What do we mean by real estate?Equity – Foreign, Tax-exempt, Private Equity, Individuals, REITs, Governments Lenders – Insurance companies, Mezzanine lenders, CMBS, Banks, Mortgage REITs, Government sponsored, Non-bank financial
What do we mean by real estate?Equity – Foreign, Tax-exempt, Private Equity, Individuals, REITs, Governments
Lenders – Insurance companies, Mezzanine lenders, CMBS, Banks, Mortgage REITs, Government sponsored, Non-bank financial
Asset classes – investment
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Rental (Commercial, Residential, Storage, Retail, Industrial)
Hotels & Lodging, Nursing Homes, Health Care
Developers
Homebuilders, Commercial buildings, Condos, Land
Operators
Management Companies, Advisors, Brokers, Agents
Debt
Mortgages, Mezzanine loans, CMBS
PowerPoint Authors:
Susan Coomer Galbreath, Ph.D., CPA
Charles W. Caldwell, D.B.A., CMA
Jon A. Booker, Ph.D., CPA, CIA
Cynthia J. Rooney, Ph.D., CPA
Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
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Real Estate Industry
Who are the investors
Equity – Foreign, Tax-exempt, Private Equity, Individuals, REITs, Governments
Lenders – Insurance companies, Mezzanine lenders, CMBS, Banks, Mortgage REITs, Government sponsored, Non-bank financial
PowerPoint Authors:
Susan Coomer Galbreath, Ph.D., CPA
Charles W. Caldwell, D.B.A., CMA
Jon A. Booker, Ph.D., CPA, CIA
Cynthia J. Rooney, Ph.D., CPA
Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
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Real Estate Industry
Recurring real estate themes
Use of leverage
Borrowing costs can boost returns, but can cause problems
Write off of investment cost
Depreciation
Use of transparent tax vehicles
Partnership – Flexibility, promote, legal protection
REIT – Trading, income conversion
Ability to defer gain recognition
Like-kind exchange, installment sales, personal residence
Lower capital gains tax rate
Potential for as low as 20% rate
Business or investment classification
Partially based on asset; partially based on intent. Impacts taxes paid
Management fees and carried interest
PowerPoint Authors:
Susan Coomer Galbreath, Ph.D., CPA
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