NOTES TO THE ANNUAL FINANCIAL STATEMENTS l NOTE 37 37. CHANGES IN LEGISLATION SUBSEQUENT TO YEAR-END - CONVERSION TO A REIT   Hyprop converted to a Real Estate Investment Trust ("REIT"), effective 1 July 2013. The conversion to a REIT has resulted in the elimination of deferred capital gains taxation. Refer to note 20. The conversion to a REIT will likely also result in a change in the capital structure of the company. Refer to Directors report page 57.   NOTES TO THE ANNUAL FINANCIAL STATEMENTS l NOTE 37