By Angus P. J. McIntosh, Stephen G. Sykes (auth.)
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Extra info for A Guide to Institutional Property Investment
However, particularly where a building is multi-tenanted, the landlord may in practice be Growth of Institutional Property Investment 33 responsible for actually repairing and insuring the building. An example of such a building is a shopping centre where 4 times a year the tenant may be required to reimburse the costs to the landlord by way of a service charge. In other words, the tenant pays the landlord a net rent over and above any costs of repairing and insuring the premises; the landlord receives a clean flow of income.
1 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 'Real' investment in property by pension funds and insurance companies THE GROWTH OF INSTITUTIONAL PROPERTY INVESTMENT As already mentioned, the two most important investing institutions in terms of size are the insurance companies and the pension funds. 4 illustrates their growth as investors in property. The starting point of 1966 is used as it is from that date that government statistics become meaningful and can be compared with more recent figures.
Dividends on equities are taxed at source; the investor only receives dividend income net of tax, and tax-exempt funds must subsequently recover the tax. Property rent is paid gross before any deductions for taxation are made. For gross investment funds, such as pension funds who are exempt from tax, this makes a significant difference to the return on the investment. Rent is paid by a tenant even if that tenant, as a company, is making a loss. Rent is the first call on tenant's income and is paid even before interest on debentures or bank loans.