Siiq

[Ricky Roma]

Non mi dispiacerebbe dare un' occhiata dentro a questo strumento, prossimo-venturo !
Per avere un punto di aggancio, comincerei a vedere che cosa sono i REITs Usa: per poi andare a vedere che cosa si sono inventato "di meglio" i legislatori italiani"

[Ricky Roma]

Grazie a Wikipedia, possiamo spingerci a vedere anche le caratteristiche dello strumento in altri paesi:

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A Real Estate Investment Trust or REIT (rēt, rhymes with treat) is a tax designation for a corporation investing in real estate that reduces or eliminates corporate income taxes. In return, REITs are required to distribute 90% of their income, which may be taxable in the hands of the investors. The REIT structure was designed to provide a similar structure for investment in real estate as mutual funds provide for investment in stocks.

Like other corporations, REITs can be publicly or privately held. Public REITs may be listed on public stock exchanges like shares of common stock in other firms.

REITs can be classified as equity, mortgage or hybrid.

The key statistics to look at in REIT are its NAV (Net Asset Value), AFFO (Adjusted Funds From Operations) and CAD (Cash At Disposal).


Australian REITs
See also: Listed property trust
The REIT concept was launched in Australia in 1971. General Property Trust was the first Listed Property Trust (LPT) on the Australian stock exchanges (merged in 1987 to form the Australian Stock Exchange - ASX). REITs which are listed on an exchange are known as Listed Property Trusts (LPTs), distinguishing them from private REITs which are known in Australia as Unlisted Property Trusts.

There are now more than 60 LPTs listed on the ASX, with market capitalisation in excess of A$100bn.


Bulgarian REITs
REITS were introduced in Bulgaria in 2003 with the so called "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.


Canadian REITs
See also: List of public REITs in Canada
Canadian REITs were established in 1993. They are required to be configured as trusts and are not taxed if they distribute their net taxable income to shareholders. REITs have been excluded from the income trust tax legislation proposed in the 2007 budget by the Conservative government. Many Canadian REITs have limited liability.[1]


German REITs
Germany is also planning to introduce German REITs (short, G-REITs) in order to create a new type of real estate investment vehicle. Government fears that failing to introduce REITs in Germany would result in a significant loss of investment capital to other countries. Nonetheless there still is political resistance to these plans, especially by the social democratic party ('SPD'). As of June 2006 the ministry of finance has announced that they still plan to introduce G-REITs in 2007. The legal details seem to adopt much of UK-REITs regulations (taxation, public listing, etc.), as far as it is possible to tell yet.

A law concerning G-REITs is scheduled, as of mid-2007, for passage, and will be retroactive as of January 11, 2007.


Qualifications
REITs will have to be established as a corporation "REIT-AG" or "REIT-Aktiengesellschaft".
At least 75% of its assets have to be invested in real-estate.
At least 75% of the G-REIT's gross revenues must be real-estate related.
At least 90% of the REIT's taxable income has to be distributed to its shareholders through dividends.
The corporation is income-tax-exempt, but the shareholders will have to pay individual income tax on the dividends.

Indian REITs
India is currently in the process of formulating definitive legislation for the introduction and smooth functioning of REITs in the Indian real estate market. Once introduced these Indian REITs (country specific/generic version I-REITs) will help individual investors enjoy the benefits of owning an interest in the securitised real estate market. The best benefit being that of fast and easy liquidation of investments in the real estate market unlike the traditional way of disposing real estate. The government and Securities and Exchange Board of India SEBI through various notifications is in the process of easing the norms of investing in real estate in India directly and indirectly through foreign direct investment, through listed real estate companies, mutual funds etc. With the current real estate boom and the market being flooded with Initial Public Offer of various listed real estate companies in India it will be the best time for investors to own a share of the profiting market economy. Legislative framework, revised investment norms and a favourable investment opportunity, and a clear taxation policy will provide the right kind of investing opportunity in India in the time to come.


Japanese REITs
See also: List of public REITs in Japan
Japan is one of a handful of countries in Asia with REIT legislation (other countries/markets include Hong Kong, Singapore, Malaysia, Taiwan and Korea), which permitted their establishment in December 2001. J-REIT securities are traded on the Tokyo Stock Exchange, and most participants are Japanese conglomerates and foreign investment banks.

Since the burst of the real estate bubble in 1990, property prices in Japan have seen steady drops through 2004, with some signs of price stabilization and possibly price increase in 2005 and 2006. Some see J-REITs as a way to increase investment in the real estate market, although notable increases in asset values has not yet been realized.

A J-REIT may be structured as an independent corporation or as a contractual relationship through a trust bank.

In addition to REITs, Japanese law also provides for a parallel system of special purpose companies which can be used for the securitization of particular properties, but not for the maintenance of a real estate portfolio.


United Kingdom REITs
The legislation laying out the rules for REITs in the United Kingdom was enacted in the Finance Act 2006 and came into effect in January 2007 when nine UK property companies converted to REIT status, including the five that were FTSE 100 members at that time: British Land, Hammerson, Land Securities, Liberty International and Slough Estates (now known as "SEGRO"). The other four were: Brixton, Great Portland Estates, Primary Health and Workspace.

British REITS have to distribute 90% of their income. They must be a close-ended investment trust and be UK resident and publicly listed on a stock exchange recognised by the Financial Services Authority.

To support the introduction of REITs in the UK, the REITs and Quoted Property Group was created by several commercial property and financial services companies. Other key bodies involved are the London Stock Exchange and the British Property Federation. The Reita campaign was launched on 16 August 2006 by the REITs and Quoted Property Group, in order to provide a source of information on REITs, quoted property and related investments funds. Reita's aim is to raise awareness and understanding of REITs and investment in quoted property companies. It does this primarily through its portal www.reita.org, providing knowledge, education and tools for financial advisers and investors.

Doug Naismith, managing director of European Personal Investments for Fidelity International, said: "As existing markets expand and REIT like structures are introduced in more countries, we expect to see the overall market grow by some ten percent per annum over the next five years, taking the market to $1 trillion by 2010."


United States REITs
See also: List of public REITs in the United States
In the U.S., REITs generally pay little or no federal income tax, but are subject to a number of special requirements set forth in the Internal Revenue Code, one of which is the requirement to annually distribute at least 90% of its taxable income in the form of dividends to its shareholders.

In recent practice, many REITs distribute all of or even more than their current earnings, often resulting in dividend yields comparable to bond yields. If an investment company such as a REIT distributes more than its taxable income, the excess distribution is considered "return of capital" for tax purposes (not taxed as ordinary income, but first reduces basis in REIT stock; if this brings the basis to zero, then remaining amount of the return on capital is taxed at capital gain rates). The distribution requirement may hamper a REIT's ability to retain earnings and generate growth from internal resources. This and other restrictions imposed by the Internal Revenue Code generally limit a REIT's suitability for growth-oriented investors. However, other considerations may result in potential for stock price appreciation, such as improvements in the REITs underlying leasing markets, changes in interest rates or increasing demand for REIT stocks.

As of early 2005, there were nearly 200 publicly traded REITs operating in the United States. Their assets included a combined $500 billion, and approximately two-thirds of them were trading on national stock exchanges. The number of REITs not registered with the Securities Exchange Commission and not publicly traded is about 800.[1]

[Ricky Roma]

Dal punto di vista fiscale, l' IRC-USA alla sezione 4.16.12.- inquadra i REIT nel seguente modo:

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4.61.12.8 (05-01-2006)
Real Estate Investment Trusts
A real estate investment trust (REIT) is a conduit entity. In general, it is not taxed on ordinary income and capital gains distributed to its owners if it distributes 95 percent of such income. REIT is taxed at corporate rates. REIT is entitled to a dividends paid deduction. Shareholders treat a dividend from a REIT as either a capital gain or ordinary dividend, depending on the REIT’s designation.

IRC section 897(h) provides rules that apply to distributions made by REITs to foreign shareholders. Foreign shareholders must treat the distribution as an IRC section 897 gain to the extent the distribution is attributable to gain realized by the REIT from the sale or exchange of a USRPI. Solely for purposes of IRC section 1445 withholding, the largest amount of a post-March 7,1991 distribution that could be designated as a capital gain dividend under IRC section 857(b)(3)(c) will be treated as actually designated capital gain dividend.

Under IRC section 897(c)(1), a REIT normally qualifies as a USRPHC, and an interest in a REIT is generally a USRPI, however, under IRC section 897(h)(2) an interest in a domestically controlled REIT is not a USRPI. Therefore, a foreign shareholder disposing of REIT stock generally must recognize gain from the disposition of a non-domestically controlled REIT under IRC section 897.

To determine whether IRC section 897 and IRC section 1445 apply to a distribution from a REIT, the IE should review the following:

Form 1120 — REIT (U.S. Income Tax Return for the REIT)

Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons)

Form 1042S (Foreign Person’s U.S. Source Income Subject to Withholding)

The list of shareholders on the books of the REIT

Applicable information reporting forms sent to the REIT shareholders


Some U.S. tax treaties provide specific rules for certain REIT distributions. In such circumstances, these will override any code provisions.

[fipo]

ciao rik .
In Italia sai chi ci sta puntando ?
Immob lomb adesempio ?

[Ricky Roma]

Originalmente inviato da fipo

ciao rik .
In Italia sai chi ci sta puntando ?
Immob lomb adesempio ?

Tutti quelli che hanno patrimoni immobiliari (quotati e non) sono interessati. Ma il decreto attuativo, che doveva essere emanato a fine Aprile, stà ritardando.

La mia impressione é che sotto la pressione delle "lobbies" del settore, lo strumento si sia snaturato abbastanza, ed ora rischia di essere diventato inutile o inefficace: ai fini della diversificazione degli strumenti finanziari e/o del richiamo di capitali esteri sui mercati nazionali.

Per cui vorrei impostare un raffronto, quanto più sistematico possibile, con lo strumento USA ( il REIT ).

Ciao
RR

[Ricky Roma]

IL Consiglio di Stato, muove i seguenti rilievi alla legge sulle Siiq.

Riguardo alle modalità di controllo sul flottante ( almeno il 35% del capitale deve essere detenuto da soci che posseggono meno del 1% ): fa presente che al momento c’è l’obbligo di comunicazione alla Consob solo per partecipazioni che superano il 2%.

Non ritiene opportuno lasciare alle norme di statuto di ogni singola Siiq, la definizione delle regole in materia di investimenti e l’utilizzo della leva finanziaria: e chiede che tali principi siano definiti da Banca d’Italia e Consob.

Nessun parere favorevole all’ estensione della fiscalità agevolata alle plusvalenze da cessioni immobiliari.
( ex Fiananza e Mercati 8/6/07 )

[Ricky Roma]

Una "differenza": il REIC

In ossequio alla nostra propensione per il "barocco" (... anche dopo 500 anni ) in Italia si sono create in realtà due fattispecie le Reic ( Real Estate Investment Companies ) e le Siiq ( Società d'investimento immobiliare quotate ).

Le seconde non sono altro che le prime che acquisiscano i requisiti per la quotazione.

Mentre negli Usa, come in molti altri paesi, il REIT può essere sia pubblico ( ossia quotato ) che privato.

A questo punto vale la pena, allora, estendere gli interventi di questo 3d anche alle informazioni/requisiti delle REIC ( più scarse sulla stampa ufficiale, rispetto a quelle sulle Siiq ) e puntualizzarne le caratteristiche: legali e fiscali .

[Ricky Roma]

Ecco come la vede Borsa Italiana ...

(ANSA) - MILANO – Il nuovo regolamento stilato da Borsa Italiana Spa per la collocazione in borsa delle Societa' di investimento immobiliari quotate ''non ingessera' il mercato''. Lo ha assicurato Luca Lombardo, il direttore Mid & Small Cap Market della societa' che controlla il mercato finanziario italiano, durante un convegno dedicato alle Siiq nell'ultimo giorno di esposizioni di Eire.
Borsa Italiana intende creare per le Siiq un settore specifico, il Reic, all'interno di Expandi, nel quale saranno quotate tanto le Siiq, quanto quelle societa' che hanno perso il titolo.
Anche se non sono state ancora emanati i decreti attuativi da parte del legislatore Borsa Italiana ha approvato il regolamento per le collocazioni sul mercato delle societa' di investimento immobiliare quotate ed ora attende il nulla osta della Consob.
Le prescrizioni – spiegate per la prima volta al pubblico alla fiera del real estate di Milano – obbligano le societa' a non avere immobili che abbiano un valore superiore a un terzo dell'attivo, ad avere un flottante almeno del 35% e una capitalizzazione minima di 200 milioni di euro. I locatari non possono detenere piu' del 20% del totale degli immobili delle Siiq e ogni societa' dovra' avere una banca come specialist. Infine Borsa Italiana ha disposto che le negoziazioni delle Siiq restino aperte tutti i giorni tra le 11 e le 16,30.
''Escludo che questo regolamento – ha sottolineato Lombardo – possa ingessare il mercato delle Societa' di investimento immobiliari quotate . Noi abbiamo adottato indicatori uguali a quelli gia' presenti nei mercati europei e non abbiamo indicato nessun limite sulla leva finanziaria''.
25 maggio 2007

[Ricky Roma]

Disciplina "ad hoc" per le Siiq

http://www.finanzaonline.com/notizie/news.php?id={3FF162D7-3D6E-42EA-8397-0D2FC9FECE8C}

Finanzaonline.com - 4.7.07/16:17

Un ulteriore passo avanti per il debutto delle Siiq sul mercato Expandi è stato compiuto. Oggi, la Consob ha approvato le modifiche al regolamento dei mercati per l’introduzione di una disciplina di listing specifica. Per la quotazione di queste società per azioni, che svolgeranno attività di investimento e/o locazione in campo immobiliare, è prevista una apposita disciplina di ammissione che prevede un iter semplificato in termini di documentazione. Alle Siiq è richiesto di possedere una capitalizzazione minima di 200 milioni di euro, un flottante pari ad almeno il 35% del capitale e la presenza nello statuto di limiti in materia di investimenti e di concentrazione dei rischi, attraverso la diversificazione degli immobili. Inoltre è necessario un quorum elevato, pari al 90%, per la modifica delle clausole statutarie e una percentuale minima di investimento delle attività all’avvio delle negoziazioni fissata al 50%. Da ultimo, amministratori e dirigenti dovranno possedere specifici requisiti professionali.

[Ricky Roma]

Originalmente inviato da Ricky Roma

Una "differenza": il REIC

In ossequio alla nostra propensione per il "barocco" (... anche dopo 500 anni ) in Italia si sono create in realtà due fattispecie le Reic ( Real Estate Investment Companies ) e le Siiq ( Società d'investimento immobiliare quotate ).

Le seconde non sono altro che le prime che acquisiscano i requisiti per la quotazione.

Mentre negli Usa, come in molti altri paesi, il REIT può essere sia pubblico ( ossia quotato ) che privato.

A questo punto vale la pena, allora, estendere gli interventi di questo 3d anche alle informazioni/requisiti delle REIC ( più scarse sulla stampa ufficiale, rispetto a quelle sulle Siiq ) e puntualizzarne le caratteristiche: legali e fiscali .

Il 7/7 si é avuta notizia che la Consob ha approvato le modifiche al Regolamento dei Mercati per introdurre il "Listing" delle Real Estate Investment Companies (REIC) nel mercato Espandi.
La nuova disciplina prevede per queste entità un iter semplificato in termini della documentazione richiesta che viene verificata in sede di quotazione.
Alle REIC é richiesto di possedere le caratteristiche stabilite nel Regolamento: tra queste, una capitalizzazione minima di 200 milioni di Euro, un flottante pari almeno al 35% del capitale e la presenza nello statuto di limiti in materia di investimenti e concentrazione dei rischi.
Non potranno investire in un unico bene immobile più di un terzo delle proprie attività ed i ricavi provenienti da uno stesso locatario non potranno eccedere il 20% dei ricavi da locazione.

Le REIC, così come altre le altre società quotate sul Mta, avranno l'obbligo di comunicare l'assunzione e l'eventuale perdita della qualifica di Siiq.