Distributing Economic Value

[EC1] Because we have elected to operate as a REIT for federal tax purposes, we pay a compulsory 90% of taxable income to shareholders each year in the form of quarterly dividends, generating additional value for our stockholders. More information about revenues, operational expenses and earnings can be found in our 2008 annual report on 10-K.

[EC8] By nature of our business, our operations enhance markets around the world. Understanding that the community plays a vital role in local, national and global economies, we consciously engage with local groups through volunteer work, infrastructure improvements and in-kind donations. For more about our social responsibility efforts please refer to the Social Section of this report.

[EC6] In an effort to spread economic value to the economies in which we operate, we utilize local construction materials and suppliers with each property development project. In 2008, we spent $1.33 billion on contractors to support our development activity. Of this amount, more than $1 billion was on local or regional companies.