US REIT managers who think their shares are the Rodney Dangerfields of the equities market may want to commiserate with TrizecHahn counterparts on being a Canadian real estate company, especially one with a growing presence in top US Central Business District markets. TrizecHahn's 48.9 million sf is concentrated heavily in New York; Chicago; Washington, DC; Houston, Atlanta, Los Angeles and Dallas.

"The status quo, the way things have been, really did not allow us to get the full benefits of our performance or for the quality of our assets into the hands of our shareholders," says Chairman Peter Munk. "It was very frustrating to go through a period of two years and deliver the values we were able to deliver in a corporate environment."

TrizecHahn already deals with tax complexities involved in doing business in the US and Canada. While the $2.5-billion Toronto-based firm is divesting itself of its Canadian, European and US retail and entertainment properties, cross-border issues will be involved in the REIT.