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Level 130

Commercial Debt & Equity Capital

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C Corporation
Corporate ownership structure that provides limited liability, but suffers from double taxation and does not enable losses to flow through to investors for current use.
Commingled real estate funds
A collection of investment capital from various pension funds that are pooled by an investment advisor/ fund manager to purchase commercial real estate properties.
Equity REITs
Real estate investment trusts that invest in and operate income-producing properties.
Funds from operations (FFO)
Net (accounting) income, plus tax depreciation, plus amortization of leasing commissions and tenant improvements. Is considered a better measure of a REIT's cash flow than accounting income.
General partnerships
An ownership form characterized by multiple owners, unlimited liability for each equity holder, and flow-through taxation of both taxable income and cash distributions.
Hybrid REITs
Real estate investment trusts that invest in both properties and mortgages
Limited liability company (LLC)
A hybrid form of ownership that combines the corporate characteristics of limited liability with the tax characteristics of a partnership.
Limited partnership
A partnership in which one party (the general partner) assumes unlimited liability in exchange for control of all material decision making. The limited partners enjoy liability that is limited to the extent of their eq…
Mortgage REITs
Real estate investment trusts that purchase mortgage obligations and effectively become real estate lenders.
net asset value
the daily value of a mutual find that includes all the assets minus the fund's liabilites converted to per-share price
Pension funds
Retirement savings accounts that now represent a major source of equity capital in commercial real estate markets.
Real estate investment trusts (REITs)
A corporation or trust that uses the pooled capital of many investors to purchase and manage income property (equity REIT) and/or mortgage loans (mortgage REIT).
Securitized investments
Investment instruments that pool investment assets, enabling investors to purchase a share in the pool of assets.
S corporation
Corporate ownership structure that is a federal tax election made with the unanimous consent of the shareholders. An S corporation possesses the same limited liability benefits for its shareholders as do C corporations bu…
A group of persons or legal entities who come together to carry out a particular investment activity. (pool money)
Umbrella partnership REIT (UPREIT)
An organizational structure in which a publicly traded REIT owns a fractional interest in an operating partnership, which in turn, owns all or part of individual property partnerships.