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64-621: Tanger Inc. is a real estate investment trust headquartered in Greensboro, North Carolina , that invests in shopping centers containing upscale outlet stores in the United States and Canada. As of November 2023, the company owns and manages 38 shopping centers comprising 14.0 million square feet and more than 3,000 stores. The company's largest tenants are Gap , Ascena Retail Group , Nike, Inc. , PVH , H&M , Ralph Lauren Corporation , and VF Corporation . Notable properties owned by

128-407: A Congressman from Virginia for 11 terms, from 1953 to 1974. He represented Virginia's 10th congressional district , consisting of suburbs of Arlington, Falls Church and sections of Fairfax County and Alexandria, and became known for his advocacy for federal workers (and constituent services) as well as his opposition to integration in the 1950s and 1960s. Although according to family genealogy,

192-679: A 100 percent payout ratio for all income at lower rates. This inhibits the internal growth of the REIT and causes investors to not tolerate low or non-existent yields as the interest rates are more sensitive. Economic climates characterized by rising interest rates can cause a net negative effect on REIT shares. The dividends paid by REITs look less attractive when compared to bonds that have increasing coupon rates. Also, when investors shy away from REITs, it makes it difficult for management to raise additional funds to acquire more property. The first REIT in Kenya

256-565: A cellulose factory). He then attended George Washington University from 1939 to 1941. In February 1942, Joel Broyhill enlisted in the United States Army . He served in European Theater as a captain in the 106th Infantry Division . He narrowly escaped death when Allied planes bombed the Nazis , and suffered what proved to be lifetime partial hearing loss from the explosions. Captured by

320-531: A collaboration with local authorities, Emirates REIT has been able to establish a platform enabling it to purchase properties anywhere in Dubai given a minimum of 51% of local ownership of its shares. This allows the company to diversify its portfolio with an efficient revenue generating mix of properties in the prime locations of Dubai. Emirates REIT is the first REIT established within the United Arab Emirates. It

384-463: A conservative political ideology, and the veteran Rules Committee chairman took an avuncular interest in the new congressman, teaching him many tricks of the legislative trade. In this relationship, the two men reflected a trend that in years to come would be of singular significance in the politics of the South: the passing of the conservative mantle and the power that went with it from Old Guard Democrats to

448-503: A distinct asset class in the Global Industry Classification Standard by S&P Dow Jones Indices and MSCI . The key statistics to examine the financial position and operation of a REIT include net asset value (NAV), funds from operations (FFO), and adjusted funds from operations (AFFO). REITs were created in the United States after President Dwight D. Eisenhower signed Public Law 86-779, sometimes called

512-468: A new generation of Southern Republicans. After taking office, Broyhill developed a reputation for assisting federal employees, as well as constituent service that became legendary. A messenger came to his office every 30 minutes to pick up the Western Union telegrams his office would fire off to government agencies on behalf of constituents. The Washington Post wrote: As a lawmaker, Mr. Broyhill

576-611: A parallel system of special purpose companies which can be used for the securitization of particular properties on the private placement basis. REIT shares targeted in 2016 accounted for 7 percent of the United States market, which were subsequently sold for less than half of the initial value at $ 31 billion. The Bursa Malaysia has 18 REIT listed with five Islamic REITS (shariah compliant – according to Islamic investment compliance). Dana Investasi Real Estat Berbentuk Kontrak Investasi Kolektif (DIREs) have lacked popularity because of high sale tax and double taxation. Until 2016, only one DIRE

640-448: A real estate company to pay less in corporation tax and capital gains tax . REITs have been criticised as enabling speculation on housing, and reducing housing affordability, without increasing finance for building. REITs can be publicly traded on major exchanges, publicly registered but non-listed, or private. The two main types of REITs are equity REITs and mortgage REITs (mREITs). In November 2014, equity REITs were recognized as

704-589: A total market capitalisation of approximately €15 billion which amounts to almost 2% of the total global REIT market capitalisation. Two out of the nine listed REITs are also included in the EPRA index , an index published by the European Public Real Estate Association (EPRA). The current top five REITs in Hong Kong are The Link REIT with a total market capitalisation of €8 billion, Hui Xian REIT with

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768-438: A total market capitalisation of €2.3 billion, Champion REIT with a total market capitalisation of €1.8 billion, Fortune REIT with a total market capitalisation of €1 billion and Real Estate with a total market capitalisation of €700 million. As of August 2014, India approved creation of real estate investment trusts in the country. Indian REITs (country specific/generic version I-REITs) will help individual investors enjoy

832-496: Is also the first REIT listed on NASDAQ Dubai and one of the five Shari'a compliant REIT in the world with a focus on Income-producing assets. Emirates REIT has a portfolio of over US$ 575.3 million consisting of a total of seven properties primarily focused on commercial and office space as of December 2014. It has had substantial growth over the last four years. The REIT concept was launched in Australia in 1971. General Property Trust

896-606: Is political resistance to these plans, especially from the Social Democratic Party . In June 2006 the ministry of finance announced that they planned to introduce REITs in 2007. The legal details seem to adopt much of the British REIT regulation. Joel Broyhill Joel Thomas Broyhill (November 4, 1919 – September 24, 2006) was an American politician aligned with the Republican Party who served as

960-651: Is proposing a regulatory framework similar to that of Singapore and Hong Kong. The Securities and Exchange Commission of Pakistan expected that about six REITs would be licensed within the first year, mainly large asset management companies. Pakistan has seen an outflow of investments by foreign real estate development companies, mostly based in Malaysia and Dubai. SECP has issued licenses to four parties namely, Arif Habib REIT Management Company, AKD REIT Management Company, Eden Developers REIT Management Company and SB Global REIT Management Company. The legal framework enabling

1024-529: Is the largest SIIC. Gecina is the second-largest publicly traded property company in France, with the third-highest asset value among European REITs. Germany planned to introduce REITs in order to create a new type of real estate investment vehicle . The Government feared that failing to introduce REITs in Germany would result in a significant loss of investment capital to other countries. Nonetheless, there still

1088-431: The 2007–2008 financial crisis , after which listed REITs responded by deleveraging (paying off debt) and re-equitizing (selling stock to get cash) their balance sheets. Listed REITs and REOCs raised $ 37.5 billion in 91 secondary equity offerings, nine IPOs and 37 unsecured debt offerings as investors continued to act favorably to companies strengthening their balance sheets following the credit crisis. REIT dividends have

1152-943: The Shenzhen Stock Exchange on March 14. According to statistics from the Shanghai Stock Exchange, listing these two consumer infrastructure REITs has increased the total number of listed REITs to 23, with an issuance scale approaching 80 billion yuan. The Shenzhen Stock Exchange has reported that the funds raised by infrastructure REITs successfully listed on their exchange have surpassed 32 billion yuan. These projects encompass various asset types, including industrial parks, toll roads, storage logistics, ecological protection, clean energy, affordable rental housing, and consumer infrastructure. The products have been operating smoothly, with active investor participation, gradually enhancing market functions, thereby creating significant scale and demonstration effects. Japan permitted

1216-715: The Watergate scandal . His defeat was considered one of the biggest upsets nationally that year. After leaving office, he served as campaign manager for Republican John W. Warner 's successful first run for U.S. Senate in the 1978 election , but primarily he was involved with real estate. His firm developed several neighborhoods in Northern Virginia, including Broyhill McLean Estates, Broyhill Forest, and Sterling Park. Broyhill died at his home in Arlington, Virginia, of congestive heart failure and pneumonia on September 24, 2006. He

1280-455: The "Law on Real Estate Funds" (Kiinteistörahastolaki, 1173–1997) it enables the existence of tax-efficient residential REITs. Qualifications As of 2018 Orava Residential REIT is the only REIT in Finland. The French acronyms for REIT are SIIC (publicly listed), contrary to SCPI and OCPI (which are two other kinds of real-estate trusts not publicly listed). In France , Unibail-Rodamco

1344-566: The ASX, with market capitalization in excess of A$ 100bn. Australia is also receiving growing recognition as having the world's largest REITs market outside the United States. More than 12 percent of global listed property trusts can be found on the ASX. REITs have been in existence in Hong Kong since 2005, when The Link REIT was launched by the Hong Kong Housing Authority on behalf of

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1408-533: The Almanac of American Politics in 1972, and I quote, they said, "There were few offices that took care of constituents' needs and complaints with more efficiency." Congressman Broyhill estimated that he aided more than 100,000 10th Congressional District residents in his 20-plus year service in office. The almanac also describes Congressman Broyhill as a Member of Congress and says that he "should be credited with voting his conscience". On national issues, Broyhill supported

1472-699: The Arlington County Planning Commission. In 1950 he was elected president of the Arlington Republican Club. In 1952 he ran for Congress in a bid to become the first representative of Virginia's new 10th district , located in the inner suburbs of Washington, D.C. Broyhill won on his 33rd birthday, defeating Democrat Edmund D. Campbell by 322 votes and riding the coattails of the Dwight D. Eisenhower and Republican Party landslide that year. He won his next ten elections but lost during

1536-503: The Cigar Excise Tax Extension of 1960. The law was enacted to allow all investors to invest in large-scale, diversified portfolios of income-producing real estate in the same way they typically invest in other asset classes – through the purchase and sale of liquid securities . The first REIT was American Realty Trust founded by Thomas J. Broyhill, cousin of Virginia U.S. Congressman Joel Broyhill in 1961 who pushed for

1600-666: The DIFC. The first REIT license to be issued will be backed by Dubai Islamic Bank with a REIT named 'Emirates REIT' headed up by the dot com entrepreneur, Sylvain Vieujot. The issue is that DIFC domiciled REITs cannot acquire non-Freezone assets within the Emirate of Dubai. The only federally approved Freezone within the UAE is the DIFC itself so therefore any properties outside this zone are purchasable by local Gulf (GCC) passport holders only. However, through

1664-577: The Democratic landslide in 1974 in the wake of the Watergate scandal and the resignation of President Richard Nixon . Broyhill's district had been carved out of the old 8th district , then represented by Howard W. "Judge" Smith , a legendary and powerful Democrat who controlled legislation through his chairmanship of the House Rules Committee . The Washington Post wrote Although of different political parties, Mr. Broyhill and Smith shared

1728-593: The District reinstitute segregation. Broyhill in 1972 voiced opposition towards the federal subsidization of housing in Washington, D.C. suburbs, lamenting that it "smacks of forced integration". In 1974 he announced his intention to retire, but was persuaded to seek another term at the request of Vice President Gerald R. Ford . He ended up losing to Democrat Joseph L. Fisher , as the GOP suffered landslide defeats in reaction to

1792-469: The DuPont Powder Company. M.T. Broyhill occasionally worked for DuPont, as well as established a real estate business which thrived until the plant closed. At the age of eighteen, Broyhill moved to Arlington, Virginia , when his father relocated his building and real estate firm, M.T. Broyhill & Sons Corporation (in part developing housing near Front Royal, Virginia , where DuPont established

1856-652: The Germans during the Battle of the Bulge , Broyhill escaped six months later from a prisoner-of-war camp and rejoined advancing U.S. forces. He was released from active duty November 1, 1945. Among his military awards was a Bronze Star Medal . After the war, Broyhill rejoined his family's real estate firm, where he became partner and general manager. He was president of the Arlington County Chamber of Commerce and chairman of

1920-606: The Hong Kong Government. Since 2005, there have been seven REIT listings as at July 2007, most of which, including Sunlight REIT have not enjoyed success because of low yield. Except for The Link and Regal Real Estate Investment Trust , share prices of all but one are significantly below the initial public offering (IPO) price. Hong Kong issuers' use of financial engineering ( interest rate swaps ) to improve initial yields has also been cited as having reduced investors' interest As of July 2012 there are nine REITs listed with

1984-716: The Republican legislative programs of Eisenhower and Nixon. In the Democratic administrations of John F. Kennedy and Lyndon B. Johnson , he opposed programs of the New Frontier and the Great Society . Broyhill also became known as a strident opponent of integration. In 1955, he was one 81 US Representatives who vowed to oppose by "every lawful means", the U.S. Supreme Court holding in Brown v. Board of Education which outlawed segregation . He and Richard Harding Poff of Virginia were

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2048-617: The Saudi Capital Market Authority, The regulation did not allow the funds to be traded in the stock market and forced all funds to be structured by a licensed Investment companies by CMA with a presence of a real estate developer and some other key persons. The REIT legislation was introduced by Dubai International Financial Centre (DIFC) to promote the development of REIT's in the UAE by passing The Investment Trust Law No.5 that went into effect on August 6, 2006. This restricts all 'true' REIT structures to be domiciled within

2112-537: The Singapore Exchange has grown to overtake those traditional listing with local assets. S-REITs are regulated as Collective Investment Schemes under the Monetary Authority of Singapore's Code on Collective Investment Schemes, or alternatively as Business Trusts. Some of the regulations that S-REITs have to adhere to includes: S-REITs benefit from tax advantaged status where the tax is payable only at

2176-560: The Special Purpose Investment Companies Act. They are pass-through entities for corporate income tax purposes (i.e., they are not subject to corporate income-tax), but are subject to numerous restrictions. Finnish REITs were established in 2010, when the Finnish parliament passed "the tax exemption law" (Laki eräiden asuntojen vuokraustoimintaa harjoittavien osakeyhtiöiden verohuojennuksesta, 299/2009). Together with

2240-560: The benefits of owning an interest in the securitised real estate market. The greatest benefit will be that of fast and easy liquidation of investments in the real estate market unlike the traditional way of disposing of real estate. The government and Securities and Exchange Board of India through various notifications is in the process of making it easier to invest in real estate in India directly and indirectly through foreign direct investment, through listed real estate companies and mutual funds. In

2304-564: The budget of 2014, finance minister Arun Jaitley has introduced a law for setting up of REITs. As in 2021, there are three REITs listed in National Stock Exchange of India. These are Embassy, Mindspace and Brookfields. Overall, the shareholding of Indian REITs is skewed towards institutional investors (mostly FPIs), with very minimal contribution from retail investors. CSRC (China Securities Regulatory Commission) and NDRC ( National Development and Reform Commission ) jointly announced

2368-831: The company formed a joint venture with Simon Property Group to develop a shopping center south of Houston, Texas . In October 2015, the company sold 5 shopping centers for $ 150.7 million. In April 2019, the company sold 4 shopping centers to Singerman Real Estate and The Outlet Resource Group for $ 130.5 million. In October 2023, the company opened its newest center in Nashville, Tennessee . In November 2023, Tanger announced its purchase of Asheville Outlets in Asheville, North Carolina . In December 2023, Tanger purchased Bridge Street Town Centre in Huntsville, Alabama . Real estate investment trust Most countries' laws on REITs entitle

2432-555: The company include Tanger Outlets The Walk , Tanger Outlets Southaven (Memphis) , Tanger Outlets Pittsburgh , and Tanger Outlets Cookstown . In 1981, Stanley Tanger opened the Burlington Manufacturer's Outlet Center in Burlington, North Carolina . In May 1993, the company was incorporated as a real estate investment trust and became a public company via an initial public offering . In January 2009, Steven B. Tanger,

2496-547: The creation under Eisenhower. As of 2021, at least 39 countries around the world have established REITs. A comprehensive index for the REIT and the global listed property market is the FTSE EPRA/Nareit Global Real Estate Index Series, which was created jointly in October 2001 by the index provider FTSE Group, Nareit and the European Public Real Estate Association (EPRA). As of 29 January 2021,

2560-654: The establishment of REITs in December 2001. J-REIT securities are traded on the Tokyo Stock Exchange among other exchanges in Japan. A J-REIT (a listed real estate investment trust) is strictly regulated under the Law concerning Investment Trusts and Investment Companies (LITIC) and established as an investment company under the LITIC. In addition to REITs, Japanese law also provides for

2624-639: The establishment of REITs in the Philippines have been in place after the Real Estate Investment Trust Act of 2009 (Republic Act No. 9856) passed into law on December 17, 2009. Its Implementing Rules and Regulations were approved by the Securities and Exchange Commission in May 2010. However, it failed to attract investors due to its restrictive tax policies and high friction cost. Regulations on REITs

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2688-738: The first Broyhill emigrated to Halifax County, Virginia , in the 18th century, Joel Broyhill's grandfather, Thomas Jefferson Broyhill (1852–1935) had been born near Moravian Falls in Wilkes County, North Carolina , the son of William Broyhill, a farmer and miller who also taught school following the Civil War. Thomas Broyhill became a carpenter and millwright, then leading citizen of the area as he established sawmills and other businesses. Joel's father Marvin Talmadge Broyhill Sr. moved his family to Hopewell, Virginia , to follow an uncle who worked for

2752-577: The first REIT in Ghana in August 1994. HFC Bank has been at the forefront of mortgage financing in Ghana since 1993. It has used various collective investment schemes as well as corporate bonds to finance its mortgage lending activities. Collective Investment Schemes, of which REITs are a part, are regulated by the Securities and Exchange Commission of Ghana. In 2007, the Securities and Exchange Commission (SEC) issued

2816-731: The first set of guidelines for the registration and issuance of requirements for the operation of REITs in Nigeria as detailed in the Investment and Securities Act (ISA). The first REIT, the N50 billion Union Homes Hybrid Real Estate Investment Trust, was launched in September 2008. In November 2015 there were three listed REITS on the Nigerian Stock Exchange : Skye Shelter Fund, Union Home and UPDC. A Haldane McCall REIT did not list after failing to reach

2880-818: The global index included 490 stock exchange listed real estate companies from 39 countries representing an equity market capitalization of about $ 1.7 trillion. Around the time of their creation in 1960, the first REITs primarily consisted of mortgage companies. The industry experienced significant expansion in the late 1960s and early 1970s. The growth primarily resulted from the increased use of mREITs in land development and construction deals. The Tax Reform Act of 1976 authorized REITs to be established as corporations in addition to business trusts . The Tax Reform Act of 1986 also impacted REITs. The legislation included new rules designed to prevent taxpayers from using partnerships to shelter their earnings from other sources. Three years later, REITs witnessed significant losses in

2944-451: The investor level and not at the REITs level. In addition to REITs, there are ten Business Trusts ("BTs") (similar to REITs but may hold assets that are not conventional and are not subjected to stringent rules as compared to SREITs), and six Stapled Instruments (composed of a stapled Business Trust Unit and a REIT unit), which are listed on the Singapore Exchange. The total market capitalisation of

3008-468: The latest REIT, Cromwell European REIT, listed on 30 November 2017. The first one to be set up being CapitaMall Trust in July 2002. They represent a range of property sectors including retail, office, industrial, hospitality and residential. S-REITs hold a variety of properties in countries including Japan, China, Indonesia and Hong Kong, in addition to local properties. In recent years, foreign assets listing on

3072-481: The listed Trust on Singapore Exchange approximate SGD 100 billion (as at 30 Nov 17). The Securities and Exchange Commission created regulations to establish REITs as an investment vehicle in late 2012, opening the doors for the first REITs to be listed in 2013. There are at least two tens of REITS. Introduced in 2014 to replace the Property Funds for Public Offering (PFPO) scheme, REITs have gained popularity, and

3136-547: The majority-black city. But he won widespread support in Northern Virginia, where his stand was interpreted as a first line of defense against any attempt by the city to levy taxes on suburban commuters . He supported the 23rd Amendment to the Constitution , which allowed D.C. residents to vote for president and vice president, and the 26th Amendment , which gave 18-year-olds the right to vote. He also backed aid to grandparents who cared for their grandchildren. Broyhill served on

3200-559: The minimum 50% subscription in a January 2015 initial public offer amid poor market prospects. By October 2015 there were 33 South African REITS and three non-South African REITs listed on the Johannesburg Stock Exchange , according to the SA REIT Association, which said market capitalization was more than R455 billion. Commonly referred to as Real Estate Investment Fund, the regulations were launched in July 2006 by

3264-635: The only two Republicans to sign the Southern Manifesto . Broyhill voted against the Civil Rights Acts of 1957 , 1960 , 1964 , and 1968 , and the Voting Rights Act of 1965 , but voted in favor of the 24th Amendment to the U.S. Constitution . As a longtime member of the committee overseeing the District of Columbia he, along with three other members of Congress, recommended that schools in

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3328-623: The powerful House Ways and Means Committee , as well as the House Post Office and Civil Service Committee . In 1963, he was joined in the House by his distant cousin Jim Broyhill , also a Republican and who had won an unexpected victory in North Carolina's 9th congressional district , and who would also become known for his constituent services. Congressman Frank Wolf later noted: According to

3392-410: The setting up of and the conduct of a Sri Lankan REITs. Specific provisions have been included for the verification of title and valuation of property that will form part of the assets of the REIT. Amongst the requirements is the mandatory distribution of approximately 90% of income to the unit holders, which is currently not a requirement for any of the listed entities. Further, due to the availability of

3456-435: The son of the founder and the namesake of the Steven Tanger Center for the Performing Arts , became president and CEO of the company. That same year, in September, founder Stanley K. Tanger resigned from the position of chairman. In October 2010, the founder died at age 87. In January 2011, the company announced a 50/50 joint venture with RioCan Real Estate Investment Trust to develop outlet malls in Canada. In June 2011,

3520-466: The start of pilot projects in REITs on April 30, 2020. This official announcement represents the beginning of REITs in mainland China. As of March 14, 2024, the landscape of China's Real Estate Investment Trusts (REITs) saw a significant advancement with the listing of Huaxia Jinmao Commercial REITs (508017) and Jiashi Wumei Consumer REITs (508011) on the Shanghai Stock Exchange on March 12, followed by Huaxia China Resources Commercial REITs (180601) on

3584-501: The stock market. Retail REIT Taubman Centers Inc. launched the modern era of REITs in 1992 with its creation of the UPREIT. In an UPREIT, the parties of an existing partnership and a REIT become partners in a new "operating partnership". The REIT typically is the general partner and the majority owner of the operating partnership units, and the partners who contributed properties have the right to exchange their operating partnership units for REIT shares or cash. The industry struggled during

3648-437: The tax pass through mechanism to Unit Trusts, REITs also could benefit to be a viable business concept to Sri Lanka that will open new horizons for entrepreneurs to take the real estate industry to greater heights. Bernheim Comofi (now AG Real Estate ) introduced Belgian REITs in 1995 with the constitution of Befimmo . Others REITs in Belgium include Cofinimmo and Ascensio. REITs were introduced in Bulgaria in 2004 with

3712-440: The total market capitalisation has reached THB 85 billion across two million square metres of assets. On 1 August 2020, the Securities and Exchange Commission of Sri Lanka (SEC) announced that REITS will be introduced as an extension of the current Unit Trust Code and the new Rules, which came into effect from 31 July 2020 is in the form of a Gazette Notification published by the SEC. These Rules which are comprehensive, will govern

3776-424: Was an unrelenting and outspoken opponent of home rule for the District , arguing that the U.S. Constitution placed ultimate responsibility for the nation's capital with Congress, and he battled for years against measures to increase the authority of city residents to manage D.C. affairs. For these efforts he was bitterly criticized by D.C. leaders, who ascribed racial motives to his opposition to self-government for

3840-470: Was approved by the Capital Markets Authority in October 2015. The REIT is issued by Stanlib Kenya under the name Fahari I-Reit scheme. The REIT scheme will provide unit holders stable cash inflows from the income generating real estate properties. The unrestricted IPO will be listed on the main investment market segment of the Nairobi Securities Exchange. REITs have been in existence in Ghana since 1994. The Home Finance Company , now HFC Bank , established

3904-432: Was best known for local matters. He sponsored legislation that led to the construction of the Roosevelt and Woodrow Wilson bridges across the Potomac River and the second span of the 14th Street Bridge . He also sponsored a measure that led to the widening of Shirley Highway . He fought for better pay and working conditions for federal employees, federal aid to local school systems and financial support for Metro . He

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3968-624: Was established, which was in 2012. However, tax incentives plans demonstrate an intention of policymakers and lawmakers to boost the competitiveness of the market, and to encourage DIREs to be listed domestically. The Securities and Exchange Commission of Pakistan is in the process of implementing a REIT regulatory framework that will allow full foreign ownership, free movement of capital and unrestricted repatriation of profits. It will curb speculation in Pakistani real estate markets and gives access to small investors who want to diversify into real estate. The Securities and Exchange Commission of Pakistan

4032-423: Was relaxed in January 2020 which led to the establishment of the first REIT in the country, AREIT Inc. of Ayala Land which had its public offering in August of the same year. However foreign investors still have poor reception towards REITs during that year when there was also a prevailing COVID-19 pandemic . Commonly referred to as S-REITs, there are more than 40 REITs listed on the Singapore Exchange , with

4096-612: Was the first Australian real estate investment trust (LPT) on the Australian stock exchanges (now the Australian Securities Exchange ). REITs which are listed on an exchange were known as Listed Property Trusts (LPTs) until March 2008, distinguishing them from private REITs which are known in Australia as Unlisted Property Trusts. They have since been renamed Australian Real Estate Investment Trusts (A-REITs) in line with international practice. REITs have shown numerous benefits over direct investment including lower tax rates and increased liquidity. There are now more than 70 A-REITs listed on

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