At press time, 14 REITs had already announced or completed transactions this year, following nine REIT transactions in all of 2005. There are two types of transactions taking place; public-to-public mergers and REIT acquisitions by private interests. While much media attention has been given to the companies being taken private, it is worth noting that since 2004, 41 REITs have gone public. As illustrated in the table below, 39 percent of REIT transactions in 2005, valued at $5.7 billion, were due to REITs acquiring other publicly traded REIT companies. Sixty-one percent of the deals, valued at $9.1 billion, were the result of a private interest acquiring a public REIT company. Those developments appear to be continuing into first quarter 2006. As of March 31, 2006, 49 percent of the pending transactions, valued at $13.7 billion, are the result of REITs acquiring or merging with other publicly traded companies. Fifty-one percent of the pending transactions, valued at $14.4 billion, are the result of private interests acquiring a public REIT.

Merger and Acquisition Activity (2004–2006)
Year	Acquiror	Target	Acquiror Type	Transaction Value	Status
2004	Ventas, Inc.	ElderTrust	Public REIT	191	Closed
	Aslan Realty Partners, LLC	Great Lakes REIT	Private Real Estate Company	252	Closed
	Eaton Vance Corporation/ProLogis	Keystone Property Trust	Investment Advisor/Public REIT	729	Closed
	Simon Property Group	Chelsea Property Group	Public REIT	3,000	Closed
	General Growth Properties, Inc.	The Rouse Company	Public REIT	7,000	Closed
	PL Retail LLC (DRA Advisors & Kimco Realty)	Price Legacy Corporation	Investment Advisor/Public REIT	3,500	Closed
	Total Transaction Value			14,672
	Percentage Public to Public			98%
	Percentage Public to Private			2%
2005	Camden Property Trust	Summit Property Group	Public REIT	1,100	Closed
	iStar Financial, Inc.	Falcon Financial Investment Trust	Public REIT	120	Closed
	Colonial Properties Trust	Cornerstone Realty Income Trust	Public REIT	566	Closed
	Centro Properties Limited	Kramont Realty Trust	Australian LPT	120	Closed
	The Lightstone Group	Prime Group Realty Trust	Private Real Estate Company	1,500	Closed
	ProLogis	Catellus Development Corporation	Public REIT	3,819	Closed
	DRA Advisors LLC	CRT Properties, Inc.	Investment Advisor	890	Closed
	ING Clarion	Gables Residential Trust	Private Equity Joint Venture	4,900	Closed
	DRA Advisors LLC	Capital Automotive REIT	Investment Advisor	1,800	Closed
	Total Transaction Value			14,815
	Percentage Public to Public			39%
	Percentage Public to Private			61%
2006	Brandywine Realty Trust	Prentiss Properties Trust	Public REIT	1,921	Closed
	CDP Capital-Financing Inc.	Criimi Mae Inc.	Investment Advisor/Pension Fund	1,700	Closed
	Morgan Stanley Property Fund	AMLI Residential Properties	Investment Advisor/Brokerage Firm	969	Closed
	CalEast Industrial Investors (Calpers and LaSalle Investment Management)	CenterPoint Properties Trust	Real Estate Operating Partnership	2,436	Closed
	Berkshire Property Advisors LLC	Town and Country Trust	Private Real Estate Company	651	Closed
	Kimco Realty Corporation	Atlantic Realty Trust	Public REIT	83	Closed
	Host Marriott Corporation	Starwood Hotels and Resorts	Public REIT	4,040	Pending
	GE Real Estate, Inc. & Trizec Properties	Arden Realty Trust	Public non-REIT and REIT	3,032	Pending
	LBA Realty LLC	Bedford Property Investors	Private Real Estate Company	432	Pending
	Mack-Cali Realty Corporation	Gale Real Estate Services Corp.	Public REIT	545	Pending
	Blackstone Group LP	MeriStar Hospitality Corporation	Private Equity Firm	2,600	Pending
	Public Storage Inc.	Shurgard Storage Centers Inc.	Public REIT	3,200	Pending
	Blackstone Group LP	CarrAmerica Realty Corp.	Private Equity Firm	5,600	Pending
	Duke Realty Corporation	The Mark Winkler Company	Public REIT	855	Pending
	Total Transaction Value			28,064
	Percentage Public to Public			49%
	Percentage Public to Private			51%
Source: NAREIT Dollars in millions