This article contains a summary of the current economic and market factors affecting commercial real-estate sales, purchases and financing, and, after analyzing the "good news" and "bad news, makes some predictions as to what's in store for the commercial real-estate market in 1999.
A discussion, in detailed outline form, of the history of real estate investment trusts (REITs), the evolution and status of REITs in the 1990s, mortgage REITs, the potential downside of the REIT structure and investments in REITs, the evolution and structure of commercial mortgaged-backed securities and conduit lending, and title insurance issues in REIT transactions.
This article will be updated regularly with supplements that reflect current developments:
This article summarizes current developments affecting REITs during the first half of 2003, including the current state of the industry, FFO and accounting issues, UPREITs and corporate governance, and the effect of the Bush Tax Proposal on REITs.
This article summarizes current developments affecting REITs during the first half of 2001, including stock performance, tax rulings, and case law.
On May 20, 1999, Sam Zell spoke at a commercial real-estate law symposium in Washington, D.C., which was sponsored by the Real Property, Probate and Trust Law Section of the American Bar Association. Mr. Zell prefaced his talk with some historical perspectives on real estate investment trusts and the capital markets.
There is both good news and bad news recently in the world of real estate investment trusts. The good news is that real estate fundamentals remain sound: occupancy levels are up and vacancies in almost all markets and property sectors remain in the single digits
As a result of the downturn in the financial markets, the scarcity and increased cost of financing (especially from Wall Street-backed conduit lenders), and the increasing difficulty faced by REITs in accessing new capital, sales of office-building properties have fallen 5 percent below the average for the past three years. Real-estate prices
These are not good times for real estate investment trusts. The stock market has taken (and continues to take) a beating, and REITs have not been spared. As of September 1998, equity REIT prices are down more than 15 percent for the year and year-to-date returns are minus 11 percent. In 1997, which seems so long ago now
This article discusses special statutory and regulatory rules and constraints that apply to real estate investment trusts, as they relate to rental income (in particular, percentage rent) received by REITs as landlords of shopping centers.
