Further Information

1 – SNL Financial (based on public filings with the U.S. Securities and Exchange Commission (as of 12-31-14) and company financial statements). [return to page]

2 – See, e.g., F. Packer, T. Riddiough & J. Shek, Securitization and the Supply Cycle: Evidence from the REIT Market, J. Portfolio Management, Vol. 39 pp. 134-143. [return to page]

3 – SNL Financial (based on public filings with the U.S. Securities and Exchange Commission (as of 12-31-15). [return to page]

4 – “REITs Across America” (http://www.reitsacrossamerica.com/#) (Property holdings reported as of December 31, 2015. Estimated property values based on the equity market capitalization of all equity REITs in the FTSE NAREIT Index. [return to page]

5http://www.americanassetstrust.com/mixed-use/hawaii/embassysuitesatwaikikibeachwalk. [return to page]

6 – H.R. Rep. No. 2020, 56th Cong., 2d Sess. 4 (1960). [return to page]

7 – REITs whose securities are registered with the U.S. Securities and Exchange Commission (SEC). [return to page]

8www.reitsacrossamerica.com (as of December 31, 2014). [return to page]

9https://www.reit.com/sites/default/files/media/PDFs/MediaBriefs/MediaFactSheetDec2014.pdf [return to page]

10 – Past performance does not guarantee future results. Information should not be construed as investment advice and is provided for informational purposes only. [return to page]

11http://www.americanassetstrust.com/mixed-use/hawaii/embassysuitesatwaikikibeachwalk [return to page]

12 – SNL Financial Data. [return to page]

13https://www.reit.com/investing/reit-basics/reit-faqs/global-real-estate-investment [return to page]

14https://www.gpo.gov/fdsys/pkg/USCODE-2010-title26/pdf/USCODE-2010-title26-subtitleA-chap1-subchapM-partII-sec856.pdf, http://www.ecfr.gov/cgi-bin/text-idx?SID=98d2be789fb74410384978d4c7fb0319&tpl=/ecfrbrowse/Title26/26cfr1i_main_02.tpl [return to page]

15http://www.irs.gov/pub/irs-soi/11colineitemestimates.pdf at p.112 (which estimates the number of 1120-REIT forms filed in 2011 at 1,894). [return to page]

16https://www.reit.com/data-research/data/industry-snapshot [return to page]

17https://www.reit.com/investing/reit-basics/global-real-estate-investment [return to page]

18 – Source: SNL Financial (based on filings with the U.S. Securities and Exchange Commission). Those REITs are the following: Altisource Residential Corporation; American Assets Trust, Inc.; Behringer Harvard Opportunity REIT II, Inc.; CNL Lifestyle Properties, Inc.; Corporate Property Associates 17 – Global Incorporated Corporate Property Associates 18 – Global Incorporated; Douglas Emmett, Inc.; Equity Commonwealth; Extra Space Storage Inc.; General Growth Properties, Inc.; Getty Realty Corp.; Healthcare Realty Trust Incorporated; Healthcare Trust of America, Inc.; Hospitality Properties Trust; Host Hotels & Resorts, Inc.; Lexington Realty Trust; NorthStar Realty Finance Corp.; Pacific Office Properties Trust, Inc.; Public Storage; RLJ Lodging Trust; Select Income REIT; Senior Housing Properties Trust; Simon Property Group, Inc.; Sunstone Hotel Investors, Inc.; Washington Prime Group; and Xenia Hotels & Resorts, Inc. Note that any one or more of these companies may have disposed of its Hawaii real estate since December 2014. Further, property ownership information in connection with certain REIT-owned properties, such as timberlands or wireless towers, are not gathered by SNL Financial. I According to their websites, two REITs, Crown Castle Corporation and American Tower Corporation, own and lease a number of wireless communication towers in Hawaii. In addition, the shareholders of Forest City Enterprises have approved that company’s decision to elect REIT status as of January 1, 2016. [return to page]

19 – See, e.g., “Wal-Mart Cuts Taxes by Paying Rent to Itself” Wall Street Journal (Feb. 1, 2007) http://www.wsj.com/articles/SB117027500505994065. [return to page]

20 – See Tax Information Release (TIR) 98-6 (July 8, 1998) http://files.hawaii.gov/tax/legal/tir/1990_09/tir98-6.pdf. [return to page]

21 – Source: SNL Financial (data as of December 31, 2014) and company financial statements. [return to page]

22REIT Investments as a Percentage of State GDP – a Partial Ranking. [return to page]