Codes of Conduct for Real Estate Companies

Here is a collection of Codes of Ethics for real estate companies. All of the public REITs have codes to comply with the requirements of Sarbanes-Oxley, so I only included a few that I liked or am familiar with. My purpose was to focus on private equity real estate.

[This is horribly out of date. I don’t think any of the links are working any more.]

Company	Type	Public	Link	Date of Code	Date Added
Alexandria Real Estate	Owner/Operator	Public	http://www1.snl.com/Cache/1001149891.PDF?D=&O=PDF&IID=111908&Y=&T=&FID=1001149891	12/14/2009	3/5/2010
AMB Property	Owner/Operator	Public	http://www.snl.com/IRWebLinkX/GenPage.aspx?IID=113661&GKP=203826		3/5/2010
Behringer Harvard	Investment Company	Public	http://www.behringerharvard.com/uploadedFiles/Footer_Nav/Governance/Amended%20and%20Restated%20Code%20of%20Conduct%20%286.18.08%29.pdf	6/18/2008	3/5/2010
BlackRock Kelso	Investment Adivser	Public	http://media.corporate-ir.net/media_files/irol/20/209952/corpgov/Code_of_Ethics_and_Business_Conduct_2009_FINAL_031309.pdf	3/4/2009	3/5/2010
Blackstone Group	Investment Adviser	Public	http://files.shareholder.com/downloads/BX/0x0x115058/55AD65DD-4E40-4814-A41E-D328F981A648/CodeofEthicsforFinancialProfessionals6-26-07.pdf		3/5/2010
Boston Properties	Owner/Operator	Public	http://ir.bostonproperties.com/phoenix.zhtml?c=120176&p=irol-govconduct	10/21/2008	3/5/2010
CB Richard Ellis (Code of Conduct for Senior Officers)	Service	Public	http://media.corporate-ir.net/media_files/irol/17/176560/corpgov/ethics1205.pdf	4/1/2004	3/5/2010
CB Richard Ellis (standards of business conduct)	Services	Public	http://media.corporate-ir.net/media_files/irol/17/176560/corpgov/conduct0806.pdf	9/20/2004	3/5/2010
Colonial Properties	Owner/Operator	Public	http://www.snl.com/Cache/1500023098.PDF?D=&O=PDF&IID=103076&Y=&T=&FID=1500023098	1/3/2009	3/5/2010
DCT Industrial	Owner/Operator	Public	http://www.snl.com/Cache/1001134429.PDF?D=&O=PDF&IID=4074543&Y=&T=&FID=1001134429	11/27/2006	3/5/2010
Digital Realty	Owner/Operator	Public	http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTkyMTN8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1	10/24/2004	3/5/2010
Duke Ralty	Owner/Operator	Public	http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NTMyM3xDaGlsZElEPS0xfFR5cGU9Mw==&t=1	4/1/2009	3/5/2010
Essex Property	Owner/Operator	Public	http://www.snl.com/Cache/1500016973.PDF?D=&O=PDF&IID=103163&Y=&T=&FID=1500016973		3/5/2010
Extra Space Storate	Owner/Operator	Public	http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NTQ1OXxDaGlsZElEPS0xfFR5cGU9Mw==&t=1	5/23/2007	3/5/2010
Grubb & Ellis	Services	Public	http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NTQxNnxDaGlsZElEPS0xfFR5cGU9Mw==&t=1
Henderson Group	Diversified Adviser	UK Public	http://www.henderson.com/content/hendersongroup/restricted/documents/corporategovernance/2007-12-14_codeofconduct.pdf		3/5/2010
Invesco	Diversified Adviser	Public	http://www.invesco.com/about/code.of.conduct.pdf	9/1/2009	3/5/2010
Jones Lang Laselle	Services	Public	http://www.joneslanglasalle.com/InvestorPDFs/JLL_EthicsBrochure_Final_8.1.2008.pdf	6/1/2008	3/5/2010
Kimco Realty	Owner/Operator	Public	http://media.corporate-ir.net/media_files/irol/87/87126/Kim_conduct_0508.pdf		3/5/2010
Prudential	Diversified Adviser	Public	http://media.corporate-ir.net/media_files/irol/12/129695/_MTRC%20IR%20VERSION%20052808.pdf	9/28/2007	3/5/2010
Toll Brothers	Home Construction	Public	http://www.tollbrothers.com/pdfs/ethics_policy.pdf	6/1/2007	3/5/2010
SL Green	Owner/Operator	Public	http://investor.shareholder.com/slg/documentdisplay.cfm?DocumentID=2681		3/5/2010
Vornado	Owner Operator	Public	http://www.vno.com/corporate_governance/code_conduct_ethics.phtml		3/5/2010
Wells Real Estate Funds	Investment Company	Public	http://www.wellsref.com/docs/MF-CodeofEthics.pdf		3/5/2010

Sources:

Largest real estate investment managers as of June 30, 2009. From Pensions & Investments
REITs by Ticker Symbol from NAREIT

Codes of Conduct for Real Estate Companies

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