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Real Estate Investment Trust Regimes Viewed through the Lens of the US Paradigm

Bulletin for International Taxation, pp. 211-213, April 2010

Victoria University of Wellington Legal Research Paper No. 11/2013

14 Pages Posted: 26 Jul 2010 Last revised: 8 Apr 2015

John Prebble QC

Victoria University of Wellington - Faculty of Law; Institut für Österreichisches und Internationales Steuerrecht, Wirtschaftsuniversität Wien; University of Notre Dame Australia - School of Law

Rebecca Prebble

Government of New Zealand - Treasury

Nicola Fritsch

Rechtsanwältin

Date Written: April 1, 2010

Abstract

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.

Keywords: Property Investment, Tax Advantages, Real Estate Investment Trust Regimes, REITs, Tax Preferences.

JEL Classification: K34, K33.

Suggested Citation

Prebble QC, John and Prebble, Rebecca and Fritsch, Nicola, Real Estate Investment Trust Regimes Viewed through the Lens of the US Paradigm (April 1, 2010). Bulletin for International Taxation, pp. 211-213, April 2010; Victoria University of Wellington Legal Research Paper No. 11/2013. Available at SSRN: https://ssrn.com/abstract=1640892

John Prebble QC (Contact Author)

Victoria University of Wellington - Faculty of Law ( email )

PO Box 600
Wellington, 6140
New Zealand
+64 4 463 6311 (Phone)
Papers Indexed at HOME PAGE (Fax)

HOME PAGE: http://www.victoria.ac.nz/law/staff/prebble-scholarly.aspx

Institut für Österreichisches und Internationales Steuerrecht, Wirtschaftsuniversität Wien ( email )

Welthandelsplatz 1
Vienna, Wien 1020
Austria

University of Notre Dame Australia - School of Law

Sydney Campus, New South Wales
Australia

Rebecca Prebble

Government of New Zealand - Treasury ( email )

1 The Terrace
P.O. Box 3724
Wellington, 6011
New Zealand

Nicola Fritsch

Rechtsanwältin ( email )

Germany

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