╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╤В╤А╨░╤Б╤В ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕ (REIT)?

╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ REIT?

╨Ш╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╤В╤А╨░╤Б╤В ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕ (REIT, ╨┐╤А╨╛╨╕╨╖╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║╨░╨║ ┬лreet┬╗) тАФ ╤Н╤В╨╛ ╤Ж╨╡╨╜╨╜╨░╤П ╨▒╤Г╨╝╨░╨│╨░, ╨║╨╛╤В╨╛╤А╨░╤П ╨╜╨░╨┐╤А╤П╨╝╤Г╤О ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╨╡╤В ╨▓ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М, ╨┐╨╛╨║╤Г╨┐╨░╤П ╨╕ ╨┐╤А╨╛╨┤╨░╨▓╨░╤П ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М, ╨║╨░╨║ ╨░╨║╤Ж╨╕╨╕ ╨╜╨░ ╨▒╨╕╤А╨╢╨░╤Е. REIT тАФ ╤Н╤В╨╛, ╨┐╨╛ ╤Б╤Г╤В╨╕, ╨▓╨╖╨░╨╕╨╝╨╜╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╤О╤В ╨▓ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М.

REIT ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╨╡╤В ╤З╨╡╤А╨╡╨╖ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М ╨╕╨╗╨╕ ╨╕╨┐╨╛╤В╨╡╤З╨╜╤Л╨╡ ╨║╤А╨╡╨┤╨╕╤В╤Л ╨╕ ╨┐╨╛╨╗╤Г╤З╨░╨╡╤В ╨╛╤Б╨╛╨▒╤Л╨╡ ╨╜╨░╨╗╨╛╨│╨╛╨▓╤Л╨╡ ╨╗╤М╨│╨╛╤В╤Л. ╨Т ╨║╨░╤З╨╡╤Б╤В╨▓╨╡ ╤Б╤В╨╕╨╝╤Г╨╗╨╛╨▓ ╨┤╨╗╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ REIT ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╤О╤В ╨▓╤Л╤Б╨╛╨║╤Г╤О ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨╕ ╨╗╨╕╨║╨▓╨╕╨┤╨╜╤Л╨╣ ╨╝╨╡╤В╨╛╨┤ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨▓ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М. ╨Ф╤А╤Г╨│╨╕╨╝╨╕ ╤Б╨╗╨╛╨▓╨░╨╝╨╕, REIT тАФ ╤Н╤В╨╛ ╨║╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╨╕, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨▓╨╗╨░╨┤╨╡╤О╤В ╨╕ ╤Г╨┐╤А╨░╨▓╨╗╤П╤О╤В ╨┐╨╛╤А╤В╤Д╨╡╨╗╤П╨╝╨╕ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕ ╨╕ ╨╕╨┐╨╛╤В╨╡╤З╨╜╤Л╤Е ╨║╤А╨╡╨┤╨╕╤В╨╛╨▓; ╨╗╤О╨▒╨╛╨╣ ╨╝╨╛╨╢╨╡╤В ╨║╤Г╨┐╨╕╤В╤М ╨░╨║╤Ж╨╕╨╕ ╨┐╤Г╨▒╨╗╨╕╤З╨╜╨╛ ╤В╨╛╤А╨│╤Г╨╡╨╝╤Л╤Е REIT.

╨е╨╛╤В╨╕╤В╨╡ ╤Б╤В╨░╤В╤М ╨░╨│╨╡╨╜╤В╨╛╨╝ ╨┐╨╛ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕? ╨Т╨░╨╝ ╨┤╨╛╨╗╨╢╨╜╨╛ ╨▒╤Л╤В╤М ╨╜╨╡ ╨╝╨╡╨╜╨╡╨╡ 18 ╨╗╨╡╤В, ╨╕╨╝╨╡╤В╤М ╨░╤В╤В╨╡╤Б╤В╨░╤В ╨╛ ╤Б╤А╨╡╨┤╨╜╨╡╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨▓╨░╨╜╨╕╨╕ ╨╕╨╗╨╕ ╨╡╨│╨╛ ╤Н╨║╨▓╨╕╨▓╨░╨╗╨╡╨╜╤В, ╤Б╨┤╨░╤В╤М ╨┐╨╕╤Б╤М╨╝╨╡╨╜╨╜╤Л╨╣ ╤Н╨║╨╖╨░╨╝╨╡╨╜ ╨╕ ╨┐╤А╨╛╨╣╤В╨╕ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╨╛╨╡ ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╛ ╤З╨░╤Б╨╛╨▓ ╨║╤Г╤А╤Б╨╛╨▓ ╨┐╨╛ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕.

╨Я╨╛╤З╨╡╨╝╤Г ╨▒╤Л╨╗╨╕ ╤А╨░╨╖╤А╨░╨▒╨╛╤В╨░╨╜╤Л REIT?

╨Ш╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ ╨▓ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛ ╨╜╨╡╨▓╤Л╨┐╨╛╨╗╨╜╨╕╨╝╨╛ ╨┤╨╗╤П ╨▒╨╛╨╗╤М╤И╨╕╨╜╤Б╤В╨▓╨░ ╨░╨╝╨╡╤А╨╕╨║╨░╨╜╤Ж╨╡╨▓. ╨Т ╤З╨░╤Б╤В╨╜╨╛╤Б╤В╨╕, ╨║╨╛╨╝╨╝╨╡╤А╤З╨╡╤Б╨║╨░╤П ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М ╤Б╤В╨╛╨╕╤В ╨┤╨╛╤А╨╛╨│╨╛ ╨╕ ╤В╤А╨╡╨▒╤Г╨╡╤В ╨╖╨╜╨░╤З╨╕╤В╨╡╨╗╤М╨╜╤Л╤Е ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨Я╨╛╨╗╤Г╤З╨╕╤В╤М ╨║╤А╨╡╨┤╨╕╤В ╨┐╨╛╨┤ ╨║╨╛╨╝╨╝╨╡╤А╤З╨╡╤Б╨║╤Г╤О ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М ╨╜╨╡╨┐╤А╨╛╤Б╤В╨╛. ╨Ю╨┤╨╜╨░╨║╨╛ REIT ╨╛╨▒╤К╨╡╨┤╨╕╨╜╤П╨╡╤В ╤А╨╡╤Б╤Г╤А╤Б╤Л ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╕╤Е ╨╝╨╡╨╗╨║╨╕╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ ╨╕ ╨┐╨╛╨╖╨▓╨╛╨╗╤П╨╡╤В ╨╕╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╤В╤М ╨▓ ╨║╤А╤Г╨┐╨╜╨╛╨╝╨░╤Б╤И╤В╨░╨▒╨╜╤Г╤О ╨║╨╛╨╝╨╝╨╡╤А╤З╨╡╤Б╨║╤Г╤О ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М ╨║╨░╨║ ╨│╤А╤Г╨┐╨┐╤Г.

REIT ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╨┐╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╨░ ╨▓ ╨▓╨╕╨┤╨╡ ╨╗╨╕╨║╨▓╨╕╨┤╨╜╨╛╤Б╤В╨╕ ╨╕ ╤А╨░╨╖╨╜╨╛╨╛╨▒╤А╨░╨╖╨╕╤П; ╨▓ ╨╛╤В╨╗╨╕╤З╨╕╨╡ ╨╛╤В ╨╜╨░╤Б╤В╨╛╤П╤Й╨╡╨╣ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕, ╨▓╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╨╗╨╡╨│╨║╨╛ ╨┐╤А╨╛╨┤╨░╤В╤М ╨░╨║╤Ж╨╕╨╕. ╨Ш╨╝╨╡╤П ╨┐╨╛╤А╤В╤Д╨╡╨╗╤М ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕ ╨▓╨╝╨╡╤Б╤В╨╛ ╨╛╨┤╨╜╨╛╨│╨╛ ╨╛╨▒╤К╨╡╨║╤В╨░ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╤Б╤В╨╕, ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╤Л ╤Б╤В╨░╨╗╨║╨╕╨▓╨░╤О╤В╤Б╤П ╤Б ╨│╨╛╤А╨░╨╖╨┤╨╛ ╨╝╨╡╨╜╤М╤И╨╕╨╝ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╝ ╤А╨╕╤Б╨║╨╛╨╝.

REIT ╨▒╤Л╨╗╨╕ ╨▓╨┐╨╡╤А╨▓╤Л╨╡ ╤А╨░╨╖╤А╨░╨▒╨╛╤В╨░╨╜╤Л ╨▓ 1960 ╨│╨╛╨┤╤Г ╨┤╨╗╤П ╨┤╨╡╨╝╨╛╨║╤А╨░╤В╨╕╨╖╨░╤Ж╨╕╨╕ ╤А╤Л╨╜╨║╨░ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕ ╨▓ ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╨╕╨╕ ╤Б ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨╣ ╨╝╨╛╨┤╨╡╨╗╤М╤О ╨┐╨╛╨║╤Г╨┐╨║╨╕ ╨░╨║╤Ж╨╕╨╣. ╨Э╨╡ ╨╝╨╡╨╜╨╡╨╡ 90% ╨╜╨░╨╗╨╛╨│╨╛╨╛╨▒╨╗╨░╨│╨░╨╡╨╝╨╛╨│╨╛ ╨┤╨╛╤Е╨╛╨┤╨░ REIT ╨┤╨╛╨╗╨╢╨╜╨╛ ╨╡╨╢╨╡╨│╨╛╨┤╨╜╨╛ ╤А╨░╤Б╨┐╤А╨╡╨┤╨╡╨╗╤П╤В╤М╤Б╤П ╤Б╤А╨╡╨┤╨╕ ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╛╨▓ ╨▓ ╨▓╨╕╨┤╨╡ ╨┤╨╕╨▓╨╕╨┤╨╡╨╜╨┤╨╛╨▓.

REIT ╨╝╨╛╨│╤Г╤В ╨▓╤Л╤З╨╕╤В╨░╤В╤М ╨┤╨╕╨▓╨╕╨┤╨╡╨╜╨┤╤Л, ╨▓╤Л╨┐╨╗╨░╤З╨╕╨▓╨░╨╡╨╝╤Л╨╡ ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨░╨╝, ╨╕╨╖ ╨╕╤Е ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╨╛╨│╨╛ ╨╜╨░╨╗╨╛╨│╨╛╨╛╨▒╨╗╨░╨│╨░╨╡╨╝╨╛╨│╨╛ ╨┤╨╛╤Е╨╛╨┤╨░, ╤З╤В╨╛╨▒╤Л ╨┐╨╛╨┤╨┤╨╡╤А╨╢╨╕╨▓╨░╤В╤М ╤Б╤В╨░╤В╤Г╤Б ╤В╤А╨░╨╜╨╖╨╕╤В╨╜╨╛╨╣ ╨╛╤А╨│╨░╨╜╨╕╨╖╨░╤Ж╨╕╨╕, ╨┐╨╛╤Н╤В╨╛╨╝╤Г ╨▒╨╛╨╗╤М╤И╨╕╨╜╤Б╤В╨▓╨╛ REIT ╨╜╨╡ ╨┐╨╗╨░╤В╤П╤В ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╨╣ ╨╜╨░╨╗╨╛╨│. ╨Т ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╡ REIT ╨┐╨╡╤А╨╡╨║╨╗╨░╨┤╤Л╨▓╨░╨╡╤В ╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╨╡╨╜╨╜╨╛╤Б╤В╤М ╨╖╨░ ╤Г╨┐╨╗╨░╤В╤Г ╤Н╤В╨╕╤Е ╨╜╨░╨╗╨╛╨│╨╛╨▓ ╨╜╨░ ╤Б╨▓╨╛╨╕╤Е ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╛╨▓.

╨б╨╛╨│╨╗╨░╤Б╨╜╨╛ ╨╕╤Б╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╤О, ╨╛╨║╨╛╨╗╨╛ 90% ╨╝╨╕╨╗╨╗╨╕╨╛╨╜╨╡╤А╨╛╨▓ ╨╖╨░ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╨╕╨╡ ╨┤╨▓╨░ ╨▓╨╡╨║╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╗╨╕ ╨▓ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М, ╤З╤В╨╛╨▒╤Л ╨╜╨░╨║╨╛╨┐╨╕╤В╤М ╤Б╨╛╤Б╤В╨╛╤П╨╜╨╕╨╡. CNBC. ╨Ф╤А╤Г╨│╨╕╨╡ ╤Б╨┐╨╛╤Б╨╛╨▒╤Л ╤А╨░╨╖╨▒╨╛╨│╨░╤В╨╡╤В╤М ╨╝╨╕╨╗╨╗╨╕╨╛╨╜╨╡╤А╨╛╨▓ ╨▓╨║╨╗╤О╤З╨░╤О╤В ╨┐╤А╨╡╨┤╨┐╤А╨╕╨╜╨╕╨╝╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨╛, ╨┤╤А╤Г╨│╨╕╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨╕ ╨╜╨░╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╨╡.

╨з╤В╨╛ ╨║╨▓╨░╨╗╨╕╤Д╨╕╤Ж╨╕╤А╤Г╨╡╤В╤Б╤П ╨║╨░╨║ REIT?

╨з╤В╨╛╨▒╤Л ╨║╨▓╨░╨╗╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╤В╤М╤Б╤П ╨║╨░╨║ REIT (╨┐╨╛╨┤ ╨║╨╛╨╜╤В╤А╨╛╨╗╨╡╨╝ IRS), ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П ╨┤╨╛╨╗╨╢╨╜╨░ ╨╕╨╝╨╡╤В╤М ╨╜╨╡ ╨╝╨╡╨╜╨╡╨╡ 75% ╤Б╨▓╨╛╨╕╤Е ╨░╨║╤В╨╕╨▓╨╛╨▓, ╤Б╨▓╤П╨╖╨░╨╜╨╜╤Л╤Е ╤Б ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╨╝╨╕ ╨▓ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М. ╨Ъ╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╤П ╨┤╨╛╨╗╨╢╨╜╨░ ╨▒╤Л╤В╤М ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨░ ╨║╨░╨║ ╨▒╨╕╨╖╨╜╨╡╤Б-╤В╤А╨░╤Б╤В, ╨╕ ╨╡╤О ╨┤╨╛╨╗╨╢╨╡╨╜ ╤Г╨┐╤А╨░╨▓╨╗╤П╤В╤М ╤Б╨╛╨▓╨╡╤В ╨┤╨╕╤А╨╡╨║╤В╨╛╤А╨╛╨▓ ╨╕╨╗╨╕ ╨┐╨╛╨┐╨╡╤З╨╕╤В╨╡╨╗╨╡╨╣. ╨Р╨║╤Ж╨╕╨╕ ╨┤╨╛╨╗╨╢╨╜╤Л ╨▒╤Л╤В╤М ╨┐╨╛╨╗╨╜╨╛╤Б╤В╤М╤О ╨┐╨╡╤А╨╡╨┤╨░╨▓╨░╨╡╨╝╤Л╨╝╨╕, ╨╕ ╨║╨░╨╢╨┤╤Л╨╣ REIT ╨┤╨╛╨╗╨╢╨╡╨╜ ╨╕╨╝╨╡╤В╤М ╨╜╨╡ ╨╝╨╡╨╜╨╡╨╡ 100 ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╛╨▓.

╨Ъ╨▓╨░╨╗╨╕╤Д╨╕╨║╨░╤Ж╨╕╤П REIT ╤В╨░╨║╨╢╨╡ ╨╖╨░╨▓╨╕╤Б╨╕╤В ╨╛╤В ╤Б╨╛╤Б╤В╨░╨▓╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕. ╨Я╤П╤В╤М ╨╕╨╗╨╕ ╨╝╨╡╨╜╨╡╨╡ ╤Д╨╕╨╖╨╕╤З╨╡╤Б╨║╨╕╤Е ╨╗╨╕╤Ж ╨╝╨╛╨│╤Г╤В ╨▓╨╗╨░╨┤╨╡╤В╤М ╨╜╨╡ ╨▒╨╛╨╗╨╡╨╡ ╤З╨╡╨╝ 50% ╨░╨║╤Ж╨╕╨╣ ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╨╡╨╣ ╨┐╨╛╨╗╨╛╨▓╨╕╨╜╤Л ╨║╨░╨╢╨┤╨╛╨│╨╛ ╨╜╨░╨╗╨╛╨│╨╛╨▓╨╛╨│╨╛ ╨│╨╛╨┤╨░. ╨Э╨╡ ╨╝╨╡╨╜╨╡╨╡ 95% ╨▓╨░╨╗╨╛╨▓╨╛╨│╨╛ ╨┤╨╛╤Е╨╛╨┤╨░ REIT ╨┤╨╛╨╗╨╢╨╜╤Л ╨┐╨╛╤Б╤В╤Г╨┐╨░╤В╤М ╨╛╤В ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╨▓╨╗╨╛╨╢╨╡╨╜╨╕╨╣, ╨╕ ╨╜╨╡ ╨╝╨╡╨╜╨╡╨╡ 75% ╨╡╨│╨╛ ╨▓╨░╨╗╨╛╨▓╨╛╨│╨╛ ╨┤╨╛╤Е╨╛╨┤╨░ ╨┤╨╛╨╗╨╢╨╜╨╛ ╨┐╨╛╤Б╤В╤Г╨┐╨░╤В╤М ╨╛╤В ╨░╤А╨╡╨╜╨┤╨╜╨╛╨╣ ╨┐╨╗╨░╤В╤Л ╨╕╨╗╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓ ╨┐╨╛ ╨╕╨┐╨╛╤В╨╡╨║╨╡.

╨Ъ╨░╨║╨╕╨╡ ╤Б╤Г╤Й╨╡╤Б╤В╨▓╤Г╤О╤В ╤В╨╕╨┐╤Л REIT?

╨в╤А╨╕ ╤В╨╕╨┐╨░ REIT тАФ ╤Н╤В╨╛ ╨┤╨╛╨╗╨╡╨▓╤Л╨╡ REIT (eREIT), ╨╕╨┐╨╛╤В╨╡╤З╨╜╤Л╨╡ REIT (mREIT) ╨╕ ╨│╨╕╨▒╤А╨╕╨┤╨╜╤Л╨╡ REIT.

• eREIT ╨┐╤А╨╕╨╛╨▒╤А╨╡╤В╨░╤В╤М, ╨▓╨╗╨░╨┤╨╡╤В╤М ╨╕ ╤Г╨┐╤А╨░╨▓╨╗╤П╤В╤М ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М╤О, ╨┐╤А╨╕╨╜╨╛╤Б╤П╤Й╨╡╨╣ ╨┤╨╛╤Е╨╛╨┤, ╤В╨░╨║╨╛╨╣ ╨║╨░╨║ ╨║╨▓╨░╤А╤В╨╕╤А╤Л, ╤В╨╛╤А╨│╨╛╨▓╤Л╨╡ ╤Ж╨╡╨╜╤В╤А╤Л ╨╕ ╨╛╤Д╨╕╤Б╨╜╤Л╨╡ ╨╖╨┤╨░╨╜╨╕╤П. eREIT тАФ ╤Е╨╛╤А╨╛╤И╨╕╨╣ ╨▓╤Л╨▒╨╛╤А ╨┤╨╗╤П ╨┤╨╛╨╗╨│╨╛╤Б╤А╨╛╤З╨╜╨╛╨│╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨┤╨╕╨▓╨╕╨┤╨╡╨╜╨┤╤Л ╨┐╨╛╨╗╤Г╤З╨░╤О╤В╤Б╤П ╨╛╤В ╨┤╨╛╤Е╨╛╨┤╨░ ╨╛╤В ╨░╤А╨╡╨╜╨┤╤Л ╨╕ ╨┐╤А╨╕╤А╨╛╤Б╤В╨░ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨╛╤В ╨┐╤А╨╛╨┤╨░╨╢╨╕ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕. eREIT ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╤О╤В 90% REIT ╨▓ ╨б╨и╨Р.
• mREIT ╨╜╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╨╣╤В╨╡ ╨▓ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М. ╨Т╨╝╨╡╤Б╤В╨╛ ╤Н╤В╨╛╨│╨╛ ╨╛╨╜╨╕ ╤Б╤Б╤Г╨╢╨░╤О╤В ╨┤╨╡╨╜╤М╨│╨╕ ╨┐╨╛╨┤ ╨╕╨┐╨╛╤В╨╡╨║╤Г ╨▓╨╗╨░╨┤╨╡╨╗╤М╤Ж╨░╨╝ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕ ╨╕╨╗╨╕ ╨┐╨╛╨║╤Г╨┐╨░╤О╤В ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨╕╨┐╨╛╤В╨╡╨║╨╛╨╣. ╨Я╤А╨╛╤Ж╨╡╨╜╤В╤Л, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╡ ╨┐╨╛ ╨╕╨┐╨╛╤В╨╡╤З╨╜╤Л╨╝ ╨║╤А╨╡╨┤╨╕╤В╨░╨╝, ╤Б╨╛╨╖╨┤╨░╤О╤В ╨┤╨╛╤Е╨╛╨┤ mREIT. ╨Х╤Б╨╗╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╡ ╤Б╤В╨░╨▓╨║╨╕ ╨╜╨╕╨╖╨║╨╕╨╡ ╨╕╨╗╨╕ ╨╛╨╢╨╕╨┤╨░╨╡╤В╤Б╤П ╨╕╤Е ╨┐╨░╨┤╨╡╨╜╨╕╨╡, mREIT ╤Б╤З╨╕╤В╨░╤О╤В╤Б╤П ╨╜╨░╨┤╨╡╨╢╨╜╤Л╨╝╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╨╝╨╕. mREIT ╨▒╨╛╨╗╨╡╨╡ ╨▓╨╛╨╗╨░╤В╨╕╨╗╤М╨╜╤Л ╨╜╨░ ╤А╤Л╨╜╨║╨╡ ╤Б ╨╝╨╡╨╜╤П╤О╤Й╨╕╨╝╨╕╤Б╤П ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╝╨╕ ╤Б╤В╨░╨▓╨║╨░╨╝╨╕, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╕╤Е ╨┤╨╕╨▓╨╕╨┤╨╡╨╜╨┤╤Л ╨┐╨╛╤Б╤В╤Г╨┐╨░╤О╤В ╨╛╤В ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╤Е ╨┐╨╗╨░╤В╨╡╨╢╨╡╨╣. ╨Т ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╡ mREIT ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╤О╤В ╨╗╨╕╤И╤М 10% REIT ╨▓ ╨б╨и╨Р.
• ╨У╨╕╨▒╤А╨╕╨┤╨╜╤Л╨╡ REIT ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╤О╤В ╤Б╨╛╨▒╨╛╨╣ ╨║╨╛╨╝╨▒╨╕╨╜╨░╤Ж╨╕╤О ╨░╨║╤Ж╨╕╨╣ ╨╕ ╨╕╨┐╨╛╤В╨╡╤З╨╜╤Л╤Е REIT. ╨Ю╨╜╨╕ ╨╖╨░╤А╨░╨▒╨░╤В╤Л╨▓╨░╤О╤В ╨┤╨╡╨╜╤М╨│╨╕ ╨╖╨░ ╤Б╤З╨╡╤В ╨░╤А╨╡╨╜╨┤╨╜╨╛╨╣ ╨┐╨╗╨░╤В╤Л ╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓. ╨Ю╨╜╨╕ ╤Б╨╛╤З╨╡╤В╨░╤О╤В ╨▓ ╤Б╨╡╨▒╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╤Б╤В╤А╨░╤В╨╡╨│╨╕╨╕ mREIT ╨╕ eREIT ╨╕ ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╕╨▓╨░╤О╤В ╨▒╨╛╨╗╨╡╨╡ ╨┤╨╕╨▓╨╡╤А╤Б╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╣ ╨┐╨╛╤А╤В╤Д╨╡╨╗╤М.

╨Я╨╛ ╤Б╨╛╤Б╤В╨╛╤П╨╜╨╕╤О ╨╜╨░ 2022 ╨│╨╛╨┤ ╨▓ ╨Ъ╨╛╨╝╨╕╤Б╤Б╨╕╨╕ ╨┐╨╛ ╤Ж╨╡╨╜╨╜╤Л╨╝ ╨▒╤Г╨╝╨░╨│╨░╨╝ ╨╕ ╨▒╨╕╤А╨╢╨░╨╝ ╨б╨и╨Р (SEC) ╨▒╤Л╨╗╨╛ ╨╖╨░╤А╨╡╨│╨╕╤Б╤В╤А╨╕╤А╨╛╨▓╨░╨╜╨╛ 225 REIT. ╨С╨╛╨╗╤М╤И╨╕╨╜╤Б╤В╨▓╨╛ ╨╕╨╖ ╨╜╨╕╤Е ╤В╨╛╤А╨│╤Г╤О╤В╤Б╤П ╨╜╨░ ╨Э╤М╤О-╨Щ╨╛╤А╨║╤Б╨║╨╛╨╣ ╤Д╨╛╨╜╨┤╨╛╨▓╨╛╨╣ ╨▒╨╕╤А╨╢╨╡. ╨б╨╛╨▓╨╛╨║╤Г╨┐╨╜╨░╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨╕╨╖╨░╤Ж╨╕╤П ╤Д╨╛╨╜╨┤╨╛╨▓╨╛╨│╨╛ ╤А╤Л╨╜╨║╨░ ╤Н╤В╨╕╤Е REIT ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╨║╨╛╨╗╨╛╤Б╤Б╨░╨╗╤М╨╜╤Л╨╣ 1 ╤В╤А╨╕╨╗╨╗╨╕╨╛╨╜ ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓.

╨Э╨╡╨║╨╛╤В╨╛╤А╤Л╨╡ REIT ╨╜╨╡ ╨╛╨▒╤А╨░╤Й╨░╤О╤В╤Б╤П ╨╜╨░ ╨▒╨╕╤А╨╢╨╡, ╨░ ╨╜╨╡╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╜╨╡ ╨╖╨░╤А╨╡╨│╨╕╤Б╤В╤А╨╕╤А╨╛╨▓╨░╨╜╤Л ╨▓ SEC. ╨Я╨╛ ╨┤╨░╨╜╨╜╤Л╨╝ IRS, ╨┐╤А╨╕╨╝╨╡╤А╨╜╨╛ 1100 ╨░╨╝╨╡╤А╨╕╨║╨░╨╜╤Б╨║╨╕╤Е REIT ╨┐╨╛╨┤╨░╨╗╨╕ ╨╜╨░╨╗╨╛╨│╨╛╨▓╤Л╨╡ ╨┤╨╡╨║╨╗╨░╤А╨░╤Ж╨╕╨╕.

╨п╨▓╨╗╤П╨╡╤В╤Б╤П ╨╗╨╕ REIT ╤Е╨╛╤А╨╛╤И╨╡╨╣ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╡╨╣?

╨Ъ╨╛╤А╨╛╤З╨╡ ╨│╨╛╨▓╨╛╤А╤П, ╨┤╨░. ╨Ш╨╖-╨╖╨░ ╨▓╤Л╤Б╨╛╨║╨╛╨╣ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕ ╨╕ ╨╗╨╕╨║╨▓╨╕╨┤╨╜╨╛╤Б╤В╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╤Д╨╛╨╜╨┤ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕ ╨╛╤В╨╗╨╕╤З╨╜╨╛ ╨┐╨╛╨┤╤Е╨╛╨┤╨╕╤В ╨┤╨╗╤П ╤В╨╡╤Е, ╨║╤В╨╛ ╤Е╨╛╤З╨╡╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╤В╤М ╨▓ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М, ╨╜╨╛ ╨╜╨╡ ╨╕╨╝╨╡╨╡╤В ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨┤╨╗╤П ╨┐╨╛╨║╤Г╨┐╨║╨╕ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕. ╨в╨░╨║╨╢╨╡ ╤Б╤Г╤Й╨╡╤Б╤В╨▓╤Г╨╡╤В ╨╝╨╡╨╜╤М╤И╨╕╨╣ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╣ ╤А╨╕╤Б╨║, ╤Б╨▓╤П╨╖╨░╨╜╨╜╤Л╨╣ ╤Б ╨▓╨╗╨░╨┤╨╡╨╜╨╕╨╡╨╝ ╨░╨║╤Ж╨╕╤П╨╝╨╕ ╨▓ REIT, ╨┐╨╛╤В╨╛╨╝╤Г ╤З╤В╨╛ ╤Н╤В╨╛ ╤Б╨╝╨╡╤И╨░╨╜╨╜╤Л╨╣ ╨┐╨╛╤А╤В╤Д╨╡╨╗╤М ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╤Е ╨╛╨▒╤К╨╡╨║╤В╨╛╨▓ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕, ╨░ ╨╜╨╡ ╨░╨║╤Ж╨╕╨╕ ╨▓ ╨╛╨┤╨╜╨╛╨╝ ╨║╨╛╨╜╨║╤А╨╡╤В╨╜╨╛╨╝ ╨╛╨▒╤К╨╡╨║╤В╨╡.

╨Ф╨░╨╢╨╡ ╨╡╤Б╨╗╨╕ ╨▓╤Л ╨║╨╛╤Б╨▓╨╡╨╜╨╜╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╨╡╤В╨╡ ╨▓ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М, ╨┤╨╡╨╜╤М╨│╨╕, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨▓╤Л ╨┐╨╛╨╗╤Г╤З╨╕╤В╨╡ ╨╛╨▒╤А╨░╤В╨╜╨╛, ╨╛╤Б╨╜╨╛╨▓╨░╨╜╤Л ╨╜╨░ ╤Д╨░╨║╤В╨╕╤З╨╡╤Б╨║╨╛╨╝ ╨╖╨┤╨░╨╜╨╕╨╕. ╨б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕ ╤Б╨╕╨╗╤М╨╜╨╛ ╨╖╨░╨▓╨╕╤Б╨╕╤В ╨╛╤В ╨╝╨╡╤Б╤В╨╛╨┐╨╛╨╗╨╛╨╢╨╡╨╜╨╕╤П, ╨┐╨╛╤Н╤В╨╛╨╝╤Г ╨╕╨╖╤Г╤З╨╕╤В╨╡ ╨░╨║╤В╨╕╨▓╤Л REIT, ╨┐╤А╨╡╨╢╨┤╨╡ ╤З╨╡╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╤В╤М.

╨Ъ╨░╨║╨╛╨▓╤Л ╨╜╨╡╨┤╨╛╤Б╤В╨░╤В╨║╨╕ REIT?

╨е╨╛╤В╤П REIT ╨╕╨╝╨╡╤О╤В ╨╝╨╜╨╛╨│╨╛ ╨┐╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓, ╨╛╨╜╨╕ ╤Б╨╛╨┐╤А╤П╨╢╨╡╨╜╤Л ╤Б ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╝ ╤А╨╕╤Б╨║╨╛╨╝. ╨Я╨╛╨╝╨╜╨╕╤В╨╡ ╨╛╨▒ ╤Н╤В╨╕╤Е ╨╜╨╡╨┤╨╛╤Б╤В╨░╤В╨║╨░╤Е, ╨║╨╛╨│╨┤╨░ ╤А╨╡╤И╨░╨╡╤В╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╤В╤М ╨╗╨╕ ╨▓ REIT:

• ╨Э╨╡╨▒╨╛╨╗╤М╤И╨╛╨╣ ╨╕╨╗╨╕ ╨╜╤Г╨╗╨╡╨▓╨╛╨╣ ╤А╨╛╤Б╤В. ╨Ъ╨░╨║ ╨┐╤А╨░╨▓╨╕╨╗╨╛, ╨┐╤Г╨▒╨╗╨╕╤З╨╜╤Л╨╣ REIT ╨╛╤В╨┤╨░╨╡╤В 90% ╤Б╨▓╨╛╨╡╨│╨╛ ╨┤╨╛╤Е╨╛╨┤╨░ ╤Б╨▓╨╛╨╕╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝. ╨Т ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╡ ╤Г ╤Д╨╛╨╜╨┤╨░ ╨╛╤Б╤В╨░╨╡╤В╤Б╤П ╨╝╨░╨╗╨╛ ╨┤╨╡╨╜╨╡╨│ ╨┤╨╗╤П ╨┐╨╛╨║╤Г╨┐╨║╨╕ ╨╜╨╛╨▓╨╛╨╣ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕ ╨╕╨╗╨╕ ╤Б╨╛╨┤╨╡╤А╨╢╨░╨╜╨╕╤П ╤Б╤В╨░╤А╨╛╨╣. ╨е╨╛╤В╤П ╤Г╤З╨╡╤В╨╜╨░╤П ╨╖╨░╨┐╨╕╤Б╤М ╨▓╤Б╨╡ ╨╡╤Й╨╡ ╨╝╨╛╨╢╨╡╤В ╨▒╤Л╤В╤М ╨╛╤Ж╨╡╨╜╨╡╨╜╨░, ╤Н╤В╨╛ ╨┐╤А╨╛╨╕╨╖╨╛╨╣╨┤╨╡╤В ╨╜╨╡ ╤В╨░╨║ ╨▒╤Л╤Б╤В╤А╨╛, ╨║╨░╨║ ╨┤╤А╤Г╨│╨╕╨╡ ╨▓╨░╤А╨╕╨░╨╜╤В╤Л ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨Х╤Б╨╗╨╕ ╨▓╤Л ╤Е╨╛╤В╨╕╤В╨╡ ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╨╕╤Е ╤В╨╡╨╝╨┐╨╛╨▓ ╤А╨╛╤Б╤В╨░, ╤З╨░╤Б╤В╨╜╤Л╨╣ REIT ╨╝╨╛╨╢╨╡╤В ╨▒╤Л╤В╤М ╨╗╤Г╤З╤И╨╡ ╨┤╨╗╤П ╨▓╨░╤И╨╡╨│╨╛ ╨┐╨╛╤А╤В╤Д╨╡╨╗╤П.
• ╨Ю╤В╤Б╤Г╤В╤Б╤В╨▓╨╕╨╡ ╨║╨╛╨╜╤В╤А╨╛╨╗╤П ╨╖╨░ ╨▓╨╛╨╖╨▓╤А╨░╤В╨╛╨╝. ╨е╨╛╤В╤П REIT ╨╛╤Б╨▓╨╛╨▒╨╛╨╢╨┤╨░╨╡╤В ╨▓╨░╤Б ╨╛╤В ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛╤Б╤В╨╕ ╨┐╨╗╨░╤В╨╕╤В╤М ╨╖╨░ ╤Б╨╛╨┤╨╡╤А╨╢╨░╨╜╨╕╨╡ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╤Б╤В╨╕, ╤Н╤В╨╛ ╤В╨░╨║╨╢╨╡ ╨┐╤А╨╕╨▓╨╛╨┤╨╕╤В ╨║ ╨╝╨╡╨╜╤М╤И╨╡╨╝╤Г ╨║╨╛╨╜╤В╤А╨╛╨╗╤О ╨╜╨░╨┤ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М╤О ╨▓╨░╤И╨╕╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨Я╤А╤П╨╝╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨▓ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М ╨╛╨╖╨╜╨░╤З╨░╤О╤В, ╤З╤В╨╛ ╨▓╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╨╗╨╕╤З╨╜╨╛ ╨╕╤Б╨║╨░╤В╤М ╨┤╨╛╤А╨╛╨│╨╕╨╡ ╨╝╨╡╤Б╤В╨░, ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╤В╤М ╨╕╤Е ╨┤╨╗╤П ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╤П ╨╕ ╨┐╤А╨╛╨▓╨╡╤А╤П╤В╤М ╨┐╨╛╤В╨╡╨╜╤Ж╨╕╨░╨╗╤М╨╜╤Л╤Е ╨░╤А╨╡╨╜╨┤╨░╤В╨╛╤А╨╛╨▓.
• ╨С╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╨╕╨╡ ╨╜╨░╨╗╨╛╨│╨╕ ╨╜╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Г╤О ╨┐╤А╨╕╨▒╤Л╨╗╤М. ╨Т╨░╤И REIT ╨╛╨▒╤Л╤З╨╜╨╛ ╨▓╤Л╨┐╨╗╨░╤З╨╕╨▓╨░╨╡╤В ╨▓╨░╨╝ ╨┤╨╕╨▓╨╕╨┤╨╡╨╜╨┤╤Л, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╛╨▒╨╗╨░╨│╨░╤О╤В╤Б╤П ╨╜╨░╨╗╨╛╨│╨╛╨╝ ╨▓╤Л╤И╨╡, ╤З╨╡╨╝ ╨┤╨╛╤Е╨╛╨┤, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╣ ╨╛╤В ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╤Б╤В╨╕, ╨▓ ╨║╨╛╤В╨╛╤А╤Г╤О ╨▓╤Л ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╨╡╤В╨╡. ╨н╤В╨╕ ╨╜╨░╨╗╨╛╨│╨╕ ╨╝╨╛╨│╤Г╤В ╨╖╨╜╨░╤З╨╕╤В╨╡╨╗╤М╨╜╨╛ ╤Б╨╛╨║╤А╨░╤В╨╕╤В╤М ╨▓╨░╤И ╨╛╨▒╤Й╨╕╨╣ ╨┤╨╛╤Е╨╛╨┤, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╕ ╨▒╨╡╨╖ ╤В╨╛╨│╨╛ ╨╜╨╡ ╨╕╨╝╨╡╨╡╤В ╨▒╨╛╨╗╤М╤И╨╕╤Е ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╨╡╨╣ ╨┤╨╗╤П ╤А╨╛╤Б╤В╨░.

╨Ъ╨░╨║ ╨╖╨░╤А╨░╨▒╨╛╤В╨░╤В╤М ╨╜╨░ REIT?

╨Х╤Б╤В╤М ╨┤╨▓╨░ ╤Б╨┐╨╛╤Б╨╛╨▒╨░ ╨╖╨░╤А╨░╨▒╨╛╤В╨░╤В╤М ╨┤╨╡╨╜╤М╨│╨╕ ╤Б ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╝ ╤Д╨╛╨╜╨┤╨╛╨╝ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕: ╨┤╨╕╨▓╨╕╨┤╨╡╨╜╨┤╤Л ╨╕ ╤В╨╛╤А╨│╨╛╨▓╨╗╤П.

• ╨Ф╨╕╨▓╨╕╨┤╨╡╨╜╨┤╤Л. ╨Т╨╛-╨┐╨╡╤А╨▓╤Л╤Е, ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨░╨╝ ╨╝╨╛╨│╤Г╤В ╨▒╤Л╤В╤М ╨▓╤Л╨┐╨╗╨░╤З╨╡╨╜╤Л ╨┤╨╕╨▓╨╕╨┤╨╡╨╜╨┤╤Л. ╨Ф╨╕╨▓╨╕╨┤╨╡╨╜╨┤╤Л тАФ ╤Н╤В╨╛ ╤З╨░╤Б╤В╤М ╨╜╨░╨╗╨╛╨│╨╛╨╛╨▒╨╗╨░╨│╨░╨╡╨╝╨╛╨│╨╛ ╨┤╨╛╤Е╨╛╨┤╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╕╨╗╨╕ ╨┐╨╛╤А╤В╤Д╨╡╨╗╤П. ╨Ф╨╗╤П REIT ╤Н╤В╨░ ╨┤╨╛╨╗╤П ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╨╜╨╡ ╨╝╨╡╨╜╨╡╨╡ 90%. ╨Ч╨░╤В╨╡╨╝ ╤Н╤В╨░ ╤Б╤Г╨╝╨╝╨░ ╨┤╨╡╨╗╨╕╤В╤Б╤П ╨╝╨╡╨╢╨┤╤Г ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨░╨╝╨╕.
• ╨в╤А╨╡╨╣╨┤╨╕╨╜╨│. ╨Ф╤А╤Г╨│╨╛╨╣ ╤Б╨┐╨╛╤Б╨╛╨▒ ╨╖╨░╤А╨░╨▒╨╛╤В╨░╤В╤М ╨┤╨╡╨╜╤М╨│╨╕ тАФ ╤Н╤В╨╛ ╤В╨╛╤А╨│╨╛╨▓╨╗╤П. ╨Я╨╛╨║╤Г╨┐╨░╤П ╨╕ ╨┐╤А╨╛╨┤╨░╨▓╨░╤П ╨░╨║╤Ж╨╕╨╕ REIT, ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╤Л ╨╝╨╛╨│╤Г╤В ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╤М, ╨║╨╛╨│╨┤╨░ ╤Ж╨╡╨╜╤Л ╨╜╨░ ╨╕╤Е ╨░╨║╤Ж╨╕╨╕ ╨┤╨╛╤Б╤В╨╕╨│╨╗╨╕ ╨┐╨╕╨║╨░, ╤З╤В╨╛╨▒╤Л ╤А╨╡╤И╨╕╤В╤М, ╨║╨╛╨│╨┤╨░ ╤В╨╛╤А╨│╨╛╨▓╨░╤В╤М. ╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╨╡╤Б╨╗╨╕ ╨░╨║╤Ж╨╕╤П ╨║╤Г╨┐╨╗╨╡╨╜╨░ ╨╖╨░ 100 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓, ╨░ ╤З╨╡╤А╨╡╨╖ 10 ╨╗╨╡╤В ╨┐╤А╨╛╨┤╨░╨╜╨░ ╨╖╨░ 250 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓, ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А ╨┐╨╛╨╗╤Г╤З╨╕╤В 150 ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓. ╨Ъ╤А╨░╨╣╨╜╨╡ ╨▓╨░╨╢╨╜╨╛ ╨╛╤В╤Б╨╗╨╡╨╢╨╕╨▓╨░╤В╤М ╤Ж╨╡╨╜╤Л ╨┐╤А╨╕╨╜╨░╨┤╨╗╨╡╨╢╨░╤Й╨╕╤Е ╨░╨║╤Ж╨╕╨╣, ╤З╤В╨╛╨▒╤Л ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╕╤В╤М ╨┐╤А╨╕╨▒╤Л╨╗╤М.

╨Ъ╨░╨║ ╨▓╤Л ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╨╡╤В╨╡ ╨▓ REIT?

╨з╤В╨╛╨▒╤Л ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╤В╤М ╨▓ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╤Д╨╛╨╜╨┤ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╨╕, ╨┐╨╛╨║╤Г╨┐╨░╤В╨╡╨╗╨╕ ╨┤╨╛╨╗╨╢╨╜╤Л ╨╜╨░╨╣╤В╨╕ ╨╜╨░╨┤╨╡╨╢╨╜╨╛╨│╨╛ ╨▒╤А╨╛╨║╨╡╤А╨░ ╨╕╨╗╨╕ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨│╨╛ ╨║╨╛╨╜╤Б╤Г╨╗╤М╤В╨░╨╜╤В╨░. ╨Т ╨╖╨░╨▓╨╕╤Б╨╕╨╝╨╛╤Б╤В╨╕ ╨╛╤В ╤Б╨▓╨╛╨╡╨╣ ╤Е╨╛╨╗╨┤╨╕╨╜╨│╨╛╨▓╨╛╨╣ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╤Н╤В╨╕ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╤Н╨║╤Б╨┐╨╡╤А╤В╤Л ╨▒╤Г╨┤╤Г╤В ╨╕╨╝╨╡╤В╤М ╨┤╨╛╤Б╤В╤Г╨┐ ╨║ ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╝ ╨┐╤Г╨▒╨╗╨╕╤З╨╜╤Л╨╝ ╨╕ ╨╜╨╡╤В╨╛╤А╨│╤Г╨╡╨╝╤Л╨╝ REIT ╨╕ ╨╝╨╛╨│╤Г╤В ╨┤╨░╨▓╨░╤В╤М ╤Б╨╛╨▓╨╡╤В╤Л ╨┐╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╨╝, ╨╛╤Б╨╜╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨╜╨░ ╨╕╨╜╤Д╨╛╤А╨╝╨░╤Ж╨╕╨╕ ╨╛ ╤А╤Л╨╜╨║╨╡. ╨Ю╨╜╨╕ ╤Б╨╝╨╛╨│╤Г╤В ╨╜╨░╤Б╤В╤А╨╛╨╕╤В╤М ╨▓╨░╤И ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┐╨╛╤А╤В╤Д╨╡╨╗╤М ╨▓ ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╨╕╨╕ ╤Б ╨▓╨░╤И╨╕╨╝╨╕ ╨┐╨╛╤В╤А╨╡╨▒╨╜╨╛╤Б╤В╤П╨╝╨╕.

╨е╨╛╤В╤П ╨╛╤З╨╡╨╜╤М ╨▓╨░╨╢╨╜╨╛ ╨╛╨▒╤А╨░╤В╨╕╤В╤М╤Б╤П ╨╖╨░ ╤Б╨╛╨▓╨╡╤В╨╛╨╝ ╨║ ╨╖╨░╤Б╨╗╤Г╨╢╨╕╨▓╨░╤О╤Й╨╡╨╝╤Г ╨┤╨╛╨▓╨╡╤А╨╕╤П ╨▒╤А╨╛╨║╨╡╤А╤Г ╨╕╨╗╨╕ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨╝╤Г ╨║╨╛╨╜╤Б╤Г╨╗╤М╤В╨░╨╜╤В╤Г, ╤В╨░╨║╨╢╨╡ ╨▓╨░╨╢╨╜╨╛ ╨┐╤А╨╕╨╣╤В╨╕ ╨╜╨░ ╨▓╤Б╤В╤А╨╡╤З╤Г ╤Б ╨┐╨╛╨╜╨╕╨╝╨░╨╜╨╕╨╡╨╝ REIT ╨╕ ╨▓╨╛╨┐╤А╨╛╤Б╨░╨╝╨╕ ╨╛ ╤В╨╛╨╝, ╨║╨░╨║ ╨┤╨╛╨┐╨╛╨╗╨╜╨╕╤В╤М ╨▓╨░╤И╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕. ╨Ы╤О╨▒╨╛╨╡ ╨╗╨╕╤Ж╨╛, ╨┐╤А╨╛╨┤╨░╤О╤Й╨╡╨╡ REIT, ╨┤╨╛╨╗╨╢╨╜╨╛ ╨▒╤Л╤В╤М ╨╖╨░╤А╨╡╨│╨╕╤Б╤В╤А╨╕╤А╨╛╨▓╨░╨╜╨╛ ╨▓ SEC; ╨╜╨╡╨▓╤Л╨┐╨╛╨╗╨╜╨╡╨╜╨╕╨╡ ╤Н╤В╨╛╨│╨╛ ╤В╤А╨╡╨▒╨╛╨▓╨░╨╜╨╕╤П ╤Б╤З╨╕╤В╨░╨╡╤В╤Б╤П ╨╝╨╛╤И╨╡╨╜╨╜╨╕╤З╨╡╤Б╤В╨▓╨╛╨╝. ╨з╤В╨╛╨▒╤Л ╤Г╨╖╨╜╨░╤В╤М, ╨╖╨░╤А╨╡╨│╨╕╤Б╤В╤А╨╕╤А╨╛╨▓╨░╨╜ ╨╗╨╕ ╨║╤В╨╛-╨╗╨╕╨▒╨╛ ╨▓ SEC, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╣╤В╨╡ ╨б╨╕╤Б╤В╨╡╨╝╨░ ╨в╨а╨ж ╨н╨Ф╨У╨Р╨а.

╨Я╤А╨╛╤Й╨░╨╗╤М╨╜╤Л╨╣ ╤Б╨╛╨▓╨╡╤В

╨Ш╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨▓ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М ╨▒╨╡╨╖ ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛╨│╨╛ ╤Б╤В╨░╤А╤В╨╛╨▓╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨╝╨╛╨│╤Г╤В ╨▒╤Л╤В╤М ╤Б╨╗╨╛╨╢╨╜╤Л╨╝╨╕, ╨╜╨╛ REIT ╨┐╨╛╨╝╨╛╨│╨░╤О╤В ╤Б╨┤╨╡╨╗╨░╤В╤М ╤Н╤В╨╛ ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╤Л╨╝. ╨Ъ╨╛╨╜╨╡╤З╨╜╨╛, ╨║╨░╨║ ╨╕ ╤Г ╨╗╤О╨▒╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣, ╤Г REIT ╨╡╤Б╤В╤М ╤Г╨╜╨╕╨║╨░╨╗╤М╨╜╤Л╨╡ ╨┐╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╨░ ╨╕ ╨╜╨╡╨┤╨╛╤Б╤В╨░╤В╨║╨╕. ╨Х╤Б╨╗╨╕ ╨▓╤Л ╨┤╤Г╨╝╨░╨╡╤В╨╡ ╨╛╨▒ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╕ REIT ╨┤╨╗╤П ╨┐╨╛╨║╤Г╨┐╨║╨╕ ╨┤╨╛╨╗╨╕ ╨▓ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╤Б╤В╨╕, ╤Г╨▒╨╡╨┤╨╕╤В╨╡╤Б╤М, ╤З╤В╨╛ ╨▓╨░╤И ╨▒╤А╨╛╨║╨╡╤А ╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╤Е╨╛╤А╨╛╤И╨╡╨╣ ╤А╨╡╨┐╤Г╤В╨░╤Ж╨╕╨╡╨╣. ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╨╕╨╝╨╡╨╣╤В╨╡ ╨▓ ╨▓╨╕╨┤╤Г, ╤З╤В╨╛ ╨▓╤Л ╨╜╨╡ ╨┐╨╛╨╗╤Г╤З╨╕╤В╨╡ ╨┐╤А╨╕╨▒╤Л╨╗╤М ╤В╨░╨║ ╨▒╤Л╤Б╤В╤А╨╛, ╨║╨░╨║ ╨┐╤А╨╕ ╨╗╨╕╤З╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╤Е, ╨┐╨╛╤Н╤В╨╛╨╝╤Г ╨┐╨╛╤Б╤В╨░╤А╨░╨╣╤В╨╡╤Б╤М ╨┤╨╕╨▓╨╡╤А╤Б╨╕╤Д╨╕╤Ж╨╕╤А╨╛╨▓╨░╤В╤М ╤Б╨▓╨╛╨╣ ╨┐╨╛╤А╤В╤Д╨╡╨╗╤М.

╨н╨╗╨╡╨╣╨╜ ╨Ф╨╢. ╨е╨╛╨╝ ╤Г╤З╨░╤Б╤В╨▓╨╛╨▓╨░╨╗╨░ ╨▓ ╨╜╨░╨┐╨╕╤Б╨░╨╜╨╕╨╕ ╨╕ ╨╜╨░╨┐╨╕╤Б╨░╨╜╨╕╨╕ ╤Н╤В╨╛╨╣ ╤Б╤В╨░╤В╤М╨╕.