Primer On Real Estate Investment Trusts
|Date / Time:
REITs are the investment vehicle of choice for holding interests in a diversified portfolio of real estate properties, as opposed to owning an interest in a single property.
Estimates are that more than $300 billion are currently invested in publicly traded REITs and more than $70 billion are invested in non-traded REITs. As the interest in alternative assets rises and real estate is being increasingly examined as presenting a significant gain opportunity given current market conditions, more investors, including nontraditional real estate investors, such as retirement plans and charitable organizations, are examining the ownership of REIT shares as part of their portfolio.
Learn about the uses, advantages and disadvantages of the REIT structure for owning real estate. Hear a discussion of the basic tax rules that relate to REIT formation and operation, including the organizational rules, asset tests, income tests, distribution requirements, and the taxation of the REIT and its shareholders.
Certain structural alternatives associated with REITs, including the use of subsidiaries, QRSs and TRSs, and partnerships, UPREITs and DOWNREITs, will be reviewed. A discussion of changes made to the REIT provisions in the Protecting Americans from Tax Hikes Act of 2015 (signed 12/18/2015) will be included.
REITs - General Concepts
Formation and Organization Rules
- Advantages and Disadvantages Compared to Other Investment Vehicles for Real Estate
- Structure of Entity
- Management by Directors
- Number of Shareholders
- Closely Held Restriction
- Corporate Tax Issues
- Classification Rules
- Distribution of E&P
- Other Tax Issues at Outset
- No Financial Institution or Insurance Company
- Calendar Tax Year
REIT SubsidiariesRequired Distributions
- Asset Tests
- Income Tests
Taxation of REITs and Their Shareholders
- 90 Percent Test
- Timing of Dividends
Partnerships Used in REIT StructuresAbout The Presenter
- REIT Taxation
- REIT Shareholder Taxation
Leo N. Hitt
- Partner in the Pittsburgh office of Reed Smith LLP
- Member of its tax practice and former head of the Tax, Benefits and Wealth Planning Group
- Practice emphasizes all aspects of federal income taxation, with particular emphasis in the taxation of business entities, such as partnerships and corporations, securitized and other investment vehicles, including RICs, REITs and REMICs
- Conducts seminars and workshops on numerous topics for a large number of professional groups, including lawyers, accountants and business people
- Wrote several publications related to the areas of the federal income taxation of business entities and other related topics
- Adjunct professor at the University of Pittsburgh School of Law
- Listed in Best Lawyers in America for tax law for more than 10 years and achieved the highest rating by Martindale-Hubbell Law Directory
- Board of the Pittsburgh Tax Club and member of the Allegheny Tax Society
- J.D. degree, University of Pittsburgh School of Law; LL.M. degree, New York University School of Law; B.A. degree, University of Pittsburgh
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