1) TF 3) TF 4) T F 5) TF Public pension funds are funds whose shares are publicy traded on a major exchange If an equity REIT pays a dividend in excess of its AFFO, the REIT is required to disclose how much the dividend exceeds AFFO to the SEC. A provision of the REIT Modernization Act of 1999 reduced the dividend payout requirement of REITs from 95% to 90%. That provision resulted in most equity REITs reducing dividends. Each of the Wall Street REIT analysts utilizes the same methodology in calculating equity REIT AFFO, which is why they all end up with the same results. REITs that are members of NAREIT, whether exchange traded or non- exchange traded are legally required disclose their FFO. Some equity REITs disclose their own estimate of NAV to shareholders or analysts. NAREIT's April 2002 White Paper on Funds from Operations, the definitive authority on the subject, very clearly states that FFO is a calculation of a REIT's cash flow and ability to pay its dividend. 6) TF 7) TF 8) TF