A customer who has, as part of her account holdings, unlisted REITS, as well as a limited partnership interest in an oil and gas program, may expect her servicing member firm to show A) no valuation for the unlisted REITS and the original investment made in the DPP interest. B) a per share estimated value of the securities. C) the amount shown on Tape B the business day before the account statement closing date. D) an exact per share value as calculated on the last business day of the month.

In recent months the news about Listed Real Estate Investment Companies -

SOCIMIS-, abound in all the economic newspapers of the country, have become one of

investment instruments with the most interest in a market where the highly

named reactivation of economic growth, as well as job creation. At

The work presented below has been intended to make a small approximation to

this unique area within the framework of a new real estate market.

As an introduction to the work itself, a reflection and approach has been made

the Spanish real estate sector, which has had so much weight in the country's growth in the

recent years, analysis that will deal with the housing market both in its aspect

residential as well as for rent.

The first part of the work consists of showing the origin of this type of societies

mercantile, beyond our borders, in countries with a social and financial culture

different from that applicable in Spain. We will study the emergence of REITs, the evolution that

have followed to this day, the legal framework in which they operate, and the characteristics and

particular of the different types. All this both in his country of origin, the United States of

America as in so many others on various continents.

The central part of the theoretical work will consist of presenting the characteristics of the

SOCIMIS - Listed Stock Companies of Real Estate Investment, companies of recent

creation. Their characteristics will be analyzed in depth, comparing them with

others with similar characteristics in the market and analyzing in depth the taxation of

these and their final impact on shareholders.

Finally, the practical case of a SOCIMI will be analyzed, from before it took that name,

going through the analysis of your real estate assets, balance sheets and loss accounts and

profits, to finally land on a listed market offering investors the

participation in the company in exchange for a return.

The final part of the work will consist of the analysis in the same way as that mentioned in point

above, but with respect to other real estate assets in which it may have an interest in investing the

SOCIMI.

answer; at prices that violate government price regulations;