1996-11

Type

Subject

1.02 - Transferable Shares

1.04b - Excess Shares Plan

1.05b - Excess Shares Plan

2.01b - Rents from Real Property - 75% Income Test - Permissible Services

4.04 - Third Party Service Subsidiary (Preferred Stock Subsidiary)

Keywords

Administrative Services

Accounting and Bookkeeping; Collect and Deposit Rents; Deal with Taxes and Insurance; Fiduciary Duties, Director, or Trustee; Negotiate Leases; Solicit Tenants (Each May Not Be Present in All Rulings)

Provided for Tenant Use

Common Area Maintenance

Cleaning Public Entrances, Exits, Stairways, Walkways, Lobbies, Restrooms, Snow Removal, Trash Collection, Pest Control and Painting (Each May Not Be Present in All Rulings)

Construction/Improvements

Administrative Functions (Including Hiring and Supervision of Contractors; Obtaining Permits; Addressing Zoning Laws; Reviewing Plans; Ordering Materials)

Day Care Center

Excess Shares Plans

Charitable Trust (Used to Hold Shares from Voided Transfers)

Outstanding Shares

Preferential Dividends

Transferable Shares Requirement

Fire Protection Systems (Alarms, Sprinklers)

Independent Line of Business

Manufactured Homes

List of Rulings

Permissible Tenant Services

Brokerage Services (Manufactured Homes) (Not a Tenant Service)

Day Care Center

Lawn Care (Tenant's Property)

Marina (Boat Dock)

Ruling by Property Type

Manufactured Housing

Personal Holding Company Rule

Operating Partnership Unit, Convertible

Recreational Facilities/Activities

Security Services

Third-Party Service Subsidiary

Independent Line of Business

Transferable Shares

Ownership Limits, Restrictions to Protect

Securities Laws, Avoid Violation of

Generally (Electric, Gas, Water, Sewer)

REIT Owns Plant

Vending Machines

Space Provided to Third Parties

Year

Summary

Impact of various services on non-real estate business income, stock transfer restrictions related to the activities and stock of an UPREIT that owned manufactured home communities.

Title

Guidance Tags

Referenced By

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What's a REIT?

REITs, or real estate investment trusts, are companies that own or finance income-producing real estate across a range of property sectors. These real estate companies have to meet a number of requirements to qualify as REITs. Most REITs trade on major stock exchanges, and they offer a number of benefits to investors.

Why Invest in REITs

REITs historically have delivered competitive total returns, based on high, steady dividend income and long-term capital appreciation. Their comparatively low correlation with other assets also makes them an excellent portfolio diversifier that can help reduce overall portfolio risk and increase returns. These are the characteristics of real estate investment.

About Nareit

Nareit serves as the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate. Nareit’s members are REITs and other real estate companies throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses.