U.S. Income Tax Return for OMB No. 1545-1004

Real Estate Investment Trusts

Form 1120-REIT

For calendar year 2002 or tax year beginning , 2002, ending , 20 Department of the Treasury

Internal Revenue Service  Instructions are separate. See page 15 for Paperwork Reduction Act Notice.

A Year of REIT status election Name C Employer identification number

Please

Type

or 

Print

B Check if a: Number, street, and room or suite no. (If a P.O. box, see page 6 of instructions.) D Date REIT established

Total assets (see page 7 of

instructions)

City or town, state, and ZIP code E

F $

Part I—Real Estate Investment Trust Taxable Income (See page 7 of instructions.)

Income (EXCLUDING income required to be reported in Part II or Part IV)

1 Dividends 1

2 Interest 2

3 Gross rents from real property 3

4 Other gross rents 4

5 Capital gain net income (attach Schedule D (Form 1120)) 5

6 Net gain or (loss) from Form 4797, Part II, line 18 (attach Form 4797) 6

7 Other income (see page 7 of instructions—attach schedule) 7

8 Total income. Add lines 1 through 7  8

Deductions (EXCLUDING deductions directly connected with income required to be reported in Part II or Part IV)

9 Compensation of officers 9

10 Salaries and wages (less employment credits) 10

11 Repairs and maintenance 11

12 Bad debts 12

13 Rents 13

14 Taxes and licenses 14

15 Interest 15

16 Depreciation (attach Form 4562) 16

17 Advertising 17

18 Other deductions (see page 8 of instructions—attach schedule) 18

19 Total deductions. Add lines 9 through 18  19

20 Taxable income before net operating loss deduction, total deduction for dividends paid, and

section 857(b)(2)(E) deduction. Subtract line 19 from line 8 20

21a 21 Less: a Net operating loss deduction (see page 10 of instructions)

b Total deduction for dividends paid (Schedule A, line 6) 21b

c Section 857(b)(2)(E) deduction (Schedule J, lines 3c and 3e) 21c 21d

22 Real estate investment trust taxable income. Subtract line 21d from line 20 22

Tax and Payments

23 Total tax (Schedule J, line 8) 23

24 24a

b 2002 estimated tax payments 24b

24c 24d ( c Less 2002 refund applied for on Form 4466

e Tax deposited with Form 7004 24e

Credit for tax paid on undistributed capital gains (attach Form 2439) 24f f

g Credit for Federal tax paid on fuels (attach Form 4136) 24g 24h

25 Estimated tax penalty (see page 11 of instructions). Check if Form 2220 is attached  25

26 Tax due. If line 24h is smaller than the total of lines 23 and 25, enter amount owed 26

27 Overpayment. If line 24h is larger than the total of lines 23 and 25, enter amount overpaid 27

28 Enter amount of line 27 you want: Credited to 2003 estimated tax  Refunded  28

)

Cat. No. 64114F

Payments: a 2001 overpayment credited to 2002

Form 1120-REIT (2002)

Personal holding co.

(attach Sch. PH)

2

Check applicable box(es): (1) Final return (2) Name change (4) Amended return

1 REIT with 100% owned

subsidiaries (see page 6

of instructions)

d Bal 

(3) Address change

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,

correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Sign

Here

Signature of officer Date Title

Date Preparer’s SSN or PTIN Preparer’s

signature

Check if

self-employed

Paid

Preparer’s

Use Only

Firm’s name (or

yours if self-employed),

address, and ZIP code

EIN

Phone no. ( )

May the IRS discuss this return

with the preparer shown below  (see instructions)? Yes No







2002
Form 1120-REIT (2002) Page 2

Part II—Tax on Net Income From Foreclosure Property (Section 856(e)) (See page 11 of instructions.)

Net gain or (loss) from the sale or other disposition of foreclosure property described in section

1221(a)(1) (attach schedule)

1

1

2 2 Gross income from foreclosure property (see instructions—attach schedule)

3 Total income from foreclosure property. Add lines 1 and 2 3

4 Deductions directly connected with the production of income shown on line 3 (attach schedule) 4

5 Net income from foreclosure property. Subtract line 4 from line 3 5

Tax on net income from foreclosure property. Multiply line 5 by 35%. Enter here and on Schedule

J, line 3b

6

6

Part III—Tax for Failure To Meet Certain Source-of-Income Requirements (Section 857(b)(5))

(See page 11 of instructions.)

1a Enter total income from Part I, line 8 1a

b Enter total income from foreclosure property from Part II, line 3 1b

1c c Total. Add lines 1a and 1b

Multiply line 1c by 90% 2 2

3 Enter income on line 1c from sources referred to in section 856(c)(2) 3

4 Subtract line 3 from line 2. (If zero or less, enter -0-.) 4

5 Multiply line 1c by 75% 5

6 Enter income on line 1c from sources referred to in section 856(c)(3) 6

7 Subtract line 6 from line 5. (If zero or less, enter -0-.) 7

8 Enter the greater of line 4 or line 7. (If line 8 is zero, do not complete the rest of Part III.) 8

9 Enter the amount from Part I, line 20 9

10 Enter the net capital gain from Schedule D (Form 1120), line 13 10

11 Subtract line 10 from line 9 11

12a Enter total income from Part I, line 8 12a

Enter the net short-term capital gain from Schedule D (Form 1120),

line 5. (If line 5 is a loss, enter -0-.)

b

12b

c Add lines 12a and 12b 12c

13 Enter capital gain net income from Part I, line 5 13

14 Subtract line 13 from line 12c 14

15 Divide line 11 by line 14. Carry the result to five decimal places 15

16 Section 857(b)(5) tax. Multiply line 8 by line 15. Enter here and on Schedule J, line 3c 16

Part IV—Tax on Net Income From Prohibited Transactions (See page 11 of instructions.)

Gain from sale or other disposition of section 1221(a)(1) property (other than foreclosure

property)

1

1

2 Deductions directly connected with the production of income shown on line 1 2

3

3 Tax on net income from prohibited transactions. Subtract line 2 from line 1. Enter here and

on Schedule J, line 3d

Deduction for Dividends Paid (See page 11 of instructions.)

Dividends paid (other than dividends paid after the end of the tax year). Do not include dividends

considered paid in the preceding tax year under section 857(b)(9) or 858(a), or deficiency

dividends as defined in section 860

1

1

Dividends paid in the 12-month period following the close of the tax year under a section 858(a)

election to treat the dividends as paid during the tax year

2

2

Dividends declared in October, November, or December deemed paid on December 31 under

section 857(b)(9).

3

3

4 Consent dividends (attach Forms 972 and 973) 4

5 Total dividends paid. Add lines 1 through 4 5

Total deduction for dividends paid. If there is net income from foreclosure property on

Part II, line 5, see instructions for limitation on the deduction for dividends paid. Otherwise,

enter total dividends paid from line 5 here and on line 21b, page 1

6

6

Schedule A

Form 1120-REIT (2002)
Form 1120-REIT (2002) Page 3

Tax Computation (See page 11 of instructions.)

1 Check if the REIT is a member of a controlled group (see sections 1561 and 1563) 

If the box on line 1 is checked, enter the REIT’s share of the $50,000, $25,000, and $9,925,000

taxable income brackets (in that order):

2a

(1) $ (2) $

b

3a Tax on REIT taxable income 3a

b Tax from Part II, line 6 3b

c Tax from Part III, line 16 3c

d Tax from Part IV, line 3 3d

3g Income tax. Add lines 3a through 3f

f

4a Foreign tax credit (attach Form 1118) 4a

General business credit. Check box(es) and indicate which

forms are attached.

c

Form 3800 Form(s) (specify)  4c

d Credit for prior year minimum tax (attach Form 8827) 4d

e Total credits. Add lines 4a through 4d 4e

5 Subtract line 4e from line 3g 5

6 Personal holding company tax (attach Schedule PH (Form 1120)) 6

7 Other taxes. Check if from: Form 4255 Form 8611 Other (attach schedule) 7

Alternative minimum tax (attach Form 4626)

g

8 Total tax. Add lines 5 through 7. Enter here and on line 23, page 1 8

Yes No

Other Information (See page 14 of instructions.)

At the end of the tax year, did the REIT own, directly

or indirectly, 50% or more of the voting stock of a

domestic corporation? (For rules of attribution, see

section 267(c).)

If “Yes,” attach a schedule showing: (a) name and

employer identification number (EIN), (b) percentage

owned, and (c) taxable income or (loss) before NOL

and special deductions of such corporation for the

tax year ending with or within your tax year.

During this tax year, did the REIT pay dividends (other

than stock dividends and distributions in exchange

for stock) in excess of the REIT’s current and

accumulated earnings and profits? (See sections 301

and 316.)

If “Yes,” file Form 5452.

1 Check method of accounting:

a Cash

b Accrual

c Other (specify) 

6

If so, the REIT may have to file Form 8281.

Enter the amount of tax-exempt interest received or accrued

during the tax year 

7

Enter the REIT’s share of:

Check this box if the REIT issued publicly offered debt

instruments with original issue discount 

Schedule J

Schedule K

2

At any time during the tax year, did one foreign

person own, directly or indirectly, at least 25% of:

4

3

Yes No

$

a

b

c The REIT may have to file Form 5472. Enter number

of Forms 5472 attached 

Owner’s country 

Percentage owned 

Is the REIT a subsidiary in a parent-subsidiary

controlled group?

If “Yes,” enter the name and EIN of the parent

corporation 

At the end of the tax year, did any individual,

partnership, corporation, estate, or trust own, directly

or indirectly, 50% or more of the REIT’s voting stock?

(For rules of attribution, see section 856(h).)

If “Yes,” attach a schedule showing name and

identifying number. (Do not include any information

already entered in 3 above.) Enter percentage

owned 

5

8

9 Enter the available NOL carryover from prior tax

years. (Do not reduce it by any deduction on

line 21a.) 

Nonconventional source fuel credit QEV credit (attach Form 8834)

b

4b

(3) $

Additional 5% tax (not more than $11,750)

Additional 3% tax (not more than $100,000)

(1)

(2)

$

$

$

Important: Members of a controlled group, see instructions on page 12.

Form 1120-REIT (2002)

3f

Note: If the corporation, at any time during the tax year, had assets or operated a business in a foreign country or U.S. possession, it may

be required to attach Schedule N (Form 1120), Foreign Operations of U.S. Corporations, to this return. See Schedule N for details.

(a) the total voting power of all classes of stock of

the REIT entitled to vote, or (b) the total value of all

classes of stock of the REIT? If “Yes,” enter:

e Tax under section 857(b)(7)(A) (see page 12 of instructions) 3e

Check:
Form 1120-REIT (2002) Page 4

Beginning of tax year End of tax year

(a) (b) (c) (d) Assets

1 Cash

2a Trade notes and accounts receivable

( ) ( b Less allowance for bad debts

3 U.S. government obligations

4 Tax-exempt securities (see page 15 of instructions)

5 Other current assets (attach schedule)

6 Loans to shareholders

Mortgage and real estate loans

8 Other investments (attach schedule)

9a Buildings and other depreciable assets ( ) ) ( b Less accumulated depreciation

10 Land (net of any amortization)

11a Intangible assets (amortizable only)

b Less accumulated amortization ( ) ( )

12 Other assets (attach schedule)

13 Total assets

Liabilities and Shareholders’ Equity

14 Accounts payable

15 Mortgages, notes, bonds payable in less than 1 year

16 Other current liabilities (attach schedule)

17 Loans from shareholders

18

19 Other liabilities (attach schedule)

20 Capital stock: a Preferred stock

b Common stock

21 Additional paid-in capital

22 Retained earnings—Appropriated (attach schedule)

23 Retained earnings—Unappropriated

25 Less cost of treasury stock ( ) ( )

26 Total liabilities and shareholders’ equity

Reconciliation of Income (Loss) per Books With Income per Return (See page 15 of instructions.)

1 Net income (loss) per books Income recorded on books this year

not included on this return (itemize):

7

2a Federal income tax

Tax-exempt interest $

$

( )

Less: Section 857(b)(5) tax, section 857(b)(7) tax,

and built-in gains tax

b

$

c Balance 

Deductions on this return not charged

against book income this year (itemize):

8

3 Excess of capital losses over capital gains a Depreciation $

Income subject to tax not recorded on

books this year (itemize):

4 b Net operating loss deduction

$

c Deduction for dividends paid

$

Expenses recorded on books this year not

deducted on this return (itemize):

5

a Depreciation $ 9 Net income from foreclosure property

b Section 4981 tax $ 10 Net income from prohibited transactions

c Travel and entertainment $ 11 Add lines 7 through 10

REIT taxable income (line 22,

page 1)— line 6 less line 11

12

6 Add lines 1 through 5

Analysis of Unappropriated Retained Earnings per Books (line 23, Schedule L)

1 Balance at beginning of year 5 Distributions: a Cash

2 Net income (loss) per books b Stock

3 Other increases (itemize): c Property

6 Other decreases (itemize):

7 Add lines 5 and 6

4 Add lines 1, 2, and 3 8 Balance at end of year (line 4 less line 7)

)

Schedule M-2

Schedule M-1

Schedule L

Mortgages, notes, bonds payable in 1 year or more

7

Note: Schedules M-1 and M-2 do not have to be completed if total assets on Schedule L, line 13, column (d) are less than $25,000.

Balance Sheets per Books

24 Adjustments to shareholders’ equity

(attach schedule)

Form 1120-REIT (2002)

(line 21a, page 1)

(line 21b, page 1)