Status as of | |||||
Asset tests | September 30, 2015 | Pass / Fail | |||
1) | Cash, real estate assets and government securities must make up 75% of total assets value. | 99.5% | Pass | ||
2) | No more than 5% of total assets value many consist of securities from one issuer. | No securities held | Pass | ||
3) | Company may not hold more than 10% of market capitalization or 10% voting rights of any issuer. | No securities held | Pass | ||
4) | Personal Property at any property may not exceed 15% of total assets at the property. | No property > 3.0% | Pass | ||
5) | No more than 20% of assets are in a Taxable REIT Subsidiary (TRS). | No assets in a TRS | Pass | ||
Income tests - must be met on an annual basis, but monitored quarterly | |||||
1) | 75% of taxable gross income must be derived from allowable real estate operations | 97.0% | Pass | ||
2) | 95% of taxable gross income must be derived from test 1 plus interest income and capital gains | 97.0% | Pass | ||
Minimum Distribution - must be met on annual basis, but monitored quarterly | |||||
1) | 90% of taxable income must be distributed during the year | Taxable income projected for 2015 as a result of gains on sales. Projected income less than 50% of projected dividends. | Pass | ||
Small E&P loss projected for 2015 resulting in dividend treatment as return of capital. |