题目
Which of the following statements is true for REITs?
选项
A.According to GAAP, equity REITs are exempt from reporting earnings per share.
B.Though equity REIT correlations with other asset classes are typically moderate, they are highest during steep market downturns.
C.The REIT corporation pays taxes on income, and the REIT shareholder pays taxes on the REIT’s dividend distribution of after-tax earnings.
答案
B
解析
B is correct. Real estate investments, including REITs, provide important portfolio benefits due to moderate correlation with other asset classes. However, there are periods when equity REIT correlations with other securities are high, and their correlations are highest during steep market downturns.A is incorrect because equity REITs, like other public companies, must report earnings per share based on net income as defined by GAAP or IFRS.C is incorrect because REITs can avoid this double taxation. A REIT can avoid corporate income taxation by distributing dividends equal to 90%–100% of its taxable net rental income. This ability to avoid double taxation is the main appeal of the REIT structure. ：B是正确的。房地产投资，包括房地产投资信托，由于它与其他资产类别的相关性适中，所以它能够给投资组合提供重要的收益。然而，在某些时期，股票型REIT与其他证券的相关性较高，当市场急剧下跌时，它们的相关性最高。A是不正确的，因为股权REIT和其他上市公司一样，必须根据GAAP或IFRS定义的净收入报告每股收益。C是不正确的，因为REIT可以避免这种双重征税。REIT可以通过分配相当于其应纳税净租金收入90%-100%的股息来避免企业所得税。避免双重征税的能力是REIT结构的主要吸引力。