Weyerhaeuser plans to convert to REIT status

I'm surprised the company meets all the qualifications necessary to do this, at least from the IRS's view of a REIT:

* Have 95 percent of its income derived from dividends, interest, and property income
* Pay dividends of at least 90% of the REIT's taxable income
* No more than 50% of the shares can be held by five or fewer individuals during the last half of each taxable year (5/50 rule)
* At least 75% of total investment assets must be in real estate
* Derive at least 75% of gross income from rents or mortgage interest
* No more than 20% of its assets may consist of stocks in taxable REIT subsidiaries.

Am I missing something here? Does Weyerhauser really derive that much of its income from rents and mortgage interest?

They've been beating the REIT drum for a couple of years now, so this is hardly news.