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利用REITS投资房地产

[时间:2011/4/12 16:05:59  查看次数:2980  作者:上海房地产律师  来源:原创]

[Important Note: the English version of this article is cited from http://www.about.com/, whose author is Joshua Kennon. The Chinese version is translated from the English version by Jason Tian, the feature attorney-at-law on this website. Please bear in mind, that the contents in ths article is about the REITs in the USA. There has not been any geniune REITS in China so far due to the drawbacks in China's legal system.]
 
Real Estate Investing Through REITs
利用REITS投资房地产

Prior to the onset of the industrial revolution, wealth and power was measured primarily in terms of the amount of land owned by an individual or family. Although the twentieth century saw the rise of securitization and the resulting increase in stock and bond ownership, real estate investing can still prove a profitable option for those who are actively engaged in an asset allocation program or just looking to diversify their current portfolio. Real estate investment trusts, or REITs, can be a convenient way for the average investor to profit without the hassle of direct property acquisition. That is why we included this five-page essay in our Beginner's Guide to Real Estate Investing.
在工业革命开始之前,财务和权力的衡量标准主要是该个人或家庭所拥有的土地数量。尽管在二十世纪出现了证券化以及股票和债券持有量的增长,但对于那些积极从事资产配置项目或仅仅希望分散其投资组合的人士而言,不动产投资依然被证明是一个不错的选择。房地产投资信托基金,REITS,能够成为普通投资者从直接的物业收购交易中毫无烦恼地获利的方便之选。这就是为什么我们将本文作为不动产投资入门指导的原因。

Prior to 1960, only wealthy individuals and corporations had the financial resources necessary to invest in significant real estate projects such as shopping malls, corporate parks and health care facilities. In response, Congress passed the Real Estate Investment Trust Act of 1960. The legislation exempted these special-purpose companies from corporate income tax if certain criterion were met. It was hoped that the financial incentive would cause investors to pool their resources together to form companies with significant real estate assets, providing the same opportunities to the average American as were available to the elite. Three years later, the first REIT was formed.
在1960年之前,只有财大气粗的个人和公司拥有足够资金投资于大型不动产项目,如购物中心、工业园和医疗设施等。针对这种情况,国会于1960年通过了《房地产投资信托法》。该法规定,那些特殊目的公司在满足特定条件的情况下可以免交企业所得税。当时,出台该法的初衷是,这一财务激励能够促使投资者集合资金组建公司投资大型房地产资产,以此向普通美国人提供通常仅精英集团能够享有的投资机会。三年后,首只房地产投资信托基金成立。

The original legislation had some significant drawbacks, however, in that it required the executives in charge of the business to hire third parties to provide management and property leasing services. These restrictions were lifted in the Tax Reform Act of 1986. Thirteen years later, in 1999, the REIT Modernization Act was passed. The law allows REITs to form taxable subsidiaries in order to provide specialized services to tenants that normally fall outside the purview of real estate investing. Although the law still has some limitations as to the types of services that can be offered, it is expected that the quality of service at REIT-managed properties will improve significantly as a result of its passage.
最初的立法存在一些重大的缺陷,如其要求基金管理者雇佣第三方来提供管理和物业租赁服务。这些限制在1986年的税收改革法中被取消。十三年后,也就是1999年,房地产投资信托基金现代化法获得通过。该法允许房地产投资信托基金设立纳税子公司以便向租客提供专业化的服务,因为该等服务通常不属于房地产投资的范畴。尽管该法仍对提供的服务的类型有所限制,但人们预计,该法通过将会极大提升REIT管理的物业的服务水平。

Requirements for REIT status
房地产投资信托基金免税地位之要求

According to Ralph Block in Investing in REITs: Real Estate Investment Trusts, every REIT must pass these four tests annually in order to retain its special tax status:
根据REITS投资专家Ralph Block,为了保持其免税地位,每个房地产投资信托基金必须每年通过下列四项测试:

1.“The REIT must distribute at least 90 percent of its annual taxable income, excluding capital gains, as dividends to its shareholders.
每个房地产投资信托基金必须将其年度应税收入(扣除资本利得)的至少90%用于向其股东派发红利。

2.The REIT must have at least 75 percent of its assets invested in real estate, mortgage loans, shares in other REITs, cash, or government securities.
房地产投资信托基金必须将其全部资产的至少75%投资于不动产、抵押贷款、其他房地产投资信托基金的股份、现金或政府证券。

3.The REIT must derive at least 75 percent of its gross income from rents, mortgage interest, or gains from the sale of real property. And at least 95 percent must come from these sources, together with dividends, interest and gains from securities sales.
房地产投资信托基金的全部收入中至少有75%来自租金、抵押贷款利息或出售物业的收入。且至少有95%必须来自上述来源以及分红、利息和证券出售。

4.The REIT must have at least 100 shareholders and must have less than 50 percent of the outstanding shares concentrated in the hands of five or fewer shareholders.”
房地产投资信托基金必须至少有100名股东,且基金已发行股份中,仅不多于50%的份额可以集中被五个以下股东持有。

In addition to the prevention of double-taxation, REITs offer numerous other benefits which include:
除了可以避免双重征税之外,房地产投资信托基金还提供很多其他的好处,包括:

Professional management
专业管理

In most cases, the investor that buys a rental property is left to her own devises. REITs allow the investor the opportunity to have her properties managed by a professional real estate team that knows the industry, understands the business and can take advantage of opportunities thanks to its ability to raise funds from the capital markets. The benefits are not limited to the financial prowess of the management team. Owners of REITs aren’t going to receive phone calls at three a.m. to fix an overflowing toilet.
在大多数情况下,投资者购买租赁物业后要自行经营管理。房地产投资信托基金让投资者有机会将其物业交由专业的房地产团队运营。这些专业团队了解行业、熟悉业务,具备更好的能力从资本市场筹集资金。这些利好也不限于管理团队的高超的金融手法。房地产投资信托基金的持有人不会在半夜三点钟收到电话被要求修理漏水的马桶。

Limitation of personal risk
个人风险之限制

REITs can significantly limit personal risk. How? If an investor wanted to acquire real estate, it is likely he will take on debt by borrowing money from friends, family, or a bank. Often, he will be required to personally guarantee the funds. This can leave him exposed to a potentially devastating liability in the event the project is unsuccessful. The alternative is to come up with significant amounts of capital by reallocating his other assets such as stocks, bonds, mutual funds, and life insurance policies. Neither alternative is likely to be ideal.
房地产投资信托基金可以很大程度上规避个人的风险。为什么呢?如果一位投资者想收购不动产,非常有可能的是,其将向朋友、家人或银行进行借款。通常,其将被要求对该等资金提供个人担保。一旦项目不成功,这将会使其面临潜在的毁灭性的风险。当然其可以选择重新配置其他资产,如股票、债券、共同基金以及人寿保险单而筹集较大数量的资金。但这些选择均不可能是令人满意的。

Purchasing a REIT, on the other hand, can be done with only a few hundred dollars as share prices are often as low, if not lower, than equities. An investor that wants to invest $3,000 in real estate will reap the same rewards on a pro-rated basis as those who want to invest $100,000; in the past, it simply wasn’t possible to get this kind of diversification in the real estate asset class without taking on partners or using leverage.
然而,购买房地产投资信托基金往往仅需几百美元即可实现,因为基金份额价格经常与股票价格一样,甚至更低。一名投资3000美元购买房地产投资信托基金的投资者取得的收益,按比例计算可以与他人投资100000美元产生的收益相当。在过去,基本上不可能在不吸收合伙人或利用杠杆的情况下获得这样的不动产资产之投资组合。

Liquidity
流动性

Unlike direct property ownership, a REIT offers liquidity and daily price quotations. Many investors mistake this for increased risk. After the average real estate investor has acquired a house, apartment building or storage unit, he becomes primarily interested in the future rental income prospects, not the potential sale value of the asset if he put it back on the market. Indeed, if the investor holds the property for twenty years, he is likely to have lived through significant boom and busts in the real estate cycle. In most cases, it is safe to assume that because of the lack of daily quoted resale value, the investor has never stopped to consider that his real estate fluctuates just as would any common stock (albeit to a much smaller degree.) In this case, the lack of quoted price is mistaken for stability. As Benjamin Graham said in his 1970’s edition of The Intelligent Investor:
与直接持有不动产不同,房地产投资信托基金提供流动性和每日报价。很多投资人将此误认为增加了风险。一名房地产投资者在收购住宅、公寓楼或仓库后,其主要兴趣在未来的租金收入预期,而不是再次出售时的资产潜在的出售价值。实际上,如果投资者持有一处物业达二十年的,其可能经历了房地产市场重大兴衰周期。大多数情况下,人们会假定,因为没有每日的再售报价,投资者总是认为,他的房地产资产只会像任何其他股票那样存在价值波动(尽管波动的幅度可能较小)。于此情形,缺少报价会被误认为是一种稳定。如同本杰明·格雷厄姆在其1970年版的《聪明投资人》所述的那样:

“There was then [during the Great Depression] a psychological advantage in owning business interests that had no quoted market. For example, people who owned first mortgages on real estate that continued to pay interest were able to tell themselves that their investments had kept their full value, there being no market quotations to indicate otherwise. On the other hand, many listed corporation bonds of even better quality and greater underlying strength suffered severe shrinkages in their market quotations, thus making their owners believe they were growing distinctly poorer. In reality the owners were better off with the listed securities, despite the low prices of these. For if they had wanted to, or were compelled to, they could at least have sold the issues – possibly to exchange them for even better bargains. Or they could just as logically have ignored the market’s action as temporary and basically meaningless. But it is self-deception to tell yourself that you have suffered no shrinkage in value merely because your securities have no quoted market at all.”-Page 107
“在大萧条时期,持有一种没有市场报价的商业利益时存在一种心理上的优越。例如,持有第一顺位房地产抵押权的人在其债务人继续支付利息时,他会告诉自己,他的投资价值并无减损,毕竟没有市场报价表明有减损。另一方面,很多上市公司的债券,尽管质量和基本面都更好,却在市场报价上遭受严重缩水,这使得其持有人认为他们的投资表现明显更糟糕。实际情况是,上市证券的持有人情况会更好一些,尽管其价格比较低。因为,如果他们想或被迫出售其证券的话,其可能通过出售获得更好的交易。或者,其可以仅仅把市场行为视为暂时的无意义的表现。但如果你告诉自己说,因为你的证券没有市场报价所以你没有遭受任何价值损失的话,那就是一种自欺欺人了。”—第107页
田杰 律师
中国石油大学英语学士,华东政法大学法律硕士,曾在Clifford Chance上海代表处任高级翻译,在中伦上海分所和中银上海分所任专业房地产律师。现为北京大成(上海)律师事务所执业律师,主营房地产交易、投融资业务[详细]

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