Students were asked to identify the advantages and disadvantages of REITs; record the initial purchase of the portfolio; prepare U.S. GAAP and IFRS balance sheets; and summarize key IPO and ongoing securities commissions' reporting differences, including differences in risk and the length of the IPO process that could affect Ms. Smith's decision. A detailed grading rubric appears in Table 1. Faculty can base student final grades on how much or little they want the grades to count. For example, for Requirement 1, U.S. and Canadian REIT advantages and disadvantages, students cited eight items for U.S. REIT advantages, with a vast majority of students (92 percent) citing the 90 percent distribution to shareholder. The next most popular U.S. REIT advantage (32 percent) was needing 100 shareholders with no minimum buy-in. Each student provided multiple answers. Thus, faculty can decide, for instance, to give full credit for students who provide four...

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