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									                   Law & Accounting

  Doral Golf Resort & Spa
      Miami, Florida
      March 28 - 30


       National Association of Real Estate Investment Trusts®
       REITs: Building Dividends & Diversification®
               The National Association of Real Estate

               Investment Trusts® values your attendance

               at the 2007 NAREIT Law & Accounting

               Conference in Miami, Florida. Offering

                                  29 topical education

                                  sessions plus four

                                  committee meetings, the

"Always a great
                                  conference provides
place to catch up on
current issues and                both technical and
network with other
professionals."                   operational information
            — Michael Mas
          VP-Joint Ventures
Regency Centers Corporation       on the REIT and publicly

               traded real estate industry. Our goal is for

               you to gain insight from leading experts

               and to keep up with the dynamic state

               of the industry.
Program Directors
                   Kathleen Courtis
                   General Growth Properties, Inc.

                   Michael Pappagallo
                   EVP & CFO
                   Kimco Realty Corporation

                   Douglas Rubenstein
                   Managing Director & Real Estate
                    Group Coordinator
                   A.G. Edwards & Sons, Inc.

                   Stanley Stevens
                   EVP, General Counsel & Secretary
                   Equity Office Properties Trust

Continuing Education
13 hours of CPE credits are available.
Up to 11.00 hours of CLE credits are available*.
* Note: Available credit hours vary state to state.

                    NAREIT is registered with the National Association
                    of State Boards of Accountancy (NASBA) as a spon-
                    sor of continuing professional education on the Na-
                    tional Registry of CPE Sponsors. State boards of
                    accountancy have final authority on the acceptance
                    of individual courses for CPE credit. Complaints re-
garding registered sponsors may be addressed to the National Registry
of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN
37219-2417. Web site:

NAREIT is a registered public accountant continuing education sponsor
with the Illinois Department of Professional Regulation. NAREIT follows
CE regulations as outlined in the California Accountancy Act. Thirteen
(13) credits may be earned at the 2007 NAREIT Law & Accounting Con-
ference. The 2007 NAREIT Law & Accounting Conference is an interme-
diate level course geared toward the legal and accounting fields. No
advance preparation is required for this course.

For more information regarding administrative policies such as com-
plaint and refund, please contact our offices at 202-739-9400.
General Information
The attire for all conference activities is resort casual.

Badges and Tickets
Conference educational and networking activities are open
only to registered attendees. Your badge is proof of
registration and admission to all meetings activities.
Please wear it to all conference functions.

Tickets are required for those attending the Wednesday
“invitation only” luncheons, and for guests attending the
Wednesday and Thursday evening receptions. Tickets can be
found tucked inside your badge holder or can be purchased at
the NAREIT registration desk.

Conference Evaluations
Your comments and suggestions assist us in designing
conference programs that best meet your needs. Immediately
following the conference, NAREIT will be sending you an
electronic evaluation form. Please take a few minutes and let
us know what you thought of the conference and how we can
improve for the future.

Conference Registration Hours
Grand Ballroom

Tues., March 27 ________ 2:00 pm – 5:00 pm
Wed., March 28 ________ 7:30 am – 6:30 pm
Thurs., March 29 _______ 6:30 am – 1:00 pm
Fri., March 30 _________ 7:30 am – 12:30 pm

Hotel Business Center
Hotel Lobby
Hours: 7:00 am – 7:00 pm

Message Center
Grand Ballroom
Sponsored by Frank Crystal & Co., Inc.

Networking Room / Internet Café
Grand Ballroom
Sponsored by KPMG, LLP

Open during registration hours. Beverages and light snacks
available throughout the day.

Table Top Exhibits
Grand Ballroom
                                     Law & Accounting
                     2007 NAREIT

                     Educational Program

2:00 pm – 5:00 pm       Registration
                        Grand Ballroom

7:30 am – 6:30 pm       Registration
                        Grand Ballroom

7:30 am – 6:30 pm       Networking Room
                        Grand Ballroom
                        Sponsored by KPMG, LLP

8:00 am – 11:15 am      Best Financial Practices Council
                        (by invitation only)
                        Doral Ballroom D

11:30 am – 1:00 pm      General Counsel Luncheon
                        (by invitation only)
                        Palms South

11:30 am – 1:00 pm      Senior Financial Officer Luncheon
                        (by invitation only)
                        Palms North

11:30 am – 1:00 pm      Tax Director Luncheon
                        (by invitation only)
1:15 pm – 2:45 pm
Accounting Committee Meeting
Doral Ballroom ABC
✽ Extensible Business Reporting Language, XBRL
✽ FASB Fair Value Option Project
✽ FASB/IASB Lease Accounting Project
✽ Global Financial Statement Model
✽ Reporting Discontinued Operations

3:00 pm – 4:30 pm
Government Relations Committee Meeting
Doral Ballroom D
✽ Excess Inclusion Income
✽ IRS Officials on REIT Topics
✽ RIDEA and REIT Savings
✽ Tax Issues Arising From REIT Privatizations
✽ TRIEA and Employee Free Choice Act

4:30 pm – 6:00 pm
Insurance Committee Meeting
Palms South
✽ D&O Insurance Issues
✽ Environmental Insurance Issues
✽ What Risk Managers Want From Their Carriers and Brokers

4:30 pm – 6:00 pm
State and Local Tax Subcommittee Meeting
Palms North
✽ Update of Recent State Franchise/Income Tax Developments
✽ Proposed State Limitations on "Captive REITs",
   DPD Limits And More
✽ FIN 48: State and Local Tax Implications
✽ Withholding Taxes, Transfer Taxes and Taxes on "Controlling
   Interests" Developments

6:00 pm – 7:30 pm
Opening Reception
Blue Lagoon Pool
Sponsored by Locke Liddell & Sapp LLP
6:30 am – 1:00 pm           Registration
                            Grand Ballroom

6:30 am – 1:00 pm           Networking Room
                            Grand Ballroom
                            Sponsored by KPMG, LLP

6:30 am – 8:30 am           Continental Breakfast
                            Legends Ballroom 1-6
                            Sponsored by Reznick Group

7:00 am – 7:15 am           Welcome Remarks
                            Legends Ballroom 1-6

                            Steven Wechsler,
                            President & CEO, NAREIT

7:15 am – 8:30 am
Opening General Session: State of the Real Estate and
 Capital Markets
Legends Ballroom 1-6
✽ Capital Alternatives
✽ Funds Flow
✽ International Expansion
✽ Private versus Public
✽ Valuation

Douglas Rubenstein, Managing Director & Real Estate Group
 Coordinator, A.G. Edwards & Sons, Inc.
Ron Donohue, EVP & Director-Research, Hoyt Advisory Services
Paul Fisher, President, CenterPoint Properties Trust
Peter Korpacz, Director, PricewaterhouseCoopers LLP
Dennis Oklak, Chairman & CEO, Duke Realty Corporation
Lisa Sarajian, Managing Director-Structured Finance,
  Standard & Poor’s Ratings Services

8:30 am – 8:45 am
Networking & Refreshment Break
Grand Ballroom
8:45 am – 9:45 am
Concurrent Session 1: Running an Effective Board
Doral Ballroom
✽ Executive Compensation Best Practices
✽ Handling Founders
✽ Related Party Transactions

James Barkley, General Counsel & Secretary, Simon Property
James Hanks, Jr., Partner, Venable LLP
Imad Qasim, Partner, Sidley Austin LLP
Martin Stein, Jr., Chairman & CEO, Regency Centers Corporation

8:45 am – 9:45 am
Concurrent Session 2: Issue Roundtable Discussions
Legends Ballroom 7-12
Sponsored by SPE Independent Director, LLC

✽ Budgeting and Cash Forecasting Best Practices
Discussion Leaders:
Arthur Flashman, VP & Controller, Boston Properties, Inc.
Jeffrey Phaneuf, VP-Financing & Planning, Boston Properties, Inc.

✽ Construction Audits
Discussion Leaders:
Jack Greenberg, Senior Manager-Business Risk Services,
 Clifton Gunderson
Thomas Johnson, VP-Risk Management, Forest City
 Enterprises, Inc.

✽ Derivative Strategies to Manage Interest Rates & Foreign
Discussion Leaders:
Gordon Keiser, Jr., SVP & Treasurer, ProLogis
Luke Zubrod, Consultant, Chatham Financial Corporation

✽ Disclosure Requirements for Joint Ventures
Discussion Leaders:
Sandra Blum, Partner, PricewaterhouseCoopers LLP
Jeffrey Frericks, Manager, Forest City Enterprises, Inc.
Christopher Haley, Managing Director, Wachovia Securities

✽ Enterprise Risk Management
Discussion Leader:
Jeffrey Alpaugh, Managing Director, Global Real Estate Practice
 Leader, Marsh & McLennan
James DeLoach, Managing Director, Protiviti, Inc.
THURSDAY, MARCH 29 continued
✽ Human Resources/Compensation
Discussion Leaders:
Brian Fraser, VP-People Services, Regency Center Corporation
Cynthia Scharringhausen, VP-Human Resources, Camden
 Property Trust

✽ Information Technology
Discussion Leaders:
David Haug, Senior Manager-Technology & Security Risk
 Services, Ernst & Young LLP
Jerry Wertelecky, Partner, Ernst & Young LLP

✽ International Opportunities
Discussion Leaders:
William Schafer, EVP & CFO, Developers Diversified Realty
Bartjan Zoetmulder, Partner, Loyens & Loeff N.V.

✽ M&A Issues Involving SEC-Registered, Non-Traded REITs
Discussion Leaders:
Judith Fryer, Corporate & Securities Partner, Greenberg
 Traurig, LLP
Rosemarie Thurston, Partner, Alston & Bird LLP

✽ Managing Relationships with Wall Street
Discussion Leaders:
Catherine Creswell, Director-Investor Relations,
 Vornado Realty Trust
Sara Grootwassink, CFO, Washington Real Estate
 Investment Trust

✽ State and Local Taxes
Discussion Leaders:
James Helmus, Director-State & Local Taxes, The Schonbraun
 McCann Group LLC
Neal Lewis, VP-Taxation, Duke Realty Corporation

9:45 am – 10:00 am           Networking & Refreshment Break
                             Grand Ballroom
10:00 am – 11:00 am
Concurrent Session 1: Joint Ventures as REIT Funds
Doral Ballroom
✽ Business Case Study
✽ Credit Rating Implications
✽ Fee Structures – Recent Trends
✽ Investor Appetite and Market Demand
✽ Issues During Investment Life Cycle
✽ Valuation of Fee Streams

Michael Pappagallo, EVP & Chief Investment Officer, Kimco
 Realty Corporation
Michael Brennan, President & CEO, First Industrial Realty
 Trust, Inc.
Merrie Frankel, VP & Senior Credit Officer, Moody’s Investors
James Sullivan, Principal, Green Street Advisors Inc.

10:00 am – 11:00 am
Concurrent Session 2: Property Sector Roundtable
Legends Ballroom 7-12
Sponsored by SPE Independent Director, LLC

✽ Commercial/Home Financing Sector Issues
Discussion Leaders:
Michael Angerthal, CFO, CBRE Realty Finance, Inc.
David Brandon, Principal, KPMG, LLP

✽ Health Care Sector Issues
Discussion Leaders:
Michael Stewart, EVP & General Counsel, Medical Properties
 Trust, Inc.
Brian Wood, VP-Tax, Ventas, Inc.

✽ Industrial Sector Issues
Discussion Leaders:
Stuart Brown, CFO, DCT Industrial Trust Inc.
Bradley Frazier, General Counsel & Corporate Secretary,
 Watson Land Company
Nina Tran, CAO, AMB Property Corporation

✽ Lodging/Resorts Sector Issues
Discussion Leaders:
Michael Schecter, General Counsel, DiamondRock
 Hospitality Company
Hans Weger, EVP, CFO & Treasurer, LaSalle Hotel Properties
THURSDAY, MARCH 29 continued
✽ Mixed (Office/Industrial) Sector Issues
Discussion Leader:
Douglas Williams, EVP & CFO, Wells Real Estate Investment Trust

✽ Office Sector Issues
Discussion Leaders:
Barry Lefkowitz, EVP & CFO, Mack-Cali Realty Corporation
Gerald Reihsen, EVP-Corporate Development & Legal,
 Behringer Harvard REIT I, Inc.

✽ Regional Malls Sector Issues
Discussion Leaders:
Bruce Goldman, EVP & General Counsel, Pennsylvania
 Real Estate Investment Trust
Thomas Wirth, EVP & CFO, Feldman Mall Properties,

✽ Residential Sector Issues
Discussion Leaders:
Michael Berman, VP & CFO, Equity Lifestyle Properties, Inc.
Lou Fatica, VP, CFO & Treasurer, Associated Estates Realty

✽ Shopping Centers Sector Issues
Discussion Leaders:
Beth Sprecher Brooks, VP & General Counsel, Inland Real
 Estate Corporation
Richard Smith, CFO, Ramco-Gershenson Properties Trust

✽ Timber Sector Issues
Discussion Leaders:
Ameek Ponda, Partner & Co-Director-Tax Department,
 Sullivan & Worcester LLP
Daniel Tucker, Senior Director-Tax, Plum Creek Timber
 Company, Inc.

11:00 am – 11:15 am           Networking & Refreshment Break
                              Grand Ballroom

11:15 am – 12:30 pm
Concurrent Session 1: SEC Hot Topics
Doral Ballroom
✽ Accounting for Tenant Allowances/Improvements
✽ Comment Letter Issues
✽ Compensation Disclosure in Practice
✽ SEC/PCAOB Revised 404 Implementation Guidance
✽ Statement of Cash Flows

Jeffrey Miller, Partner, DLA Piper US LLP
Melanie Dolan, Partner, KPMG, LLP
Christopher Dubrowski, Partner, Deloitte & Touche, LLP
Karen Garnett, Assistant Director-Division of Corporate
 Finance, Securities & Exchange Commission
Ettore Santucci, Corporate Partner, Goodwin Procter LLP

11:15 am – 12:30 pm
Concurrent Session 2: Taxes and Tax Compliance Issues
Legends Ballroom 1-6
✽ Issues Arising from Non-U.S. Investors and Investments
✽ Managing Impermissible Tenant Services and TRSs
✽ Shared Employees
✽ State and Local Tax Compliance and Disclosure Issues

Kathleen Courtis, VP-Taxation, General Growth Properties, Inc.
James de Bree, Jr., Partner, Deloitte & Touche, LLP
Prentiss Feagles, Partner, Hogan & Hartson LLP
Michael Hurwitz, Director-Taxation, Acadia Realty Trust
Jennifer Weiss, Tax Partner, Greenberg Traurig, LLP

12:30 pm                  Boxed Lunch Pickup
                          Grand Ballroom
                          (Golfers to pick up lunches at
                          the golf course)
                          Sponsored by Proskauer Rose LLP

12:45 pm                  Golf Tournament
                          Blue Monster Golf Course
                          Sponsored by AIG Real Estate

1:00 pm                   Tennis Tournament
                          Doral Tennis Courts

6:30 pm – 7:30 pm         Reception
                          Co-Sponsored by Deloitte &
                           Touche, LLP and DLA Piper US LLP
7:30 am – 12:30 pm        Registration
                          Grand Ballroom

7:30 am – 12:30 pm        Networking Room
                          Grand Ballroom
                          Sponsored by KPMG, LLP

8:00 am – 9:15 am         Breakfast General Session
                          Legends Ballroom 1-6

                          Speaker: Dave Barry, Author and
                            Columnist, Winner of 1988
                            Pulitzer Prize for Commentary
                          Sponsored by Venable LLP

9:15 am – 9:30 am         Networking & Refreshment Break
                          Grand Ballroom

9:30 am – 10:45 am
General Session: FIN 48 - Implementing the New Standard
Doral Ballroom
✽ Documentation – How Much is Enough?
✽ FASB Update on Implementation Issues
✽ How to Measure Uncertain Tax Positions
✽ Incorporating FIN 48 into Ongoing Internal Controls
✽ Required Disclosures
✽ Unique Issues for REITs
✽ Working Papers as Audit Trail for IRS

John Cullins, Partner, Ernst & Young LLP
Richard Paul, Practice Fellow, Financial Accounting
 Standards Board
Lynn Stanfield, SVP-Tax, Apartment Investment &
 Management Company
Angela Storm, Partner, KPMG, LLP

10:45 am – 11:00 am
Networking & Refreshment Break
Grand Ballroom
11:00 am – 12:15 pm
General Session: Lessons Learned from Privatizations
Doral Ballroom
✽ Assessing Adequacy of Pricing
✽ Auction vs. Selective Bidding
✽ Dealing with Potential Conflicts from Creating or Unwinding
  an UPREIT or DownREIT Transaction
✽ Management Buy-Outs
✽ Role of Independent Directors
✽ Responding to Competing Offers
✽ Responding to Hostile or Friendly Takeover Efforts

Stanley Stevens, EVP, Chief Legal Counsel & Secretary, Equity
 Office Properties Trust
Steven Scheinfeld, Partner, Fried, Frank, Harris, Shriver &
 Jacobson LLP
Dawn Severt, CFO, Lion Gables Residential Trust

12:15 pm
Program Concludes
                  Conference Sponsors
 NAREIT wishes to thank all sponsors for their support of the
 2007 Law & Accounting Conference.

PLATINUM                          SILVER
AIG Real Estate Solutions         Alston & Bird LLP
Golf Tournament                   Online Sourcebook

Locke Liddell & Sapp LLP          Arnold & Porter LLP
Opening Reception                 Red Bull Table

GOLD                              Blank Rome LLP
                                  First Aid Kit
Chatham Financial Corporation
Attendee List                     Frank Crystal & Co., Inc.
                                  Message Center
Deloitte & Touche, LLP
Thursday Reception Co-Sponsor     Pillsbury Winthrop Shaw
                                   Pittman LLP
DLA Piper US LLP                  Registration Brochure
Thursday Reception Co-Sponsor
                                  PricewaterhouseCoopers LLP
Ernst & Young LLP                 Audio-Visual Equipment
Hotel Key Cards
                                  Proskauer Rose LLP
Fried, Frank, Harris, Shriver &   Thursday Boxed Lunch
  Jacobson LLP
Wall Street Journal               Reznick Group
                                  Thursday Breakfast
Goodwin Procter LLP
Lanyards                          SPE Independent Director, LLC
                                  Roundtable Discussions
Grant Thornton LLP
Sunglass Case

Greenberg Traurig, LLP            Table Top Sponsors
Conference Bag Co-Sponsor         Bayview Financial Exchange
KPMG, LLP                         Commercial Defeasance, LLC
Networking Room/Internet Café     Investment Property Exchange
                                    Services, Inc.
Latham & Watkins LLP              J.P. Morgan Property Exchange
Beach Towel

REIT Capital Solutions
Conference Bag Co-Sponsor

REIT Funding, LLC
Onsite Conference Program

Venable LLP
Friday Breakfast Speaker
   NAREIT Meetings Calendar
                                Senior Financial Officer/
 2007                           Investor Relations Officer
 Meetings                       September 24 – 25
                                Marriott Financial Center
                                New York, NY
 REITWeek™: Investor Forum*
 June 5 – 7                     Annual Convention
 Waldorf=Astoria Hotel          November 14 – 16
 New York, NY                   Bellagio Hotel
                                Las Vegas, NV

                                REITWeek™: Investor Forum*
 2008                           June 4 – 6
                                Waldorf=Astoria Hotel
 Meetings                       New York, NY

                                Senior Financial Officer/
 Washington Leadership          Investor Relations Officer
  Forum*                        Workshop*
 February 26 – 27               September 22 – 23
 Four Seasons Hotel             Marriott Financial Center
 Washington, DC                 New York, NY
 Law & Accounting               Annual Convention
  Conference                    November 19 – 21
 March 19 – 21                  Manchester Grand Hyatt
 Fairmont Scottsdale Princess   San Diego, CA
 Scottsdale, AZ

                                REITWeek™: Investor Forum*
2009                            June 3 – 5
                                Waldorf=Astoria Hotel
Meetings                        New York, NY
Washington Leadership           Senior Financial Officer/
Forum*                          Investor Relations Officer
February 24 – 25                Workshop*
Four Seasons Hotel              Date TBD
Washington, DC                  Hotel TBD
                                New York, NY
Law & Accounting
Conference                      Annual Convention
March 25 – 27                   November 11 – 13
La Quinta Resort & Club         JW Marriott Desert Ridge
La Quinta, CA                   Phoenix, AZ
                                             * by invitation only

Try the new on-line version of the
Federal REIT Tax Compendium—it's
complimentary for NAREIT members.
The “e-Compendium” contains the
entire text of all IRS revenue rulings,
revenue procedures, notices, private
letter rulings and technical advice
memoranda relating to REITs. Also,
you can use the key word and subject
matter indexes to locate applicable
authorities. A new feature for 2007 allows
you to enter a revenue ruling number to
find where it has been cited in other
IRS guidance.

Visit for more details.
        National Association of Real Estate Investment Trusts®
        REITs: Building Dividends & Diversification®

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