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Primer on Real Estate Investment Trusts

Become familiar with the use of REITs and the tax rules that apply to these increasingly utilized investment structures.

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 is currently invested in publicly traded REITs, and more than $70 billion is invested in nontraded 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. Discuss the basic tax rules related to REIT formation and operation, including the organizational rules, asset tests, income tests, distribution requirements, and the taxation of the REIT and its shareholders. Review certain structural alternatives associated with REITs, including the use of subsidiaries, QRSs and TRSs, and partnerships, UPREITs and DOWNREITs. Also included will be a discussion of recent changes made to the REIT provisions.

Learning Objectives

  • You will be able to identify REIT formation and organization rules
  • You will be able to identify REIT qualification rules
  • You will be able to differentiate between REIT Subsidiaries
  • You will be able to recognize Taxation of REITs and Their Shareholders

100 minutes
Course Exam
Certificate of Completion
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

REITs - General Concepts

  • Uses
  • Advantages and Disadvantages Compared to Other Investment Vehicles for Real Estate

Formation and Organization Rules

  • Structure of Entity
  • Management by Directors
  • Shares - Transferability, Number of Shareholders, Closely Held Restriction
  • Corporate Tax Issues - Classification Rules, Distribution of E&P
  • Election

Qualification Rules

  • General
  • Asset Tests
  • Income Tests

REIT Subsidiaries

  • QRS
  • TRS

Required Distributions

  • 90 Percent Test
  • Timing of Dividends

Taxation of REITs and Their Shareholders

  • REIT Taxation
  • REIT Shareholder Taxation

Partnerships Used in REIT Structures

  • UPREITs
  • DOWNREITs
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on June 13, 2023.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.7
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.7 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • GA CLE 1.5
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • MO CLE 2.0
     
  • This course qualifies for self-study CLE credit in Missouri.
     
  • ND CLE 1.75
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.75 hours of CLE credit.
     
  • NH MCLE 1.7
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 99 Minutes.
     
  • NM CLE 1.6
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.6 hours of credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • OH CLE 1.75
     
  • This course has been approved by the Ohio Supreme Court Commission on Continuing Legal Education for 1.75 CLE credit hours. Please note: No more than twelve (12) hours of self-study CLE credit for any biennial reporting period may be earned by an Attorney or Judge under Regulation 409.2. To fulfill CLE requirements for self-study, web-based programs, you must complete 100% of the polling questions during the program. Your hours will be filed electronically within thirty (30) business days by Lorman Education Services provided you fulfilled 100% attendance and polling questions answered.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 2.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
     
  • VT CLE 1.5
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WI CLE 2.0
     
  • This program qualifies for 2.0 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 2.0
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 2.0 MCLE hours.
     
  • CPE/NASBA - QAS Self Study 2.8 including Specialized Knowledge 2.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 2.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

MP3 Download

  • AK CLE 1.5
     
  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • MO CLE 2.0
     
  • NJ CLE 2.0
     
  • NM CLE 1.6
     
  • VT CLE 1.5
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Leo N. Hitt

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 emphasis on 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
  • Frequently writes for various publications on topics related to the areas of the federal income taxation of business entities and other related topics
  • Member of the Pittsburgh Tax Club and Allegheny Tax Society
  • Member of the Pennsylvania Supreme Court and U.S. Tax Court bars
  • J.D. degree, University of Pittsburgh School of Law; LL.M. degree in taxation, New York University School of Law; B.A. degree, University of Pittsburgh
  • Can be contacted at [email protected] or 412-288-3298
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 410775
Published 2023
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