Barnet Phillips IV Named Head of Skadden's REIT Practice Group

NEW YORK, April 24, 2006 – Skadden, Arps, Slate, Meagher & Flom LLP announced today that it has named Barnet Phillips IV global head of its Real Estate Investment Trust (REIT) Practice Group.

Mr. Phillips, a partner with the firm since 1981, has extensive experience advising clients on every type of transaction involving public and private REITs, including equity, mortgage, hybrid and special purpose REITs. As head of the practice group, he leads an interdisciplinary team of approximately 60 attorneys in representing REIT clients and their sponsors, underwriters, managers, boards of directors and special committees on all legal matters affecting REITs. This includes tax planning and compliance, mergers and acquisitions, corporate finance, corporate governance, securities law compliance (including the maintenance of exemptions to registration under the Investment Company Act of 1940), executive compensation, employee benefits and ERISA and antitrust issues.

Mr. Phillips has been identified as a leading lawyer in numerous professional guides, including Chambers Global: The World's Leading Lawyers for Business, Chambers USA: America's Leading Lawyers for Business and The Best Lawyers in America.

Skadden, Arps' prominence in REIT-related matters has been established through its attorneys' involvement in a number of novel transactions. Members of the firm's REIT Practice Group have been at the forefront of the expansion of the industry, and have participated in several innovations involving REITs, including the initial public offerings of some of the first umbrella partnership REITs (UPREITs), timber REITs and mortgage finance REITs. In addition, attorneys in the group have extensive experience with international transactions involving REITs, including joint ventures between U.S. REITs and non-U.S.-based real estate investors; investments by U.S. REITs abroad; and the formation of private U.S. REITs and related foreign investment vehicles to facilitate real estate investments by foreign investors.

The firm's leadership in REIT transactions has been recognized repeatedly in The American Lawyer’s annual "Corporate Scorecard." For example, in the 2005 "Scorecard," Skadden ranked first as issuer's counsel in the number of issues and in aggregate proceeds of REIT equity offerings; and first as issuer's counsel in aggregate proceeds of REIT debt offerings in the U.S. market. In the 2006 "Scorecard," Skadden ranked first as counsel to underwriters in REIT debt offerings by aggregate proceeds and second by number of issues.

Robert C. Sheehan, Executive Partner of Skadden, Arps, said, "Barney's depth of experience makes him the ideal person to further the development of the firm's longstanding prominence in the REIT arena. He leads an interdisciplinary team of attorneys who are dedicated to providing our clients with superlative service."

Mr. Phillips said, "I am honored to assume leadership of Skadden's REIT Practice Group and continue the firm's com mitment of full service to our clients in this expanding area."