Overview
               •  U.S. Tax Treatment of REITs and REIT 
                  Shareholders
               •  Operation and Profile of U.S. REITs
               •  Benefits of Investment in U.S. REITs
               •  Globalization of Real Estate Securities
               •  Tax Treaty Issues for REITs and REIT 
                  Shareholders
    Qualification as REIT for U.S. Tax Purposes
            •   Company must be in the commercial real estate 
                business
                 – At least 75% of assets must be real property and be 
                    held for the long-term
                 – At least 75% of revenue must come from real estate
            •   Stock must be widely held
                 – At least 100 shareholders
                 – 5 or fewer individuals can not collectively own more 
                    than 50% of the REIT’s stock
       U.S. Tax Treatment of REITs and Shareholders
               •  REIT structure intended to eliminate entity-
                  level tax
               •  At least 90% of taxable income must be 
                  distributed annually to shareholders
               •  Company receives a dividends paid 
                  deduction
               •  Income taxes are paid at the shareholder 
                  level
    What is a U.S. REIT?
      •   Full-time professional management teams
      •   Business plans designed to maximize shareholder 
          value
      •   SEC financial reporting and transparency
      •   Stock values backed by real assets
      •   Traditional corporate governance and accountability
      •   Tax transparency
    The U.S. REIT Industry in 2005 
      •  Over $475 billion of commercial real estate owned
          – 15-20% of investment-grade commercial real estate
          – More than 24,000 properties nationwide
          – All major property sectors
          – All major geographic regions
      •  $331 billion equity market capitalization
      •  197 publicly traded REITs in the NAREIT index
      •  169 REITs trade on the NYSE
      •  35 REITs in S&P indexes (9 in S&P 500)