1a} 19) In the history of US REITs, Taubman Centers (NYSE:TCD} has a special place as a) The first UPREIT [PC]| b) The first REIT to achieve $1 Billion market capitalization c) The target of the first successful REIT hostile takeover d) The first REIT formed after the enabling legislation of 1960 In the five years prior to the 2008-2012 credit crisis, equity REITs had difficulty competing with private buyers in purchasing investment grade properties because a} Of the easy availability of debt capital for private buyers b) Of the market constraint put on public REITs to maintain low leverage levels c} The prices at which these properties traded would likely be initially dilutive to the REIT and could impact the REIT's ability to maintain dividend levels d) All of the above