Tax transparency for publicly quoted property companies is a hot topic with international property investors. Among the main reasons to promote tax transparent vehicles are the claims that tax transparency improves equity securitization as well as performance. However, there are large differences between tax transparent property vehicles around the world investors have to both acknowledge and appreciate. This paper identifies the differences between tax transparent structures and investigates how these differences might explain performance behaviour of tax transparent companies. The evidence suggests that REITs do outperform tax paying companies, and that this is partly the result from limitations REITs have to their activities.