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Volume 3 - Number 13 | July 5, 2005

TOP STORY: SEC Report Suggests New Lease Accounting Methods, More Work on SPE Consolidation Guidance By Michelle Napoli As part of a recently authored staff report on off-balance sheet arrangements, special purpose entities and related issues, the Securities and Exchange Commission has recommended that accounting guidance for leases be reconsidered, noting that there could be as much as $1.25 trillion of future cash obligations associated with operating leases for public companies.

INSIDER: Trustreet's Curtis McWilliams By Michelle Napoli Orlando-based Trustreet Properties Inc., the result of the merger of the former U.S. Restaurant Properties Inc., CNL Restaurant Properties Inc. and 18 CNL Income Funds, is the only REIT to focus exclusively on the restaurant property sector. And it's no small stake. With $2.6 billion of assets in 49 states, it owns about 1,800 triple-net leased properties and more than 300 mortgage loans on similar properties.

WolfBlock Guides $260M 1031 Exchange By Michelle Napoli The law firm WolfBlock Brach Eichler is representing the Solomon Organization in a $260-million 1031 exchange, believed to be one of the largest such tax-deferred exchanges in the region this year. Part forward exchange and part reverse exchange, the transaction involves Mountainside, NJ-based Solomon disposing of three multifamily properties in Pennsylvania and New Jersey and buying a portfolio of 12 apartment complexes.