耶鲁大学金融市场英文文本FinancialMarketsLecture12TranscriptWord文档格式.docx
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耶鲁大学金融市场英文文本FinancialMarketsLecture12TranscriptWord文档格式.docx
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sveryimportantandithassomeimportantfinancial–therearealotoffinancialinstitutionsbuiltarounddealingwiththefundamentalproblemsofrealestate.
IwanttotalkfirstaboutinstitutionsandthenmovetowhatIthinkis,myself,moreinteresting,whichistherealestateboomandthekindoffluctuationswe'
veseeninrealestateovertheyears.I'
mgoingtostartoutbytalkingaboutcommercialrealestateandthekindofvehiclesthatweusetoinvestincommercialrealestate.ThenIwanttotalkaboutmortgages,whichisthewaythatwefinancebothcommercialandowner-occupiedrealestate.Thenfinally,Iwanttocometotherealestateboomthatwearerecentlyin.
Letmestartby--theway--thekindofinstitutionthatyouprobablyknowrelativelylittleabout--orcommercialrealestate.Commercialrealestate--thatmeansrealestateownednotbyindividualhouseholdsbutbybusinesses.TheinstitutionIwantedtotalktoyouaboutfirstiscalledaDPP,aDirectParticipationProgram,whichhasbeentraditionallythesinglemostimportantformofholdingofcommercialrealestate.Whenyoudrivealongandyouseeallthesecommercialbuildings,youmightwonderwhoownsthem.Well,sometimesthey'
reownedbycorporations,butIthinkthemoreimportantinstitutionistheDPP,whichisafinancialvehiclethatownscommercialrealestateonbehalfofinvestors.ThemostimportantDPPiscalledalimitedpartnershiporLP.There'
saverysimplereasonwhyrealestatetendstobeheldinlimitedpartnershipsratherthancorporationsandthatreasonisthecorporateprofitstax.
CorporationsaretaxedontheirprofitsandDPPsarenot.Youwant,ifyouaresettingupanorganizationtoholdrealestate,youwanttodoit,ifyoucan,asaDPPbecauseyoudon'
twanttopaythosetaxes.Wheneverpossible,anownershipvehicleforcommercialrealestatewillhavetheformofaDPP.AlimitedpartnershipisonekindofDPPandithas--it'
snotacorporation,soit'
sapartnership.Thesimplestkindofpartnershipwouldbeifseveralofyougottogetherandformedabusiness.Inanormal--inasimplepartnership,thepartnershipwouldnotbetaxedbecauseit'
syoudoingbusinessjustaspartners,soyouaretaxedbutnotthepartnership.Theproblemwithpartnerships,generally,hasbeenthattheydon'
thavelimitedliability.Acorporationisanentitythatcouldbesuedorcouldlosemoremoneythanit'
sworth,butthevalueofacorporationcanneverfallbelowzerototheinvestorsbecausetheinvestorsarenotliableforthemistakesofthecorporation.
Ifyoubuystockinacompanythemostyoucanloseisthemoneyyouputup,sothat'
scalledlimitedliability.Ifyoutakepartinapartnershipyouareindividuallyliableforthedebtsofthecorporation.That'
saproblemwiththepartnershipstructurebecauseyoucouldjoinapartnershipandthepartnershipdoessomethingawfulandlosesmorethanyouputintoitandtheycancomeafteryouforthoselosses.Thereissomething,however,calledalimitedpartnershipthathastwokindsofpartners:
ageneralpartnerandalimitedpartner--orusually,manylimitedpartners.Thegeneralpartnertakesontheliability;
thelimitedpartnersdon'
thaveliability.Sotypically,realestateisheldinalimitedpartnership.It'
slimitedbecause–well,theywanttoputitinalimitedpartnershipbecausetheydon'
t--it'
snoteasytosellotherpeopleonjoiningthepartnershipiftheycouldgetunlimitedliabilityfordoingso.Thereisageneralpartnerwhotakesontheliabilityandthelimitedpartners,whoaremany,aretheparticipantswhodonotsharetheliability.Thegeneralpartneristypicallytheorganizerofthepartnership.Someonewhobuysafifty-storybuildingdowntownandthen,well,arrangestobuyandgetspartners--limitedpartners--tojoininfinancingit;
that'
sthearrangement.Youhaveageneralpartner,thenlimitedpartners,andyoudon'
thearaboutDPPs.
I'
mtellingyousomethingthatyouprobablyhaven'
theardalotabout.Thisisnotcommonlyadvertisedordescribed--justlikehedgefundsarenotcommonlyadvertisedanddescribed--becauseitisthoughtthatDPPsaresuitableonlyforwealthyandsophisticatedinvestors.They'
recomplicated,sothegeneralrulehasbeenthatonlyaccreditedinvestorsshouldparticipateinthem.Imentionedthisbefore--intheU.S.andinothercountriesaswell,they'
reasimilarthing.WedefinedanaccreditedinvestorassomeonewhocanparticipateinaDPPorothersophisticatedprograms.ThedefinitionisinRegulationD,whichdefinesanaccreditedinvestor.Formanyyearsnow,toqualifyasanaccreditedinvestor,youhavetohaveonemilliondollarsinwealthorincomeinexcessof$200,000or,ifyou'
remarried,$300,000forthecouple.In2006--Imentionedthisbefore--in2006,theSECproposedraisingthedefinitiontomakeithardertobeanaccreditedinvestor,buttheyhaven'
tdonethatyet;
so,itremainsatonemilliondollarstodoit.
Nonetheless,DPPsdon'
tadvertise.Youseemutualfundadvertisementseverywhere.Youdon'
tseeadvertisementsforparticipationincommercialrealestatelikethisbecausethegovernmentwouldbeontheirbacksiftheydidit.Sinceit'
savailableonlytoaccreditedinvestors,youcan'
tbeadvertisingbecauseeveryonewouldseeit;
swhythefinancingofalotofthisrealestateissomethingofamystery,becausetheycan'
ttalkopenlyaboutit.
TheseDPPsgobackalongtimebuttherebegantobecomplaintsaboutthembecausepeoplesaid,wellwhyisit,becauseI'
mnotanaccreditedinvestor,Ican'
tgetintorealestateliketheseotherpeopledo?
Whyisn'
ttheresomethingofferedtomethat'
slikeaDPPthat'
savailabletoeveryone?
Anotherwayofputtingit,thegovernmentiseffectivelysayingthatunaccreditedinvestorsarefreetoinvestincorporationsthatinvestinrealestateandthey'
resubjecttothecorporateprofitstax.Wealthypeoplehavethechoiceofgettingaroundthecorporateprofitstax.So,inasense,thetaxstructurewasregressive.Itwassaying,we'
regoingtohavelowertaxesonrichpeoplethanonordinarypeople;
thatdidn'
tseemfairatall,sotherewasacomplaintairedaboutDPPsinthelate1950s.Peoplesaid,let'
schangeit,let'
smakeitsothateverybodycanhavesomethinglikeaDPP.Congressfinallyactedanditwasintheyear1960thatCongressdefinedanewinvestmentvehiclecalledaRealEstateInvestmentTrust;
thisisforeveryone.ARealEstateInvestmentTrustisforsmallinvestors,althoughwealthy,biginvestorscaninvestinitalso.
So,theyhadtomakeadistinction.ThesearecalledREITs,RealEstateInvestmentTrusts.Congresshadtomakeadistinctionbetweentheseandcorporationsandit'
skindofasubtledistinctionbecausetherearelotsofcorporationsthatownrealestate.Like,forexample,Wal-Martmightwantto--theypaycorporateprofitstax.After19--Idon'
tknowifWal-Mart--wasitaroundin1960?
Idon'
tknow.Let'
ssayitwas.Wal-Mart,afterthe1960ActofCongress,wouldsay,heywe'
rearealestateinvestmenttrust,weownrealestate--allthesestores--butthat'
snotwhattheintentofthisbillwas.TheywantedREITstobecompaniesthatjustownedrealestateandWal-Martisprimarilyaretailer.
Theyspecifiedthat75%ofassetsmustberealestateand75%ofincomemustberealestateincome--sothatwouldberulingoutWal-Mart.And95%ofincomemustbepaidout--theycan'
tretainearnings.Thatlimitsitfurther.They'
resupposedtobelikeapassthroughvehicle--they'
reowningrealestateonyourbehalf,sotheyshouldn'
tberetainingearnings.Also,theyhadtobelong-termholders;
ithadtobelessthan30%ofincomefromsalesofpropertieslessthanfouryears--lessthan–nomorethan30%oftheirincomefromsaleofpropertieshadtobefrompropertiesheldlessthanfouryears.Theydidn'
twantflippers;
theydidn'
twantthecompanythat'
sspeculatinginrealestate,theywantittobeaholderofrealestate.
RealEstateInvestmentTrustsbecameveryimportantinthreewaves.One--thefirstwaveofREITgrowthoccurredrightafterCongresspassedthe1960bill.Thefirstwavewasinthe1960sand,atthattime,Congresshadlimits--stategovernmentshadlimitsontheinterestthatsavingsbankscouldpaypeopleontheiraccounts.So,alotofpeopleswitchedfromsavingsaccountstoREITs--that'
scalleddisintermediation.Anintermediaryisabank,sowhentheypulloutofbankstheyweredisintermediatingandgoingfrombanksintoREITs.Although,insomesense,itwasn'
treallydisintermediationbecauseyoucouldsayaREITisadifferentkindofintermediarybetweentheindividualandtheinvestment.
ThesecondboominREITsoccurredafter1986.TheTaxReformActof1986madeDPPsmuchlessvaluabletoinvestors,andsoalotofwealthypeopleswitchedfrom
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