EFTA00595846Set 9
2016-05-1076p47,451w
fully integrated, self-administered and self-managed real estate investment trust ("REiT') that
acquires, develops, owns and operates self-storage facilities which offer self-storage spaces for lease for personal ... Shurgard"
brand. We also have a significant ownership in PS Business Parks, Inc., a REIT that, as of March 31, 2016, had
an equity interest in 28 million net rentable ... which is a maximum of 20%, subject to certain limitations. Because we are a REIT, however,
our dividends, including dividends paid on the Preferred Shares, generally are taxed at regular
https://www.justice.gov/epstein/files/DataSet%209/EFTA00595846.pdf
EFTA00838143Set 9
2015-12-245p1,784w
From: Richard Kahn
To: Jeffrey Epstein <jeevacation@gmail.com>
Subject: Fwd: Alert: FIRPTA and REIT Reform Provisions in the New Tax Law Open Door to Increased
Foreign Investment in U.S. Real Property ... December 23, 2015 at 3:02:13 PM EST
To:
Subject: Alert: FIRPTA and REIT Reform Provisions in the New Tax Law Open Door to Increased
Foreign Investment ... ALERT DECEMBER 23, 2015
For further information about this Alert, please
FIRPTA and REIT Reform contact:
Provisions in New Tax Law Steven Etkind
Partner
Open Door to Increased
Foreign Investment
https://www.justice.gov/epstein/files/DataSet%209/EFTA00838143.pdf
EFTA01477363Set 10
2015-12-3069p8,427w
Deutsche Bank Wealth Management.
12
in percentage terms
EFTA01477383
Global Inflation
Germination, Examination & Protection
REITs: Occupancy Rates High
86%
87%
88%
89%
90%
91%
92%
93%
94%
With occupancy rates ... highest levels since
the 1990's, REITs should be well supported.
REITs Pricing Power
'86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14
Rental ... Source: FactSet, Deutsche Bank Wealth Management.
Low Inflation Supportive of REITs
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
Since 1972, when CPI is
between 1-3%, REITs rise
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01477363.pdf
EFTA01036833Set 9
2017-08-226p1,674w
From: Richard Kahn
To: "Jeffrey E." <jeevacation@gmail.com>
Subject: Fwd: REIT Operating Units
Date: Tue, 22 Aug 2017 19:34:47 +0000
is this for you? client?
paul used HBRK name ... strategies
thank you
Richard Kahn
Begin forwarded message:
From: Jaeger, Bruce <MMa
Subject: RE: REIT Operating Units
Date: August 22, 2017 at 3:22:11 PM EDT
To: Paul Barrett ... Jaeger, Bruce (New York 3 Bryant)
Cc: Richard Kahn
Subject: RE: REIT Operating Units
Bruce
Can we use HBRK Associates.
Thanks
Paul
EFTA01036833
From: Jaeger Bruce
Sent: Tuesday, August
https://www.justice.gov/epstein/files/DataSet%209/EFTA01036833.pdf
EFTA00670436Set 9
2017-08-225p1,457w
From: Paul Barrett
To: Jeffrey E. <jeevacation(iksmail.com>
Cc: Richard Kahn
Subject: RE: REIT Operating Units
Date: Tue, 22 Aug 2017 16:12:05 +0000
Importance: normal
Which entity would ... Paul Barrett jeffrey E.
Cc: Richard Kahn
Subject: RE: REIT Operating Units
Paul,
The presentation by Sagewood Asset Management provides detailed responses to your questions below. Compliance
requires that ... Jeffrey E.; Jaeger, Bruce (New York 3 Bryant)
Cc: Richard Kahn
Subject: RE: REIT Operating Units
Hi Bruce
Can you provide some more information on:
• option maturities and strikes
https://www.justice.gov/epstein/files/DataSet%209/EFTA00670436.pdf
EFTA00670425Set 9
2017-08-225p1,505w
Jaeger, Bruce <I
To: Paul Barrett < >, Jeffrey E.
CC: Richard Kahn <I
Subject: RE: REIT Operating Units
Date: Tue, 22 Aug 2017 16:25:15 +0000
See my initial responses ... Paul Barrett; jeffrey E.
Cc: Richard Kahn
Subject: RE: REIT Operating Units
Paul,
The presentation by Sagewood Asset Management provides detailed responses to your questions below. Compliance
requires that ... jeffrey E.; Jaeger, Bruce (New York 3 Bryant)
Cc: Richard Kahn
Subject: RE: REIT Operating Units
Hi Bruce
Can you provide some more information on:
• option maturities and strikes
https://www.justice.gov/epstein/files/DataSet%209/EFTA00670425.pdf
EFTA01084347Set 9
2012-04-1011p1,783w
ARMOUR
RESIDENTIAL REIT
ARMOUR RESIDENTIAL REIT, Inc.
Company Update
April 10, 2012
EFTA01084347
PLEASE READ: Important Regulatory and Yield Estimate Risk Disclosures
Certain statements made in this presentation regarding ARMOUR ... Residential REIT, Inc. ("ARMOUR" or the "Company"),
and any other statements regarding ARMOUR's future expectations, beliefs, goals or prospects constitute forward-looking
statements made within the meaning of Section ... announced for the quarter in advance.
• Dividends are based on estimates of future taxable REIT income.
Dividend Policy • The Q2 2012 monthly dividend rate is $0.10 per month.
and Taxable
https://www.justice.gov/epstein/files/DataSet%209/EFTA01084347.pdf
EFTA01437985Set 10
54p11,254w
energy industry, and the pace of Fed rate hikes caused CMBS and REIT
prices to slump, resulting in higher
mortgage rates, accelerated REIT dispositions, and more generally, a sense ... since our Strategic Outlook in
February 2016.
3.1 Public and Private Equity
Publicly-traded REIT prices slid nearly 20% from January 2015 through
February 2016, punctuated by sharp
declines ... weeks of 2016. The drop was
alarming for two reasons: First,
publicly-traded REITs are sometimes considered leading indicators of the
private real estate market (although their
track record
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01437985.pdf
EFTA01036807Set 9
2017-08-227p1,547w
From: "jeffrey E." <jeevacation@gmail.com>
To: Paul Barrett <1
Subject: Re: REIT Operating Units
Date: Tue, 22 Aug 2017 18:19:23 +0000
choose ... Paul Barrett; Jeffrey E.
Cc: Richard Kahn
Subject: RE: REIT Operating Units
Paul,
The presentation by Sagewood Asset Management provides detailed responses to your questions below.
Compliance requires that ... Monday, August 21, 2017 1:50 PM
To: Jaeger Bruce; Paul Barrett
Subject: Re: REIT Operating Units
more details?
On Mon, Aug 21, 2017 at 1:41 PM, Jaeger, Bruce
https://www.justice.gov/epstein/files/DataSet%209/EFTA01036807.pdf
gross income test discussed
below, but nonetheless maintain our qualification as a REIT because other requirements arc
met, we will be subject to a tax equal to the gross income ... fraction
intended to reflect our profitability.
• If we fail to satisfy any of the REIT asset tests, as described below, other than a failure by a de
minimis amount ... provision of the Code that would result in our failure to qualify as a
REIT (other than a gross income or asset test requirement) and that violation
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01384994.pdf
EFTA01037264Set 9
2017-08-214p1,020w
From: "Jeffrey E." <jeevacation@gmail.com>
To: "Jaeger, Bruce"
Subject: Re: REIT Operating Units
Date: Mon, 21 Aug 2017 16:49:41 +0000
hes on vacation. i asked on friday ... Bryant)
Sent: Friday, August 18, 2017 4:35 PM
To: 'Jeffrey E.'
Subject: RE: REIT Operating Units
Jeffrey-
As discussed, please call me on Monday once you determine that ... client is comfortable with disclosing their REIT
holdings.
In addition to the potential loan against the REIT operating units, if the underlying REIT is liquid
https://www.justice.gov/epstein/files/DataSet%209/EFTA01037264.pdf