Of course it's so the Corporation doesn't have to pay any taxes.
2-13-2012
http://finance.yahoo.com/news/empire-state-building-owner-files-141813704.html
Empire State Building owner files for $1 bln IPO
Empire State Realty Trust, owners of the iconic Empire State Building, filed to sell up to $1 billion of its Class A common stock, giving ordinary investors a chance to own a piece of the building that has been fought over by billionaires.
The REIT plans to list on the New York Stock Exchange under the symbol "ESB."
A REIT is a real estate-linked company that can avoid paying U.S. corporate income taxes if it distributes at least 90 percent of its taxable income to shareholders.
2-13-2012
http://finance.yahoo.com/news/empire-state-building-owner-files-141813704.html
Empire State Building owner files for $1 bln IPO
Empire State Realty Trust, owners of the iconic Empire State Building, filed to sell up to $1 billion of its Class A common stock, giving ordinary investors a chance to own a piece of the building that has been fought over by billionaires.
The REIT plans to list on the New York Stock Exchange under the symbol "ESB."
A REIT is a real estate-linked company that can avoid paying U.S. corporate income taxes if it distributes at least 90 percent of its taxable income to shareholders.