Real estate investment trust

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which are comprehensive, will govern the setting up of and the conduct of a Sri Lankan REITs. Specific provisions have been included for the verification of title and valuation of property that will form part of the assets of the REIT. Amongst the requirements is the mandatory distribution of approximately 90% of income to the unit holders, which is currently not a requirement for any of the listed entities. Further, due to the availability of the tax pass through mechanism to Unit Trusts, REITs also could benefit to be a viable business concept to Sri Lanka that will open new horizons for entrepreneurs to take the real estate industry to greater heights.

298:

collaboration with local authorities, Emirates REIT has been able to establish a platform enabling it to purchase properties anywhere in Dubai given a minimum of 51% of local ownership of its shares. This allows the company to diversify its portfolio with an efficient revenue generating mix of properties in the prime locations of Dubai. Emirates REIT is the first REIT established within the United Arab Emirates. It is also the first REIT listed on NASDAQ Dubai and one of the five Shari'a compliant REIT in the world with a focus on Income-producing assets.

540:, with the latest REIT, Cromwell European REIT, listed on 30 November 2017. The first one to be set up being CapitaMall Trust 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. In recent years, foreign assets listing on the Singapore Exchange has grown to overtake those traditional listing with local assets. 969:

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.

437:

successfully listed on their exchange have surpassed 32 billion yuan. These projects encompass various asset types, including industrial parks, toll roads, storage logistics, ecological protection, clean energy, affordable rental housing, and consumer infrastructure. The products have been operating smoothly, with active investor participation, gradually enhancing market functions, thereby creating significant scale and demonstration effects.

4663: 3965: 4689: 3973: 70:. Some REITs engage in financing real estate. REITs act as a bridge between the worlds of housing and urban development on one hand, and institutional investors and financial markets on the other. They are typically categorized into commercial REITs (C-REITs) and residential REITs (R-REITs), with the latter focusing on housing assets such as apartments and single-family homes. 294:(DIFC) to promote the development of REIT's in the UAE by passing The Investment Trust Law No.5 that went into effect on August 6, 2006. 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. 240:, 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. 4676: 1037:, Mexican REITs debuted in March 2011 "after government regulatory changes made the structure possible. Fibras offered investors an easy way to own Mexican real estate and pick up an attractive dividend at the same time. Like U.S. REITs, Fibras avoid paying corporate taxes as long as they distribute at least 95% of their income to shareholders as dividends." 1002:. 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. 193:(paying off debt) and re-equitizing (selling stock to get cash) 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. 329:). 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. 968:

in 1993 by the law 8668–93 and initially ruled by the instruction 205/94 and, nowadays, by instruction 472/08 from CVM (Comissão 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

419:

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

647:

REITs were established in 2010, when the Finnish parliament passed "the tax exemption law" (Laki eräiden asuntojen vuokraustoimintaa harjoittavien osakeyhtiöiden verohuojennuksesta, 299/2009). Together with the "Law on Real Estate Funds" (Kiinteistörahastolaki, 1173–1997) it enables the existence of

476:

Dana Investasi Real Estat Berbentuk Kontrak Investasi Kolektif (DIREs) have lacked popularity because of high sale tax and double taxation. Until 2016, only one DIRE was established, which was in 2012. However, tax incentives plans demonstrate an intention of policymakers and lawmakers to boost the

1102:

section 856. 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

1081:

For the five-year period ending in 2019, the S&P 500 index, an index of stocks for US large cap companies, returned an annualized 12.5% compared with an annualized return of 9.0% for the FTSE NAREIT All Equity REITs index. However, for the years 1972-2019 the total annualized returns were 12.1%

571:

S-REITs benefit from tax advantaged status where the tax is payable only at the investor level and not at the REITs level. In addition to REITs, there are ten Business Trusts ("BTs") (similar to REITs but may hold assets that are not conventional and are not subjected to stringent rules as compared

414:

approved creation of real estate investment trusts in the country. 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

950:

Boyd Carson of Sapphire Capital Partners 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." However, "UK-REITs are still not as cash driven as the market

917:

Doug Naismith, managing director of European Personal Investments for Fidelity International, said in 2011: "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

436:

According to statistics from the Shanghai Stock Exchange, listing these two consumer infrastructure REITs has increased the total number of listed REITs to 23, with an issuance scale approaching 80 billion yuan. The Shenzhen Stock Exchange has reported that the funds raised by infrastructure REITs

297:

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 any properties outside this zone are purchasable by local Gulf (GCC) passport holders only. However, through a

196:

REIT dividends have a 100 percent payout ratio for all income at lower rates. This inhibits the internal growth of the REIT and causes investors to not tolerate low or non-existent yields as the interest rates are more sensitive. Economic climates characterized by rising interest rates can cause a

820:

Created in 2009, similar to British REITs, the SOCIMI (Sociedad cotizada de Capital Inmobiliario) boosted after a policy of fiscal incentives to help recover the biggest home prices crisis in Spain, in 2013. There are more than 70 REITS in Spain, but the liquidity is low and the holding period is

593:

On 1 August 2020, the Securities and Exchange Commission of Sri Lanka (SEC) announced that REITS will be introduced as an extension of the current Unit Trust Code and the new Rules, which came into effect from 31 July 2020 is in the form of a Gazette Notification published by the SEC. These Rules

584:

created regulations to establish REITs as an investment vehicle in late 2012, opening the doors for the first REITs to be listed in 2013. There are at least two tens of REITS. Introduced in 2014 to replace the Property Funds for Public Offering (PFPO) scheme, REITs have gained popularity, and the

219:

was approved by the Capital Markets Authority in October 2015. The REIT is issued by Stanlib Kenya under the name Fahari I-Reit scheme. The REIT scheme will provide unit holders stable cash inflows from the income generating real estate properties. The unrestricted IPO will be listed on the main

489:

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

432:

As of March 14, 2024, the landscape of China's Real Estate Investment Trusts (REITs) saw a significant advancement with the listing of Huaxia Jinmao Commercial REITs (508017) and Jiashi Wumei Consumer REITs (508011) on the Shanghai Stock Exchange on March 12, followed by Huaxia China Resources

913:

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 investment-funds. Reita aims to raise awareness and understanding of REITs and of investment in quoted property

281:

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 forced all funds to be structured by a licensed Investment companies by CMA with a

184:

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 the general partner and the majority owner of the

459:

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. REIT shares targeted in 2016 accounted for 7 percent of the United States market, which were

420:

up of REITs. As in 2021, there are three REITs listed in National Stock Exchange of India. These are Embassy, Mindspace and Brookfields. Overall, the shareholding of Indian REITs is skewed towards institutional investors (mostly FPIs), with very minimal contribution from retail investors.

493:

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.

1013:

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 FIBRA by complying with the following rules:

136:

As of 2021, at least 39 countries around the world have established REITs. A comprehensive index for the REIT and the 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,

1134:

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.

942:

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 point makes REITs attractive investment

572:

to SREITs), and six Stapled Instruments (composed of a stapled Business Trust Unit and a REIT unit), which are listed on the Singapore Exchange. The total market capitalisation of the listed Trust on Singapore Exchange approximate SGD 100 billion (as at 30 Nov 17).

428:

CSRC (China Securities Regulatory Commission) and NDRC (National Development and Reform Commission) jointly announced the start of pilot projects in REITs on April 30, 2020. This official announcement represents the beginning of REITs in mainland China.

160:

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 mREITs in

375:

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

3952: 180:

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.

2522: 1115:

of owner income. In return, REITs are required to distribute at least 90% of their taxable income into the hands of investors. The REIT structure was designed to provide a real estate investment structure similar to the structure

735:. The Government feared 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 from the 301:

Emirates REIT has a portfolio of over US$ 575.3 million consisting of a total of seven properties primarily focused on commercial and office space as of December 2014. It has had substantial growth over the last four years.

201:

paid by REITs look less attractive when compared to bonds that have increasing coupon rates. Also, when investors shy away from REITs, it makes it difficult for management to raise additional funds to acquire more property.

256:

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. In November 2015 there were three listed REITS on the

84:

on major exchanges, publicly registered but non-listed, or private. The two main types of REITs are equity REITs and mortgage REITs (mREITs). In November 2014, equity REITs were recognized as a distinct asset class in the

635:

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.

2606: 657:

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

332:

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.

1054:

provide for investment in stocks. REITs are strong income vehicles because, to avoid incurring liability for U.S. federal income tax, REITs generally must pay out an amount equal to at least 90 percent of their

455:

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.

2331: 2248: 2301: 336:

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.

3361: 261:: Skye Shelter Fund, Union Home and UPDC. A Haldane McCall REIT did not list after failing to reach the minimum 50% subscription in a January 2015 initial public offer amid poor market prospects. 2367: 185:

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 during the

513:

have been in place after the Real Estate Investment Trust Act of 2009 (Republic Act No. 9856) passed into law on December 17, 2009. Its Implementing Rules and Regulations were approved by the

3551: 905:

To support the introduction of REITs in the UK, several commercial property and financial-services companies formed the REITs and Quoted Property Group. Other key bodies involved include the

2735: 3096: 2529: 1018:

at least 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.

1950: 1736: 138: 1535: 581: 524:

which had its public offering in August of the same year. However foreign investors still have poor reception towards REITs during that year when there was also a prevailing

1103:

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

2087:

REITs Around the World: Your Guide to Real Estate Investment Trusts in Nearly 40 Countries for Inflation Protection, Currency Hedging, Risk Management and Diversification

514: 939:

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)

936:

quoted (the London Stock Exchange's international market for smaller growing companies)—making a listing more attractive due to reduced costs and greater flexibility

3699: 3592: 486: 2816: 4647: 2342: 2872: 1885: 3659: 2705: 788:

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 represented in the

249: 2646: 2309: 1648: 1024:

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

1349: 1050:

The U.S. Congress enacted the law providing for REITs in 1960. The law was intended to provide a real estate investment structure similar to the one that

4602: 1767: 3312: 118:

signed Public Law 86-779, sometimes called the Cigar Excise Tax Extension of 1960. The law was enacted to allow all investors to invest in large-scale,

3136: 2378: 1129: 1083: 3968: 1662: 1626: 914:

companies. It does this primarily through its portal www.reita.org, providing knowledge, education and tools for financial advisers and investors.

4108: 3244: 1239: 1189: 793: 381: 322: 316: 142: 86: 1098:, a REIT is "any corporation, trust or association that acts as an investment agent specializing in real estate and real estate mortgages" under 2504: 1936: 1479: 4715: 4617: 2196: 416: 3265: 2667: 2221: 77:. REITs have been criticised as enabling speculation on housing, and reducing housing affordability, without increasing finance for building. 4007: 743: 4607: 1525:

Section 10(a) of Public Law no. 86-779, 74 Stat. 998, 1003-1008 (Sept. 14, 1960), enacting Internal Revenue Code sections 856, 857 and 858.

1214: 490:

estate. The Securities and Exchange Commission of Pakistan is proposing a regulatory framework similar to that of Singapore and Hong Kong.

291: 145:(EPRA). As of 29 January 2021, the global index included 490 stock exchange listed real estate companies from 39 countries representing an 1312:"In Real Estate Investment We Trust: State De-risking and the Ownership of Listed US and German Residential Real Estate Investment Trusts" 3585: 2842: 2403: 1743: 4632: 2760: 736: 2101: 4430: 4113: 809: 851:

sections 518 to 609) and came into effect in January 2007 when nine UK property-companies converted to REIT status, including five

1388: 356:

on behalf of the Hong Kong Government. Since 2005, there have been seven REIT listings as at July 2007, most of which, including

2429: 520:

Regulations on REITs was relaxed in January 2020 which led to the establishment of the first REIT in the country, AREIT Inc. of

468:

The Bursa Malaysia has 18 REIT listed with five Islamic REITS (shariah compliant – according to Islamic investment compliance).

125:

of income-producing real estate in the same way they typically invest in other asset classes – through the purchase and sale of

1095: 746:

announced that they planned to introduce REITs in 2007. The legal details seem to adopt much of the British REIT regulation.

544: 186: 4587: 4567: 4032: 3976: 3796: 3726: 3578: 326: 3455:

Internal Revenue Code Sect. 582(c)(2) (defining financial institutions for these purposes); Internal Revenue Code Sect. 801

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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)

720:

is the second-largest publicly traded property company in France, with the third-highest asset value among European REITs.

4693: 3684: 2923: 933: 3161: 252:(SEC) issued the first set of guidelines for the registration and issuance of requirements for the operation of REITs in 4597: 4146: 3942: 995: 1501: 4546: 4536: 4103: 3877: 2820: 1937:"Arun Jaitley's Budget 2014-15 promises big push to real estate and the first company to trade is always now existing" 910: 392:

with a total market capitalisation of €1.8 billion, Fortune REIT with a total market capitalisation of €1 billion and

353: 270: 1781: 1457: 2791: 384:(EPRA). The current top five REITs in Hong Kong are The Link REIT with a total market capitalisation of €8 billion, 4203: 4093: 3716: 3556: 2880: 1988: 1893: 929:

the abolition of the 2% entry charge to join the regime—this should make REITs more attractive due to reduced costs

781:

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

681:

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

361: 357: 2713: 1695: 4151: 4048: 4000: 3664: 3633: 2085: 1914: 1255: 1176: 884: 517:

in May 2010. However, it failed to attract investors due to its restrictive tax policies and high friction cost.

415:

investments in the real estate market unlike the traditional way of disposing of real estate. The government and

119: 4063: 3872: 3786: 2039: 1871: 1333: 1104: 848: 834: 3187: 2479: 2167: 684:

The largest individual shareholder may own less than 10% of company shares (maximum 30% till the end of 2013).

129:. The first REIT was American Realty Trust founded by Thomas J. Broyhill, cousin of Virginia U.S. Congressman 3223: 4345: 4234: 4083: 3947: 3932: 3906: 3901: 3751: 3679: 3621: 3193: 3140: 1234: 1033: 978: 670:

At least 90% of the REIT's taxable income, excluding unrealised capital gains, has to be distributed to its

405: 365: 258: 4445: 4405: 4171: 3927: 3841: 880: 177: 166: 3047: 3029: 4506: 4486: 4460: 4450: 4410: 4278: 4239: 4141: 4098: 4088: 4073: 4053: 3741: 3601: 1224: 1099: 1071: 906: 868: 501:

REIT Management Company, Eden Developers REIT Management Company and SB Global REIT Management Company.

149: 98: 1107:, and by meeting certain other requirements. The purpose of this designation is to reduce or eliminate 2592: 1846: 4667: 4420: 4350: 4213: 4156: 4078: 4068: 4058: 3993: 3731: 3627: 3269: 2456:"REIT in Thailand ( Real Estate Investment Trust ), listed on the Stock Exchange of Thailand ( SET )" 1836:

Mahipal Singh, Security Analysis with Investment and Portfolio Management, Isha Books 2011, page 145.

1229: 449: 273:, according to the SA REIT Association, which said market capitalization was more than R455 billion. 237: 233: 115: 1021:

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

4577: 4400: 4395: 4229: 4134: 4129: 3694: 3317: 585:

total market capitalisation has reached THB 85 billion across two million square metres of assets.

122: 2671: 1813: 269:

By October 2015 there were 33 South African REITS and three non-South African REITs listed on the

4679: 4627: 4501: 4455: 4435: 4268: 4249: 4191: 4166: 3896: 3806: 3771: 2144: 1435: 758: 732: 537: 369: 3015: 1563: 1413: 73:

Most countries' laws on REITs entitle a real estate company to pay less in corporation tax and

4531: 4340: 4323: 4283: 4208: 4198: 4176: 4161: 3767: 2692: 1761: 1703: 999: 994:

to shareholders. REITs have been excluded from the income trust tax legislation passed in the

902:. The EPRA in Brussels each year publishes a breakdown of the UK REIT structure requirements. 894:

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

750: 525: 74: 2407: 17: 4551: 4526: 4425: 4367: 4328: 4288: 3815: 3781: 3649: 1209: 987: 922: 895: 852: 844: 830: 170: 162: 448:

permitted the establishment of REITs in December 2001. J-REIT securities are traded on the

4415: 4362: 3856: 3846: 3836: 3831: 3811: 3609: 3546: 2765: 1964: 1194: 1112: 1075: 888: 713: 126: 94: 81: 59: 43: 38:, pronounced "reet") is a company that owns, and in most cases operates, income-producing 3339: 3114: 2632: 2012: 1289: 321:

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

3071: 4642: 4622: 4582: 4521: 4303: 4273: 3890: 3801: 3791: 2651: 1056: 991: 899: 840: 608: 93:. The key statistics to examine the financial position and operation of a REIT include 2574: 2553: 1680: 1365: 1336: 372:) to improve initial yields has also been cited as having reduced investors' interest 4709: 4440: 4372: 4357: 4186: 3886: 3851: 3736: 3711: 3674: 3639: 3541: 2973: 2948: 2433: 1546: 1245: 1108: 555: 497:

SECP has issued licenses to four parties namely, Arif Habib REIT Management Company,

389: 385: 349: 146: 130: 3294: 1082:

for the S&P 500 versus 13.3% for the FTSE NAREIT index. There are more than 190

784:

Investments in residential properties built before 1 January 2007 are not permitted.

4612: 4511: 4496: 4470: 4293: 4259: 3937: 3882: 3689: 2998: 1250: 1204: 1160:

Have 95 percent of its income derived from dividends, interest, and property income

1031:

The first Mexican REIT was launched in 2011 and is called FIBRA UNO. According to

856: 667:

At least 80% of the REIT's gross revenues must come from residential rental income.

190: 1310:

Aalbers, Manuel; Taylor, J. Zac; Klingec, J. Tobias; Fernandezd, Rodrigo (2023).

1276:

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing

477:

competitiveness of the market, and to encourage DIREs to be listed domestically.

4637: 4491: 4313: 4308: 4181: 4016: 3911: 3669: 3295:"UPREITs, Down-REITs And Other REIT Vehicles: Should You Go Along For The Ride?" 2903:"Reita - UK REITs - Real Estate Investment Trust and property investment portal" 1311: 1219: 1117: 1064: 1051: 876: 771: 671: 510: 39: 2927: 1870:

Tim LeeMaster & Yvonne Liu, "Swire considers Festival Walk reit", Page B1,

4592: 4465: 3776: 3746: 3654: 3644: 1199: 789: 521: 377: 2902: 1707: 2647:"Gecina Reports First-Half Profit as French Company's Properties Gain Value" 1951:"Better late than never! Investors finally lap up Indian REITs & InvITs" 1505: 860: 620: 547:

Code on Collective Investment Schemes, or alternatively as Business Trusts.

536:

Commonly referred to as S-REITs, there are more than 40 REITs listed on the

498: 345: 51: 47: 1627:"FTSE Russell Factsheet:FTSE EPRA Nareit Global & Global ex US Indices" 460:

subsequently sold for less than half of the initial value at $ 31 billion.

808:. Irish based REITs include Hibernia REIT, Green REIT, Yew Grove REIT and 804:

The 2013 Finance Act contained provisions for creating REIT structures in

708:(which are two other kinds of real-estate trusts not publicly listed). In 664:

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

4572: 4516: 4318: 4244: 4027: 2849: 1060: 775: 675: 632: 198: 55: 3570: 3391: 2455: 1605: 767:

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

731:

planned to introduce REITs in order to create a new type of real estate

1350:"Residential shut out fears for UK Reits played down after German move" 1172:

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

986:

REITs were established in 1993. They are required to be configured as

864: 805: 770:

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

728: 644: 616: 612: 360:

have not enjoyed success because of low yield. Except for The Link and

253: 433:

Commercial REITs (180601) on the Shenzhen Stock Exchange on March 14.

4377: 3560: 1799: 1278:(completed revised and updated ed.). W. W. Norton & Company. 1010: 983: 965: 946:

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

717: 709: 67: 1394:. USC Lusk Center for Real Estate. University of Southern California 1584: 4333: 3721: 872: 445: 411: 229: 216: 169:

authorized REITs to be established as corporations in addition to

63: 2102:"Japan-based REITs have dumped over half their US stocks: report" 1148:

Have transferable shares or transferable certificates of interest

550:

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

543:

S-REITs are regulated as Collective Investment Schemes under the

4298: 2063: 1892:. European Public Real Estate Association (EPRA). Archived from 757:

REITs have to be established as corporations—"REIT-AG" or "REIT-

564:

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

282:

presence of a real estate developer and some other key persons.

90: 3989: 3574: 688:

As of 2018 Orava Residential REIT is the only REIT in Finland.

509:

The legal framework enabling the establishment of REITs in the

3985: 3535:

Nareit - National Association of Real Estate Investment Trusts

1070:

From 2008 to 2011, REITs faced challenges from both a slowing

764:

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

368:(IPO) price. Hong Kong issuers' use of financial engineering ( 220:

investment market segment of the Nairobi Securities Exchange.

2262: 2197:"Philippines' young REIT market snubbed by foreign investors" 1169:

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

1027:

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

3224:"The Infrastructure and Real Estate Trust in Mexico (FIBRA)" 1389:"Listed and Non-Listed Reits: Exploring the Cost Difference" 42:. REITs own many types of commercial real estate, including 2139: 1138:

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

2505:"Bernheim Comofi richt vastgoedbevak op van 10 miljard fr" 1458:"Real Estate Slated for Eleventh Headline Sector in GICS®" 1163:

Pay dividends of at least 90% of the REIT's taxable income

998:

by the Conservative government. Many Canadian REITs have

749:

A law concerning REITs was enacted 1 June 2007, effective

364:, share prices of all but one are significantly below the 3072:"Monoativo: saiba o que é e como funciona • Mais Retorno" 2879:. European Public Real Estate Association. Archived from 2712:. European Public Real Estate Association. Archived from 925:

brought five main changes to the REIT regime in the UK:

3362:"REIT and Publicly Traded Real Estate Company Directory" 932:

relaxation of the listing requirements—REITs can now be

114:

REITs were created in the United States after President

3381:

CCH 2008 U.S. Master Tax Guide, paragr. 2326, page 681.

2287: 1782:"Low subscription aborts Haldane McCall's N13 Reit IPO" 3565: 3534: 3495:

Internal Revenue Code sections 856(h)(1) and 542(a)(2)

1154:

Not be a financial institution or an insurance company

839:

The legislation laying out the rules for REITs in the

133:

in 1961 who pushed for the creation under Eisenhower.

2736:"Real Estate Investment Trusts introduced in Ireland" 2554:"FINLEX ® - Ajantasainen lainsäädäntö: 24.4.2009/299" 1606:"Investing in Listed Real Estate - IPE Reference Hub" 1142:

Be structured as a corporation, trust, or association

1084:

public REITs listed on exchanges in the United States

3186:

Morrissey, Janet; Grant, Peter (November 10, 2016),

396:

with a total market capitalisation of €700 million.

388:

with a total market capitalisation of €2.3 billion,

4560: 4479: 4386: 4258: 4222: 4122: 4041: 3920: 3865: 3824: 3760: 3608: 2607:"Unibail-Rodamco announces the approval by the AMF" 1832: 1830: 3459:(defining insurance companies for these purposes). 1552:. "Securities and Exchange Commission. 1977-03-21. 567:Distribution of at least 90% of its taxable income 101:(FFO), and adjusted funds from operations (AFFO). 2792:"¿Qué es una sociedad de inversión inmobiliaria?" 2222:"AREIT, a trailblazer in the country's REIT path" 325:(LPT) on the Australian stock exchanges (now the 1663:"Screening For High-Yielding High-Quality REITs" 1175:Have no more than 25% of its assets invested in 3700:Qualifying investor alternative investment fund 2761:"Reit dividends increase tenfold in four years" 1536:"Realty Trust Wins Fraud Action Brought by SEC" 1480:"The Most Important Metrics for REIT Investing" 990:and are not taxed if they distribute their net 3566:EPRA - European Public Real Estate Association 3289: 3287: 1564:"History of REITs & Real Estate Investing" 1151:Otherwise be taxable as a domestic corporation 1145:Be managed by a board of directors or trustees 487:Securities and Exchange Commission of Pakistan 27:Company that owns income-producing real estate 4648:List of housing markets by real estate prices 4001: 3586: 3181: 3179: 8: 3660:Labour-sponsored venture capital corporation 3522:Internal Revenue Code sect. 856(c)(4)(B)(ii) 3222:Luis F. Moreno Trevino, Julio Planas Vidal. 2480:"Are Thai REITs better than property funds?" 2332:"MAS: Code of Collective Investment Schemes" 2140:"Breaking News, World News & Multimedia" 1651:. U.S. News & World Report. 8 June 2018. 898:and be UK-resident and publicly listed on a 3340:"REITs vs. Stocks: What Does the Data Say?" 3078:(in Brazilian Portuguese). 18 February 2020 4688: 4008: 3994: 3986: 3972: 3593: 3579: 3571: 3313:"Pummeled by the recession, REITs rebound" 3113:Mark Rothschild (November–December 2005). 3394:. U.S. Securities and Exchange Commission 2190: 2188: 1696:"Looming Rate Rise Weighs on REIT Shares" 1130:List of public REITs in the United States 3550:) is being considered for deletion. See 3217: 3215: 3213: 3211: 3209: 2949:"UK REITS SapphireCapitalPartners.co.uk" 197:net negative effect on REIT shares. The 189:, after which listed REITs responded by 3451:Internal Revenue Code Sect. 856(a)(4). 3392:"Real Estate Investment Trusts (REITs)" 3052:Brazilian Federal Government - Planalto 3034:Brazilian Federal Government - Planalto 2999:"The REIT Niche and the UK REIT Market" 2817:"REITs (Real Estate Investment Trusts)" 2633:"Gecina largest office space in France" 2168:"The Future of REIT in the Philippines" 1290:"Real Estate Investment Trusts (REITs)" 1266: 1240:Real estate mortgage investment conduit 1190:Australian real estate investment trust 1157:Be jointly owned by 100 persons or more 794:European Public Real Estate Association 615:REITs in 1995 with the constitution of 382:European Public Real Estate Association 323:Australian real estate investment trust 317:Australian real estate investment trust 290:The REIT legislation was introduced by 143:European Public Real Estate Association 87:Global Industry Classification Standard 3468:Internal Revenue Code Sect. 856(a)(5). 3245:"Mexican REIT FIBRA Uno Raises $ 300M" 1766:: CS1 maint: archived copy as title ( 1759: 1360: 1358: 417:Securities and Exchange Board of India 3504:Internal Revenue Code sect. 856(c)(4) 3477:Internal Revenue Code Sect. 856(c)(2) 3439:Internal Revenue Code Sect. 856(a)(3) 3430:Internal Revenue Code Sect. 856(a)(2) 3421:Internal Revenue Code Sect. 856(a)(1) 2785: 2783: 2523:"Real Estate Investments in Bulgaria" 2249:"An overview of the S-Reit landscape" 2034: 2032: 918:the market to $ 1 trillion by 2010." 7: 4675: 3513:Internal Revenue Code sect 856(c)(4) 3139:. InvestingDaily.com. Archived from 2263:"CapitaLand Mall Trust :: Home" 2064:"History Timeline of J-REIT History" 1886:"Global REIT Survey 2012: Hong Kong" 1215:List of real estate investment firms 292:Dubai International Financial Centre 3189:A Young Mexican REIT Market Evolves 3115:"Spotlight on North America/Canada" 1585:"Global Real Estate Index Launches" 661:Minimum holding period: five years. 4633:Undergraduate real estate programs 3486:Internal Revenue Code sect. 857(a) 3412:Internal Revenue Code Sect. 856(a) 2843:"UK REITs a summary of the regime" 2706:"Global REIT Survey 2012: Germany" 1649:"What Higher Rates Mean for REITs" 1120:provide for investment in stocks. 619:. Others REITs in Belgium include 582:Securities and Exchange Commission 561:Annual valuation of its properties 515:Securities and Exchange Commission 362:Regal Real Estate Investment Trust 250:Securities and Exchange Commission 25: 4431:Investment rating for real estate 3554:to help reach a consensus. › 2691:See § 1 (1) a and § 3 (9) of the 2668:"G-Reit news for German property" 2104:. The Real Deal. 31 October 2018. 1387:Green, Richard K.; Rhea, Parker. 696:The French acronyms for REIT are 648:tax-efficient residential REITs. 545:Monetary Authority of Singapore's 89:by S&P Dow Jones Indices and 4687: 4674: 4662: 4661: 3971: 3964: 3963: 3137:"REIT Investing, Canadian Style" 2670:. citywire.co.uk. Archived from 2013:"华夏华润商业REIT基金行情_优势_走势_评级 - 华夏基金" 1965:"华夏金茂商业REIT基金行情_优势_走势_评级 - 华夏基金" 1847:"Reits & remf (Real Estate)" 875:. The other four companies were 452:among other exchanges in Japan. 344:REITs have been in existence in 228:REITs have been in existence in 2974:"Sapphire Capital Partners LLP" 2666:Alan O'Sullivan (1 June 2007). 2040:"两单消费基础设施REITs在上交所上市 | 上海证券交易所" 700:(publicly listed), contrary to 4588:Graduate real estate education 4033:Tertiary sector of the economy 3797:Socially responsible investing 3727:Split capital investment trust 2790:Olivares, David (2019-03-05). 1800:"News for SA Reit Association" 327:Australian Securities Exchange 1: 4716:Real estate investment trusts 3685:Open-ended investment company 3557:Real Estate Investment Trusts 2978:sapphirecapitalpartners.co.uk 2953:sapphirecapitalpartners.co.uk 2873:"Global REIT Survey 2012: UK" 934:Alternative Investment Market 18:Real Estate Investment Trusts 4542:Real estate investment trust 4147:Extraterrestrial real estate 3943:Returns-based style analysis 3706:Real estate investment trust 2819:. ShareWorld. Archived from 380:, an index published by the 165:and construction deals. The 32:real estate investment trust 4547:Real property administrator 4537:Real estate investment club 3878:Efficient-market hypothesis 2593:"Orava - NASDAQ OMX NORDIC" 1274:Malkiel, Burton G. (2018). 1096:U.S. Federal income tax law 911:British Property Federation 354:Hong Kong Housing Authority 271:Johannesburg Stock Exchange 4732: 4204:Private equity real estate 3717:Short-term investment fund 3268:. reit.com. Archived from 3162:"Fibras Get Their Footing" 2924:"Olympia Capital Research" 2613:. Bloomberg. 29 March 2018 2195:Endo, Jun (2 March 2021). 1814:"Lahiya Sanadeek (Aqaree)" 1504:. Reit.com. Archived from 1348:See A. O'Sullivan (2006), 1127: 976: 828: 792:, an index managed by the 403: 314: 187:2007–2008 financial crisis 4656: 4152:International real estate 4023: 3961: 3665:Listed investment company 3634:Fonds commun de placement 3030:"Lei 11.196 - art.3, III" 2120:signon.thomsonreuters.com 2116:"Practical Law US Signon" 2084:Stooker, Richard (2011). 1436:"Guide to Mortgage REITs" 1256:Taxable REIT subsidiaries 1177:taxable REIT subsidiaries 964:REITs were introduced in 885:Primary Health Properties 631:REITs were introduced in 152:of about $ 1.7 trillion. 3873:Arbitrage pricing theory 3552:templates for discussion 3266:"REIT Industry Timeline" 3247:. Institutional Investor 3102:(in Portuguese). ANBIMA. 1872:South China Morning Post 1683:. PodBean. 29 June 2018. 1681:"Keeping it Real Estate" 1502:"REIT 50 Years Timeline" 1334:Corporation Tax Act 2010 1105:Internal Revenue Service 879:(now known as "SEGRO"), 849:Corporation Tax Act 2010 835:Corporation Tax Act 2010 4346:Real estate transaction 4235:Real estate development 3948:Traditional investments 3933:Commodity pool operator 3907:Noisy market hypothesis 3902:Modern portfolio theory 3752:Unitised insurance fund 3680:Open-ended fund company 3622:Common contractual fund 3194:The Wall Street Journal 2877:Global REIT Survey 2012 2710:Global REIT Survey 2012 1700:The Wall Street Journal 1482:. Simply Safe Dividends 1414:"Guide to Equity REITs" 1235:Real estate development 1034:The Wall Street Journal 979:List of REITs in Canada 737:Social Democratic Party 406:Business Trust in India 366:initial public offering 259:Nigerian Stock Exchange 4446:Real estate derivative 4406:Effective gross income 4172:Healthcare real estate 3928:Alternative investment 3842:Institutional investor 951:would likely prefer". 881:Great Portland Estates 206:Africa and Middle east 178:Tax Reform Act of 1986 167:Tax Reform Act of 1976 4603:Industry trade groups 4507:Exclusive buyer agent 4461:Real estate valuation 4451:Real estate economics 4411:Gross rent multiplier 4240:Real estate investing 4142:Corporate Real Estate 3742:Unit investment trust 3602:Investment management 1225:Real estate investing 1100:Internal Revenue Code 1072:United States economy 907:London Stock Exchange 869:Liberty International 716:is the largest SIIC. 607:Bernheim Comofi (now 150:market capitalization 99:funds from operations 4421:Highest and best use 4387:Economics, financing 4351:Real estate contract 4245:Real estate flipping 4214:Residential property 4157:Lease administration 4109:United Arab Emirates 3732:Tax transparent fund 3628:Exchange-traded fund 2823:on 10 September 2010 2460:www.thaiwebsites.com 2247:DBS (26 June 2023). 1230:Real estate business 450:Tokyo Stock Exchange 352:was launched by the 286:United Arab Emirates 234:Home Finance Company 116:Dwight D. Eisenhower 50:buildings, studios, 4401:Capitalization rate 4396:Asset-based lending 4230:Property management 4135:Commercial building 4130:Commercial property 3787:Manager of managers 3695:Private-equity fund 3318:The Washington Post 3097:"DELIBERAÇÃO Nº 62" 2430:"REITs in Thailand" 843:was enacted in the 753:to 1 January 2007: 744:ministry of finance 410:As of August 2014, 370:interest rate swaps 4628:Real estate trends 4532:Real estate broker 4502:Chartered Surveyor 4456:Real estate bubble 4436:Mortgage insurance 4269:Adverse possession 4192:Luxury real estate 4167:Garden real estate 3897:Martingale pricing 3807:Thematic investing 3772:passive management 3226:. Haynes and Boone 2267:www.capitamall.com 2172:KMC MAG Group. Inc 2166:Nordberg, Antton. 2145:The New York Times 1915:"Worldwide Wisdom" 1890:Global REIT Survey 1786:The Nation Nigeria 1540:Washingtonpost.com 1316:Economic Geography 759:Aktiengesellschaft 733:investment vehicle 538:Singapore Exchange 215:The first REIT in 68:commercial forests 4703: 4702: 4341:Property abstract 4324:Land registration 4284:Concurrent estate 4209:Real estate owned 4199:Off-plan property 4177:Vacation property 4162:Niche real estate 3983: 3982: 3761:Investment styles 3192:, New York City: 2575:"19.12.1997/1173" 2511:. 29 August 2013. 2410:on 28 August 2013 1547:"SEC News Digest" 1366:"What is a REIT?" 1000:limited liability 742:In June 2006 the 526:COVID-19 pandemic 348:since 2005, when 127:liquid securities 75:capital gains tax 16:(Redirected from 4723: 4691: 4690: 4678: 4677: 4665: 4664: 4608:Investment firms 4527:Property manager 4426:Home equity loan 4329:Leasehold estate 4289:Conditional sale 4010: 4003: 3996: 3987: 3975: 3974: 3967: 3966: 3816:growth investing 3782:Impact investing 3650:Investment trust 3595: 3588: 3581: 3572: 3523: 3520: 3514: 3511: 3505: 3502: 3496: 3493: 3487: 3484: 3478: 3475: 3469: 3466: 3460: 3446: 3440: 3437: 3431: 3428: 3422: 3419: 3413: 3410: 3404: 3403: 3401: 3399: 3388: 3382: 3379: 3373: 3372: 3370: 3368: 3358: 3352: 3351: 3349: 3347: 3336: 3330: 3329: 3327: 3325: 3309: 3303: 3302: 3291: 3282: 3281: 3279: 3277: 3262: 3256: 3255: 3253: 3252: 3241: 3235: 3234: 3232: 3231: 3219: 3204: 3203: 3202: 3200: 3183: 3174: 3173: 3171: 3169: 3158: 3152: 3151: 3149: 3148: 3132: 3126: 3125: 3123: 3122: 3110: 3104: 3103: 3101: 3093: 3087: 3086: 3084: 3083: 3068: 3062: 3061: 3059: 3058: 3044: 3038: 3037: 3026: 3020: 3019: 3016:"ICVM472 - FIIs" 3012: 3006: 3005: 3003: 2995: 2989: 2988: 2986: 2984: 2970: 2964: 2963: 2961: 2959: 2945: 2939: 2938: 2936: 2935: 2926:. Archived from 2920: 2914: 2913: 2911: 2910: 2899: 2893: 2892: 2890: 2888: 2871:Rowe, Rosalind. 2868: 2862: 2861: 2859: 2857: 2847: 2839: 2833: 2832: 2830: 2828: 2813: 2807: 2806: 2804: 2803: 2787: 2778: 2777: 2775: 2773: 2757: 2751: 2750: 2748: 2746: 2740: 2732: 2726: 2725: 2723: 2721: 2704:Hackemann, Tim. 2701: 2695: 2689: 2683: 2682: 2680: 2679: 2674:on June 17, 2021 2663: 2657: 2656: 2643: 2637: 2636: 2629: 2623: 2622: 2620: 2618: 2603: 2597: 2596: 2589: 2583: 2582: 2571: 2565: 2564: 2562: 2561: 2550: 2544: 2543: 2541: 2540: 2534: 2528:. Archived from 2527: 2519: 2513: 2512: 2501: 2495: 2494: 2492: 2491: 2476: 2470: 2469: 2467: 2466: 2452: 2446: 2445: 2443: 2441: 2436:on 22 April 2014 2432:. Archived from 2426: 2420: 2419: 2417: 2415: 2406:. Archived from 2400: 2394: 2393: 2391: 2389: 2384:on 20 March 2012 2383: 2377:. Archived from 2372: 2364: 2358: 2357: 2355: 2353: 2347: 2341:. Archived from 2336: 2328: 2322: 2321: 2319: 2317: 2308:. Archived from 2298: 2292: 2291: 2284: 2278: 2277: 2275: 2273: 2259: 2253: 2252: 2244: 2238: 2237: 2235: 2233: 2218: 2212: 2211: 2209: 2207: 2192: 2183: 2182: 2180: 2178: 2163: 2157: 2156: 2154: 2152: 2136: 2130: 2129: 2127: 2126: 2112: 2106: 2105: 2098: 2092: 2091: 2081: 2075: 2074: 2072: 2070: 2060: 2054: 2053: 2051: 2050: 2036: 2027: 2026: 2024: 2023: 2017:www.chinaamc.com 2009: 2003: 2002: 2000: 1999: 1989:"基本信息 | 上海证券交易所" 1985: 1979: 1978: 1976: 1975: 1969:www.chinaamc.com 1961: 1955: 1954: 1947: 1941: 1940: 1933: 1927: 1926: 1924: 1922: 1911: 1905: 1904: 1902: 1901: 1881: 1875: 1868: 1862: 1861: 1859: 1858: 1843: 1837: 1834: 1825: 1824: 1818: 1810: 1804: 1803: 1796: 1790: 1789: 1778: 1772: 1771: 1765: 1757: 1755: 1754: 1748: 1742:. Archived from 1741: 1733: 1727: 1726:Nation Newspaper 1724: 1718: 1717: 1715: 1714: 1691: 1685: 1684: 1677: 1671: 1670: 1659: 1653: 1652: 1645: 1639: 1638: 1636: 1634: 1623: 1617: 1616: 1614: 1612: 1602: 1596: 1595: 1593: 1591: 1581: 1575: 1574: 1572: 1570: 1560: 1554: 1553: 1551: 1543: 1532: 1526: 1523: 1517: 1516: 1514: 1513: 1498: 1492: 1491: 1489: 1487: 1476: 1470: 1469: 1467: 1465: 1454: 1448: 1447: 1445: 1443: 1432: 1426: 1425: 1423: 1421: 1410: 1404: 1403: 1401: 1399: 1393: 1384: 1378: 1377: 1375: 1373: 1362: 1353: 1346: 1340: 1330: 1324: 1323: 1307: 1301: 1300: 1298: 1296: 1286: 1280: 1279: 1271: 1210:Investment trust 1111:, thus avoiding 923:Finance Act 2012 896:investment trust 853:FTSE 100 members 845:Finance Act 2006 831:English land law 395: 306:Asia and Pacific 232:since 1994. The 163:land development 60:shopping centers 21: 4731: 4730: 4726: 4725: 4724: 4722: 4721: 4720: 4706: 4705: 4704: 4699: 4652: 4556: 4475: 4416:Hard money loan 4388: 4382: 4363:Rent regulation 4254: 4218: 4118: 4037: 4019: 4014: 3984: 3979: 3957: 3916: 3861: 3857:Performance fee 3847:Net asset value 3837:Fund governance 3832:Closed-end fund 3820: 3756: 3613: 3611: 3604: 3599: 3555: 3531: 3526: 3521: 3517: 3512: 3508: 3503: 3499: 3494: 3490: 3485: 3481: 3476: 3472: 3467: 3463: 3447: 3443: 3438: 3434: 3429: 3425: 3420: 3416: 3411: 3407: 3397: 3395: 3390: 3389: 3385: 3380: 3376: 3366: 3364: 3360: 3359: 3355: 3345: 3343: 3342:. 5 August 2020 3338: 3337: 3333: 3323: 3321: 3311: 3310: 3306: 3293: 3292: 3285: 3275: 3273: 3264: 3263: 3259: 3250: 3248: 3243: 3242: 3238: 3229: 3227: 3221: 3220: 3207: 3198: 3196: 3185: 3184: 3177: 3167: 3165: 3160: 3159: 3155: 3146: 3144: 3135:David Dittman. 3134: 3133: 3129: 3120: 3118: 3112: 3111: 3107: 3099: 3095: 3094: 3090: 3081: 3079: 3070: 3069: 3065: 3056: 3054: 3046: 3045: 3041: 3028: 3027: 3023: 3014: 3013: 3009: 3001: 2997: 2996: 2992: 2982: 2980: 2972: 2971: 2967: 2957: 2955: 2947: 2946: 2942: 2933: 2931: 2922: 2921: 2917: 2908: 2906: 2901: 2900: 2896: 2886: 2884: 2870: 2869: 2865: 2855: 2853: 2845: 2841: 2840: 2836: 2826: 2824: 2815: 2814: 2810: 2801: 2799: 2789: 2788: 2781: 2771: 2769: 2766:The Irish Times 2759: 2758: 2754: 2744: 2742: 2741:. EY REIT Alert 2738: 2734: 2733: 2729: 2719: 2717: 2703: 2702: 2698: 2693:German REIT Act 2690: 2686: 2677: 2675: 2665: 2664: 2660: 2645: 2644: 2640: 2631: 2630: 2626: 2616: 2614: 2605: 2604: 2600: 2591: 2590: 2586: 2573: 2572: 2568: 2559: 2557: 2552: 2551: 2547: 2538: 2536: 2532: 2525: 2521: 2520: 2516: 2503: 2502: 2498: 2489: 2487: 2478: 2477: 2473: 2464: 2462: 2454: 2453: 2449: 2439: 2437: 2428: 2427: 2423: 2413: 2411: 2404:"Rules of REIT" 2402: 2401: 2397: 2387: 2385: 2381: 2370: 2366: 2365: 2361: 2351: 2349: 2348:on 3 March 2012 2345: 2334: 2330: 2329: 2325: 2315: 2313: 2300: 2299: 2295: 2288:"SGX REIT Data" 2286: 2285: 2281: 2271: 2269: 2261: 2260: 2256: 2246: 2245: 2241: 2231: 2229: 2220: 2219: 2215: 2205: 2203: 2194: 2193: 2186: 2176: 2174: 2165: 2164: 2160: 2150: 2148: 2138: 2137: 2133: 2124: 2122: 2114: 2113: 2109: 2100: 2099: 2095: 2083: 2082: 2078: 2068: 2066: 2062: 2061: 2057: 2048: 2046: 2038: 2037: 2030: 2021: 2019: 2011: 2010: 2006: 1997: 1995: 1987: 1986: 1982: 1973: 1971: 1963: 1962: 1958: 1949: 1948: 1944: 1935: 1934: 1930: 1920: 1918: 1913: 1912: 1908: 1899: 1897: 1883: 1882: 1878: 1874:, July 12, 2007 1869: 1865: 1856: 1854: 1845: 1844: 1840: 1835: 1828: 1816: 1812: 1811: 1807: 1798: 1797: 1793: 1780: 1779: 1775: 1758: 1752: 1750: 1746: 1739: 1737:"Archived copy" 1735: 1734: 1730: 1725: 1721: 1712: 1710: 1693: 1692: 1688: 1679: 1678: 1674: 1661: 1660: 1656: 1647: 1646: 1642: 1632: 1630: 1625: 1624: 1620: 1610: 1608: 1604: 1603: 1599: 1589: 1587: 1583: 1582: 1578: 1568: 1566: 1562: 1561: 1557: 1549: 1545: 1534: 1533: 1529: 1524: 1520: 1511: 1509: 1500: 1499: 1495: 1485: 1483: 1478: 1477: 1473: 1463: 1461: 1456: 1455: 1451: 1441: 1439: 1434: 1433: 1429: 1419: 1417: 1412: 1411: 1407: 1397: 1395: 1391: 1386: 1385: 1381: 1371: 1369: 1364: 1363: 1356: 1347: 1343: 1331: 1327: 1309: 1308: 1304: 1294: 1292: 1288: 1287: 1283: 1273: 1272: 1268: 1264: 1195:Closed-end fund 1186: 1132: 1126: 1113:double taxation 1092: 1076:Great Recession 1059:in the form of 1048: 1043: 1008: 981: 975: 962: 957: 889:Workspace Group 837: 827: 818: 802: 726: 714:Unibail-Rodamco 694: 642: 629: 605: 600: 591: 578: 534: 507: 483: 474: 466: 443: 426: 408: 402: 393: 342: 319: 313: 308: 288: 279: 267: 246: 226: 213: 208: 171:business trusts 158: 112: 107: 95:net asset value 82:publicly traded 28: 23: 22: 15: 12: 11: 5: 4729: 4727: 4719: 4718: 4708: 4707: 4701: 4700: 4698: 4697: 4694:List of topics 4684: 4671: 4657: 4654: 4653: 4651: 4650: 4645: 4643:Urban planning 4640: 4635: 4630: 4625: 4623:Property cycle 4620: 4615: 4610: 4605: 4600: 4595: 4590: 4585: 4583:Gentrification 4580: 4575: 4570: 4564: 4562: 4558: 4557: 4555: 4554: 4549: 4544: 4539: 4534: 4529: 4524: 4522:Moving company 4519: 4514: 4509: 4504: 4499: 4494: 4489: 4483: 4481: 4477: 4476: 4474: 4473: 4468: 4463: 4458: 4453: 4448: 4443: 4438: 4433: 4428: 4423: 4418: 4413: 4408: 4403: 4398: 4392: 4390: 4384: 4383: 4381: 4380: 4375: 4370: 4365: 4360: 4355: 4354: 4353: 4343: 4338: 4337: 4336: 4326: 4321: 4316: 4311: 4306: 4304:Eminent domain 4301: 4296: 4291: 4286: 4281: 4276: 4274:Chain of title 4271: 4265: 4263: 4262:and regulation 4256: 4255: 4253: 4252: 4247: 4242: 4237: 4232: 4226: 4224: 4220: 4219: 4217: 4216: 4211: 4206: 4201: 4196: 4195: 4194: 4189: 4184: 4179: 4174: 4169: 4159: 4154: 4149: 4144: 4139: 4138: 4137: 4126: 4124: 4120: 4119: 4117: 4116: 4114:United Kingdom 4111: 4106: 4101: 4096: 4091: 4086: 4081: 4076: 4071: 4066: 4061: 4056: 4051: 4045: 4043: 4039: 4038: 4036: 4035: 4030: 4024: 4021: 4020: 4015: 4013: 4012: 4005: 3998: 3990: 3981: 3980: 3962: 3959: 3958: 3956: 3955: 3950: 3945: 3940: 3935: 3930: 3924: 3922: 3921:Related topics 3918: 3917: 3915: 3914: 3909: 3904: 3899: 3894: 3880: 3875: 3869: 3867: 3863: 3862: 3860: 3859: 3854: 3849: 3844: 3839: 3834: 3828: 3826: 3822: 3821: 3819: 3818: 3809: 3804: 3802:Social trading 3799: 3794: 3792:Social finance 3789: 3784: 3779: 3774: 3764: 3762: 3758: 3757: 3755: 3754: 3749: 3744: 3739: 3734: 3729: 3724: 3719: 3714: 3709: 3703: 3697: 3692: 3687: 3682: 3677: 3672: 3667: 3662: 3657: 3652: 3647: 3642: 3637: 3631: 3625: 3618: 3616: 3606: 3605: 3600: 3598: 3597: 3590: 3583: 3575: 3569: 3568: 3563: 3539: 3537: 3530: 3529:External links 3527: 3525: 3524: 3515: 3506: 3497: 3488: 3479: 3470: 3461: 3441: 3432: 3423: 3414: 3405: 3383: 3374: 3353: 3331: 3304: 3283: 3257: 3236: 3205: 3175: 3153: 3127: 3105: 3088: 3063: 3048:"Lei n 11.033" 3039: 3021: 3007: 2990: 2965: 2940: 2915: 2894: 2883:on 17 May 2013 2863: 2852:. 1 April 2021 2834: 2808: 2779: 2752: 2727: 2716:on 17 May 2013 2696: 2684: 2658: 2652:Bloomberg News 2638: 2624: 2598: 2584: 2566: 2545: 2514: 2496: 2471: 2447: 2421: 2395: 2359: 2323: 2293: 2279: 2254: 2239: 2228:. 5 March 2021 2213: 2184: 2158: 2131: 2107: 2093: 2076: 2055: 2044:www.sse.com.cn 2028: 2004: 1993:www.sse.com.cn 1980: 1956: 1942: 1928: 1906: 1876: 1863: 1838: 1826: 1805: 1791: 1773: 1728: 1719: 1694:Pleven, Liam. 1686: 1672: 1669:. 5 July 2018. 1654: 1640: 1618: 1597: 1576: 1555: 1527: 1518: 1493: 1471: 1449: 1427: 1405: 1379: 1354: 1341: 1325: 1302: 1281: 1265: 1263: 1260: 1259: 1258: 1253: 1248: 1243: 1237: 1232: 1227: 1222: 1217: 1212: 1207: 1202: 1197: 1192: 1185: 1182: 1181: 1180: 1173: 1170: 1167: 1164: 1161: 1158: 1155: 1152: 1149: 1146: 1143: 1125: 1122: 1091: 1088: 1057:taxable income 1047: 1044: 1042: 1039: 1029: 1028: 1025: 1022: 1019: 1007: 1004: 992:taxable income 974: 971: 961: 958: 956: 953: 948: 947: 944: 940: 937: 930: 900:stock exchange 873:Slough Estates 855:at that time: 841:United Kingdom 826: 825:United Kingdom 823: 817: 814: 801: 798: 786: 785: 782: 779: 768: 765: 762: 725: 722: 693: 690: 686: 685: 682: 679: 668: 665: 662: 659: 652:Qualifications 641: 638: 628: 625: 623:and Ascensio. 609:AG Real Estate 604: 601: 599: 596: 590: 587: 577: 574: 569: 568: 565: 562: 559: 533: 530: 506: 503: 482: 479: 473: 470: 465: 462: 442: 439: 425: 422: 404:Main article: 401: 398: 341: 338: 315:Main article: 312: 309: 307: 304: 287: 284: 278: 275: 266: 263: 245: 242: 225: 222: 212: 209: 207: 204: 157: 154: 111: 108: 106: 103: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 4728: 4717: 4714: 4713: 4711: 4696: 4695: 4685: 4683: 4682: 4672: 4670: 4669: 4659: 4658: 4655: 4649: 4646: 4644: 4641: 4639: 4636: 4634: 4631: 4629: 4626: 4624: 4621: 4619: 4616: 4614: 4611: 4609: 4606: 4604: 4601: 4599: 4596: 4594: 4591: 4589: 4586: 4584: 4581: 4579: 4576: 4574: 4571: 4569: 4566: 4565: 4563: 4559: 4553: 4550: 4548: 4545: 4543: 4540: 4538: 4535: 4533: 4530: 4528: 4525: 4523: 4520: 4518: 4515: 4513: 4510: 4508: 4505: 4503: 4500: 4498: 4495: 4493: 4490: 4488: 4485: 4484: 4482: 4478: 4472: 4469: 4467: 4464: 4462: 4459: 4457: 4454: 4452: 4449: 4447: 4444: 4442: 4441:Mortgage loan 4439: 4437: 4434: 4432: 4429: 4427: 4424: 4422: 4419: 4417: 4414: 4412: 4409: 4407: 4404: 4402: 4399: 4397: 4394: 4393: 4391: 4389:and valuation 4385: 4379: 4376: 4374: 4373:Torrens title 4371: 4369: 4366: 4364: 4361: 4359: 4358:Real property 4356: 4352: 4349: 4348: 4347: 4344: 4342: 4339: 4335: 4332: 4331: 4330: 4327: 4325: 4322: 4320: 4317: 4315: 4312: 4310: 4307: 4305: 4302: 4300: 4297: 4295: 4292: 4290: 4287: 4285: 4282: 4280: 4277: 4275: 4272: 4270: 4267: 4266: 4264: 4261: 4257: 4251: 4248: 4246: 4243: 4241: 4238: 4236: 4233: 4231: 4228: 4227: 4225: 4221: 4215: 4212: 4210: 4207: 4205: 4202: 4200: 4197: 4193: 4190: 4188: 4187:Golf property 4185: 4183: 4180: 4178: 4175: 4173: 4170: 4168: 4165: 4164: 4163: 4160: 4158: 4155: 4153: 4150: 4148: 4145: 4143: 4140: 4136: 4133: 4132: 4131: 4128: 4127: 4125: 4121: 4115: 4112: 4110: 4107: 4105: 4102: 4100: 4097: 4095: 4092: 4090: 4087: 4085: 4082: 4080: 4077: 4075: 4072: 4070: 4067: 4065: 4062: 4060: 4057: 4055: 4052: 4050: 4047: 4046: 4044: 4040: 4034: 4031: 4029: 4026: 4025: 4022: 4018: 4011: 4006: 4004: 3999: 3997: 3992: 3991: 3988: 3978: 3970: 3960: 3954: 3951: 3949: 3946: 3944: 3941: 3939: 3936: 3934: 3931: 3929: 3926: 3925: 3923: 3919: 3913: 3910: 3908: 3905: 3903: 3900: 3898: 3895: 3892: 3888: 3884: 3881: 3879: 3876: 3874: 3871: 3870: 3868: 3864: 3858: 3855: 3853: 3852:Open-end fund 3850: 3848: 3845: 3843: 3840: 3838: 3835: 3833: 3830: 3829: 3827: 3823: 3817: 3813: 3810: 3808: 3805: 3803: 3800: 3798: 3795: 3793: 3790: 3788: 3785: 3783: 3780: 3778: 3775: 3773: 3769: 3766: 3765: 3763: 3759: 3753: 3750: 3748: 3745: 3743: 3740: 3738: 3737:Umbrella fund 3735: 3733: 3730: 3728: 3725: 3723: 3720: 3718: 3715: 3713: 3712:Royalty trust 3710: 3707: 3704: 3701: 3698: 3696: 3693: 3691: 3688: 3686: 3683: 3681: 3678: 3676: 3675:Offshore fund 3673: 3671: 3668: 3666: 3663: 3661: 3658: 3656: 3653: 3651: 3648: 3646: 3643: 3641: 3640:Fund of funds 3638: 3635: 3632: 3629: 3626: 3623: 3620: 3619: 3617: 3615: 3607: 3603: 3596: 3591: 3589: 3584: 3582: 3577: 3576: 3573: 3567: 3564: 3562: 3558: 3553: 3549: 3548: 3543: 3538: 3536: 3533: 3532: 3528: 3519: 3516: 3510: 3507: 3501: 3498: 3492: 3489: 3483: 3480: 3474: 3471: 3465: 3462: 3458: 3454: 3450: 3445: 3442: 3436: 3433: 3427: 3424: 3418: 3415: 3409: 3406: 3393: 3387: 3384: 3378: 3375: 3363: 3357: 3354: 3341: 3335: 3332: 3320: 3319: 3314: 3308: 3305: 3300: 3296: 3290: 3288: 3284: 3272:on 2014-12-07 3271: 3267: 3261: 3258: 3246: 3240: 3237: 3225: 3218: 3216: 3214: 3212: 3210: 3206: 3195: 3191: 3190: 3182: 3180: 3176: 3163: 3157: 3154: 3143:on 2011-01-20 3142: 3138: 3131: 3128: 3116: 3109: 3106: 3098: 3092: 3089: 3077: 3073: 3067: 3064: 3053: 3049: 3043: 3040: 3035: 3031: 3025: 3022: 3017: 3011: 3008: 3000: 2994: 2991: 2979: 2975: 2969: 2966: 2954: 2950: 2944: 2941: 2930:on 2011-09-30 2929: 2925: 2919: 2916: 2904: 2898: 2895: 2882: 2878: 2874: 2867: 2864: 2851: 2844: 2838: 2835: 2822: 2818: 2812: 2809: 2797: 2793: 2786: 2784: 2780: 2768: 2767: 2762: 2756: 2753: 2737: 2731: 2728: 2715: 2711: 2707: 2700: 2697: 2694: 2688: 2685: 2673: 2669: 2662: 2659: 2655:. 2010-07-28. 2654: 2653: 2648: 2642: 2639: 2634: 2628: 2625: 2612: 2611:Bloomberg.com 2608: 2602: 2599: 2594: 2588: 2585: 2580: 2576: 2570: 2567: 2555: 2549: 2546: 2535:on 2011-07-10 2531: 2524: 2518: 2515: 2510: 2506: 2500: 2497: 2485: 2484:www.jll.co.th 2481: 2475: 2472: 2461: 2457: 2451: 2448: 2435: 2431: 2425: 2422: 2409: 2405: 2399: 2396: 2380: 2376: 2369: 2363: 2360: 2344: 2340: 2333: 2327: 2324: 2312:on 2012-06-25 2311: 2307: 2303: 2297: 2294: 2289: 2283: 2280: 2268: 2264: 2258: 2255: 2250: 2243: 2240: 2227: 2223: 2217: 2214: 2202: 2198: 2191: 2189: 2185: 2173: 2169: 2162: 2159: 2147: 2146: 2141: 2135: 2132: 2121: 2117: 2111: 2108: 2103: 2097: 2094: 2089: 2088: 2080: 2077: 2065: 2059: 2056: 2045: 2041: 2035: 2033: 2029: 2018: 2014: 2008: 2005: 1994: 1990: 1984: 1981: 1970: 1966: 1960: 1957: 1952: 1946: 1943: 1938: 1932: 1929: 1916: 1910: 1907: 1896:on 2013-05-17 1895: 1891: 1887: 1880: 1877: 1873: 1867: 1864: 1852: 1848: 1842: 1839: 1833: 1831: 1827: 1822: 1815: 1809: 1806: 1801: 1795: 1792: 1788:. 5 May 2015. 1787: 1783: 1777: 1774: 1769: 1763: 1749:on 2016-02-04 1745: 1738: 1732: 1729: 1723: 1720: 1709: 1705: 1701: 1697: 1690: 1687: 1682: 1676: 1673: 1668: 1664: 1658: 1655: 1650: 1644: 1641: 1628: 1622: 1619: 1607: 1601: 1598: 1586: 1580: 1577: 1565: 1559: 1556: 1548: 1542:. 1977-04-22. 1541: 1537: 1531: 1528: 1522: 1519: 1508:on 2012-11-13 1507: 1503: 1497: 1494: 1481: 1475: 1472: 1459: 1453: 1450: 1437: 1431: 1428: 1415: 1409: 1406: 1390: 1383: 1380: 1367: 1361: 1359: 1355: 1351: 1345: 1342: 1338: 1335: 1329: 1326: 1322:(3): 312–335. 1321: 1317: 1313: 1306: 1303: 1291: 1285: 1282: 1277: 1270: 1267: 1261: 1257: 1254: 1252: 1249: 1247: 1246:Royalty trust 1244: 1241: 1238: 1236: 1233: 1231: 1228: 1226: 1223: 1221: 1218: 1216: 1213: 1211: 1208: 1206: 1203: 1201: 1198: 1196: 1193: 1191: 1188: 1187: 1183: 1178: 1174: 1171: 1168: 1165: 1162: 1159: 1156: 1153: 1150: 1147: 1144: 1141: 1140: 1139: 1136: 1131: 1123: 1121: 1119: 1114: 1110: 1109:corporate tax 1106: 1101: 1097: 1089: 1087: 1085: 1079: 1077: 1073: 1068: 1066: 1062: 1058: 1053: 1045: 1041:United States 1040: 1038: 1036: 1035: 1026: 1023: 1020: 1017: 1016: 1015: 1012: 1005: 1003: 1001: 997: 993: 989: 985: 980: 972: 970: 967: 959: 954: 952: 945: 941: 938: 935: 931: 928: 927: 926: 924: 919: 915: 912: 908: 903: 901: 897: 892: 890: 886: 882: 878: 874: 870: 866: 862: 858: 854: 850: 847:(now see the 846: 842: 836: 832: 824: 822: 815: 813: 811: 807: 799: 797: 795: 791: 783: 780: 777: 773: 769: 766: 763: 760: 756: 755: 754: 752: 751:retroactively 747: 745: 740: 738: 734: 730: 723: 721: 719: 715: 711: 707: 703: 699: 691: 689: 683: 680: 677: 673: 669: 666: 663: 660: 656: 655: 654: 653: 649: 646: 639: 637: 634: 626: 624: 622: 618: 614: 611:) introduced 610: 602: 597: 595: 588: 586: 583: 575: 573: 566: 563: 560: 557: 556:gearing ratio 553: 552: 551: 548: 546: 541: 539: 531: 529: 527: 523: 518: 516: 512: 504: 502: 500: 495: 491: 488: 480: 478: 471: 469: 463: 461: 457: 453: 451: 447: 440: 438: 434: 430: 423: 421: 418: 413: 407: 399: 397: 391: 390:Champion REIT 387: 386:Hui Xian REIT 383: 379: 373: 371: 367: 363: 359: 358:Sunlight REIT 355: 351: 350:The Link REIT 347: 339: 337: 334: 330: 328: 324: 318: 310: 305: 303: 299: 295: 293: 285: 283: 276: 274: 272: 264: 262: 260: 255: 251: 248:In 2007, the 243: 241: 239: 235: 231: 223: 221: 218: 210: 205: 203: 200: 194: 192: 188: 182: 179: 174: 172: 168: 164: 155: 153: 151: 148: 144: 140: 134: 132: 131:Joel Broyhill 128: 124: 121: 117: 109: 104: 102: 100: 96: 92: 88: 83: 80:REITs can be 78: 76: 71: 69: 65: 61: 57: 53: 49: 45: 41: 37: 33: 19: 4692: 4680: 4666: 4613:Land banking 4541: 4512:Land banking 4497:Buyer broker 4471:Rental value 4294:Conveyancing 4104:Saudi Arabia 3938:Robo-advisor 3883:Fixed income 3814: / 3770: / 3705: 3690:Pension fund 3545: 3518: 3509: 3500: 3491: 3482: 3473: 3464: 3456: 3452: 3448: 3444: 3435: 3426: 3417: 3408: 3396:. 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