TAILIEUCHUNG - Flower Residential Properties: A Real Estate Investment Trust Case Study

Population growth and inter-regional migration have been and will be significant drivers for the Turkish real estate markets. The last census counted a population of roughly m at the end of 2007, significantly less than previously forecast from the census 2000 data. Nevertheless, the population is growing at a fast pace com- pared to most industrialised countries. In addition, two further trends are noteworthy. Urbanisation is advancing and migration patterns within Turkey favour economically burgeoning provinces. According to our forecast on the basis of UN projections the overall population of Turkey will grow strongly but at a moderating pace. | Flower Residential Properties A Real Estate Investment Trust Case Study Mark Sullivan Susanne Cannon Journal of Real Estate Practice and Education 2007 10 2 ProQuest Education Journals pg. 187 Flower Residential Properties A Real Estate Investment Trust Case Study Mark Sullivan and Susanne Cannon This case is designed for class discussion rather than to illustrate either effective or ineffective handling of an administrative situation. The subject company has been disguised and some of the information in the case has been modified to protect confidentialities and to enrich the learning experience. Focus The learning objective is to provide an opportunity for the student to analyze a complex set of business tax and financial arrangements. The case involves issues relating to real estate management financial management taxation and business ethics. Setting A chief financial officer CFO of a medium-sized publicly traded real estate investment trust REIT is considering the potential disposition of one of the properties in the trust s portfolio. The property was originally contributed by one of the founders of the REIT in a tax-favored way. If the property were disposed of in an outright sale the original owner could recognize a significant taxable gain. By using a like-kind exchange the original owner s gain could be deferred. In considering the disposition the CFO has to understand the various business and tax issues associated with the operation of a REIT as well as the issues that might arise based on the preferences of the original owner of the property and the perhaps competing interest of the public shareholders of the REIT. Exhibits An Appendix and five exhibits are included at the end of the case. Exhibit 1 Structure of Flower Residential Properties Exhibit 2 Flower Residential REIT Income Statement and Dividend Information Exhibit 3 A Like-Kind Exchange Using a Qualified Intermediary Exhibit 4 Example of Transfer of Property to a Partnership in Exchange for a

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