As my term as NAREIT's 2008 chair draws to a close, I'd like to take this opportunity to look back and reflect on the eventful year that was.

As you all know, NAREIT has had an active year on the policy and politics front. Staff members have worked diligently with elected officials and regulators at all levels of government to help improve the "rules of the road" for REITs. The results have helped facilitate the industry's competitiveness in our ever-changing marketplace.

The past year witnessed the culmination of NAREIT's years of persistence and support for the REIT Improvement Diversification and Empowerment Act (RIDEA). The Housing and Economic Recovery Act of 2008, which President George W. Bush signed into law this summer, incorporated virtually all of RIDEA's most important measures. The REIT rule modifications in the bill include reducing the dealer safe harbor period from four years to two. Also, REITs now have the option to use fair market value to measure the 10 percent of sales permitted under the safe harbor test. As a result, REITs now have greater flexibility in selling properties, enabling our industry to remain competitive in the modern marketplace.

NAREIT now looks forward to working with a new Congress and White House in 2009 and further strengthening the relationships that have produced such meaningful legislation. Our members' contributions to REITPAC have helped ensure that the REIT industry's voice is heard during debate on the direction of our country's public policy. I thank you for your support of REITPAC and encourage you to continue to do so going forward.

Outside Capitol Hill, NAREIT staffers have established ongoing dialogues with key regulatory and administrative bodies, such as the Financial Accounting Standards Board (FASB), International Accounting Standards Board (IASB), Securities and Exchange Commission (SEC) and Internal Revenue Service (IRS). These discussions have helped inform the ongoing public debate about the implementation and interpretation of laws and government programs as they pertain to REITs.

On an international level, NAREIT—working in concert with the Real Estate Equity Security Alliance (REESA)—collaborated with the Organization for Economic Cooperation and Development (OECD) to help create useful REIT provisions for the OECD's Model Tax Convention. These measures will aid foreign governments seeking to create fair and equitable tax treaties that facilitate cross-border investment in securitized real estate.

As the second pillar of NAREIT's platform, the investor outreach team's efforts also generated a number of promising new developments in the past year. NAREIT representatives held a number of face-to-face meetings with large institutional investors and major investment managers and consultants. Additionally, NAREIT's research staff produced insightful reports and studies that gained major media exposure and illustrated the benefits of investing in securitized real estate. NAREIT's outreach team launched REIT.com, a new and improved Web site providing yet another tool to help the REIT investment proposition communicate more effectively with a broader audience.

It's probably not a coincidence that more and more large institutions and high-profile investment managers are introducing REITs into their products and offerings.

In closing, I'd like to thank the NAREIT staff for all of their hard work and dedication during my term as chair. I'd also like to thank NAREIT's members, and particularly its board of governors, for allowing me the opportunity to take on a leadership role within our great industry. I encourage all of you to continue to support NAREIT, the industry's recognized leader and an invaluable source of expertise and analysis.

I look forward to seeing everyone at NAREIT's 2008Annual Convention in San Diego November 19 through 21.