Real estate managers frequently contract with affiliated property management and brokerage entities.

FORBES: The Art of Theft: How Corporate Fiduciaries Steal From American��s Pensions (February 2, 2005 )

Mr. Cole is the founder of Cole Real Estate Investments, the Phoenix firm that created the REIT and controls the property-management company.

WSJ: Cole REIT Selects Its Own Deal Over Rival's

Comparisons with publicly traded real estate investment trusts are difficult because Hines uses its property-management business as a loss leader and makes virtually all its profits from appreciation in property values.

FORBES: Second Empire

Comparisons with publicly traded real estate investment trusts are difficult because Hines uses its property-management business as a loss leader and takes virtually all its profits from appreciation in property values.

FORBES: Second Empire