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Margaret Hamilton (actress)
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Margaret Hamilton
Hamilton c. 1958
Born
Margaret Brainard Hamilton
(1902-12-09)December 9, 1902
Cleveland, Ohio, U.S.
Died
May 16, 1985(1985-05-16) (aged 82)
Salisbury, Connecticut, U.S.
Cause of death
Heart attack
Resting place
Ashes scattered at Amenia, New York
Nationality
American
Education
Hathaway Brown School
Alma mater
Wheelock College
Occupation
Actress
Schoolteacher
Years active
1933–1982
Notable work
The Wicked Witch of the West in MGM's The Wizard of Oz (1939)
Spouse(s)
Paul Meserve (m.1931–1938; divorced)
Children
Hamilton Wadsworth Meserve (b. 1936)
Parent(s)
Walter J. Hamilton (father)
Jennie Adams (mother)
Relatives
Neil Hamilton (distant cousin),
Dorothy Hamilton Brush (sister)
Margaret Brainard Hamilton (December 9, 1902 – May 16, 1985) was an American film character actress best known for her portrayal of the Wicked Witch of the West in Metro-Goldwyn-Mayer's classic film The Wizard of Oz (1939).[1]
A former schoolteacher, she worked as a character actress in films for seven years before she was offered the role that defined her public image. The Wicked Witch of the West was eventually ranked number four in the American Film Institute's 2003 list of the 50 Best Movie Villains of All Time, making her the top-ranking female villain. In later years, Hamilton made frequent cameo appearances on television sitcoms and commercials. She also gained recognition for her work as an advocate of causes designed to benefit children and animals, and retained a lifelong commitment to public education.
Contents
[hide]
1 Early life
2 Film career
2.1 The Wizard of Oz
3 Radio, television, and stage career
4 Personal life
5 Final years and death
6 Filmography
7 Select television appearances
8 References
9 External links
Early life[edit]
Hamilton was born to Walter J. Hamilton, and his wife, Mary Jane (née Adams; known by her nickname, Jennie), in Cleveland, Ohio, and was the youngest of four children. She later attended Hathaway Brown School, while the school was located at 1945 East 93rd Street in Cleveland. Drawn to the theater at an early age, Hamilton made her stage debut in 1923. Hamilton also practiced her craft doing children's theater while she was a Junior League of Cleveland member. She later moved to Painesville, Ohio.[citation needed] Before she turned to acting exclusively, her parents insisted that she attend Wheelock College in Boston, which she did, later becoming a kindergarten teacher.[citation needed]
Film career[edit]
Hamilton's career as a film actress was driven by the very qualities that placed her in stark contrast to the stereotypical Hollywood glamour girl. Her image was that of a New England spinster, extremely pragmatic and impatient with all manner of "tomfoolery". Hamilton's looks helped to bring steady work as a character actor. She made her screen debut in 1933 in Another Language. She went on to appear in These Three (1936), Saratoga, You Only Live Once, When's Your Birthday?, Nothing Sacred (all 1937), The Adventures of Tom Sawyer (1938), My Little Chickadee (with W. C. Fields) (1940), and The Sin of Harold Diddlebock (1947 film) with Harold Lloyd. She strove to work as much as possible to support herself and her son; she never put herself under contract to any one studio and priced her services at $1,000 ($16,700 with inflation[2]) a week.[3]
Hamilton costarred opposite Buster Keaton and Richard Cromwell in a 1940s spoof of the long-running local melodrama The Drunkard, titled The Villain Still Pursued Her. Later in the decade, she was in a little-known film noir, titled Bungalow 13 (1948), in which she again costarred opposite Cromwell. Her crisp voice with rapid but clear enunciation was another trademark. She appeared regularly in supporting roles in films until the early 1950s, and sporadically thereafter. Opposite Bud Abbott and Lou Costello, she played a heavily made-up witch in Comin' Round the Mountain, where her character and Costello go toe-to-toe with voodoo dolls made of each other. She appeared, uncredited, in Joseph L. Mankiewicz's People Will Talk (1951) as Sarah Pickett. In 1960, producer/director William Castle cast Hamilton as a housekeeper in his 13 Ghosts horror film, in which 12-year-old lead Charles Herbert taunts her about being a witch, including one scene in which she is holding a broom in her hand.[citation needed]
The Wizard of Oz[edit]
Hamilton as the Wicked Witch of the West with Judy Garland as Dorothy Gale in The Wizard of Oz (1939)
In 1939, Hamilton played the role of the Wicked Witch, opposite Judy Garland's Dorothy Gale in The Wizard of Oz, creating not only her most famous role, but also one of the screen's most memorable villains. Hamilton was cast after Gale Sondergaard, who was first considered for the role, albeit as a more glamorous witch with a musical scene, declined the role when the decision was made that the witch should appear ugly.[4]
She suffered a second-degree burn on her face and a third-degree burn on her hand during a second take of her fiery exit from Munchkinland, in which the trap door's drop was delayed to eliminate the brief glimpse of it seen in the final edit. Hamilton had to recuperate in a hospital and at home for six weeks after the accident before returning to the set to complete her work on the film, and refused to have anything further to do with fire for the rest of the filming. After she recuperated, she said, "I won't sue, because I know how this business works, and I would never work again. I will return to work on one condition — no more fireworks!" Garland visited Hamilton while the latter recuperated at home looking after her son.[5] Studio executives cut some of Hamilton's more frightening scenes, worrying that they would frighten children too much. Later on in life, she would comment on the role of the witch in a light-hearted fashion. For an interview, she joked:
"I was in need of money at the time, I had done about six pictures for MGM at the time and my agent called. I said, 'Yes?' and he said 'Maggie, they want you to play a part on the Wizard.' I said to myself, 'Oh, boy, The Wizard of Oz! That has been my favorite book since I was four.' And I asked him what part, and he said, 'The Witch,' and I said, 'The Witch?!' and he said, 'What else?'"[6]
Hamilton's stand-in and stunt double for the Witch, Betty Danko, also suffered an on-set accident on February 11, 1939. Danko made the fiery entrance to Munchkinland, not Hamilton. She was severely burned during the "Surrender Dorothy!" skywriting sequence at the Emerald City. Danko sat on a smoking pipe configured to look like the Witch's broomstick. The pipe exploded on the third take of the scene. She spent 11 days in the hospital and her legs were permanently scarred. A new stunt double, Aline Goodwin, was hired to finish the broomstick-riding scene for Danko.[citation needed]
When asked about her experiences on the set of The Wizard of Oz, Hamilton said that her biggest fear was that her monstrous film role would give children the wrong idea of who she really was. In reality, she cared deeply about children, frequently giving to charitable organizations. She often remarked about children coming up to her and asking her why she had been so mean to Dorothy. She appeared on an episode of Mister Rogers' Neighborhood in 1975, where she explained to children that she was only playing a role and showed how putting on a costume "transformed" her into the witch. She also made personal appearances, and Hamilton described the children's usual reaction to her portrayal of the Witch:
"Almost always they want me to laugh like the Witch. And sometimes when I go to schools, if we're in an auditorium, I'll do it. And there's always a funny reaction, like 'Ye gods, they wish they hadn't asked.' They're scared. They're really scared for a second. Even adolescents. I guess for a minute they get the feeling they got when they watched the picture. They like to hear it but they 'don't' like to hear it. And then they go, 'Ohhhhhhhhhh...!' The picture made a terrible impression of some kind on them, sometimes a ghastly impression, but most of them got over it, I guess... because when I talk like the Witch, and when I laugh, there is a hesitation and then they clap. They're clapping at hearing the sound again."[7]
Hamilton played two credited roles in the famous film: Almira Gulch and the Wicked Witch of the West. Hamilton also appears as an unidentified flying witch during the tornado scene. Some argue this is actually intended to be the Wicked Witch of the East rather than her sister, and Hamilton's credited role, the Wicked Witch of the West; if so, this would be a third, uncredited role. Only costar Frank Morgan played more roles in the film (five roles). Hamilton and Morgan never share any scenes in Oz. However, in By Your Leave (1934), she plays his housekeeper, and in Saratoga (1937), she has a colloquy with Morgan regarding a cosmetic product he invented (with side glances and eye rolls by Morgan as to its effect on her "beauty"). Hamilton's line from The Wizard of Oz — "I'll get you, my pretty, and your little dog, too!" — was ranked 99th in the 2005 American Film Institute survey of the most memorable movie quotes. Her son, interviewed for the 2005 DVD edition of the film, commented that Hamilton enjoyed the line so much, she sometimes used it in her real life. A few months after filming Oz, she appeared in Babes in Arms as Jeff Steele's mother, Martha, a society do-gooder who made it her goal to send the gang of child actors, led by Mickey Rooney and Judy Garland, to a work farm. In 1945, she played the domineering sister of Oz costar Jack Haley in George White's Scandals, comically trying to prevent him from marrying actress Joan Davis, even going so far as to throw a hatchet at her. Hamilton and Ray Bolger were cast members in the 1966 fantasy film The Daydreamer, a collection of stories by Hans Christian Andersen. A few years later, they were reunited on Broadway for the short-lived musical Come Summer.
Radio, television, and stage career[edit]
Margaret Hamilton, Ray Bolger, and Jack Haley reunited in 1970, a year after the death of costar Judy Garland
Hamilton with Oscar the Grouch on episode #0847 of Sesame Street, 1976
In the 1940s and 1950s, Hamilton had a long-running role on the radio series Ethel and Albert (or The Couple Next Door) in which she played the lovable, scattered Aunt Eva (name later changed to Aunt Effie). During the 1960s and 1970s, Hamilton appeared regularly on television. She did a stint as a What's My Line? mystery guest on the popular Sunday night CBS-TV program. She played Morticia Addams' mother, Hester Frump, in three episodes of The Addams Family. (1965–66; Hamilton had been offered the role of Grandmama, but turned it down.)
In 1962, Hamilton played Leora Scofield, a suffragette who arrives in Laramie, Wyoming, to bolster feminist causes in a territory where women had already obtained the right to vote, in the episode "Beyond Justice" of NBC's Laramie. In the story line, she is depicted as a long-lost friend of series character Daisy Cooper, played by Spring Byington. Series lead character Slim Sherman (John Smith) is skeptical of the suffragettes, and Sheriff Mort Corey and he concoct a tale that the women should head to Cheyenne, where their services are more needed than in Laramie.[8]
Having started on the stage in the early 1930s, she began to work extensively in the theater after leaving Los Angeles, and appeared on Broadway in the musical Goldilocks opposite Don Ameche and Elaine Stritch, gave a lighter touch to the domineering Parthy Anne Hawks in the 1966 revival of Show Boat (dancing with David Wayne), and was the tender Aunt Eller in the 1968 Lincoln Center revival of Oklahoma!. Hamilton also toured in many plays and musicals, even repeating her role of the Wicked Witch in specially written stage productions of The Wizard of Oz. For her last stage role, she was cast as Madame Armfeldt in the Stephen Sondheim musical A Little Night Music, singing the song "Liaisons" for the national tour costarring with Jean Simmons as her daughter Desiree.
Even with her extensive film career, Hamilton took roles in whatever medium she could get if she was free, making her soap-opera debut as the nasty Mrs. Sayre on Valiant Lady, who schemed to prevent her daughter from marrying the heroine's son. In the 1960s, Hamilton was a regular on another CBS soap opera, The Secret Storm, playing the role of Grace Tyrell's housekeeper, Katie. In the early 1970s, she joined the cast of another CBS soap opera, As the World Turns, on which she played Miss Peterson, Simon Gilbey's assistant. She had a small role in the made-for-TV film The Night Strangler (1973), and appeared as a befuddled neighbor on Sigmund and the Sea Monsters, who is a friend of the very similar Mary Wickes. In The Paul Lynde Halloween Special (1976), she portrayed Lynde's housekeeper, reprising the Wicked Witch role, as well as introducing Lynde to the rock group Kiss. She reprised her role as the Wicked Witch in an episode of Sesame Street, but as a result of complaints from parents of terrified children, the episode has not been seen since 1976. She appeared as herself in an episode of Mister Rogers' Neighborhood and continued acting regularly until 1982. Her last roles were two guest appearances as veteran journalist Thea Taft (in 1979 and 1982) on Lou Grant.
Throughout the 1970s, Hamilton lived in New York City's Gramercy Park neighborhood and appeared on local (and some national) public-service announcements for organizations promoting the welfare of pets. Her most visible appearances during this period were as general store owner Cora, in a national series of television commercials for Maxwell House coffee.[9][10][11]
Hamilton as Madame Armfeldt in the national tour of A Little Night Music (1974)
Hamilton produced the stage productions An Evening with the Bourgeoisie, The Three Sisters, and House Party.[where?][when?][12]
Personal life[edit]
Hamilton remained a lifelong friend of The Wizard of Oz castmate Ray Bolger. She married Paul Boynton Meserve on June 13, 1931, and made her debut on the New York City stage the following year. While her acting career developed, her marriage began failing; the couple divorced in 1938. They had one son, Hamilton Wadsworth Meserve (born 1936), whom she raised on her own. She had three grandchildren, Christopher, Scott, and Margaret. Hamilton never remarried.[13]
Final years and death[edit]
Hamilton's early experience as a teacher fueled a lifelong interest in educational issues. Hamilton served on the Beverly Hills Board of Education from 1948 to 1951, and was a Sunday school teacher during the 1950s. She lived in Manhattan for most of her adult life. In 1979, she was a guest speaker at a UCONN Children's Literature class.[citation needed] She later moved to Millbrook, New York. She subsequently developed Alzheimer's disease, and died in her sleep following a heart attack on May 16, 1985, in Salisbury, Connecticut. She was 82 years old.[1] She was cremated at Poughkeepsie Rural Cemetery. Her ashes were scattered in Amenia, New York.[citation needed]
Filmography[edit]
Zoo in Budapest (1933) as Assistant Matron for orphans (uncredited)
Another Language (1933) as Helen Hallam
Hat, Coat, and Glove (1934) as Madame Du Barry
There's Always Tomorrow (1934) as Ella
By Your Leave (1934) as Whiffen
Broadway Bill (1934) as Edna
The Farmer Takes a Wife (1935) as Lucy Gurget
Way Down East (1935) as Martha Perkins
Chatterbox (1936) as Emily 'Tippie' Tipton
These Three (1936) as Agatha
The Moon's Our Home (1936) as Mitty Simpson
The Witness Chair (1936) as Grace Franklin
Laughing at Trouble (1936) as Lizzie Beadle
You Only Live Once (1937) as Hester
When's Your Birthday? (1937) as Mossy
The Good Old Soak (1937) as Minnie
Mountain Justice (1937) as Phoebe Lamb
Saratoga (1937) as Maizie (uncredited)
I'll Take Romance (1937) as Margot
Nothing Sacred (1937) as Vermont Drugstore Lady
The Adventures of Tom Sawyer (1938) as Mrs. Harper
A Slight Case of Murder (1938) as Mrs. Cagle
Mother Carey's Chickens (1938) as Mrs. Pauline Fuller
Four's a Crowd (1938) as Amy
Breaking the Ice (1938) as Mrs. Small
Stablemates (1938) as Beulah Flanders
The Wizard of Oz (1939) as Miss Gulch / The Wicked Witch of the West
The Angels Wash Their Faces (1939) as Miss Hannaberry
Babes in Arms (1939) as Martha Steele
Main Street Lawyer (1939) as Lucy, Boggs' Housekeeper
My Little Chickadee (1940) as Mrs. Gideon
Our Town (1940) as Mrs. Louella Soames (uncredited)
The Villain Still Pursued Her (1940) as Mrs. Wilson
I'm Nobody's Sweetheart Now (1940) as Mrs. Thriffie
The Invisible Woman (1940) as Mrs. Jackson
Play Girl (1941) as Josie
The Gay Vagabond (1941) as Agatha Badger
Babes on Broadway (1941)
Twin Beds (1942) as Norah
Meet the Stewarts (1942) as Willametta
The Affairs of Martha (1942) as Guinevere
Journey for Margaret (1942)
City Without Men (1943) as Dora
The Ox-Bow Incident (1943) as Mrs. Larch (uncredited)
Johnny Come Lately (1943) as Myrtle Ferguson
Guest in the House (1944) as Hilda - the Maid
George White's Scandals (1945) as Clarabelle Evans
Janie Gets Married (1946) as Mrs. Angles
Faithful in My Fashion (1946) as Miss Applegate
The Sin of Harold Diddlebock (1947) as Flora
Dishonored Lady (1947) as Mrs. Geiger
Pet peeve (1947, Short) as Haughty Woman (uncredited)
Driftwood (1947) as Essie Keenan
Reaching from Heaven (1948) as Sophie Manley
State of the Union (1948) as Norah
Texas, Brooklyn and Heaven (1948) as Ruby Cheever
Bungalow 13 (1948) as Mrs. Theresa Appleby
The Sun Comes Up (1949) as Mrs. Golightly
The Red Pony (1949) as Teacher
Lust for Gold (1949) (uncredited)
The Beautiful Blonde from Bashful Bend (1949) as Mrs. Elvira O'Toole (uncredited)
The Great Plane Robbery (1950) as Mrs. Judd
Wabash Avenue (1950) as Tillie Hutch
Riding High (1950) as Edna
Comin' Round the Mountain (1951) as Aunt Huddy
People Will Talk (1951) as Miss Sarah Pickett - Housekeeper (uncredited)
13 Ghosts (1960) as Elaine Zacharides
The Good Years (1962) as Narrator
Paradise Alley (1962) as Mrs. Nicholson
The Daydreamer (1966) as Mrs. Klopplebobbler
Rosie! (1967) as Mae
Angel in My Pocket (1969) as Rhoda
Brewster McCloud (1970) as Daphne Heap
The Anderson Tapes (1971) as Miss Kaler
Journey Back to Oz (1974, voice recorded in 1962) as Aunt Em (voice)
Select television appearances[edit]
The Paul Winchell and Jerry Mahoney Show (cast member, 1953–54)
Valiant Lady (cast member, 1955)
Dow Hour of Great Mysteries (1960) as Lizzie Allen in The Bat by Mary Roberts Rinehart
Car 54, Where Are You? (1963), as Miss Pownthleroy
The Patty Duke Show (1963), as The Lane Family housekeeper
The Addams Family (1965–66), as Hester Frump
The Secret Storm (cast member, 1964–67)
As the World Turns (cast member, 1971)
Sesame Street (1970s)
The Night Stalker (1973)
Sigmund and the Sea Monsters (1973)
The Partridge Family (1974)
Mister Rogers' Neighborhood (4 episodes, 1975–76)
The Paul Lynde Halloween Special (1976)
Lou Grant (2 guest appearances in 1979 and 1982), as Thea Taft
Laramie (Beyond Justice, November 27, 1962)
References[edit]
^ Jump up to: a b "Margaret Hamilton, 82, Dies; Played Wicked Witch In 'Oz'". New York Times. May 17, 1985. Retrieved 2007-07-21. Margaret Hamilton, the actress whose role as the cackling Wicked Witch of the West in The Wizard of Oz unnerved generations of children, died yesterday, apparently of a heart attack, at a nursing home in Salisbury, Connecticut. She was 82 years old. Miss Hamilton was a gentle, lively woman who taught kindergarten for years before she began a career of 50 years in the theater, movies, radio and television. But she seared a fearsome image on the public consciousness in 1939 when, at the age of 36, she played the Wicked Witch, the terror of Judy Garland's long dream in the classic film of L. Frank Baum's story.
Jump up ^ Federal Reserve Bank of Minneapolis Community Development Project. "Consumer Price Index (estimate) 1800–". Federal Reserve Bank of Minneapolis. Retrieved January 2, 2017.
Jump up ^ Harmetz, A. (1998). The Making of the Wizard of Oz: Movie Magic and Studio Power in the Prime of MGM, New York: Hyperion Books. p. 123
Jump up ^ How well do you know Oz? Jacksonville.com; retrieved October 6, 2013
Jump up ^ Harmetz, A. (1998). The Making of The Wizard of Oz: Movie Magic and Studio Power in the Prime of MGM. New York: Hyperion Books.
Jump up ^ Wizard of Oz DVD commentary track
Jump up ^ Harmetz, Aljean; The Making of the Wizard of Oz, p. 297
Jump up ^ "Beyond Justice: Laramie (TV series), November 27, 1962". Internet Movie Data Base. Retrieved November 19, 2012.
Jump up ^ "1978 Maxwell House A.D.C. Coffee TV commercial w/Margaret Hamilton as Cora the Storekeeper". YouTube. Retrieved 2013-10-13.
Jump up ^ "Maxwell House ad w/Margaret Hamilton, 1978". YouTube. 2010-02-12. Retrieved 2013-10-13.
Jump up ^ watch?v=9lfS1_RpnFQ "Maxwell House with Cora #1" Check |url= value (help). YouTube. 2011-12-29. Retrieved 2013-10-13.
Jump up ^ Margaret Hamilton profile, FilmReference.com; retrieved March 17, 2013.
Jump up ^ Juran, Robert A. (1995). Old Familiar Faces: The Great Character Actors and Actresses of Hollywood's Golden Era. Movie Memories Publishing. p. 109.
External links[edit]
Biography portal
Wikimedia Commons has media related to Margaret Hamilton.
Margaret Hamilton on IMDb
Margaret Hamilton at the Internet Broadway Database
Margaret Hamilton at the Internet Off-Broadway Database
Margaret Hamilton at AllMovie
Margaret Hamilton at the TCM Movie Database
Margaret Hamilton correspondence and ephemera, 1944-1979, held by the Billy Rose Theatre Division, New York Public Library for the Performing Arts
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ISNI: 0000 0000 2636 5885
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Retrieved from "https://en.wikipedia.org/w/index.php?title=Margaret_Hamilton_(actress)&oldid=810202729"
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Real estate investment trust
From Wikipedia, the free encyclopedia
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A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and timberlands. Some REITs engage in financing real estate. The law providing for REITs was enacted by the U.S. Congress in 1960.[1] The law was intended to provide a real estate investment structure similar to the structure mutual funds provide for investment in stocks.[2] REITs are strong income vehicles because, to avoid incurring liability for U.S. Federal income tax, REITs generally must pay out an amount equal to at least 90 percent of their taxable income in the form of dividends to shareholders.[3]
REITs can be publicly traded on major exchanges, public but non-listed, or private.[3] The two main types of REITs are equity REITs[4] and mortgage REITs (mREITs).[5] In November 2014, equity REITs were recognized as a distinct asset class[6] in the Global Industry Classification Standard by S&P Dow Jones Indices and MSCI. The key statistics to examine the financial position and operation of a REIT are net asset value (NAV), funds from operations (FFO), and adjusted funds from operations (AFFO).
Contents
1 History
1.1 Creation
1.2 Evolution
2 Africa
2.1 Kenya
2.2 Ghana
2.3 Nigeria
2.4 South Africa
3 Asia
3.1 Australia
3.2 Hong Kong
3.3 India
3.4 Japan
3.5 Malaysia
3.6 Pakistan
3.7 Philippines
3.8 Singapore
3.9 Thailand
3.10 United Arab Emirates
3.11 Saudi Arabia
4 Europe
4.1 Belgium
4.2 Bulgaria
4.3 Finland
4.4 France
4.5 Germany
4.6 Ireland
4.7 United Kingdom
4.8 Spain
5 North America
5.1 Canada
5.2 Mexico
5.3 United States
5.3.1 History
5.3.2 Legislation
5.3.3 Structure
6 South America
6.1 Brazil
7 See also
8 References
9 External links
History[edit]
Creation[edit]
REITs were created in the United States after President Dwight D. Eisenhower signed Public Law 86-779, sometimes called the Cigar Excise Tax Extension of 1960.[7][8] The law was enacted to give all investors the opportunity to invest in large-scale, diversified portfolios of income-producing real estate in the same way they typically invest in other asset classes – through the purchase and sale of liquid securities. The first REIT was American Realty Trust founded by Thomas J. Broyhill, cousin of Virginia U.S. Congressmen Joel Broyhill in 1961[9] who pushed for the creation under Eisenhower.
Since then, more than 30 countries around the world have established REIT regimes, with more countries in the works. The spread of the REIT approach to real estate investment around the world has also increased awareness and acceptance of investing in global real estate securities.[10]
A comprehensive index for the REIT and global listed property market is the FTSE EPRA/Nareit Global Real Estate Index Series,[11] which was created jointly in October 2001 by the index provider FTSE Group, Nareit and the European Public Real Estate Association (EPRA).
As of December 2017, the global index included 477 stock exchange listed real estate companies from 35 countries representing an equity market capitalization of about $2 trillion (with approximately 78% of that total from REITs).[12]
Evolution[edit]
Around the time of their creation in 1960, the first REITs primarily consisted of mortgage companies. The industry experienced significant expansion in the late 1960s and early 1970s. The growth primarily resulted from the increased use of mREITs in land development and construction deals. The Tax Reform Act of 1976 authorized REITs to be established as corporations in addition to business trusts.
The Tax Reform Act of 1986 also impacted REITs. The legislation included new rules designed to prevent taxpayers from using partnerships to shelter their earnings from other sources. Three years later, REITs witnessed significant losses in the stock market.
Retail REIT Taubman Centers Inc. launched the modern era of REITs in 1992 with its creation of the UPREIT. In an UPREIT, the parties of an existing partnership and a REIT become partners in a new “operating partnership.” The REIT typically is the general partner and the majority owner of the operating partnership units, and the partners who contributed properties have the right to exchange their operating partnership units for REIT shares or cash.The industry struggled beginning in 2007 as the global financial crisis kicked in. In response to the global credit crisis, listed REITs responded by deleveraging (paying off debt) and re-equitizing (selling stock to get cash) their balance sheets. Listed REITs and REOCs raised $37.5 billion in 91 secondary equity offerings, nine IPOs and 37 unsecured debt offerings as investors continued to act favorably to companies strengthening their balance sheets following the credit crisis.
For the five-year period ending Dec. 31, 2017, all stock exchange listed REITs posted total returns of 60.29%, with compound annual total returns of 9.90%. Stock exchange listed equity REITs had total returns of 59.85% during that same period, with compound annual total returns of 9.83%. The S&P 500 had total returns of 108.14% during that same period, with compound annual total returns of 15.79%. Economic climates characterized by rising interest rates have a detrimental effect on REIT shares. The dividends paid by REITs look less attractive when compared to bonds that have increasing coupon rates. Also, when investors shy away from REITs, it makes it difficult for management to raise additional funds to acquire more property.[13]
Africa[edit]
Kenya[edit]
The first REIT in Kenya was approved by the Capital Markets Authority in October 2015. The REIT is issued by Stanlib Kenya under the name Fahari I-Reit scheme. The REIT scheme will provide unit holders stable cash inflows from the income generating real estate properties. The unrestricted IPO will be listed on the main investment market segment of the Nairobi Securities Exchange.[14]
Ghana[edit]
REITs have been in existence in Ghana since 1994. The Home Finance Company, now HFC Bank, established the first REIT in Ghana in August 1994. HFC Bank has been at the forefront of mortgage financing in Ghana since 1993. It has used various collective investment schemes as well as corporate bonds to finance its mortgage lending activities. Collective Investment Schemes, of which REITs are a part, are regulated by the Securities and Exchange Commission of Ghana.
Nigeria[edit]
In 2007, the Securities and Exchange Commission (SEC) issued the first set of guidelines for the registration and issuance of requirements for the operation of REITs in Nigeria as detailed in the Investment and Securities Act (ISA). The first REIT, the N50 billion Union Homes Hybrid Real Estate Investment Trust, was launched in September 2008. In November 2015 there were three listed REITS on the Nigerian Stock Exchange:[15] Skye Shelter Fund, Union Home and UPDC. A Haldane McCall REIT did not list after failing to reach the minimum 50% subscription in a January 2015 initial public offer amid poor market prospects.[16]
South Africa[edit]
By October 2015 there were 33 South African REITS and three non-South African REITs listed on the Johannesburg Stock Exchange, according to the SA REIT Association,[17] which said market capitalization was more than R455 billion.
Asia[edit]
Australia[edit]
Main article: Australian real estate investment trust
The REIT concept was launched in Australia in 1971. General Property Trust was the first Australian real estate investment trust (LPT) on the Australian stock exchanges (now the Australian Securities Exchange). REITs which are listed on an exchange were known as Listed Property Trusts (LPTs) until March 2008, distinguishing them from private REITs which are known in Australia as Unlisted Property Trusts. They have since been renamed Australian Real Estate Investment Trusts (A-REITs) in line with international practice.[18]
REITs have shown numerous benefits over direct investment including lower tax rates and increased liquidity. There are now more than 70 A-REITs listed on the ASX, with market capitalization in excess of A$100bn.[18]
Australia is also receiving growing recognition as having the world’s largest REITs market outside the United States. More than 12 percent of global listed property trusts can be found on the ASX.[19]
Hong Kong[edit]
REITs have been in existence in Hong Kong since 2005, when The Link REIT was launched by the Hong Kong Housing Authority on behalf of the Government. Since 2005, there have been 7 REIT listings as at July 2007, most of which, including Sunlight REIT have not enjoyed success because of low yield. Except for The Link and Regal Real Estate Investment Trust, share prices of all but one are significantly below initial public offering (IPO) price. Hong Kong issuers' use of financial engineering (interest rate swaps) to improve initial yields has also been cited as having reduced investors' interest[20]
As of July 2012 there are nine REITs listed with a total market capitalization of approximately €15 billion which amounts to almost 2% of the total global REIT market capitalization. Two out of the nine listed REITs are also included in the EPRA index, an index published by the European Public Real Estate Association (EPRA). The current top five REITs in Hong Kong are The Link REIT with a total market capitalization of €8 billion, Hui Xian REIT with a total market capitalization of €2.3 billion, Champion REIT with a total market capitalization of €1.8 billion, Fortune REIT with a total market capitalization of €1 billion and Regal Real Estate with a total market capitalization of €700 million.[21]
India[edit]
Main article: Business Trust in India
As of August 2014, India approved creation of real estate investment trusts in the country.[22] Indian REITs (country specific/generic version I-REITs) will help individual investors enjoy the benefits of owning an interest in the securitised real estate market. The greatest benefit will be that of fast and easy liquidation of investments in the real estate market unlike the traditional way of disposing of real estate. The government and Securities and Exchange Board of India through various notifications is in the process of making it easier to invest in real estate in India directly and indirectly through foreign direct investment, through listed real estate companies and mutual funds. In the budget of 2014, finance minister Arun Jaitley has introduced a law for setting up of REITs.[23]
China
China is one of countries that motivated and interested to approve creation of real estate investment trusts.
Japan[edit]
Japan is one of a handful of countries in Asia with REIT legislation (other countries/markets include Hong Kong, Singapore, Malaysia, Taiwan and Korea), which permitted their establishment in December 2001. J-REIT securities are traded on the Tokyo Stock Exchange, and most service providers of the J-REITs are Japanese real estate companies, Japanese conglomerates and foreign investment banks.[citation needed]
Since the burst of the real estate bubble in 1990, property prices in Japan have seen steady drops through 2004, with some signs of price stabilization and possibly price increase in 2005 and 2006. Some see J-REITs as a way to increase investment in the real estate market, although notable increases in asset values have not yet been realized.[citation needed]
A J-REIT (a listed real estate investment trust) is strictly regulated under the Law concerning Investment Trusts and Investment Companies (LITIC) and established as an investment company under the LITIC.
In addition to REITs, Japanese law also provides for a parallel system of special purpose companies which can be used for the securitization of particular properties on the private placement basis
Malaysia[edit]
The Bursa Malaysia (www.bursamalaysia.com) has 18 REIT listed with five Islamic REITS (shariah compliant – according to Islamic investment compliance).
Pakistan[edit]
The Securities and Exchange Commission of Pakistan is in the process of implementing a REIT regulatory framework that will allow full foreign ownership, free movement of capital and unrestricted repatriation of profits. It will curb speculation in Pakistani real estate markets and gives access to small investors who want to diversify into real estate. The Securities and Exchange Commission of Pakistan is proposing a regulatory framework similar to that of Singapore and Hong Kong.[citation needed]
The Securities and Exchange Commission of Pakistan expected that about six REITs would be licensed within the first year, mainly large asset management companies. Pakistan has seen an outflow of investments by foreign real estate development companies, mostly based in Malaysia and Dubai.[24]
SECP has issued licenses to four parties namely, Arif Habib REIT Management Company, AKD REIT Management Company, Eden Developers REIT Management Company and SB Global REIT Management Company.
Philippines[edit]
REITs in the Philippines have been available to the public after the Real Estate Investment Trust Act of 2009 (RA 9856) passed into law on December 17, 2009. Its Implementing Rules and Regulations were approved by the Securities and Exchange Commission in May 2010. However, it failed to attract investors due to its restrictive tax policies and high friction cost.[25]
Singapore[edit]
Commonly referred to as S-REITs, there are 31 REITs listed on the Singapore Exchange, with the latest REIT, Cromwell European REIT, listed on 30 November 2017. The first one to be set up being CapitaMall Trust[26] in July 2002. They represent a range of property sectors including retail, office, industrial, hospitality and residential. S-REITs hold a variety of properties in countries including Japan, China, Indonesia and Hong Kong, in addition to local properties.[27][28] In recent years, foreign assets listing on the Singapore Exchange has grown to overtake those traditional listing with local assets.
S-REITs are regulated as Collective Investment Schemes under the Monetary Authority of Singapore's Code on Collective Investment Schemes,[29] or alternatively as Business Trusts.[30]
Some of the regulations that S-REITs have to adhere to includes:[31]
Maximum gearing ratio of 35%
Annual valuation of its properties
Restriction to certain types of investments the S-REITs can make
Distribution of at least 90% of its taxable income
S-REITs benefit from tax advantaged status where the tax is payable only at the investor level and not at the REITs level. In addition to REITs, there are ten Business Trusts ("BTs") (similar to REITs but may hold assets that are not conventional and are not subjected to stringent rules as compared to SREITs), and six Stapled Instruments (composed of a stapled Business Trust Unit and a REIT unit), which are listed on the Singapore Exchange. The total market capitalisation of the listed Trust on Singapore Exchange approximate SGD 100 billion (as at 30 Nov 17).
Thailand[edit]
The Securities and Exchange Commission created regulations to establish REITs as an investment vehicle in late 2012, opening the doors for the first REITs to be listed in 2013.[32]
United Arab Emirates[edit]
The REIT legislation was introduced by Dubai International Financial Centre (DIFC) to promote the development of REIT’s in the UAE by passing The Investment Trust Law No.5 that went into effect on August 6, 2006.[citation needed] This restricts all 'true' REIT structures to be domiciled within the DIFC. The first REIT license to be issued will be backed by Dubai Islamic Bank with a REIT named 'Emirates REIT' headed up by the dot com entrepreneur, Sylvain Vieujot.[citation needed]
The issue is that DIFC domiciled REITs cannot acquire non-Freezone assets within the Emirate of Dubai. The only federally approved Freezone within the UAE is the DIFC itself so therefore any properties outside this zone are purchasable by local Gulf (GCC) passport holders only. However, through a collaboration with local authorities, Emirates REIT has been able to establish a platform enabling it to purchase properties anywhere in Dubai given a minimum of 51% of local ownership of its shares. This allows the company to diversify its portfolio with an efficient revenue generating mix of properties in the prime locations of Dubai. Emirates REIT is the first REIT established within the United Arab Emirates. It is also the first REIT listed on NASDAQ Dubai and one of the five Shari'a compliant REIT in the world with a focus on Income-producing assets.
Emirates REIT has a portfolio of over USD 575.3 million consisting of a total of seven properties primarily focus on commercial and office space as of Dec 2014. It has had substantial growth over the last four years. Further information can be found at www.reit.ae
Saudi Arabia[edit]
Commonly referred to as Real Estate Investment Fund, the regulations were launched in July 2006 by the Saudi Capital Market Authority, The regulation did not allow the funds to be traded in the stock market and force all funds to be structured by a licensed Investment companies by CMA with a presence of a real estate developer and some other key persons.[33]
Europe[edit]
Over the past few years[when?] new REIT regimes have been introduced[by whom?] in Europe to meet the growing demand from investors for tax-efficient real-estate investment vehicles; existing REIT regimes in Europe have also been improved.[34][not in citation given] In Europe, the top-performing REIT and the largest publicly-traded real-estate company is Unibail-Rodamco SE.[35][36]
Belgium[edit]
Bernheim Comofi (now AG Real Estate) introduced Belgian REITs in 1995 with the constitution of Befimmo. Others REITs in Belgium include Cofinimmo and Ascensio.[37]
Bulgaria[edit]
REITs were introduced in Bulgaria in 2004 with the Special Purpose Investment Companies Act. They are pass-through entities for corporate income tax purposes (i.e., they are not subject to corporate income-tax), but are subject to numerous restrictions.[38]
Finland[edit]
Finnish REITs were established in 2010, when the Finnish parliament passed "the tax exemption law" (Laki eräiden asuntojen vuokraustoimintaa harjoittavien osakeyhtiöiden verohuojennuksesta, 299/2009).[39] Together with the "Law on Real Estate Funds" (Kiinteistörahastolaki, 1173/1997)[40] it enables the existence of tax-efficient residential REITs.
Qualifications
REITs have to be established as public listed companies (julkinen osakeyhtiö, Oyj) for this specific purpose. When the REIT is established the minimum equity is 5M€ and it has to be distributed over five separate investors.
Minimum holding period: five years.
At least 80% of its assets have to be invested in residential real-estate.
At least 80% of the REIT's gross revenues must come from residential rental income.
At least 90% of the REIT's taxable income, excluding unrealised capital gains, has to be distributed to its shareholders through dividends.
The corporation is income-tax-exempt, but the shareholders will have to pay individual income tax on the dividends.
The largest individual shareholder may own less than 10% of company shares (maximum 30% till the end of 2013).
As of 2018[update] Orava Residential REIT is the only REIT in Finland.[41]
France[edit]
The French acronyms for REIT are SIIC or "SCPI" (which are two different kinds of real-estate trust). In France, Unibail-Rodamco is the largest SIIC.[42] Gecina is the second-largest publicly traded property company in France, with the third-highest asset value among European REITs.[43][44]
Germany[edit]
Germany planned to introduce German REITs (short, G-REITs) in order to create a new type of real estate investment vehicle. The Government feared that failing to introduce REITs in Germany would result in a significant loss of investment capital to other countries.[citation needed] Nonetheless there still is political resistance to these plans, especially from the Social Democratic Party).
A law concerning G-REITs was enacted 1 June 2007, effective retroactively to 1 January 2007:[45]
REITs have to be established as corporations - "REIT-AG" or "REIT-Aktiengesellschaft".
At least 75% of its assets have to be invested in real estate.
At least 75% of the G-REIT's gross revenues must be real-estate related.
At least 90% of the REIT's taxable income has to be distributed to its shareholders through dividends.
The corporation is income-tax-exempt, but the shareholders will have to pay individual income tax on the dividends.
Some restrictions apply on establishing residential REITs
The German public real-estate sector accounts for 0.21% of the total global REIT market capitalization. Three out of the four G-REITS are represented in the EPRA index, an index managed by the European Public Real Estate Association (EPRA).[46]
Ireland[edit]
The 2013 Finance Act contained provisions for creating REIT structures in Ireland.[47]
United Kingdom[edit]
See also: English land law and Corporation Tax Act 2010
The legislation laying out the rules for REITs in the United Kingdom was enacted in the Finance Act 2006 (now see the Corporation Tax Act 2010 sections 518 to 609) and came into effect in January 2007 when nine UK property-companies converted to REIT status, including five FTSE 100 members at that time: British Land, Hammerson, Land Securities, Liberty International and Slough Estates (now known as "SEGRO"). The other four companies were Brixton (now known as "SEGRO"), Great Portland Estates, Primary Health Properties and Workspace Group.[48]
British REITs have to distribute 90% of their income to investors. They must be a close-ended investment trust and be UK-resident and publicly listed on a stock exchange recognised by the Financial Services Authority.[citation needed] The EPRA in Brussels each year publishes a breakdown of the UK REIT structure requirements.[49]
To support the introduction of REITs in the UK, several commercial property and financial-services companies formed the REITs and Quoted Property Group. Other key bodies involved include the London Stock Exchange the British Property Federation and Reita. The Reita campaign was launched on 16 August 2006 by the REITs and Quoted Property Group in order to provide a source of information on REITs, quoted property and related investment-funds. Reita aims to raise awareness and understanding of REITs and of investment in quoted property companies. It does this primarily through its portal www.reita.org, providing knowledge, education and tools for financial advisers and investors.[50]
Doug Naismith, managing director of European Personal Investments for Fidelity International, said[when?]: "As existing markets expand and REIT-like structures are introduced in more countries, we expect to see the overall market grow by some ten percent per annum over the next five years, taking the market to $1 trillion by 2010."[51]
The Finance Act 2012 brought five main changes to the REIT regime in the UK:
the abolition of the 2% entry charge to join the regime - this should make REITs more attractive due to reduced costs
relaxation of the listing requirements - REITs can now be AIM quoted[52] (the London Stock Exchange’s international market for smaller growing companies) – making a listing more attractive due to reduced costs and greater flexibility
a REIT now has a three-year grace period before having to comply with close company rules (a close company is a company under the control of five or fewer investors)
a REIT will not be considered to be a close company if it can be made close by the inclusion of institutional investors (authorised unit trusts, OEICs, pension schemes, insurance companies and bodies which are sovereign immune) - this makes REITs attractive investment trusts[citation needed]
the interest cover test of 1.25 times finance costs is not as onerous
Boyd Carson of Sapphire Capital Partners LLP commented that "the most important of these advantages is the ability for REITs to be listed on the AIM and the abolition of the 2% entry charge to the regime is also a significant step forward."[53]
Spain[edit]
SOCIMI (Sociedad cotizada de Capital Inmobiliario)
North America[edit]
Canada[edit]
See also: List of REITs in Canada
Canadian REITs were established in 1993. They are required to be configured as trusts and are not taxed if they distribute their net taxable income to shareholders. REITs have been excluded from the income trust tax legislation passed in the 2007 budget by the Conservative government. Many Canadian REITs have limited liability.[54] On December 16, 2010, the Department of Finance proposed amendments to the rules defining “Qualifying REITs” for Canadian tax purposes. As a result, “Qualifying REITs” are exempt from the new entity-level, “specified investment flow-through” (SIFT) tax that all publicly traded income trusts and partnerships are paying as of January 1, 2011.[55]
Mexico[edit]
Mexico has passed legislation to allow for the equivalent of REITs, known as FIBRAs[56] (Fideicomiso de Infraestructura y Bienes Raíces),[57] to be traded in the Mexican Stock Exchange. Like REITs legislation in other countries, companies must qualify as a FIBRA by complying with the following rules:[58]
at least 70% of assets must be invested in financing or owning of real estate assets, with the remaining amount invested in government-issued securities or debt-instrument mutual funds.[58]
Acquired or developed real estate assets must be income generating and held for at least four years.[58]
If shares, known as Certificados de Participación Inmobiliarios or CPIs, are issued privately, there must be more than 10 unrelated investors in the FIBRA.[58]
The FIBRA must distribute 95% of annual profits to investors.[58]
The first Mexican REIT was launched in 2011 and is called FIBRA UNO.[59] According to the Wall Street Journal, Mexican REITs debuted in March 2011 "after government regulatory changes made the structure possible. Fibras offered investors an easy way to own Mexican real estate and pick up an attractive dividend at the same time. Like U.S. REITs, Fibras avoid paying corporate taxes as long as they distribute at least 95% of their income to shareholders as dividends."[57]
United States[edit]
History[edit]
From 2008 to 2011, REITs faced challenges from both a slowing United States economy and the late-2000s financial crisis, which depressed share values by 40 to 70 percent in some cases.
Legislation[edit]
Under U.S. Federal income tax law, an REIT is "any corporation, trust or association that acts as an investment agent specializing in real estate and real estate mortgages" under Internal Revenue Code section 856.[60] The rules for federal income taxation of REITs are found primarily in Part II (sections 856 through 859) of Subchapter M of Chapter 1 of the Internal Revenue Code. Because a REIT is entitled to deduct dividends paid to its owners (commonly referred to as shareholders), a REIT may avoid incurring all or part of its liabilities for U.S. federal income tax. To qualify as a REIT, an organization makes an "election" to do so by filing a Form 1120-REIT with the Internal Revenue Service, and by meeting certain other requirements. The purpose of this designation is to reduce or eliminate corporate tax, thus avoiding double taxation of owner income. In return, REITs are required to distribute at least 90% of their taxable income into the hands of investors. A REIT is a company that owns, and in most cases, operates income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and even timberlands. Some REITs also engage in financing real estate. The REIT structure was designed to provide a real estate investment structure similar to the structure mutual funds provide for investment in stocks.[2]
Structure[edit]
See also: List of public REITs in the United States
In the United States, a REIT is a company that owns, and in most cases operates, income-producing real estate. Some REITs finance real estate. To be a REIT, a company must distribute at least 90 percent of its taxable income to shareholders annually in the form of dividends.[61]
To qualify as a REIT under U.S. tax rules, a company must:
Be structured as a corporation, trust, or association[62]
Be managed by a board of directors or trustees[63]
Have transferable shares or transferable certificates of interest[64]
Otherwise be taxable as a domestic corporation[65]
Not be a financial institution or an insurance company[66]
Be jointly owned by 100 persons or more[67]
Have 95 percent of its income derived from dividends, interest, and property income[68]
Pay dividends of at least 90% of the REIT's taxable income[69]
Have no more than 50% of the shares held by five or fewer individuals during the last half of each taxable year (5/50 rule)[70]
Have at least 75% of its total assets invested in real estate[71]
Derive at least 75% of its gross income from rents or mortgage interest[72]
Have no more than 25% of its assets invested in taxable REIT subsidiaries.[73]
Because of their access to corporate-level debt and equity that typical real estate owners cannot access, REITs have a favorable capital structure. They are able to use this capital to finance tenant improvement costs and leasing commissions that less capitalized owners cannot afford.[citation needed]
South America[edit]
Brazil[edit]
REITs were introduced in Brazil in 1993 by the law 8668/93 and initially ruled by the instruction 205/94 and, nowadays, by instruction 472/08 from CVM (Comissão de Valores Mobiliários - which is the Brazilian equivalent of SEC). Locally they are described as "FII"s or "Fundos de Investimento Imobiliário". FII's dividends have been free of taxes for personal investors (not companies) since 2006, but only for the funds which have at least 50 investors and that are publicly traded in the stock market. FIIs, referred to as “REIT” to correspond with the similar investment vehicle in the US, have been used either to own and operate independent property investments, associated with a single property or part property, or to own several real properties (multiple properties) funded through the capital markets.[citation needed]
See also[edit]
Australian real estate investment trust
Closed-end fund
EPRA index
Income trust
Investment trust
Mutual fund
Real estate investing
Real estate mortgage investment conduit (REMIC)
Royalty trust
Stock market
Taxable REIT subsidiaries
References[edit]
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