Glass advocates splitting it into a real estate investment trust and an operating company--something several hospital chains have done.

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Most of the guest billings were passed through the real estate investment trust portion of the company, which didn't have to pay corporate income taxes.

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Now the company is a real estate investment trust.

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The company, a real-estate investment trust based in Los Angeles, said it will begin construction this spring.

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The company's conversion to a real-estate investment trust requires it to distribute previous earnings.

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Mr. Zuckerman, 75 years old, has been chairman of Boston Properties since the company went public in 1997 as a real estate investment trust.

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