An Introduction to Real Estate Investment Trusts

In this program, attorney David Heymann of Meltzer Lippe explores the origins of real estate investment trusts and their growth in use in real estate investing.  He provides participants with a basic understanding of the rights and restrictions imposed on REITs including the various governance, ownership, income and asset tests to which they are subject.  

David also discusses ownership structures commonly used by public and private REITs and the advantages and disadvantages of investing through an REIT. Topics addressed include:

• What is an REIT?
• Why were REITs created?
• How do you Qualify as REIT?
• The types of REITs
• How do you form a REIT? 
• Ownership limitations
• Asset limitations
• What is a UPREIT?
• What is a taxable REIT subsidiary
• Tax considerations

Learning Objectives: 

I.     Obtain a basic understanding of REIT formation and governance

II.    Gain knowledge of the restrictions on REITs as to ownership, investments and dispositions

III.   Understand general structuring issues of REITs