The last section of Exhibit 1 reports manager compensation in both levels and as a
proportion of total assets. In self-administered REITs the manager compensation follows a
cash/bonus/stock option structure very similar to those found in non-real estate corporations. In
advisor REITs there are usually no officers who are paid a salary (although there are cases where the firm has both an internal staff and external advisor). The relevant measure of compensation for these REITs is the cash amount paid to the advisor firm according to the terms of the advisory agreement. Advisor fees may include brokerage and leasing commissions and other fees. In order to make the advisor REIT compensation measure consistent within the advisor REIT group, only the portion of the advisor payment made for administrative services is used. Payments made for management or leasing commissions are identified and excluded whenever possible.