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The CFTC issued guidance that REITS would not be deemed "pools" subject to their meeting the following conditions: The REIT primarily derives its income from the ownership and management of real estate and uses derivatives for the limited purpose of "mitigat[ing] their exposure to changes in interest rates or fluctuations in currency"; The REIT is operated so as to comply with all of the requirements of a REIT election under the Internal Revenue Code, including 26 U.S.C. §856(c)(2) (the 75-percent test); and The REIT has identified itself as an equity REIT in Item G of its last U.S. income tax