0.37%
2.13%
1.16%
-1.68%
-1.20%

Volume Adj Close Brandywine Returns

1200
0.44
-18.84%
800
0.54
23.21%
1000
0.44
-9.68%
300
0.49
-28.74%
700
0.68
-22.32%
200
0.88
-10.40%
400
0.98
11.61%
300
0.88
12.00%
400
0.79
-20.00%
300
0.98
-8.76%
600
0.98
-8.76%
300
1.08
-8.67%
2200
1.08
0.00%
1200
1.08
-8.67%

10/2/1989
9/1/1989
8/1/1989
7/3/1989
6/1/1989
5/1/1989
4/3/1989
3/1/1989
2/1/1989
1/3/1989

2
2.25
1.87
2
2.13
2
2.63
2.63
2.5
2.63

2.13
2.25
2.5
2
2.25
2.13
2.63
2.75
2.75
2.63

1.5
2
1.75
1.87
2
2
2
2.5
2.38
2.25

1.5
2
2.38
1.87
2
2.13
2
2.63
2.5
2.5

1200
900
900
600
500
600
700
1200
900
800

1.18
1.57
1.87
1.47
1.57
1.67
1.57
2.07
1.96
1.96

HCP, Inc.
Date
Open
High
Low
Close
Volume Adj Close HCP Returns
12/3/1990
33.88
34.38
33.13
33.13
67700
1.81
11/1/1990
32
33.88
31.5
33.75
58800
1.85
10/1/1990
31.25
33
30.25
31.75
64000
1.74
9/4/1990
31
32.38
30.5
31.12
85900
1.66
8/1/1990
32.25
33.13
29.75
31.25
83400
1.67
7/2/1990
31.25
33.88
31.12
32.25
85300
1.72
6/1/1990
30.75
32.25
30.37
31.12
90900
1.62
5/1/1990
29.25
30.87
28.75
30.62
73200
1.6
4/2/1990
29
30
28.37
29.12
98200
1.52
3/1/1990
28.37
29.25
28.25
29.25
80000
1.49
2/1/1990
29.12
29.12
27.87
28.37
181000
1.44
1/2/1990
31.87
32
28.87
28.87
68800
1.47
12/1/1989
30.12
31.75
29.5
31.62
61700
1.57
11/1/1989
29.5
30.5
29.12
30.12
64800
1.49
10/2/1989
31.12
32
29.25
29.62
55200
1.47
9/1/1989
31.62
32
30.5
30.87
49300
1.5
8/1/1989
29.87
31.75
29.87
31.75
82400
1.54
7/3/1989
29.62
31
29.5
29.75
101200
1.44
6/1/1989
26.75
30.62
26.62
29.75
161100
1.41
5/1/1989
25.5
27.5
25.37
26.87
85300
1.27
4/3/1989
25.25
25.75
25.12
25.37
82900
1.2
3/1/1989
25.62
26.62
25.25
25.75
36000
1.18
2/1/1989
25.12
25.75
24.75
25.5
102000
1.17
1/3/1989
25.87
26.5
24.62
25
91400
1.15

-25.00%
-11.11%
27.27%
-6.50%
-6.10%
6.50%
-23.95%
0.00%
0.00%
-4.94%

-2.21%
5.47%
1.60%
0.39%
-3.10%
3.20%
1.20%
4.68%
0.41%
3.10%
-2.58%
-9.41%
4.98%
2.10%
-4.82%
-2.37%
6.29%
0.44%
11.21%
5.37%
0.48%
0.51%
1.51%
-3.36%

Vornado Realty Trust

Date
Open
High
Low
Close
Volume Adj Close Vornado Returns
12/3/1990
106
108
105
107
5800
2.45
0.94%
11/1/1990
101.5
107.5
100.5
106
6000
2.42
4.43%
10/1/1990
106
106
101.5
101.5
13500
2.28
-4.25%

9/4/1990
8/1/1990
7/2/1990
6/1/1990
5/1/1990
4/2/1990
3/1/1990
2/1/1990
1/2/1990
12/1/1989
11/1/1989
10/2/1989
9/1/1989
8/1/1989
7/3/1989
6/1/1989
5/1/1989
4/3/1989
3/1/1989
2/1/1989
1/3/1989

97
100
102
104.5
107.37
105.5
106.5
105.37
113.5
119.5
118.62
119.37
125
122.87
125
125
123
124
124
123
122.5

115
100.12
102
105.87
107.37
107.37
107.87
107
113.5
120.37
119.37
120.37
125
126
125
127.5
127.5
125
127
127.5
126.5

CommonWealth Reit
Date
Open
High
12/3/1990
2.85
11/1/1990
2.85
10/1/1990
2.93
9/4/1990
2.93
8/1/1990
3.27
7/2/1990
3
6/1/1990
3.09
5/1/1990
2.92
4/2/1990
2.87
3/1/1990
2.79
2/1/1990
2.87
1/2/1990
2.98
12/1/1989
3.05
11/1/1989
3.09
10/2/1989
3.04
9/1/1989
3.04
8/1/1989
2.7
7/3/1989
2.62
6/1/1989
2.47
5/1/1989
2.4
4/3/1989
2.42

96
97
99.5
102.5
104.5
105.5
105.25
103.5
104
113
117
117.25
119
121
120.25
121.5
121
120
123
123
120

Low
3.11
3.02
3.07
3.14
3.31
3.27
3.13
3.09
3.03
3.07
2.99
3.09
3.09
3.17
3.21
3.19
3.08
2.84
2.73
2.55
2.51

106
97
100
103
104.5
106.5
106.62
106.5
104
114.5
119
119.37
119.12
125
123
122
126
123
124
123.75
123.5

Close
2.75
2.49
2.76
2.8
2.8
2.92
2.92
2.79
2.83
2.74
2.7
2.58
2.82
2.9
2.97
2.89
2.51
2.58
2.47
2.36
2.32

3.07
2.85
2.85
2.88
2.93
3.27
3
3.04
2.91
2.91
2.79
2.83
3.01
3.05
3.09
3.08
3
2.74
2.62
2.51
2.47

35700
37200
14100
11600
5100
1800
7900
11300
23300
19700
2200
14300
4600
4800
9300
10000
6000
11100
7100
20300
104500

2.38
2.18
2.24
2.31
2.34
2.39
2.39
2.39
2.33
2.57
2.67
2.68
2.67
2.8
2.76
2.74
2.83
2.76
2.78
2.77
2.77

Volume Adj Close CW Returns

9000
0.67
7700
0.57
5200
0.57
7400
0.52
6200
0.53
8700
0.59
11100
0.5
4600
0.5
3400
0.43
3000
0.43
3900
0.41
8300
0.42
32500
0.4
2700
0.41
3800
0.42
4100
0.37
6300
0.37
3700
0.33
5300
0.29
1600
0.27
1600
0.27

9.28%
-3.00%
-1.96%
-1.44%
-2.67%
0.95%
0.11%
1.07%
-8.37%
-4.18%
0.32%
0.00%
-4.70%
1.73%
-1.60%
-2.40%
2.44%
-0.81%
0.00%
0.61%
0.82%

7.72%
0.00%
-2.73%
-1.71%
-10.40%
9.00%
-2.91%
4.11%
1.39%
4.30%
-2.79%
-5.03%
-1.31%
-1.29%
1.64%
1.32%
11.11%
4.58%
6.07%
4.58%
2.07%

3/1/1989
2/1/1989
1/3/1989

2.46
2.28
2.34

2.5
2.53
2.41

2.32
2.21
2.07

2.42
2.46
2.25

2300
4500
5900

0.23
0.24
0.22

-1.63%
7.89%
-3.85%

Wolverine World Wide, Inc.

Date
Open
High
Low
Close
Volume Adj Close Wolverine Returns
12/3/1990
6.8
7.95
6.8
7.64
141800
0.79
12.35%
11/1/1990
6.34
7.26
6.34
6.92
75200
0.71
9.15%
10/1/1990
7.61
7.72
5.65
6.34
185200
0.65
-16.69%
9/4/1990
8.03
8.37
7.49
7.61
93900
0.78
-5.23%
8/1/1990
9.98
10.33
7.57
8.03
92000
0.82
-19.54%
7/2/1990
10.52
11.36
10.1
10.1
99300
1.04
-3.99%
6/1/1990
10.71
10.82
10.25
10.63
94900
1.09
-0.75%
5/1/1990
10.03
10.82
9.23
10.71
185600
1.09
6.78%
4/2/1990
11.51
11.51
10.03
10.03
108400
1.02
-12.86%
3/1/1990
9.76
11.62
9.54
11.62
295200
1.18
19.06%
2/1/1990
9.54
10.22
9.31
9.76
64000
0.99
2.31%
1/2/1990
10.22
11.35
9.31
9.54
99000
0.97
-6.65%
12/1/1989
10.18
10.86
9.62
10.22
158900
1.04
0.39%
11/1/1989
10.64
10.86
10.18
10.18
162800
1.03
-4.32%
10/2/1989
11.88
11.88
10.07
10.64
122100
1.07
-10.44%
9/1/1989
13.2
13.65
11.73
11.99
104200
1.21
-9.17%
8/1/1989
11.51
14.1
11.39
13.2
198800
1.33
14.68%
7/3/1989
11.05
12.29
11.05
11.39
205700
1.15
3.08%
6/1/1989
12.03
12.25
11.13
11.13
157500
1.12
-7.48%
5/1/1989
12.03
12.48
10.68
12.25
350400
1.23
1.83%
4/3/1989
11.69
12.59
11.24
12.14
289900
1.22
3.85%
3/1/1989
10.2
11.88
10.09
11.81
281300
1.18
15.78%
2/1/1989
11.32
11.43
9.86
10.31
80600
1.03
-8.92%
1/3/1989
9.75
11.99
9.64
11.32
219000
1.13
16.10%

Genesco Inc.
Date
Open
12/3/1990
11/1/1990
10/1/1990
9/4/1990
8/1/1990
7/2/1990
6/1/1990
5/1/1990
4/2/1990
3/1/1990
2/1/1990
1/2/1990
12/1/1989
11/1/1989
10/2/1989
9/1/1989

High
3.25
3.25
3.5
3.63
4.88
5.38
6
5.88
6.5
5.5
6.25
7.38
8.38
7.88
8.75
8.75

Low
3.63
3.75
3.75
4.13
5
5.63
6.13
6.38
6.75
6.88
6.38
7.63
8.5
8.5
9.25
9

Close
3
3.13
3
3.13
3.38
4.88
5.25
5.5
5.38
5.38
5.25
5.63
6.88
7.38
7.38
8.13

3.38
3.38
3.25
3.5
3.88
5
5.5
6
6
6.63
5.63
6.38
7.5
8.38
7.88
8.63

Volume Adj Close Genesco Returns

113000
3.38
4.00%
64600
3.38
4.00%
27100
3.25
-7.14%
28500
3.5
-3.58%
55900
3.88
-20.49%
66800
5
-7.06%
48000
5.5
-8.33%
46400
6
2.04%
44500
6
-7.69%
61900
6.63
20.55%
53400
5.63
-9.92%
94100
6.38
-13.55%
99800
7.5
-10.50%
63600
8.38
6.35%
90000
7.88
-9.94%
75500
8.63
-1.37%

8/1/1989
7/3/1989
6/1/1989
5/1/1989
4/3/1989
3/1/1989
2/1/1989
1/3/1989

7
6.63
7.5
6
6
5.75
5.75
5

9
7.5
7.5
7.5
6.5
6.5
5.88
5.75

7
6.63
6.5
5.88
5.88
5.63
5.38
4.75

8.88
7.13
6.63
7.5
6
5.88
5.75
5.63

Nike, Inc.
Date
Open
High
Low
Close
12/3/1990
31.33
36.43
31.11
36.43
11/1/1990
24.57
32.91
24.57
30.77
10/1/1990
57.93
61.42
23.44
24.79
9/4/1990
59.11
68.52
52.07
56.35
8/1/1990
77.31
78.55
52.81
58.88
7/2/1990
69.22
86.19
68.77
77.31
6/1/1990
71.17
72.59
63.49
68.99
5/1/1990
62.09
74.42
61.64
70.39
4/2/1990
60.07
63.66
58.5
61.64
3/1/1990
50.49
63.44
48.93
60.75
2/1/1990
44.91
50.72
42.9
50.72
1/2/1990
47.14
50.94
43.57
45.13
12/1/1989
52.76
52.98
42.23
47.59
11/1/1989
54.98
56.54
50.75
52.54
10/2/1989
58.55
61.66
51.2
54.76
9/1/1989
46.29
61.11
45.4
59.21
8/1/1989
41.29
46.29
40.29
46.29
7/3/1989
36.19
41.18
35.74
41.18
6/1/1989
33.85
40.38
33.63
36.19
5/1/1989
32.3
35.18
32.08
33.63
4/3/1989
29.76
33.41
29.65
32.41
3/1/1989
26.88
30.53
26.22
29.76
2/1/1989
26.86
29.28
25.76
26.42
1/3/1989
23.34
27.52
22.23
26.64

147100
79500
81700
117300
71600
77600
55200
76300

8.88
7.13
6.63
7.5
6
5.88
5.75
5.63

26.86%
7.54%
-11.60%
25.00%
0.00%
2.26%
0.00%
12.60%

Volume Adj Close Nike Returns

4074400
3.51
16.28%
5044400
2.95
25.23%
6975600
2.38
-57.21%
11574100
2.7
-4.67%
12578700
2.81
-23.84%
10986800
3.7
11.69%
8315200
3.3
-3.06%
7820700
3.35
13.37%
5352200
2.94
2.61%
6299600
2.9
20.32%
5031100
2.41
12.94%
5172000
2.14
-4.26%
8454200
2.26
-9.80%
7462300
2.48
-4.44%
6997000
2.59
-6.47%
11316500
2.8
27.91%
4607100
2.18
12.11%
7651600
1.94
13.79%
7582000
1.71
6.91%
4509500
1.58
4.12%
3940800
1.52
8.90%
5004100
1.4
10.71%
4540200
1.23
-1.64%
7217000
1.24
14.14%

Month

1989- January
February
March
April
May
June
July
August
September
October
November
December
1990- January
February
March
April
May
June
July
August
September
October
November
December
SD (monthly)
SD (annual)

Vanguard Index 500 California REIT Brown Group

Trust
7.32%
-2.47%
2.26%
5.18%
4.04%
-0.59%
9.01%
1.86%
-0.40%
-2.34%
2.04%
2.38%
-6.72%
1.27%
2.61%
-2.50%
9.69%
-0.69%
-0.32%
-9.03%
-4.89%
-0.41%
6.44%
2.72%
4.61%
15.96%

-28.26%
-3.03%
8.75%
-1.47%
-1.49%
-9.09%
10.67%
-9.38%
10.34%
-14.38%
-14.81%
-4.35%
-5.45%
5.00%
9.52%
-0.87%
0%
4.55%
3.48%
0%
-13.04%
0%
1.50%
-2.56%
9.23%
31.98%

9.16%
0.73%
-0.29%
2.21%
-1.08%
-0.65%
2.22%
0%
1.88%
-7.55%
-12.84%
-1.70%
-15.21%
7.61%
1.11%
-0.51%
12.71%
3.32%
3.17%
-14.72%
-1.91%
-12.50%
17.26%
-8.53%
8.17%
28.29%

BRE
Properties
Inc.
-1.20%
-1.68%
1.16%
2.13%
0.37%
0.83%
6.25%
-2.75%
2.12%
-1.66%
-0.88%
-2.60%
-1.38%
-0.46%
-0.54%
0.94%
1.79%
-1.38%
0.47%
-2.01%
-2.45%
-4.07%
-0.08%
1.62%
2.18%
7.54%

Brandywine
Realty Trust

HCP, Inc.

-4.94%
0.00%
0.00%
-23.95%
6.50%
-6.10%
-6.50%
27.27%
-11.11%
-25.00%
-8.67%
0.00%
-8.67%
-8.76%
-8.76%
-20.00%
12.00%
11.61%
-10.40%
-22.32%
-28.74%
-9.68%
23.21%
-18.84%

-3.36%
1.51%
0.51%
0.48%
5.37%
11.21%
0.44%
6.29%
-2.37%
-4.82%
2.10%
4.98%
-9.41%
-2.58%
3.10%
0.41%
4.68%
1.20%
3.20%
-3.10%
0.39%
1.60%
5.47%
-2.21%

14.41%
49.92%

4.30%
14.91%

Vornado Common Wolverine Genesco Nike, Inc.

Realty
Wealth World Wide,
Inc.
Trust
Reit
Inc.
0.82%
-3.85%
16.10%
12.60%
14.14%
0.61%
7.89%
-8.92%
0.00%
-1.64%
0.00%
-1.63%
15.78%
2.26%
10.71%
-0.81%
2.07%
3.85%
0.00%
8.90%
2.44%
4.58%
1.83%
25.00%
4.12%
-2.40%
6.07%
-7.48% -11.60%
6.91%
-1.60%
4.58%
3.08%
7.54%
13.79%
1.73%
11.11%
14.68%
26.86%
12.11%
-4.70%
1.32%
-9.17%
-1.37%
27.91%
0.00%
1.64%
-10.44%
-9.94%
-6.47%
0.32%
-1.29%
-4.32%
6.35%
-4.44%
-4.18%
-1.31%
0.39% -10.50%
-9.80%
-8.37%
-5.03%
-6.65% -13.55%
-4.26%
1.07%
-2.79%
2.31%
-9.92%
12.94%
0.11%
4.30%
19.06%
20.55%
20.32%
0.95%
1.39%
-12.86%
-7.69%
2.61%
-2.67%
4.11%
6.78%
2.04%
13.37%
-1.44%
-2.91%
-0.75%
-8.33%
-3.06%
-1.96%
9.00%
-3.99%
-7.06%
11.69%
-3.00% -10.40%
-19.54% -20.49% -23.84%
9.28%
-1.71%
-5.23%
-3.58%
-4.67%
-4.25%
-2.73%
-16.69%
-7.14% -57.21%
4.43%
0.00%
9.15%
4.00%
25.23%
0.94%
7.72%
12.35%
4.00%
16.28%
3.43%
11.89%

5.06%
17.53%

10.76%
37.28%

12.08%
41.84%

17.60%
60.96%