Real Estate Securitization
|
|
|
- Beatrix Robbins
- 5 years ago
- Views:
Transcription
1 Real estate utilizing securitization schemes is conducted in various countries, but there are differences among their securitization systems. Japan s major real estate securitization schemes are explained below, providing overviews of the following five items. (1) Tokutei Mokuteki Kaisha (TMK) (2) GK-TK (3) J-REIT (4) Real Estate Specified Joint Enterprise (silent partnership type) (5) Real Estate Specified Joint Enterprise (special business type) Real estate securitization techniques are a useful method to realize effective utilization of real estate and help accumulate a stock of high-quality real estate as well as to promote vitalization of the real estate market through an inflow of funds, as they divide an size into small lots and provide instruments that meet a variety of investor needs, thereby creating new opportunities in real estate. It has only been ten years or so since real estate securitization techniques became available in the Japanese real estate market. During that period, however, the real estate business in Japan has undergone a drastic change through utilization of these real estate securitization techniques. In recent years, real estate business operations are being promoted by taking advantage of many real estate securitization techniques. Moreover, aside from utilizing the techniques, markets specific to real estate securitization have been formed, including J-REITs (the Japanese version of real estate trusts) and real estate private funds. The following pages present overviews of the major real estate securitization schemes in Japan.
2 Overview of the Tokutei Mokuteki Kaisha (TMK) Scheme In this scheme, the originator (original asset owner) sells its specified assets to a tokutei mokuteki kaisha (specific purpose company) (TMK), and the TMK works to raise funds by issuing assetbacked securities that are backed by cash flows from the underlying assets and by the value of the assets. Management and disposition of the assets must be entrusted to outside trust companies and other entities (including companies entrusted with management and disposition of specified assets and trust banks). Asset securitization plans must be prepared. Tokutei Mokuteki Kaisha (TMK) TMK Specific borrowings and interest Real estate in kind Beneficial interest in trust Specified company bonds Preferred equity Purchase and interest, etc. Specified equity Entrustment of management and disposition of specified assets / entrustment of management operations Companies entrusted with management and disposition of specified assets / management companies, etc.
3 Overview of the GK-TK Scheme This is the typical real estate securitization scheme other than the legally established schemes (TMKs and corporations). In this scheme, assets under management are made into real estate beneficial interests in trust, and a limited liability company is used for the TMK as a securitization vehicle. Funds are raised through silent partnership equity by investors, combined with borrowings from financial as needed. The name of the GK-TK scheme comes from the initials of Godo-Kaisha (limited liability company) and Tokumei-Kumiai (silent partnership). Assets under management are composed of beneficial interests in trust alone. GK-TK Limited liability company Beneficial interest in trust Silent partnership equity Entrustment of management operations, etc. Investment management companies, etc.
4 Overview of the J-REIT Scheme The Act on Investment Trusts and Investment Corporations (Investment Trusts Act) provides the trust system and the corporation system. The trust system is called the contract type trust, and the corporations system is also referred to as the corporate type trust. It is commonly called the real estate trust (J- REIT) when the trust invests mainly in real estate, etc. In this scheme, investors invest their monies in an corporation, a corporate entity established for the purpose of managing assets, and an asset management company entrusted by the corporation manages the monies by investing them primarily in specified assets (real estate). Funds can be procured from a wide range of investors by listing the units issued by the corporation. J-REIT Investment corporation Real estate in kind Beneficial interest in trust Investment corporation bonds Investment units Purchase, etc. Entrustment of asset management Asset management company
5 Overview of the Real Estate Specified Joint Enterprise Scheme (Silent Partnership Type) The Real Estate Specified Joint Enterprise Act covers such contract types as the voluntary association type based on Article 667 of the Civil Code, the silent partnership type based on Article 535 of the Commercial Code, and the lease type. Of these types, the silent partnership type is a scheme in which investors (business participants) invest monies in the silent partnership, and the real estate specified joint enterprise operator (the business operator of the silent partnership) uses the invested monies to acquire real estate. The operator distributes the earnings obtained from managing the real estate to investors. Real Estate Specified Joint Enterprise (Silent Partnership Type) Real estate specified joint enterprise operator Other businesses (real estate business, etc.) Real estate in kind
6 Overview of Real Estate Specified Joint Enterprise Scheme (Special Business Type) On December 20, 2013, the Act on the Partial Amendment to the Real Estate Specified Joint Enterprise Act was enforced, with provisions that determine the measures and arrangements required to allow a special purpose company (SPC), that satisfies certain requirements, to conduct the special businesses of a bankruptcy-remote real estate specified joint enterprise. The special businesses that are bankruptcy-remote real estate specified joint enterprises represent the real estate specified joint enterprise that uses a scheme in which an SPC dedicated to conducting real estate specified joint enterprise is established and investors invest in the SPC so that the impact of other businesses is eliminated (made bankruptcy-remote). Real Estate Specified Joint Enterprise (Special Business Type) Special business operator Real estate in kind and interest Special investors* *Special investors Parties designated in ministerial ordinances, such as the professional investors under the Instruments and Exchange Ac, or joint-stock companies with paid-in capital of at least 500 million yen Entrustment of operations regarding real estate transactions Real estate specified joint enterprise operator (type 3 business) Entrustment of operations to invite participants to conclude a real estate specified joint enterprise contract Real estate specified joint enterprise operator (type 4 business)
Notice Concerning Acquisition of Asset (TMK Preferred Securities)
December 16, 2014 For Immediate Release Real Estate Investment Trust Securities Issuer: NIPPON REIT Investment Corporation 1-17-18 Shinkawa, Chuo-ku, Tokyo Hisao Ishikawa Executive Officer (Securities
SUMMARY OF FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED NOVEMBER 30, 2017 (June 1, 2017 November 30, 2017)
For Translation Purposes Only January 16, 2018 SUMMARY OF FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED NOVEMBER 30, 2017 (June 1, 2017 November 30, 2017) Name of issuer: United Urban Investment Corporation
Notice Concerning Acquisition of Asset (Silent Partnership Equity Interest)
December 24, 2014 For Immediate Release Real Estate Investment Trust Securities Issuer: NIPPON REIT Investment Corporation 1-17-18 Shinkawa, Chuo-ku, Tokyo Hisao Ishikawa Executive Officer (Securities
Rev. Rul ISSUE(S)
26 CFR 301.7701 1: Classification of organizations for federal tax purposes. (Also: 671, 677, 761, 1031, 1.761 2, 301.7701 1, 301.7701 3, 301.7701 4.) Classification of Delaware statutory trust. This ruling
Securitization transactions, including asset-backed securities
Bankruptcy Remoteness and Securitization in Japan Securitization transactions, including asset-backed securities (ABS) transactions and limited-recourse loan transactions, can be viewed as transaction
Real Estate Development Projects
Last updated: June 2, 2014 Real Estate Development Projects 1. Overview of target products Securitization of real estate development projects is a type of future flow securitization that relies on cash
ACQUISITION OF THREE PROPERTIES LOCATED IN JAPAN
(Constituted in the Republic of Singapore pursuant to a trust deed dated 12 July 2007 (as amended)) ACQUISITION OF THREE PROPERTIES LOCATED IN JAPAN 1. INTRODUCTION 1.1 Agreement to Purchase Three Properties
Notice Concerning Acquisition of Asset (Silent Partnership Equity Interest)
September 9, 2014 For Immediate Release Real Estate Investment Trust Securities Issuer: NIPPON REIT Investment Corporation 1-17-18 Shinkawa, Chuo-ku, Tokyo Hisao Ishikawa Executive Officer (Securities
JAPAN. Chapter 19. Norio Maeda, Naoko Katakami, Yasuo Asami, Toshiyuki Yamamoto and Keisuke Yonamine 1 INTRODUCTION TO THE LEGAL FRAMEWORK
Chapter 19 JAPAN Norio Maeda, Naoko Katakami, Yasuo Asami, Toshiyuki Yamamoto and Keisuke Yonamine 1 I INTRODUCTION TO THE LEGAL FRAMEWORK i Ownership of real estate The basic ways in which real estate
Notice Concerning Forecasts of Financial Results for the Fiscal Periods Ending August 31, 2016 and February 28, 2017
For information purpose only. The Japanese press release should be referred to as the original. To All Concerned Parties January 7, 2016 REIT Issuer: LaSalle LOGIPORT REIT 1-1, Uchisaiwaicho 1-chome, Chiyoda-ku,
IIF to Acquire Equity (anonymous association) in Kyoto
Industrial & Infrastructure Fund Investment Corporation (Tokyo Stock Exchange Company Code: 3249) News Release December 12, 2013 IIF to Acquire Equity (anonymous association) in Kyoto Industrial & Infrastructure
SUMMARY OF FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED NOVEMBER 30, 2018 (June 1, 2018 November 30, 2018)
For Translation Purposes Only January 18, 2019 SUMMARY OF FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED NOVEMBER 30, 2018 (June 1, 2018 November 30, 2018) Name of issuer: United Urban Investment Corporation
Notice Concerning Acquisition of Asset (Silent Partnership Equity Interest)
For Immediate Release November 28, 2018 Real Estate Investment Trust Securities Issuer Star Asia Investment Corporation Representative: Atsushi Kato, Executive Director (Code: 3468) Asset Management Company
Notice Concerning Acquisition of Property
For Translation Purposes Only For Immediate Release October 29, 2018 United Urban Investment Corporation Ikuo Yoshida Executive Officer (Securities Code: 8960) Asset Management Company: Japan REIT Advisors
Notice Concerning Acquisition of Asset (Silent Partnership Equity Interest) (NRT Growth 12)
For Immediate Release February 26, 2018 Real Estate Investment Trust Securities Issuer: NIPPON REIT Investment Corporation 1-18-1 Shimbashi, Minato-ku, Tokyo Toshio Sugita Executive Officer (Securities
PS Business Parks, Inc. Reports Results for the Quarter Ended September 30, 2018
News Release PS Business Parks, Inc. 701 Western Avenue Glendale, CA 91201-2349 psbusinessparks.com For Release: Immediately Date: October 23, 2018 Contact: Jeff Hedges (818) 244-8080, Ext. 1649 PS Business
Notice of Acquisition of Assets
For Immediate Release September 3, 2013 Real Estate Investment Trust Securities Issuer: GLP J-REIT Shiodome City Center, 1-5-2 Higashi-Shimbashi, Minato-ku, Tokyo Representative: Masato Miki, Executive
Q EPRA KEY METRICS
Q1 EPRA KEY METRICS EPRA KEY METRICS The European Public Real Estate Association (EPRA) is a not-for-profit association based in Brussels that represents the interests of both listed real estate companies
For informational purposes only. The Japanese press release should be referred to as the original.
For informational purposes only. The Japanese press release should be referred to as the original. To All Concerned Parties May 18, 2016 REIT Issuer: LaSalle LOGIPORT REIT 1-1, Uchisaiwaicho 1-chome, Chiyoda-ku,
Japan Retail Fund Investment Corporation (Tokyo Stock Exchange Company Code: 8953) News Release February 7, 2011
Japan Retail Fund Investment Corporation (Tokyo Stock Exchange Company Code: 8953) News Release February 7, 2011 JRF to Acquire Equity (anonymous association) in Shinsaibashi, Osaka Japan Retail Fund Investment
Notice Concerning Acquisition of Asset (Godo Kaisha Nicolas Capital 7 Silent Partnership Equity Interest)
April 23, 2015 For Immediate Release Real Estate Investment Trust Securities Issuer: NIPPON REIT Investment Corporation 1-17-18 Shinkawa, Chuo-ku, Tokyo Hisao Ishikawa Executive Officer (Securities Code:
NON-GAAP FINANCIAL MEASURES
NON-GAAP FINANCIAL MEASURES Welltower Inc. (HCN) believes that revenues, net operating income from continuing operations (NOICO), net income and net income attributable to common stockholders (NICS), as
Notice Concerning Acquisition (Lucid Square Ebisu) and Disposition (TOKYU REIT Kiba Building) of Trust Beneficiary Interest in Domestic Real Estate
July 13, 2018 Real Estate Investment Trust Unit Issuer: TOKYU REIT, Inc. 1-12-1, Dogenzaka, Shibuya-ku, Tokyo, 150-0043, Japan Kazuyoshi Kashiwazaki Executive Director (Securities Code: 8957) Investment
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended
PS Business Parks, Inc. Reports Results for the Quarter Ended March 31, 2018
News Release PS Business Parks, Inc. 701 Western Avenue Glendale, CA 91201-2349 psbusinessparks.com For Release: Immediately Date: April 24, 2018 Contact: Maria R. Hawthorne (818) 244-8080, Ext. 1370 PS
Notice concerning Asset Transfer and Lease Termination (J Tower)
Translation Purposes Only To All Concerned Parties September 22, 2017 Name of REIT Issuer: One REIT, Inc. 2-1-3 Nihonbashi, Chuo-ku, Tokyo, Japan Koji Hashimoto, Executive Director (TSE Code: 3290) Contact:
CAPITALAND LIMITED Regn No.: N (Incorporated in the Republic of Singapore)
CAPITALAND LIMITED Regn No.: 198900036N (Incorporated in the Republic of Singapore) ANNOUNCEMENT PROPOSED DIVESTMENT OF SERVICED RESIDENCES AND RENTAL HOUSING PROPERTIES TO ASCOTT RESIDENCE TRUST Limited
Ratio of net income to equity
Summary of Financial Results for the Fiscal Period Ended August 2014 (REIT) October 15, 2014 REIT Issuer: SIA REIT, Inc. Stock Exchange Listing: Stock Exchange Securities Code: 3290 URL: http://www.sia-reit.com/en/
WHITE PAPER ON FUNDS FROM OPERATIONS
WHITE PAPER ON FUNDS FROM OPERATIONS FOR IFRS REVISED: SEPTEMBER 2010 Page 1 of 17 I. Introduction and Background TABLE OF CONTENTS II. III. IV. Intended use of FFO FFO Definition Discussion of FFO Definition
Definitions. CPI is a lease in which base rent is adjusted based on changes in a consumer price index.
Annualized Rental Income is rental revenue under our leases on Operating Properties on a straight-line basis, which includes the effect of rent escalations and any tenant concessions, such as free rent,
[For Information Purpose Only. The Japanese language press release should be referred to as the original.]
![[For Information Purpose Only. The Japanese language press release should be referred to as the original.]](/thumbs/89/99999353.jpg "[For Information Purpose Only. The Japanese language press release should be referred to as the original.]")
[For Information Purpose Only. The Japanese language press release should be referred to as the original.] To All Concerned Parties June 25, 2018 Name of REIT Issuer: Invincible Investment Corporation
Dream Global REIT 2018 Fourth Quarter 1
EPRA Metrics The annual EPRA BPR Awards aim to recognize and commend upon the efforts of property companies that have successfully adopted the EPRA BPR Guidelines. Based on the assessment performed by
Notice Concerning Acquisition of Investment Assets (Silent Partnership Equity Interests)
For Immediate Release July 26, 2012 Advance Residence Investment Corporation Securities Code:3269 3-26 Kanda Nishiki-cho, Chiyoda-ku, Tokyo Kenji Kousaka, Executive Director Asset Management Company: AD
GOR Announces Acquisition of a Property (Arca Central)
Press Release 20 March 2014 REIT Issuer: Global One Real Estate Investment Corp. Securities Code: 8958 Representative: Yoichiro Kitajima, Executive Director Asset Manager: Global Alliance Realty Co., Ltd.
PS Business Parks, Inc. Reports Results for the Quarter and Year Ended December 31, 2018
News Release PS Business Parks, Inc. 701 Western Avenue Glendale, CA 91201-2349 psbusinessparks.com For Release: Immediately Date: February 20, 2019 Contact: Jeff Hedges (818) 244-8080, Ext. 1649 PS Business
Notice Concerning Obtainment of Preferential Negotiation Right for Acquisition of Residential Properties
TRANSLATION March 29, 2013 Real Estate Investment Trust Securities Issuer Sekisui House SI Investment Corporation 2-12 Kojimachi, Chiyoda-ku, Tokyo Representative: Junichi Inoue, Executive Director (Securities
Notice Concerning Renovation Plan and Changing Tenant of Ito Yokado Narumi, Aichi Prefecture
Japan Retail Fund Investment Corporation (Tokyo Stock Exchange Company Code: 8953) News Release July 13, 2010 Notice Concerning Renovation Plan and Changing Tenant of Ito Yokado Narumi, Aichi Prefecture
Q&A 140 A Guide to Implementation of Statement 140 on Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities
Q&A 140 A Guide to Implementation of Statement 140 on Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities Issued: February 2001 Revised: August 2001; September
October 30, For Translation Purposes Only
October 30, 2013 For Translation Purposes Only Real Estate Investment Fund Issuer: Mori Hills REIT Investment Corporation (Securities Code: 3234) 1-8-7 Roppongi, Minato-ku, Tokyo Hideyuki Isobe, Executive
SAUL CENTERS, INC Wisconsin Avenue, Suite 1500, Bethesda, Maryland (301)
SAUL CENTERS, INC. 7501 Wisconsin Avenue, Suite 1500, Bethesda, Maryland 20814-6522 (301) 986-6200 October 29, 2015, Bethesda, MD. Saul Centers, Inc. Reports Third Quarter 2015 Earnings Saul Centers, Inc.
Notice Concerning Acquisition and Leasing of Property (Irise Komae Bettei)
This translation of the original Japanese notice is provided solely for information purposes. Should there be any discrepancy between this translation and the Japanese original, the latter shall prevail.
Notice of Acquisition and Disposition of Assets and Lease Contract with New Tenants
FOR IMMEDIATE RELEASE November 30, 2018 Activia Properties Inc. 1-1 Minami-Aoyama 1-chome, Minato-ku, Tokyo Kazuyuki Murayama Executive Director (Code: 3279) Asset Management Company TLC REIT Management
Notice concerning Sale of Assets
To All Concerned Parties [For Information Purpose Only] December 21, 2017 Name of REIT Issuer: Invincible Investment Corporation Name of representative: Naoki Fukuda, Executive Director Roppongi Hills
PS Business Parks, Inc. Reports Results for the Quarter Ended March 31, 2017
News Release PS Business Parks, Inc. 701 Western Avenue Glendale, CA 91201-2349 psbusinessparks.com For Release: Immediately Date: April 25, 2017 Contact: Edward A. Stokx (818) 244-8080, Ext. 1649 PS Business
Effect of a Special-Purpose Entity's Powers to Sell, Exchange, Repledge, or Distribute Transferred Financial Assets under FASB Statement No.
Topic No. D-66 Topic: Effect of a Special-Purpose Entity's Powers to Sell, Exchange, Repledge, or Distribute Transferred Financial Assets under FASB Statement No. 125 Dates Discussed: November 20, 1997;
DISCLOSEABLE TRANSACTION ACQUISITION OF PROPERTIES IN TOKYO
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
Yes No (for institutional investors and analysts) 1. PERFORMANCE FOR THE FISCAL PERIOD ENDED April 30, 2017 (November 1, 2016 to April 30, 2017)
KENEDIX OFFICE INVESTMENT CORPORATION (8972) Translation of Japanese Original FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED April 30, 2017 (REIT) (November 1, 2016 to April 30, 2017) June 12, 2017 Kenedix
WESTFIELD REAL ESTATE INVESTMENT TRUST
Unaudited Financial Statements of WESTFIELD REAL ESTATE INVESTMENT TRUST BALANCE SHEET (As at, unaudited and December 31,, audited) Assets December 31, Income-producing properties (note 4) $ 100,749,687
Notice Concerning Renovation Plan of Kyoto Family, Kyoto Prefecture
Japan Retail Fund Investment Corporation (Tokyo Stock Exchange Company Code: 8953) News Release September 10, 2010 Notice Concerning Renovation Plan of Kyoto Family, Kyoto Prefecture Japan Retail Fund
Translation Of Financial Statements Originally Issued In Arabic
PALM HILLS DEVELOPMENTS COMPANY (An Egyptian Joint Stock Company) Consolidated Financial Statements For The Six Months Ended Together With Review Report PALM HILLS DEVELOPMENTS COMPANY S.A.E CONSOLIDATED
[For Information Purpose Only. The Japanese language press release should be referred to as the original.]
![[For Information Purpose Only. The Japanese language press release should be referred to as the original.]](/thumbs/89/99224680.jpg "[For Information Purpose Only. The Japanese language press release should be referred to as the original.]")
[For Information Purpose Only. The Japanese language press release should be referred to as the original.] To All Concerned Parties July 17, 2018 Name of REIT Issuer: Invincible Investment Corporation
WHITE PAPER ON FUNDS FROM OPERATIONS
WHITE PAPER ON FUNDS FROM OPERATIONS FOR IFRS REVISED: NOVEMBER 2012 Page 1 of 16 I. Introduction and Background TABLE OF CONTENTS II. III. IV. Intended use of FFO FFO Definition Discussion of FFO Definition
FOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE GLOBAL NET LEASE ANNOUNCES OPERATING RESULTS FOR THIRD QUARTER 2018 New York, November 7, 2018 Global Net Lease, Inc. (NYSE: GNL) ( GNL or the Company ), a real estate investment
SECURITIES AND EXCHANGE COMMISSION FORM 424B3. Prospectus filed pursuant to Rule 424(b)(3)
SECURITIES AND EXCHANGE COMMISSION FORM 424B3 Prospectus filed pursuant to Rule 424(b)(3) Filing Date: 2007-06-06 SEC Accession No. 0001104659-07-045689 (HTML Version on secdatabase.com) Inland American
SUMMARY OF FINANCIAL RESULTS (REIT) For the 1st Fiscal Period Ended August 31, 2013
SUMMARY OF FINANCIAL RESULTS (REIT) For the 1st Fiscal Period Ended August 31, 2013 October 15, 2013 REIT securities issuer: Nomura Real Estate Master Fund, Inc. Stock exchange listing: Tokyo Stock Exchange
Scheduled acquisition date. March 1, Total 25,500 -
February 5, 2018 For Immediate Release Real Estate Investment Trust Securities Issuer: J-REIT Shiodome City Center, 1-5-2 Higashi-Shimbashi, Minato-ku, Tokyo Representative: Yoji Tatsumi, Executive Director
AMERICAN SOCIETY OF APPRAISERS. Procedural Guidelines. PG-2 Valuation of Partial Ownership Interests
AMERICAN SOCIETY OF APPRAISERS Procedural Guidelines PG-2 Valuation of Partial Ownership Interests I. Preamble A. Business valuation professionals are frequently engaged as independent financial appraisers
REIT Ancillary Issues April 2009
April 2009 One University Avenue, Suite 1410 Toronto, Ontario Canada M5J 2P1 www.realpac.ca T: (416) 642-2700 F: (416) 642-2727 Page 2 REALpac represents Canadian REITs, a multi-billion dollar segment
Highwoods Reports Third Quarter 2017 Results
FOR IMMEDIATE RELEASE Ref: 17-20 Contact: Brendan Maiorana Senior Vice President, Finance and Investor Relations 919-431-1529 Highwoods Reports Third Quarter 2017 Results $0.55 Net Income per Share $0.86
SUMMARY OF FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED NOVEMBER 30, 2015 (June 1, 2015 November 30, 2015)
For Translation Purposes Only January 15, 2016 SUMMARY OF FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED NOVEMBER 30, 2015 (June 1, 2015 November 30, 2015) Name of issuer: United Urban Investment Corporation
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS Dundee Real Estate Investment Trust Consolidated Balance Sheets (unaudited) June 30, December 31, (in thousands of dollars) Note 2004 2003 Assets Rental properties 3,4
Notice Concerning Revisions to the Forecasts for Financial Results and Distributions Per Unit ( DPU ) for the Fiscal Period Ending August 31, 2018
For informational purposes only. The Japanese press release should be referred to as the original. To All Concerned Parties February 26, 2018 REIT Issuer: LaSalle LOGIPORT REIT 8th Floor, Otemachi Nomura
Highwoods Reports Third Quarter 2015 Results
FOR IMMEDIATE RELEASE Ref: 15-22 Contact: Mark Mulhern Senior Vice President and Chief Financial Officer 919-875-6682 Reports Third Quarter 2015 Results $0.77 FFO per Share (Including $0.01 per Share of
Investment Guide. home loans
Investment Guide home loans Your investment journey With the right finance solution, a property investment can build your wealth and improve your financial security. There are hundreds of thousands of
17th Fiscal Period Financial Report (REIT) November 7, 2014
17th Fiscal Period Financial Report (REIT) November 7, 2014 REIT Issuer: Japan Rental Housing Investments Inc. Stock Exchange Listing: Tokyo Stock Exchange Securities Code: 8986 URL: http://www.jrhi.co.jp/en
Notice Concerning Acquisition of Property (Loisir Hotel Spa Tower Naha)
For Translation Purposes Only For Immediate Release January 22, 2016 United Urban Investment Corporation Hitoshi Murakami Executive Officer (Securities Code: 8960) Asset Management Company: Japan REIT
The legal status of the BITON MARKET tokens
The legal status of the BITO MARKET tokens 26 th October 2018 This legal conclusion contains a legal analysis of whether the BITO MARKET tokens (BTMT tokens) can be securities in accordance with U.S. securities
FOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE GLOBAL NET LEASE ANNOUNCES OPERATING RESULTS FOR SECOND QUARTER 2018 New York, August 8, 2018 Global Net Lease, Inc. (NYSE: GNL) ( GNL or the Company ), a real estate investment trust
Carter Validus Mission Critical REIT, Inc. Reports Second Quarter 2016 Results
Carter Validus Mission Critical REIT, Inc. Reports Second Quarter 2016 Results TAMPA, FL (September 1, 2016) - Carter Validus Mission Critical REIT, Inc. (the Company ) announced today its operating results
TABLE OF CONTENTS 100. INTRODUCTION
TABLE OF CONTENTS 100. INTRODUCTION 101. REAL PROPERTY ASSOCIATION OF CANADA 102. THE ORIGINAL ACCOUNTING PRACTICES HANDBOOK 103. THE REALPAC IFRS HANDBOOK 103.1. PREPARATION 103.2. APPLICATION 103.3.
PALM HILLS DEVELOPMENTS COMPANY
PALM HILLS DEVELOPMENTS COMPANY (An Egyptian Joint Stock Company) Consolidated Financial Statements For The Year Ended Together With Auditor s Report PALM HILLS DEVELOPMENTS COMPANY S.A.E CONSOLIDATED
Commercial Real Estate Debt Finance This course is presented in London on: 26 February 2018, 29 November 2018
Commercial Real Estate Debt Finance This course is presented in London on: 26 February 2018, 29 November 2018 The Banking and Corporate Finance Training Specialist Course Objectives Participants will:
Real Estate Syndication Income 19,451 NOTE
Real Estate Syndication Income 19,451 Section 10,500 Statement of Position 92-1 Accounting for Real Estate Syndication Income February 6, 1992 NOTE Statements of Position of the Accounting Standards Division
General Manager, Treasury & Planning Department, REIT Division TEL: 03(5425)2704
(REIT) Financial Report for the Fiscal Period Ended April 30, 2015 June 19, 2015 REIT Securities Issuer: Tosei Reit Investment Corporation Stock Exchange Listing: Tokyo Stock Exchange Securities Code:
Highwoods Reports Third Quarter 2018 Results
FOR IMMEDIATE RELEASE Ref: 18-18 Contact: Brendan Maiorana Senior Vice President, Finance and Investor Relations 919-431-1529 Highwoods Reports Third Quarter 2018 Results $0.32 Net Income per Share $0.86
Glendale, California - PS Business Parks, Inc. (AMEX: PSB), reported operating results for the fourth quarter and the year ending December 31, 2001.
News Release PS Business Parks, Inc. 701 Western Avenue P.O. Box 25050 Glendale, CA 91221-5050 www.psbusinessparks.com For Release: Immediately Date: January 30, 2002 Contact: Mr. Jack Corrigan (818) 244-8080,
BUSI 331: Real Estate Investment Analysis and Advanced Income Appraisal
BUSI 331: Real Estate Investment Analysis and Advanced Income Appraisal PURPOSE AND SCOPE The Real Estate Investment Analysis and Advanced Income Appraisal course BUSI 331 is intended to build upon the
Public Storage Reports Results for the Quarter Ended March 31, 2017
News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 www.publicstorage.com For Release Immediately Date April 26, 2017 Contact Clemente Teng (818) 244-8080, Ext. 1141 Public Storage Reports
TULSA DEVELOPMENT AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) FINANCIAL REPORTS June 30, 2018 and 2017
FINANCIAL REPORTS June 30, 2018 and 2017 Index Page Independent Auditor s Report 1 Management s Discussion and Analysis 3 Basic Financial Statements: Statements of Net Position 9 Statements of Revenues,
Background. INTERGOVERNMENTAL COOPERATION AGREEMENTS INDIANA Survey of State Law
INTERGOVERNMENTAL COOPERATION AGREEMENTS INDIANA Survey of State Law Background In the face of declining resources and increasing demand for services, many local health departments (LHDs) are exploring
Highwoods Reports Second Quarter 2018 Results
FOR IMMEDIATE RELEASE Ref: 18-14 Contact: Brendan Maiorana Senior Vice President, Finance and Investor Relations 919-431-1529 Highwoods Reports Second Quarter 2018 Results $0.49 Net Income per Share $0.87
Results of Operations
JINUSHI REIT JINUSHI Business Results of Operations for the Fiscal Year Ended March 31, 2017 June 6, 2017 Securities code: 3252 (TSE/NSE, First Sections) 1. FY3/17 Financial Highlights 2. JINUSHI REIT
Notice Concerning Asset Acquisition and Lease (Kinshicho Prime Tower)
For Translation Purposes Only January 18, 2017 For Immediate Release Issuer of real estate investment trust securities: Invesco Office J-REIT, Inc. 6-10-1, Roppongi, Minato-ku Yoshifumi Matsumoto, Executive
FOR IMMEDIATE RELEASE AUGUST 2, 2018 ARTIS REAL ESTATE INVESTMENT TRUST RELEASES SECOND QUARTER RESULTS
FOR IMMEDIATE RELEASE AUGUST 2, 2018 ARTIS REAL ESTATE INVESTMENT TRUST RELEASES SECOND QUARTER RESULTS Today Artis Real Estate Investment Trust ( Artis or the "REIT") issued its financial results and
International Accounting Standards Board Press Release
International Accounting Standards Board Press Release 31 March 2004 IASB ISSUES STANDARDS ON BUSINESS COMBINATIONS, GOODWILL AND INTANGIBLE ASSETS The International Accounting Standards Board (IASB) today
Notice Concerning Sale of Property (Maison Ukima)
For Translation Purposes Only For Immediate Release March 29, 2019 United Urban Investment Corporation Ikuo Yoshida Executive Officer (Securities Code: 8960) Asset Management Company: Japan REIT Advisors
Third Quarter Fiscal Year Ending March 31, 2016 Consolidated Earnings Announcement (Japanese GAAP)
Third Quarter Fiscal Year Ending March 31, 2016 Consolidated Earnings Announcement (Japanese GAAP) Company Name: Hoosiers Holdings Stock Code: 3284 Representative: (Title) CEO and President Contact: (Title)
Sales Associate Course
Sales Associate Course Chapter Seventeen Real Estate Investments and Business Opportunity Brokerage 1 Investment Analysis Most important consideration: Economic soundness Land use controls Zoning Deed
Course Number Course Title Course Description
Johns Hopkins Carey Business School Edward St. John Real Estate Program Master of Science in Real Estate and Course Descriptions AY 2015-2016 Course Number Course Title Course Description BU.120.601 (Carey
Statement of Statutory Accounting Principles No. 91 Revised
Statement of Statutory Accounting Principles No. 91 Revised Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities STATUS Type of Issue: Common Area Issued: June
Sekisui House Group Medium - term Management Plan
Investment Banking Presentation to Investors Sekisui House Group Medium - term Management Plan October, 24 Sekisui House, Ltd. Contents 1. Medium - term Management Plan S - Project 2. Build to Order Housing
WP Glimcher Reports Second Quarter 2016 Results
NEWS RELEASE WP Glimcher Reports Second Quarter 2016 Results COLUMBUS, OH August 3, 2016 WP Glimcher Inc. (NYSE: WPG) today reported financial and operating results for the second quarter ended June 30,
FILE: EFFECTIVE DATE: June 1, 2011 AMENDMENT :
Land Procedure: Land Exchanges - General APPROVED AMENDMENTS: Effective Date Briefing Note /Approval Summary of Changes: June 1, 2011 BN 175892 Policy and Procedure update to reflect reorganization of
Using a Limited Liability Company. The Beneficiary of Your Land Trust
Using a Limited Liability Company As The Beneficiary of Your Land Trust There are lots of ways to hold the Beneficial Interest in a Land Trust (i.e. individually, through another entity or via the Trustee
SAUL CENTERS, INC Wisconsin Avenue, Suite 1500, Bethesda, Maryland (301)
SAUL CENTERS, INC. 7501 Wisconsin Avenue, Suite 1500, Bethesda, Maryland 20814-6522 (301) 986-6200 Saul Centers, Inc. Reports Third Quarter 2017 Earnings November 2, 2017, Bethesda, MD. Saul Centers, Inc.
SAUL CENTERS, INC Wisconsin Avenue, Suite 1500, Bethesda, Maryland (301)
May 3, 2018, Bethesda, MD. SAUL CENTERS, INC. 7501 Wisconsin Avenue, Suite 1500, Bethesda, Maryland 20814-6522 (301) 986-6200 Saul Centers, Inc. Reports First Quarter 2018 Earnings Saul Centers, Inc. (NYSE:
October 15, 2013 Asset Management Company:
0 REIT Issuer: ORIX JREIT Inc. Financial Results for 23 rd Fiscal Period (ended August 31, 2013) Revision of Earnings & Distributions Forecasts for 24 th Fiscal Period (ending February 28, 2014) Earnings
Notice concerning Acquisition of Asset (Godo kaisha Yokohama Office Management Silent Partnership Equity Interest)
This translation of the original Japanese notice is provided solely for information purposes. Should there be any discrepancy between this translation and the Japanese original, the latter shall prevail.
THE LIKE KIND EXCHANGE: A CURRENT REVIEW TABLE OF CONTENTS I. OVERVIEW... 1
THE LIKE KIND EXCHANGE: A CURRENT REVIEW TABLE OF CONTENTS Page I. OVERVIEW... 1 II. BASICS OF LIKE KIND EXCHANGES... 1 A. General Rules... 1 B. Exchanges... 17 C. Designations of Replacement Property
IIF to Acquire Property in Narashino, Chiba Prefecture
Industrial & Infrastructure Fund Investment Corporation (Tokyo Stock Exchange Company Code: 3249) News Release February 15, 2010 IIF to Acquire Property in Narashino, Chiba Prefecture Industrial & Infrastructure