In total, Hines REIT acquired interests in 66 properties, representing approximately 33 million square feet, since its inception and has sold its interests in 42 of those properties as of June 30, 2016.
(“Hines REIT" or the “Company”), one of three public non-listed REITs sponsored by Hines, announced today that its board of directors unanimously voted to approve a plan for liquidation and dissolution of the Company.As such, Notice 2007-55 creates an inherent conflict in interpretation of the two sections. 897(h)(1) should be read in a manner that would remove any inherent inconsistency in interpretation by treating the liquidation (, deemed sale) of a non-U. shareholders shares in a DCR as outside the scope of Code Sec. 897(h)(1), it would have presumably used a similar qualifier to specify their inclusion. 1445 and the applicable regulations under it also support the inference that liquidating distributions from a DCR should be exempt from U. 897(h)(1) through the specific language of Code Sec. The legislative history behind FIRPTA and the 2003 amendment to the language of Code Sec. In particular, the legislative history of Code Sec. shareholder “would be treated as gain on the sale of U. real property to the extent of the shareholders’ pro rata share of the net capital gain of the REIT.” Such language is instructive, as “net capital gain” in the context of the REIT rules under the Code and Treasury Regulations is used in reference to capital gain dividends rather than liquidating distributions. 857(b)(3)(C), a REIT is permitted to designate as “capital gain dividends” its regular dividends, up to the amount of its “net capital gain” for the year. person (including a foreign corporation) is generally subject to the Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”). 897(h)(1) or being exempt from taxation under Code Sec. Such regulations, if issued, would apply to distributions occurring on or after June 13, 2007.897(h)(2) specifically excepts from this rule the sale of stock in a DCR. The use of the term “amount realized” would suggest that a non-U. shareholder that has its shares liquidated is treated as having made a sale of such shares to the distributing corporation in line with principles under Subchapter C of the Code. 1445(e)(6), dealing with distributions from REITs, authorizes a REIT to withhold on the portion of a distribution treated as gain from the sale of a USRPI under Code Sec.