Glossary of Terms
GLIDE stands for Ground Lease Interest in Development. A GLIDE is a type of DST structure in which the trust owns a ground-lease interest in vacant land, upon which an affiliate of the sponsor intends to build. DST investors may participate in a percentage of future revenues from the developed property (e.g., senior care facility or student housing community), but otherwise the primary source of income to investors is the ground-lease rent paid by the developer/tenant.
Also known as an accommodator or facilitator. Similar to an escrow agent, this person or entity agrees to assist the exchanger to affect a tax-deferred exchange. A qualified intermediary is identified as follows:
- Not a related party to the exchanger (agent, attorney, broker, family member, etc.)
- Receives a fee
- Acquires the relinquished property from the exchanger
- Acquires the replacement property and transfers it to the exchanger
Amount of gain which is subject to tax when property is disposed of at a gain or profit in a taxable transfer or incomplete exchange.
Also known as “down leg” or “phase I” property. Property that is being sold by the exchanger.