{"id":1004029897,"date":"2011-06-01T07:59:10","date_gmt":"2011-06-01T15:59:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004029897"},"modified":"2022-12-09T01:27:02","modified_gmt":"2022-12-09T09:27:02","slug":"novel-approach-offers-more-tax-efficiencies","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/novel-approach-offers-more-tax-efficiencies\/","title":{"rendered":"Novel Approach Offers More Tax Efficiencies"},"content":{"rendered":"<p>By James Brennan, Managing Director and Corporate Counsel, Exchange Solutions Group L.L.C.<\/p>\n<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/James-Brennan.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004029898\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/novel-approach-offers-more-tax-efficiencies\/james-brennan-4\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/James-Brennan.jpg\" data-orig-size=\"499,750\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;jimkirbyphoto.com&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Portraits for Calkain&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;copyright Jim Kirby&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"James Brennan\" data-image-description=\"&lt;p&gt;Portraits for Calkain&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/James-Brennan.jpg?w=499\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/James-Brennan.jpg\" alt=\"\" title=\"James Brennan\" width=\"199\" height=\"300\" class=\"alignright size-medium wp-image-1004029898\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/James-Brennan.jpg 499w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/James-Brennan.jpg?resize=200,300 200w\" sizes=\"auto, (max-width: 199px) 100vw, 199px\" \/><\/a><\/p>\n<p>In the last 12 months, creative REIT executives were offered a map to create more tax efficiencies for their businesses.  Hunt Power, along with institutional co-investors, acquired a Private Letter ruling from the IRS delineating what assets are eligible real property for a real estate investment trust.  While most commercial property executives may rely on standard apartment buildings and strip malls, the definition is actually much more welcoming.<\/p>\n<p>Hunt Power\u2019s private letter ruling came to us via the energy industry, not exactly through the standard real estate industry channels. Hunt\u2019s energy infrastructure REIT navigates the IRS\u2019 requirements on what type of properties are eligible for REIT status. Hunt\u2019s format raises issues not only on formation, but continually, with income thresholds required to keep REIT status. <\/p>\n<p>Historically REITS have invested in clear-cut real estate such as malls and office towers. You do see some like Weyerhauser REIT that invest in timber rights and other related property interests. This new REIT seeks to only own key electrical and natural-gas assets such as local distribution companies and power lines. <\/p>\n<p>Hunt Power came up with the concept of placing a REIT structure on energy infrastructure as far back as 2006. The company spent some time refining the concept and applied to the Internal Revenue Service for a private letter ruling to obtain their view that electricity transfer assets were eligible for REIT structures. Hunt Power received IRS approval in 2007. <\/p>\n<p>In its request for a private-letter ruling from the Internal Revenue Service, Hunt discussed a PropCo-OpCo structure embraced by real estate private equity in the past. The PropCo-OpCo structure was embraced in the 2005-2008 timeframe for a reason: financing. Real estate-heavy operating companies, like casinos and fast food joints, were enhanced with stellar company credit ratings. <\/p>\n<p>The PropCo-OpCo structure is essentially a sale-leaseback with another entity you control, where a company conveys a real estate asset to an affiliate company, and leases it back for a defined period. This allows the firm to cash in its equity in any real property; it can also guarantee an investor long-term income. <\/p>\n<p>In Hunt\u2019s strategy, the PropCo would own systems under the PLR. This would include interests in or rights to occupy land, towers and poles affixed to the ground; lines or wires attached to the poles; substations and transformers affixed to the ground; and even electric meters affixed to buildings. <\/p>\n<p>With the question lingering whether these assets constitute real property, the law in question provides that 75 percent of REIT\u2019s assets must be cash, government securities and real estate. It further provides that interests in real property include land or improvements thereon\u2026but does not include mineral, oil or gas interests. The PLR analogized the passive \u201csystem\u201d components to railway components in Rev. Ruling 69-94 that are passive assets that are interdependent components that are affixed to the land. <\/p>\n<p>With a view to maintaining REIT status, the second looming question is how does 95 percent of the REIT\u2019s gross income come from rents from real property? Section 856(d)(2) describes \u201crents from real property\u201d to essentially includes rental income from leased property. In the energy REIT scenario, OpCo basically leases the system via triple net lease into the PropCo. Thus the PropCo cleanly receives primarily rent from OpCo for use of the systems. <\/p>\n<p>Creative REIT C-level executives can use both the self-imposed REIT structure and the use of non-traditional real property assets in expanding what property is eligible to be \u201cREIT \u2018D\u2019\u201d.  While the energy industry established this novel ruling, the real estate industry really benefits for years to come. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>By James Brennan, Exchange Solutions Group L.L.C.<\/p>\n<p>In the last 12 months, creative REIT executives were provided a map to improve taxation for their business. <\/p>\n","protected":false},"author":1507,"featured_media":1004029898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1004029897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Novel Approach Offers More Tax Efficiencies - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/novel-approach-offers-more-tax-efficiencies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Novel Approach Offers More Tax Efficiencies\" \/>\n<meta property=\"og:description\" content=\"By James Brennan, Exchange Solutions Group L.L.C.  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