| 摘要 |
Methods of consolidating independent owners of distributioin warehouses (10) into a real estate investment trust (REIT) (12) for the purposes of achieveing economics of scale, for obtaining favorable mortgage financing and for creating a vehicle to enable periodic refinancing and investment of proceeds from such refinancing in real estate opprtunities. The REFT is formed and independent owner of distribution warehouses are assembled and selected and selected to participate in the REIT (23). The REIT finances the purchase of the warehouses by securing a non-recourse loan with at least a seven year term (68), serviced on at least a seven-year debt payment schedule. On a periodic basis, perferably every seven years, each warehouse is reappraised, new leases entered into between the REIT and each participant, and new mortgage loans issued for each warehouse. The REIT invests proceeds from the new mortgage loans in real estate opportunities to produce investment revenue. The REIT distrubutes 90% of net earnings from the investment revenue of teh participants. |
