A REIT company has a significant number of outstanding operating partnership units. How will ISS treat these outstanding operating partnership units?
A.) ISS will treat these outstanding operating partnership units as convertible equities. Starting in 2007, all convertible equities are no longer part of a company’s market value calculation. See Section II, question 2 above. Top^ Q.) Are company 401(k) matches or qualified employee stock purchase plan (ESPP) shares denominated in company stock included in the overhang of the shareholder value transfer model and the burn rate analysis? A.) No, these shares are generally not included in the shareholder value transfer model and the burn rate analysis.
