3. UPREITS a. Briefly explain the functioning of the UPREIT structure and why this structure constitutes an appealing property ownership vehicle. b. Briefly explain the economic mechanisms which keep valuations in the REIT market and the direct property market within reasonable bounds of each other, but why these do not vary exactly identically with each other. It is enough to argue along the lines of REIT valuations being the same as their NAV. There is no need to consider branding or value- added by management. 3. UPREITS a. Briefly explain the functioning of the UPREIT structure and why this structure constitutes an appealing property ownership vehicle. b. Briefly explain the economic mechanisms which keep valuations in the REIT market and the direct property market within reasonable bounds of each other, but why these do not vary exactly identically with each other. It is enough to argue along the lines of REIT valuations being the same as their NAV. There is no need to consider branding or value- added by management