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Understanding Real Estate Understanding Real Estate

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REITs Structure Continues To Advance<br />

‣ Adoption of REIT structure has spread around the world<br />

United States<br />

Netherlands<br />

Australia<br />

New Zealand<br />

Canada<br />

Belgium<br />

1960 1969 1971 1971 1993<br />

1995<br />

Japan<br />

Singapore<br />

France<br />

Hong Kong<br />

2000 2002<br />

2003<br />

2003<br />

United Kingdom<br />

Germany<br />

Italy<br />

2007<br />

2007<br />

2007<br />

‣ Finland, Spain and China are the next countries evaluating the REIT<br />

structure<br />

Additional countries with REIT structures: Turkey (1999), South Korea (2001), Taiwan (2003), Bulgaria (2005), Malaysia (2005), Thailand (2005), Dubai (2006), Israel (2006)<br />

Additional countries considering REIT structures: Brazil, Costa Rica, India, Mexico, Nigeria, Pakistan, Philippines, South Africa<br />

CPRET8309_OS

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