Learn how Real Estate Investment Trusts (REITs) provide diversified real estate investment opportunities by understanding their structural advantages, key tax considerations, and recent regulatory developments affecting both formation and ongoing operations.
REITs are a preferred investment vehicle for holding interests in a diversified portfolio of real estate properties, rather than owning a single property. Current estimates indicate that more than $300 billion are invested in publicly traded REITs and more than $70 billion in non-traded REITs. As interest in alternative assets continues to rise--and as real estate is increasingly viewed as offering significant gain potential in the current market--more investors, including nontraditional participants such as retirement plans and charitable organizations, are considering REIT shares as part of their portfolios. Learn about the uses, advantages, and disadvantages of the REIT structure for real estate ownership. This session will cover the fundamental tax rules governing REIT formation and operation, including organizational requirements, asset tests, income tests, distribution obligations, and the taxation of both the REIT and its shareholders. You will also explore key structural alternatives involving subsidiaries, QRSs and TRSs, partnerships, UPREITs and DOWNREITs. The presentation will conclude with a discussion of recent changes to the REIT provisions.
Agenda
Faculty
Leo N. Hitt
Reed Smith LLP
- Partner in the Pittsburgh office of Reed Smith LLP
- Member of Reed Smith’s Tax Practice and former head of the Tax, Benefits, and Wealth Planning Group
- Practice emphasizes all aspects of federal income taxation, with particular focus on the taxation of business entities, including partnerships, corporations, securitized investment vehicles, RICs, REITs, and REMICs
- Conducts seminars and workshops for numerous professional groups, including lawyers, accountants, and business professionals
- Frequent author on topics related to federal income taxation of business entities and related subject areas
- Member of the Pittsburgh Tax Club and the Allegheny Tax Society
- Admitted to the Pennsylvania Supreme Court and the U.S. Tax Court
- B.A., University of Pittsburgh; J.D., University of Pittsburgh School of Law; LL.M. in Taxation, New York University School of Law
- Can be contacted at [email protected] or (412) 288-3298
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