Real Estate Investment Trust Regimes Viewed through the Lens of the US Paradigm
Victoria University of Wellington; Institut für Österreichisches und Internationales Steuerrecht, Wirtschaftsuniversität Wien; Monash University
Government of New Zealand - Treasury
April 1, 2010
Bulletin for International Taxation, pp. 211-213, April 2010
Victoria University of Wellington Legal Research Paper No. 11/2013
In this first of a series of four articles, the authors consider real estate investment trust (REIT) regimes in general, and, then, focus on US REITs. In subsequent articles the authors deal with UK and German REITs, before concluding with a comparison of the three regimes. The United States was the first country to introduce an entity specifically designed for real estate investment, in the 1960s. The key features of the US REIT regime, especially tax-preferred status, are the features that most other REIT regimes tend to share in one form or another. REITs boomed in the 1990s and continued to be successful up until about 2005 or 2006. However, REITs declined during the 2008-2009 credit crisis. The article also discusses the extent to which REITs themselves contributed to the crisis in real estate markets.
Number of Pages in PDF File: 14
Keywords: Property Investment, Tax Advantages, Real Estate Investment Trust Regimes, REITs, Tax Preferences.
JEL Classification: K34, K33.Accepted Paper Series
Date posted: July 26, 2010 ; Last revised: April 5, 2013
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