海外房地产基金发行丝路古茶

Real estate investment trusts (―REITs‖) have been

around for more than fifty years. Congress established REITs in 1960 to allow individual investors to invest

in large-scale, income-producing real estate. REITs provide a way for individual investors to earn a share of the income produced through commercial real

estate ownership – without actually having to go out

and buy commercial real estate.

What is a REIT?

A REIT, generally, is a company that owns – and

typically operates – income-producing real estate or

real estate-related assets. The income-producing real estate assets owned by a REIT may include office buildings, shopping malls, apartments, hotels, resorts, self-storage facilities, warehouses, and mortgages or loans. Most REITs specialize in a single type of real estate – for example, apartment communities. There

are retail REITs, office REITs, residential REITs, healthcare REITs, and industrial REITs, to name a

few. What distinguishes REITs from other real estate companies is that a REIT must acquire and develop its real estate properties primarily to operate them as part of its own investment portfolio, as opposed to reselling those properties after they have been developed.

How to Qualify as a REIT?

To qualify as a REIT, a company must have the bulk

of its assets and income connected to real estate investment and must distribute at least 90 percent

of its taxable income to shareholders annually in the form of dividends. A company that qualifies as a

REIT is allowed to deduct from its corporate taxable income all of the dividends that it pays out to its shareholders. Because of this special tax treatment, most REITs pay out at least 100 percent of their

taxable income to their shareholders and, therefore, owe no corporate tax.

In addition to paying out at least 90 percent of its taxable income annually in the form of shareholder dividends, a REIT must:

? Be an entity that would be taxable as a

corporation but for its REIT status;

? Be managed by a board of directors or trustees; ? Have shares that are fully transferable;

? Have a minimum of 100 shareholders after its

first year as a REIT;

? Have no more than 50 percent of its shares

held by five or fewer individuals during the

last half of the taxable year;

? Invest at least 75 percent of its total assets in real estate assets and cash;

? Derive at least 75 percent of its gross income from real estate related sources, including rents

from real property and interest on mortgages

financing real property;

Investor Assistance (800) 732-0330 www.i

Derive at least 95 percent of its gross income

from such real estate sources and dividends or

interest from any source; and

? Have no more than 25 percent of its assets

consist of non-qualifying securities or stock in taxable REIT subsidiaries.

Three Categories of REITs: Equity,

Mortgage, and Hybrid

REITs generally fall into three categories: equity REITs, mortgage REITs, and hybrid REITs. Most

REITs are equity REITs. Equity REITs typically

own and operate income-producing real estate. Mortgage REITs, on the other hand, provide money

to real estate owners and operators either directly

in the form of mortgages or other types of real

estate loans, or indirectly through the acquisition of mortgage-backed securities. Mortgage REITs tend to

be more leveraged (that is, they use a lot of borrowed capital) than equity REITs. In addition, many mortgage REITs manage their interest rate and credit risks through the use of derivatives and other hedging techniques. You should understand the risks of these strategies before deciding to invest in these types of REITs. Hybrid REITs generally are companies that

use the investment strategies of both equity REITs

and mortgage REITs.

Because they often invest in debt securities secured

by residential and commercial mortgages, mortgage

REITs can be similar to certain investment companies

that are focused on real estate. Generally, companies

that invest a majority of their assets in real estate are exempted from the rules that govern investment companies, such as mutual funds. The SEC has

initiated a review to determine whether certain

mortgage REITs should continue to be exempt from investment company regulation. Those rules generally

limit the amount of leverage that a fund can use and regulate the fees that can be charged to investors. Comparison of Publicly Traded REITs

and Non-Traded REITs

Many REITs (whether equity or mortgage) are

registered with the SEC and are publicly traded

on a stock exchange. These are known as publicly

traded REITs. In addition, there are REITs that are registered with the SEC, but are not publicly traded. These are known as non-traded REITs (also known

as non-exchange traded REITs). The table below

compares the characteristics of publicly traded and

non-traded

Some Caveats about Non-Traded REITs

? Lack of Liquidity: Non-traded REITs are

illiquid investments; they generally cannot be

sold readily on the open market. If you need

to sell an asset to raise money quickly, you

may not be able to do so with shares of a non-

traded REIT. Although non-traded REITs

usually offer share redemption programs, these

are typically subject to significant limitations

and may be discontinued at the discretion

of the company. Investors may have to wait

to receive a return of their capital until the

company decides to engage in a transaction

such as the listing of the shares on an exchange

or a liquidation of the company’s assets. The

timing of these liquidity events is at the

discretion of the company, and may be more

than 10 years after the investment is made.

? Share Value Transparency: While the

market price of a publicly traded REIT

is readily accessible, it can be difficult to determine the value of a share of a non-traded REIT. Because non-traded REITs are not

traded on an exchange there is no market price available. Non-traded REITs typically do not Investor Assistance (800) 732-0330 https://www.360docs.net/doc/ce16022384.html, 3provide an estimate of their value per share

until 18 months after their offering closes, but this may be years after you have made your investment. As a result, you may not be able

to assess the value of your non-traded REIT investment for a significant time period and

may not be able to assess the volatility of your investment.

? Significant Up-Front Fees: Non-traded REITs are typically sold by financial advisers. Non-traded REITs generally have high upfront

fees that lower the value of the investment

by a significant amount. They usually charge

sales commissions and upfront offering fees of approximately nine to 10 percent. Investors

should understand that a portion of the share purchase price represents sales commissions

and that the amount actually invested in the company is reduced by these commissions.

? Distributions May Be Paid from Offering Proceeds and Borrowings: Investors may

be attracted to non-traded REITs by their

relatively high dividend yields compared to

those of publicly traded REITs. However,

investors should consider the total return of a non-traded REIT – capital appreciation plus dividends – instead of focusing exclusively

on the high dividend yield. Unlike publicly

traded REITs, non-traded REITs frequently

pay distributions in excess of their funds from operations. To do so, they may use offering proceeds and borrowings. This practice, which

is typically not used by publicly traded REITs, reduces the value of the shares and reduces

the cash available to the company to purchase

additional assets. In considering an investment

in a non-traded REIT, you should assess the

extent to which distributions have been paid

from sources other than funds from operations.

? Conflicts of Interest: Non-traded REITs

are typically externally managed—meaning

the REITs do not have their own employees.

The external manager may be paid significant

fees by the REIT for things that may not

necessarily be aligned with the interests

of shareholders, such as fees based on the

amount of property acquisitions and assets

under management. In addition, the external

manager may also manage other companies

that may compete with the REIT.

Investing in REITs

As with any investment, you should take into account As with any investment, you should take into account

your own financial situation, consult your financial

adviser, and perform thorough research before making

any investment decisions concerning REITs. You can

review a REIT’s disclosure filings, including annual

and quarterly reports and any offering prospectus at

https://www.360docs.net/doc/ce16022384.html,. You can invest in a publicly traded REIT,

which is listed on a major stock exchange, by

purchasing shares through a broker (as you would

other publicly traded securities). Generally, you can

purchase the common stock, preferred stock, or debt

securities of a publicly traded REIT. You can purchase

shares of a non-traded REIT through a broker that

has been engaged to participate in the non-traded

REIT’s offering. You can also purchase shares in a

REIT mutual fund (either an index fund or actively

managed fund) or REIT exchange-traded fund.

Special Tax Considerations

The shareholders of a REIT are responsible for paying

taxes on the dividends that they receive and on any

capital gains associated with their investment in the

REIT. Dividends paid by REITs generally are treated

as ordinary income and are not entitled to the reduced

tax rates on other types of corporate dividends. For

this reason, some investors prefer to own shares of a

REIT or REIT fund inside a tax-deferred account

(such as a retirement account) in order to defer paying

taxes on the dividends received and any capital gains

incurred from that REIT until they start withdrawing

money from the tax-deferred account. Finally, a

REIT is not a pass-through entity. This means that,

unlike a partnership, a REIT cannot pass any tax losses

through to its investors. Consider consulting your tax

adviser before investing in REITs.

Investor Assistance (800) 732-0330 www.i

A real estate investment trust (REIT) /?r i?t/ is a company that owns, and in most cases, operates income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and even timberlands. Some REITs also engage in financing real estate. The REIT structure was designed to provide a real estate investment structure similar to the structure mutual funds provide for investment in stocks.[1]

REITs can be publicly or privately held. Public REITs may be listed on public stock exchanges.

REITs can be classified as equity, mortgage, or a hybrid.

The key statistics to examine in a REIT are net asset value (NAV), funds from operations (FFO), and adjusted funds from operations (AFFO). In the period from 2008 to 2011, REITs faced challenges from both a slowing United States economy and the late-2000s financial crisis, which depressed share values by 40 to 70 percent in some cases.[2]

Creation[edit]

REITs were created in the United States when President Dwight D. Eisenhower signed into law the REIT Act title contained in the Cigar Excise Tax Extension of 1960.[3] REITs were created by Congress in order to give all investors the opportunity to invest in large-scale, diversified portfolios of income-producing real estate in the same way they typically invest in other asset classes – through the purchase and sale of liquid securities.

Since then, more than 20 countries around the world have established REIT regimes, with more countries in the works. The spread of the REIT approach to real estate investment around the world has also increased awareness and acceptance of investing in global real estate securities.[4]

A comprehensive index for the REIT and global listed property market is the FTSE

EPRA/NAREIT Global Real Estate Index Series, which was created jointly in October 2001 by the index provider FTSE Group, the National Association of Real Estate Investment

Trusts (NAREIT) and the European Public Real Estate Association (EPRA).

As of mid-2012, the global index included 414 public real estate companies from 37 countries representing an equity market capitalization of about $1 trillion (with approximately 68% of that total from REITs).[5]

Evolution[edit]

Around the time of their creation in 1960, the first REITs primarily consisted of mortgage companies. The industry experienced significant expansion in the late 1960s and early 1970s. The growth primarily resulted from the increased use of mortgage REITs in land development and construction deals. The Tax Reform Act of 1976 authorized REITs to be established as corporations in addition to business trusts.

The Tax Reform Act of 1986 also impacted REITs. The legislation included new rules designed to prevent taxpayers from using partnerships to shelter their earnings from other sources. Three years later, REITs witnessed significant losses in the stock market.

Retail REIT Taubman Centers Inc. launched the modern era of REITs in 1992 with its creation of the UPREIT. In an UPREIT, the parties of an existing partnership and a REIT become partners in a new “operating partnership.” The REIT typically is t he general partner and the majority owner of the operating partnership units, and the partners who contributed properties have the right to exchange their operating partnership units for REIT shares or cash.The industry struggled beginning in 2007 as the global financial crisis kicked in. In response to the global credit crisis, listed REITs responded by deleveraging and re-equitizing their balance sheets. Listed REITs and REOCs raised $37.5 billion in 91 secondary equity offerings, nine IPOs and 37 unsecured debt offerings as investors continued to act favorably to companies strengthening their balance sheets following the credit crisis.

Ghana[edit]

REITs have been in existence in Ghana since 1994. The Home Finance Company, now HFC Bank, established the first REIT in Ghana in August 1994. HFC Bank has been at the forefront of mortgage financing in Ghana since 1993. It has used various collective investment schemes as well as corporate bonds to finance its mortgage lending activities. Collective Investment Schemes, of which REITs are a part, are regulated by the Securities and Exchange Commission of Ghana.

Nigeria[edit]

In 2007, the Securities and Exchange Commission (SEC) issued the first set of guidelines for the registration and issuance of requirements for the operation of REITs in Nigeria as detailed in the Investment and Securities Act (ISA). The first REIT, the N50 billion Union Homes Hybrid Real Estate Investment Trust, was launched in September 2008.

Australia[edit]

Main article: Australian real estate investment trust

The REIT concept was launched in Australia in 1971. General Property Trust was the

first Australian real estate investment trust (LPT) on the Australian stock exchanges (now

the Australian Securities Exchange). REITs which are listed on an exchange were known as Listed Property Trusts (LPTs) until March 2008, distinguishing them from private REITs which are known in Australia as Unlisted Property Trusts. They have since been renamed Australian Real Estate Investment Trusts (A-REITs) in line with international practice.[6]

REITs have shown numerous benefits over direct investment including lower tax rates and increased liquidity. There are now more than 70 A-REITs listed on the ASX, with market capitalization in excess of A$100bn.[6]

Australia is also receiving growing recognition as having the world’s largest REITs market outside the United States. More than 12 percent of global listed property trusts can be found on the ASX.[7]

Hong Kong[edit]

REITs have been in existence in Hong Kong since 2005, when The Link REIT was launched by the Hong Kong Housing Authority on behalf of the Government. Since 2005, there have been 7 REIT listings as at July 2007, most of which, including Sunlight REIT have not enjoyed success because of low yield. Except for The Link and Regal Real Estate Investment Trust, share prices of all but one are significantly below initial public offering (IPO) price. Hong Kong issuers' use of financial engineering (interest rate swaps) to improve initial yields has also been cited as having reduced investors' interest[8]

As of July 2012 there are nine REITs listed with a total market capitalization of approximately €15 billion which amounts to almost 2% of the total global REIT market capitalization. Two out of the nine listed REITs are also included in the EPRA index, an index published by

the European Public Real Estate Association (EPRA). The current top five REITs in Hong Kong are The Link REIT with a total market capitalization of €8 billion,HUI XIAN REIT with a

total market capitalization of €2.3 billion,Champion REIT with a total market capitalization of €1.8 billion,Fortune REIT with a total market capitalization of €1 billion and Regal Real Estate with a total market capitalization of €700 million.[9]

India[edit]

As of January 2010, India was formulating legislation for REITs in the Indian real estate market. Once introduced, these Indian REITs (country specific/generic version I-REITs) will help individual investors enjoy the benefits of owning an interest in the securitised real estate market. The greatest benefit will be that of fast and easy liquidation of investments in the real estate market unlike the traditional way of disposing of real estate. The government

and Securities and Exchange Board of India through various notifications is in the process of making it easier to invest in real estate in India directly and indirectly through foreign direct investment, through listed real estate companies and mutual funds. In the budget of 2014, finance minister Arun Jaitley has introduced a law for setting up of REITs.[10]

Japan[edit]

Japan is one of a handful of countries in Asia with REIT legislation (other countries/markets include Hong Kong, Singapore, Malaysia, Taiwan and Korea), which permitted their establishment in December 2001. J-REIT securities are traded on the Tokyo Stock Exchange, and most service providers of the J-REITs are Japanese real estate companies, Japanese conglomerates and foreign investment banks.[citation needed]

Since the burst of the real estate bubble in 1990, property prices in Japan have seen steady drops through 2004, with some signs of price stabilization and possibly price increase in 2005 and 2006. Some see J-REITs as a way to increase investment in the real estate market, although notable increases in asset values have not yet been realized.[citation needed]

A J-REIT (a listed real estate investment trust) is strictly regulated under the Law concerning Investment Trusts and Investment Companies (LITIC) and established as an investment company under the LITIC.

In addition to REITs, Japanese law also provides for a parallel system of special purpose companies which can be used for the securitization of particular properties on the private placement basis.

Malaysia[edit]

The Bursa Malaysia (https://www.360docs.net/doc/ce16022384.html,) has 16 REIT listed with five Islamic REITS (syariah compliant - according to Islamic investment compliance).

Pakistan[edit]

The Securities and Exchange Commission of Pakistan is in the process of implementing a REIT regulatory framework that will allow full foreign ownership, free movement of capital and unrestricted repatriation of profits. It will curb speculation in Pakistani real estate markets and gives access to small investors who want to diversify into real estate. The Securities and Exchange Commission of Pakistan is proposing a regulatory framework similar to that of Singapore and Hong Kong.[citation needed]

The Securities and Exchange Commission of Pakistan expected that about six REITs would be licensed within the first year, mainly large asset management companies. Pakistan has seen an outflow of investments by foreign real estate development companies, mostly based in Malaysia and Dubai.[11]

SECP has issued licenses to three parties namely, Arif Habib REIT Management Company, AKD REIT Management Company and Eden Developers REIT Management Company. Philippines[edit]

REITs in the Philippines have been available to the public after the Real Estate Investment Trust Act of 2009 (RA 9856) passed into law on December 17, 2009. Its Implementing Rules and Regulations were approved by the Securities and Exchange Commission in May 2010. Singapore[edit]

Commonly referred to as S-REITs, there are 26 REITs listed on the Singapore Exchange, with the latest REIT, Soilbuild Business Space REIT, listed on 16 August 2013. The first one to be set up being CapitaMall Trust [12]in July 2002. They represent a range of property sectors including retail, office, industrial, hospitality and residential. S-REITs hold a variety of properties in countries including Japan, China, Indonesia and Hong Kong, in addition to local properties.[13][14]

S-REITs are regulated as Collective Investment Schemes under the Monetary Authority of Singapore's Code on Collective Investment Schemes,[15] or alternatively as Business Trusts.[16]

Some of the regulations that S-REITs have to adhere to includes:[17]

?Maximum gearing ratio of 35%

?Annual valuation of its properties

?Restriction to certain types of investments the S-REITs can make

?Distribution of at least 90% of its taxable income

S-REITs benefit from tax advantaged status where the tax is only payable at the investor level and not at the REITs level.

Thailand[edit]

The Securities and Exchange Commission created regulations to establish REITs as an investment vehicle in late 2012, opening the doors for the first REITs to be listed in 2013.[18] United Arab Emirates[edit]

The REIT legislation was introduced by Dubai International Financial Centre (DIFC) to promote the development of REIT’s in t he UAE by passing The Investment Trust Law No.5 that went into effect on August 6, 2006.[citation needed] This restricts all 'true' REIT structures to be domiciled within the DIFC. The first REIT license to be issued will be backed by Dubai Islamic Bank with a REIT named 'Emirates REIT' headed up by the dot com entrepreneur, Sylvain Vieujot.[citation needed] The issue is that DIFC domiciled REITs cannot acquire non-Freezone assets within the Emirate of Dubai. The only federally approved Freezone within the UAE is the DIFC itself so therefore we expect to see Emirates REIT focusing all of its attention within this zone. Outside of the zone properties are purchasable by local Gulf (GCC) passport holders only.[citation needed] With a lack of what property experts would call true 'A grade' property in Dubai the validity of a REIT in the UAE to be ultimately sold out in a public share format is highly unlikely.[citation needed]

Saudi Arabia[edit]

Commonly referred to as Real Estate Investment Fund, the regulations were launched in July 2006 by the Saudi Capital Market Authority, The regulation did not allow the funds to be traded in the stock market and force all funds to be structured by a licensed Investment companies by CMA with a presence of a real estate developer and some other key persons.[19]

Over the past few years new REIT regimes have been introduced in Europe to meet the growing demand from investors for tax efficient real estate investments vehicles, existing REIT regime in Europe have also been improved.[20] In Europe, the top-performing REIT and the largest publicly traded real estate company is Unibail-Rodamco SE.[21][22]

Belgium[edit]

Belgian REITs were introduced by Bernheim Comofi (now AG Real Estate) in 1995 with the constitution of Befimmo. Others REITs in Belgium include Cofinimmo and Ascensio.[23]

REITs were introduced in Bulgaria in 2004 with the Special Purpose Investment Companies Act. They are pass-through entities for corporate income tax purposes (i.e., they are not subject to corporate income tax), but are subject to numerous restrictions.[24]

Finland[edit]

Finnish REITs were established in 2010, when 'the tax exemption law' (Laki er?iden asuntojen vuokraustoimintaa harjoittavien osakeyhti?iden verohuojennuksesta,

299/2009)[25] was passed by the Finnish parliament. Together with the 'Law on Real Estate Funds' (Kiinteist?rahastolaki, 1173/1997) [26] it enables the existence of tax efficient residential REITs.

Qualifications

?REITs will have to be established as a public listed company (julkinen osakeyhti?, Oyj) for this specific purpose. When the REIT is established the minimum equity is 5M€ and it has to be distributed over five separate investors.

?Minimum holding period: five years.

?At least 80% of its assets have to be invested in residential real-estate.

?At least 80% of the REIT's gross revenues must come from residential rental income. ?At least 90% of the REIT's taxable income, excluding unrealised capital gains, has to be distributed to its shareholders through dividends.

?The corporation is income-tax-exempt, but the shareholders will have to pay individual income tax on the dividends.

?Largest individual shareholder may own less than 10% of company shares (max. 30% till the end of 2013).

At the moment Orava Residential REIT is the only REIT in Finland.[27]

France[edit]

The French acronym for REIT are SIIC or "SCPI" (which are two different kind of real estate trust). In France,Unibail-Rodamco is the largest SIIC.[28]Gecina is the second largest publicly traded property company in France, with the third highest asset value among European REITs.[29][30]

Germany is also planning to introduce German REITs (short, G-REITs) in order to create a new type of real estate investment vehicle. Government fears that failing to introduce REITs in Germany would result in a significant loss of investment capital to other countries. Nonetheless there still is political resistance to these plans, especially by the Social Democratic Party).

A law concerning G-REITs was enacted 1 June 2007, and was retroactive to 1 January 2007:[31]

?REITs will have to be established as a corporation "REIT-AG" or

"REIT-Aktiengesellschaft".

?At least 75% of its assets have to be invested in real-estate.

?At least 75% of the G-REIT's gross revenues must be real-estate related.

?At least 90% of the REIT's taxable income has to be distributed to

its shareholders through dividends.

?The corporation is income-tax-exempt, but the shareholders will have to pay individual income tax on the dividends.

?Some restrictions apply on establishing residential REITs

The German public real estate sector accounts for 0.21% of the total global REIT market capitalization. Three out of the four G-REITS are also represented in the EPRA index, an index managed by the European Public Real Estate Association (EPRA).[32]

Ireland[edit]

The 2013 Finance Act contained provisions for creating the REIT structure in Ireland.[33] United Kingdom[edit]

The legislation laying out the rules for REITs in the United Kingdom was enacted in

the Finance Act 2006 and came into effect in January 2007 when nine UK property companies converted to REIT status, including five FTSE 100 members at that time: British Land, Hammerson, Land Securities, Liberty International and Slough Estates(now known as "SEGRO"). The other four companies were Brixton (now known as "SEGRO"), Great Portland Estates,Primary Health Properties and Workspace Group.[34]

British REITs have to distribute 90% of their income to investors. They must be a

close-ended investment trust and be UK resident and publicly listed on a stock

exchange recognised by the Financial Services Authority.[citation needed] The EPRA in Brussels each year publishes a breakdown of the UK REIT structure requirements.[35]

To support the introduction of REITs in the UK, the REITs and Quoted Property Group was created by several commercial property and financial services companies. Other key bodies involved are the London Stock Exchange the British Property Federation and Reita. The Reita campaign was launched on 16 August 2006 by the REITs and Quoted Property Group, in order to provide a source of information on REITs, quoted property and related investments funds. Reita's aim is to raise awareness and understanding of REITs and investment in quoted property companies. It does this primarily through its portal https://www.360docs.net/doc/ce16022384.html,, providing knowledge, education and tools for financial advisers and investors.[36]

Doug Naismith, managing director of European Personal Investments for Fidelity International, said: "As existing markets expand and REIT-like structures are introduced in more countries, we expect to see the overall market grow by some ten percent per annum over the next five years, taking the market to $1 trillion by 2010."[37]

The Finance Act 2012 brought five main changes to the REIT regime in the UK, being

1. the abolition of the 2% entry charge to join the regime - this should make REITs more

attractive due to reduced costs;

2. relaxation of the listing requirements - REITs can now be AIM quoted[38] (the London

Stock Exchange’s international market for smaller growing companies) – making a

listing more attractive due to reduced costs and greater flexibility;

3. a REIT now has a three-year grace period before having to comply with close

company rules (a close company is a company under the control of five or fewer

investors);

4. a REIT will not be considered to be a close company if it can be made close by the

inclusion of institutional investors (authorised unit trusts, OEICs, pension schemes,

insurance companies and bodies which are sovereign immune) - this makes REITs

attractive Real Estate Investment Trusts;

5. the interest cover test of 1.25 times finance costs is not as onerous.

Boyd Carson of Sapphire Capital Partners LLP commented that "the most important of these advantages is the ability for REITs to be listed on the AIM and the abolition of the 2% entry charge to the regime is also a significant step forward."[39]

Canada[edit]

See also: List of REITs in Canada

Canadian REITs were established in 1993. They are required to be configured as trusts and are not taxed if they distribute their net taxable income to shareholders. REITs have been excluded from the income trust tax legislation passed in the 2007 budget by the Conservative

government. Many Canadian REITs have limited liability.[40] On December 16, 2010, the Department of Finance proposed amendments to the rules defining “Qualifying REITs” for Canadian tax purposes. As a result, “Qualifying REITs” are exempt from the new entity-level, “specified investment flow-through” (SIFT) tax that all publicly traded income trusts and partnerships are paying as of January 1, 2011.[41]

Mexico[edit]

Mexico has passed legislation to allow for the equivalent of REITs, known as FIBRAs (Fideicomiso de Infraestructura y Bienes Raíces), to be traded in the Mexican Stock Exchange. Like REITs legislation in other countries, companies must qualify as a FIRBRA by complying with the following rules:[42]

?at lease 70% of assets must be invested in financing or owning of real estate assets, with the remaining amount invested in government-issued securities or debt-instrument mutual funds.

?Acquired or developed real estate assets must be income generating and held for at least four years.

?If shares, known as Certificados de Participación Inmobiliarios or CPIs, are issued privately, there must be more than 10 unrelated investors in the FIBRA.

?The FIBRA must distribute 95% of annual profits to investors.

The first Mexican REIT was launched in 2011 and is called FIBRA UNO.[43]

United States[edit]

History[edit]

From 2008 to 2011, REITs faced challenges from both a slowing United States economy and the late-2000s financial crisis, which depressed share values by 40 to 70 percent in some cases.[2]

Legislation[edit]

Under U.S. Federal income tax law, a REIT is "any corporation, trust or association that acts as an investment agent specializing in real estate and real estate mortgages" under Internal Revenue Code section 856.[44] The rules for federal income taxation of REITs are found primarily in Part II (sections 856 through 859) of Subchapter M of Chapter 1 of the Internal Revenue Code. Because a REIT is entitled to deduct dividends paid to its owners (commonly referred to as shareholders), a REIT may avoid incurring all or part of its liabilities for U.S. federal income tax. To qualify as a REIT, an organization makes an "election" to do so by filing a Form 1120-REIT with the Internal Revenue Service, and by meeting certain other requirements. The purpose of this designation is to reduce or eliminate corporate tax, thus

avoiding double taxation of owner income. In return, REITs are required to distribute at least 90% of their taxable income into the hands of investors. A REIT is a company that owns, and in most cases, operates income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and even timberlands. Some REITs also engage in financing real estate. The REIT structure was designed to provide a real estate investment structure similar to the structure mutual funds provide for investment in stocks.[1]

Structure[edit]

See also: List of public REITs in the United States

In the United States, a REIT is a company that owns, and in most cases operates,

income-producing real estate. Some REITs finance real estate. To be a REIT, a company must distribute at least 90 percent of its taxable income to shareholders annually in the form of dividends.[45]

To qualify as a REIT under U.S. tax rules, a company must:

?Be structured as a corporation, trust, or association[46]

?Be managed by a board of directors or trustees[47]

?Have transferable shares or transferable certificates of interest[48]

?Otherwise be taxable as a domestic corporation[49]

?Not be a financial institution or an insurance company[50]

?Be jointly owned by 100 persons or more[51]

?Have 95 percent of its income derived from dividends, interest, and property income[52]?Pay dividends of at least 90% of the REIT's taxable income

?Have no more than 50% of the shares held by five or fewer individuals during the last half of each taxable year (5/50 rule)

?Have at least 75% of its total assets invested in real estate

?Derive at least 75% of its gross income from rents or mortgage interest

?Have no more than 25% of its assets invested in taxable REIT subsidiaries.

Because of their access to corporate-level debt and equity that typical real estate owners cannot access, REITs have a favorable capital structure. They are able to use this capital to finance tenant improvement costs and leasing commissions that less capitalized owners cannot afford.

Brazil[edit]

REITs were introduced in Brazil in 1993 by the law 8668/93 and initially ruled by the instruction 205/94 and, nowadays, by instruction 472/08 from CVM (Comiss?o de Valores Mobiliários - which is the Brazilian equivalent of SEC). Locally they are described as "FII"s or "Fundos de Investimento Imobiliário". FII's dividends have been free of taxes for personal investors (not companies) since 2006, but only for the funds which have at least 50 investors and that are publicly traded in the stock market. FIIs, referred to as “REIT” to correspond with the similar investment vehicle in the US, have been used either to own and operate independent property investments, associated with a single property or part property, or to own several real properties (multiple properties) funded through the capital markets.[citation needed]

?EPRA index

?Australian real estate investment trust

?Closed-end fund

?Income trust

?Investment trust

?Mutual fund

?Real estate investing

?Royalty trust

?Stock market

?Real estate fund

?Taxable REIT subsidiaries

?real estate mortgage investment conduit (REMIC)

美国REITs的发展对我国的启示

章新峰

中南财经政法大学房地产研究所□武汉□430074

摘要：房地产投资信托作为一种活跃并促进房地产市场健康发展的金融工具日益得到世界各国的关注。而美国是房地产投资信托的发源地。通过对美国房地产投资信托的发展历程、设立条件、相关法律法规政策支持以及运行模式等方面的分析，借鉴美国的经验，探讨我国发展房地产投资信托的意义及相关可行性建议，并展望我国房地产投资信托的发展前景。

关键词：美国房地产投资信托 REITs

房地产投资信托(Real Estate Investment Trusts, REITs)是通过制定信托投资计划，信托公司与投资者（委托人）签订信托投资合同，通过对外发行股份或受益凭证等方式吸收公众资金,委托专业机构管理,投资于房地产权益资产和房地产抵押贷款(包括抵押支持证券)等债权资产,风险收益由股东或受益人按比例承担和分享的一种资金信托投资方式。

一美国房地产投资信托概述

（一）美国房地产投资信托的起源及发展状况

REITs的基本理念，通常被称为马萨诸塞信托，起源于19世纪中叶在马萨诸塞州波士顿市设立的商业信托。在1960年美国通过了《房地产投资信托法》，第一只公开上市交易的REIT从此诞生。在此后的40多年里,美国REITs的发展道路并不平坦，在经历了20世纪60年代末的繁荣后，经营模式的缺陷随着房地产市场的滑坡显露出来，使REITs在70年代度过了一段艰难时期，政策法规调整1和管理者经营思路的转变2使历经艰难时期的REITs在80年代重新焕发活力，90年代,REITs通过组织结构创新（UPREITs的出现）和专业化经营进一步提高了市场竞争力和抗风险能力，吸引了大量机构投资者和证券分析师的关注，特别是养老基金的参与使REITs市场规模迅速扩大。

统计数据显示，1962年至2004年，美国公开上市交易的REITs数量从2个增加到193个，总市值从4200万美元增长到3078.95亿美元(见表一)。在收益方面，REITs的长期回报一般优于股票和债券，根据S&P3统计，2000年～2004年美国REITs平均年报酬率为12.5%，优于美国国内股票型基金的0.04%。

②90年代, REITs市场规模的迅速扩大，主要由于吸引了大量机构投资者，特别是养老基金的参与。

美国REITs早期以权益型居多，20世纪60年代末，抵押型REITs风靡一时，随着70年代房地产泡沫破灭导致大量开发商破产和贷款违约，抵押型REITs受到了沉重打击。相比之下，权益型REITs以其良好的抗风险能力获得了更多投资者的青睐。相对于权益型REITs来说，平均年回报较低的抵押型REITs具有较大的波动性。从收益角度看,尽管在市场繁荣时期抵押型REITs的收益能够超过权益型REITs，但长期而言，抵押

1主要通过了《1976年税制改革法》和《1986税收改革法案》以及相应的税制改革

2由抵押型REITs向权益型REITs转变

3S&P（标准普尔指数）: Standard & Poor's的缩写，涵盖多个全球及指定国家指数，反映世界各地股票的表现。其中最著名的指数是标准普尔500指数。

型和混合型REITs的年均回报一般低于权益型REITs,。所以，当今美国市场上权益型REITs居多，数量占近80%,市值占95%左右。

美国REITs在经历了40多年的发展，现已经具有相当的规模。回顾REITs的发展历程，我们可以得出美国REITs快速发展得益于严格的设立条件，完善的法律制度以及相对灵活的运行模式。

（二）设立条件

依照法律规定，美国的REITs成立并能够投入运作必须满足一定的条件。条件如下：1 资产要求

在资产组合中,至少持有75%的资产价值属于为房地产、抵押贷款、其他REITs证券、现金或政府证券,持有某一个发行人的证券不得超过REITs资产价值的5%,不得持有超过某一发行人的流通在外的具有投票权的证券的10%。

2 收入要求

至少75%的毛利必须来源于房地产租金收入、房地产贷款的利息、出售房地产收入、拥有其他REITs证券的利息、房地产节税收益、贷款承诺费等, 不得有超过30%的毛利来自于出售持有不足6个月的股票或证券,或持有不足4年的房地产(非自愿变卖或拍卖的除外)。

3股东人数

REITs股份必须完全可转让，至少有100个股东，且股权结构应该分散化；其中前5大股东在每一纳税年度的后半年内，不得持有超过50%的REITs股份(退休金除外)。

4 红利分配

将不低于房地产投资信托基金应纳税收入的90%的利润作为红利分配给股东(一开始规定的是95%,1999年《REITs现代法案》将之调整下降为90%)。

5 资金来源

发行股票,由机构投资者和社会公众认购；从金融市场融资；如银行借入、发行债券或商业票据等。

从房地产投资信托的设立条件，我们可以看得政府给与了大力的扶植条件，规范其运作，对稳定和发展房地产市场起到了一定的积极作用。

（三）完善的法律制度

美国REITs的发展与其法律制度的不断完善是分不开的，只有在一个完善的健全的法律体系下才得以稳定快速的发展。具体相关政策法规见表二。

美国税法经历历史上几次的重大修改，不断地完善，促使房地产基金的健康发展，一方面放松了对其管制，促进其繁荣发展，另一方面加强对其监管，防范其投机行为，使其成为真正完全意义上的房地产投资信托基金。

美国房地产投资信托业的发展不仅在于税法的改革，还在于房地产投资信托自身的不断改革和创新。表现在：所有权形式的改革，管理结构的改革，结构形式的创新，专业化程度不断提高等方面。

（四）运行模式

美国的REITs一般采取公司或信托的组织形式，集合多个投资者的资金，收购并持有收益类房地产（如公寓，购物中心，写字楼，旅馆和仓储中心等）或者对房地产进行投资。美国大部分REITs采取公司形式，其股票一般在证券交易所进行交易。其基本运作模式见图一：