How Real Estate Companies Compare to Corporate America CGQ Rating Criteria	Real Estate Companies	Corporate America	Difference
Options grant burn rate is less than 1 percent of shares outstanding	63.6%	23.6%	40.0%
Company expenses options	41.0%	9.2%	31.8%
Shareholders may call special meetings	75.1%	44.0%	31.1%
Governance guidelines are publicly disclosed	77.0%	48.6%	28.4%
Outside directors meet without the CEO	77.9%	52.3%	25.6%
Policy disclosed regarding auditor rotation	66.4%	43.6%	22.8%
Performance of the board is reviewed regularly	77.4%	58.9%	18.5%
Governance committee exists	81.1%	64.6%	16.5%
Board controlled by a majority of between 50 percent and 67 percent independent outsiders	55.8%	41.6%	14.2%
Nominating committee comprised solely of independent outside directors	73.3%	60.8%	12.5%
Company does not have a poison pill	76.0%	63.9%	12.1%
Shareholders may act by written consent	67.3%	56.0%	11.3%
Officers + directors ownership as % of shares outstanding is > = 1% and < = 5%	30.0%	20.6%	9.4%
All stock-incentive plans adopted with shareholder approval	92.6%	83.4%	9.2%
Shareholders vote on directors selected to fill vacancies	60.4%	52.6%	7.8%
Majority vote requirement to approve mergers	68.7%	63.0%	5.7%
Fees paid to auditors are strictly audit fees	26.3%	20.8%	5.5%
Compensation committee comprised solely of independent outside directors	79.3%	74.2%	5.1%
The last time shareholders voted on an option plan, ISS deemed the cost reasonable	61.8%	56.9%	4.9%
Directors are subject to stock ownership requirements	18.0%	14.1%	3.9%
Audit committee comprised solely of independent outside directors	88.5%	85.1%	3.4%
There is a policy on outside directorships (4 or fewer boards is the limit)	11.1%	8.7%	2.4%
Chairman and CEO are separated	49.8%	48.0%	1.8%
Annually elected board	48.4%	47.1%	1.3%
CEO serves on the boards of two or fewer public companies	99.1%	98.3%	0.8%
Board cannot amend bylaws without shareholder approval or can only do so under limited circumstances	2.8%	2.2%	0.6%
Board controlled by a supermajority of between 67 percent and 75 percent independent outsiders	10.6%	10.4%	0.2%
A majority of directors have participated in a director education program.	1.8%	1.8%	0.0%
No former CEO on the board	78.3%	78.6%	-0.3%
Full board has participated in a director education program.	0.0%	0.4%	-0.4%
One or more director (but less than a majority of the board) has participated in an ISS accredited director education program	17.5%	18.1%	-0.6%
Executives are subject to stock ownership guidelines	11.5%	12.2%	-0.7%
Board controlled by a supermajority of over 90 percent independent outsiders	2.3%	3.4%	-1.1%
Dual class capital structure with unequal voting rights	4.6%	5.8%	-1.2%
Non-audit fees exceed audit fees	0.9%	2.3%	-1.4%
Auditors ratified at most recent annual meeting	63.1%	64.7%	-1.6%
All directors with more than one year of service own stock	85.7%	87.3%	-1.6%
Shareholders have cumulative voting rights	6.0%	7.8%	-1.8%
Directors receive all or a portion of their fees in stock	82.5%	84.4%	-1.9%
Non-audit fees are less than audit fees	72.8%	76.8%	-4.0%
Officers + directors ownership as % of shares outstanding is < 5% and >= 30%	47.5%	51.7%	-4.2%
Board controlled by a majority of insiders and affiliated outsiders	7.8%	12.1%	-4.3%
Officers + directors ownership as % of shares outstanding is > 1% or < 30%	22.6%	27.6%	-5.0%
Majority vote requirement to amend charter/bylaws	37.8%	44.4%	-6.6%
Board controlled by a supermajority of between 75 percent and 90 percent independent outsiders	23.5%	32.4%	-8.9%
Options grant burn rate is between 1 percent and 3 percent of shares outstanding	24.9%	37.0%	-12.1%
The last time shareholders voted on an option plan, ISS deemed the cost excessive	9.2%	24.8%	-15.6%
Options grant burn rate exceeds 3 percent of shares outstanding	11.5%	39.4%	-27.9%
Source: Institutional Shareholder Services. Data as of May 1, 2005.