REAL ESTATE : Koll Chief Says REITs Not in Company’s Immediate Future
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Despite a boom in real estate investment trusts, Koll Co. in Newport Beach is not planning to enter the public market with a REIT any time soon, says Donald M. Koll, chairman and chief executive officer of the company.
“No, we are not looking at a REIT now, although from time to time we have looked at it,” Koll said Tuesday. “It’s a great vehicle, but we’re doing just fine as we are.”
Many developers see REITs as an attractive way to raise cash. REITs are a type of real estate investment in which shares in real estate or mortgages are sold. Most of the income is passed on to shareholders and is not taxed at the corporate level.
Irvine Co. has said it is considering some sort of REIT, possibly for its apartment properties.
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