They're supposed to be like a pass through vehicle -they're owning real estate on your behalf, so they shouldn't be retaining earnings.

房地产投资信托基金应是投资中介,它代表你持有房地产,所以不应该留存利润

耶鲁公开课 - 金融市场课程节选

Revenues minus costs makes profits, and again, for those of you who are less familiar with economics, I'm hoping this is not really too hard but you can read up on it.

收入减去成本就是利润,对经济学不太了解的同学,我觉得这个很简单,你们都能听懂吧

耶鲁公开课 - 博弈论课程节选

Corporations are taxed on their profits and DPPs are not.

公司需要上缴利润税,但DPP不需要

耶鲁公开课 - 金融市场课程节选

This is their profit. And I won't tell you what B is for now, but let's just.. I mean I won't tell you exactly what it is, but I'll explain it.

这就是利润表达式,先不讨论B,我是说我们先不讨论B到底多大,我们照常计算

耶鲁公开课 - 博弈论课程节选

You want, if you are setting up an organization to hold real estate, you want to do it, if you can, as a DPP because you don't want to pay those taxes.

如果你要成立一个组织,来持有商业房产,那么你就尽可能选择DPP的形式,因为这样你就不需要支付利润税了

耶鲁公开课 - 金融市场课程节选