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REITS AMIDST THE CURRENT REAL ESTATE CRISIS: AN ANALYSIS OF THE REITS INVESTMENT DIVERSIFICATION AND EMPOWERMENT ACT

Demand for Islamic products has spread across the world, and well beyond the Middle East. There are more than 430 million Muslims outside the traditional Middle East (a region that stretches from the Mediterranean to Pakistan), including 190 million in Indonesia, 73 million in Turkey, 150 million in India, 20 million in Europe, 7 million in the US, and 17 million in North Africa, It is reasonable to assume that many of these 430 non- Middle Eastern Muslims could be interested in Shariah-compliant products. In India, for instance, the government has recommended the establishment of a framework for. | REITs Amidst the Current Real Estate Crisis An Analysis OF the REITs Investment Diversification and Empowerment Act Patrick Monroe Table of Contents Introduction. 31 Part I REITs Amidst the Current Real Estate Crisis. .33 a. Real Estate Market in Crisis.33 1. The Current State of the Real Estate Market.33 2. The Current State of REITs.35 B. REITs React to the Credit Crunch.37 1. Joint Ventures.37 2. Foreign Investment.38 3. Congress Responds.39 Part II REIT Requirements and New Legislation. 40 a. Overview of REIT Rules.40 B. Specific Rules That Will be Affected by New Legislation.41 1. Two Gross Income Tests.41 a. Gross Income Test I 75 Percent.41 b. Gross Income Test II 95 Percent.42 2. Taxable REIT Subsidiaries.43 3. Rule Related to Lodging Facilities.44 4. Safe Harbor Test for Dealers.45 5. Summary of Changes.47 Part Ill REITs Diversified and Empowered. 47 a. Implications of RIDEA for REITs.48 1. Domestic Implications.48 a. Greater Stake in Taxable REIT Subsidiaries.48 29 30 RUTGERS BUSINESS LA W JOURNAL Vol. 6 1 b. Medical Facilities Offer New Income Stream.48 c. Safe Harbor for the Battered.49 2. Foreign Implications of Qualified Income From Foreign Currency Exchange.51 B. Considerations for REIT Managers and Investors.52 1. Short-Term Success.52 2. Long-Term Risks.54 Part IV Conclusion. 55 REITs Amidst the Current Real Estate Crisis An Analysis OF the REITs Investment Diversification and Empowerment Act Patrick Monroe 1 Introduction As the United States real estate market comes crashing down real estate investors managers of real estate investments and professionals serving the real estate industry are looking for ways to minimize the losses and redirect efforts into safer vehicles. In fact many of these people have given up on real estate altogether. However there is a group of real estate investors who have received a helping hand from Congress during these precarious times. This group invests in what is known as real estate investment trusts or REITs. 1 .