REITs Real Estate Investment Trusts PDF

This article rEITs Real Estate Investment Trusts PDF additional citations for verification. An A-REIT usually owns a portfolio of large properties, which, due to their size and value, cannot be bought by the average private investor. Thus, these large investments are broken up into units of smaller value that can be purchased by private investors, who become unit holders. LPTs first emerged in the Australian sharemarket in the early 1970s.


Författare: Jürgen Schäfer.
Real Estate Investment Trusts (REITs) sind Aktiengesellschaften, die ihre Einnahmen vorrangig aus Immobilien erzielen – insbesondere mittels Vermietung und Verpachtung. Sie schütten den Großteil der erzielten Gewinne an ihre Anteilseigner aus. In der Regel zahlen die Gesellschaften selbst keine Steuern, die Investoren versteuern die erhaltene Dividende nach ihrem individuellen Steuersatz. REITs existieren bereits in zahlreichen Ländern. Die Einführung von deutschen REITs ist beschlossene Sache, das REIT-Gesetz tritt kurzfristig mit Rückwirkung zum 1.1.2007 in Kraft.
Der neue Leitfaden erläutert die Funktionsweise von REITs sowie das neue Gesetz für die Praxis. Dargestellt sind die rechtliche Ausgestaltung der REITs, ihre steuerrechtlichen Besonderheiten, das praktische Vorgehen bei der Gründung und dem Management von REITs, die Chancen und Risiken des REIT-Marktes sowie die wesentlichen Investitionskriterien.

Around this time they were viewed as a substitute for direct property investing, with enhanced liquidity offered as they were listed. Despite a slow start, the LPT sector has grown rapidly. Unit holders trade on an open market and the value of the unit price is determined by demand and supply. The income from A-REITs comes primarily from rent. Rents are usually quoted on a dollar per square metre basis. In contrast to residential rents, which are well regulated, in commercial leases there are differing types of rentals or leases.

Many buildings are purchased as going concerns and come ready-stocked with tenants, while some A-REITs are also involved in development. Accumulated rents are the gross income of an A-REIT. Other sources of income include naming or signage rights, roof space for telecommunication companies, and car parking rental. Property trusts must distribute at least 90 percent of their income back to the unit holders. The balance of any monies that are not distributed are held as retained earnings, which are then used to smooth earnings and distributions in future years.

A-REITs can hold either domestic or international property assets. Outside of Australia, the main countries in which A-REITs hold assets are the United States, New Zealand, and the United Kingdom. It has long been regarded as an important measure of the true value of an A-REIT. A-REITs that trade above their NTA were for a long time considered to be overvalued. Conversely, if the A-REIT traded at a discount to its NTA, it was considered to be trading at a discount to the realisable value of its underlying assets.

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