On December 10, 2008, the Internal Revenue Service (“IRS”) issued Revenue Procedure 2008-68 (the “Procedure”), providing temporary guidance regarding certain stock distributions by publicly traded real estate investment trusts (“REITs”). Effective January 1, 2008 and for taxable years ending on or before December 31, 2009, IRS will treat a distribution of stock by a publicly traded REIT pursuant to certain elections to receive stock or cash as a taxable distribution of property. The amount of such stock distribution will be treated as equal to the amount of cash that could have been received instead. Under the Procedure, REITs can limit the aggregate amount of cash available to shareholders pursuant to the election to 10 percent of the aggregate distribution of cash and stock taken together.

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