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var top_string = "<p><div style='float: right;'><a onClick='hideBox()'  ><img src='images/close_window_button.gif' border='0' align='top' class='close' /></a></div><h1>Glossary</h1></p> <img src='/images/1px_hr.gif' width='400' height='1' align='left' /><br>";
var top_string_vs = "<p><div style='float: right;'><a onClick='hideBox()'  ><img src='images/close_window_button.gif' border='0' align='top' class='close' /></a></div><h1>TICs vs. REITs</h1></p> <img src='/images/1px_hr.gif' width='400' height='1' align='left' /><br>";

var top_string_images = "<p><div style='float: right;'><a onClick='hideBox()'  ><img src='images/close_window_button.gif' border='0' align='top' class='close' /></a></div><h1>Images</h1></p> <img src='/images/1px_hr.gif' width='400' height='1' align='left' /><br>";

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box_content['N/A_1'] = top_string + "<p> This information is not required for property type <b>land</b>.";
box_content['N/A_2'] = top_string + "<p> This information is not required for property type: <b>land</b>.";
box_content['N/A_3'] = top_string + "<p> This information is not required for property type: <b>land</b>.";
box_content['improvements'] = top_string + "<p><b>Improvements</b> are generally the structures built on the land.  You can only depreciate the 'improvement,' or building, which is why we ask for the percentage that is an improvement.  Generally about 80% of the value is conisdered the improvement.";
box_content['1986'] = top_string + "<p>The tax code was completely <b>overhauled in 1986</b>.  If you acquired the property before 1986, this calculator probably won't be accurate for your situation, and you should consult a 1031 attorney (you can use the 'Contact Us' box at right to have someone contact you).";
box_content['segregation'] = top_string + "<p>A <b>cost segregation study</b> is sometimes used to break out the depreciation schedules of the various components of your property (like the A/C units, fixtures ,etc.), for accelerated depreciation.<p>Cost segregation studies can be very beneficial for you, and although expensive, generally provide a 12 to 1 return on your investment (depending on your holding period).<p>  If you have performed a cost segregation study, this calculator probably won't be accurate for your situation, and you should consult a 1031 attorney (you can use the 'Contact Us' box at right to have someone contact you).<p>  If you haven't performed one, but you would like to, please contact us and we'll point you in the right direction.";
box_content['non-expensed'] = top_string + "<p>Add in any <b>improvements</b> you've made to the property over the period you've held it.";
box_content['transaction'] = top_string + "<p><b>Transaction Costs</b> are generally your selling fees, including broker fees and other fees you pay to buy or sell the property. ";
box_content['proceeds'] = top_string + "<p>If you're planning on taking any of your <b>sales proceeds</b> directly and not including them in the tax-deferred part of your gain, add them in here.";
box_content['sample_ppm'] = top_string_images + "This is a sample Private Placement Memorandum (PPM) given to investors.  The PPM profiles each TIC property in detail.<p><img border=3 src='http://drodiostage.drodio.com/images/catpics/cardea/images/Sample PPM.jpg' />" + bottom_string;
box_content['office2'] = top_string_images + "This is an example office building.  Office parks & office buildings are common choices for TICs.<p><img border=3 src='http://drodiostage.drodio.com/images/catpics/cardea/buildings/office2.jpg' />" + bottom_string;
box_content['condo1'] = top_string_images + "This is an example multi-family apartment building.  Large apartment buildings and garden-style apartments are common choices for TICs.<p><img border=3 src='http://drodiostage.drodio.com/images/catpics/cardea/buildings/condo1.jpg' />" + bottom_string;
box_content['office1'] = top_string_images + "This is an example office building.  Office parks & office buildings are common choices for TICs.<p><img border=3 src='http://drodiostage.drodio.com/images/catpics/cardea/buildings/office1.jpg' />" + bottom_string;
box_content['iStock_000000627089XSmall'] = top_string_images + "This is an example office building.  Office parks & office buildings are common choices for TICs.<p><img border=3 src='http://drodiostage.drodio.com/images/catpics/cardea/buildings/iStock_000000627089XSmall.jpg' />" + bottom_string;
box_content['iStock_000000859172XSmall'] = top_string_images + "This is an example upscale strip mall.  Shopping centers and upscale strip malls are common choices for TICs.<p><img border=3 src='http://drodiostage.drodio.com/images/catpics/cardea/buildings/iStock_000000859172XSmall.jpg' />" + bottom_string;
box_content['iStock_000000551949XSmall'] = top_string_images + "This is an example upscale strip mall.  Shopping centers and upscale strip malls are common choices for TICs.<p><img border=3 src='http://drodiostage.drodio.com/images/catpics/cardea/buildings/iStock_000000551949XSmall.jpg' />" + bottom_string;
box_content['iStock_000002277596XSmall'] = top_string_images + "This is an example garden-style apartment complex.  Large apartment buildings and garden-style apartments are common choices for TICs.<p><img border=3 src='http://drodiostage.drodio.com/images/catpics/cardea/buildings/iStock_000002277596XSmall.jpg' />" + bottom_string;
box_content['iStock_000001493038XSmall'] = top_string_images + "This is an industrial building.  Industrial and self-storage buildings are common choices for TICs.<p><img border=3 src='http://drodiostage.drodio.com/images/catpics/cardea/buildings/iStock_000001493038XSmall.jpg' />" + bottom_string;
box_content['about_tics'] = "<p><div style='float: right;'><a onClick='hideBox()'  ><img src='images/close_window_button.gif' border='0' align='top' class='close' /></a></div><h1>6 Things You Should Know About TICs</h1></p> <img src='/images/1px_hr.gif' width='400' height='1' align='left' /><br><b><font color='navy'>1. The IRS allows 1031 Exchanges into & out of TICs.</b></font> So long as a TIC investment follows IRS guidelines, the IRS has provided guidance on how they may be used in 1031 Exchanges, giving you a great investment option if performing a 1031.<br><b><font color='navy'>2. TICs Are Securities.</b></font> Since Tenant-In-Common investments are sold through private placement offerings as securities, only registered securities representatives can sell them.  All aspects of the investment must be thoroughly disclosed in a Private Placement Memorandum (PPM) to the investor.<br><b><font color='navy'>3. Only Accredited Investors can purchase TICs.</b></font> Since TICs are sold as private placement securities, they may only be sold to accredited investors.  By filling out the Investor Questionnaire, we'll be able to establish you as an accredited investor. You must earn over $200,000 a year if single or $300,000 a year if married, <i>or</i> have over $1,000,000 in assets.<br><b><font color='navy'>4. TICs are not liquid investments.</b></font> TICs are not easily divested and there is currently no secondary market for TIC investments.  A TIC investor must be willing and able to invest in a TIC project for 7 to 10 years (the average term of a TIC investment).  Although technically a TIC <i>can</i> be resold before the asset's term, it is not typically done.<br><b><font color='navy'>5. TICs typically provide positive cash flow.</b></font> Although there is no guarantee that a TIC will provide positive cash flow, TICS are generally structured to provide passive income through monthly cash flow disbursements.<br><b><font color='navy'>6. If a TIC asset gains value, you profit.</b></font> Since as a TIC investor you hold a deed for your percentage of the TIC investment, if the underlying asset gains in value, you share in that equity gain based on your percentage ownership stake.<hr size=1>You'll find many more questions & answers about TICs in <a href='http://www.CardeaCommercial.com/faq'>our knowledgebase</a>. ";
box_content['reit'] = top_string_vs + "<p><table cellpadding=2 cellspacing=3><tr><td width=50% bgcolor=gray><font color=white><center><b>TIC</b></center></td><td width=50% bgcolor=gray><font color=white><center><b>REIT</b></center></td></tr><td valign=top><font size=2>Direct investment into a single real estate asset (often with multiple tenants)</td><td valign=top><font size=2>A stock, traded on the major exchanges.  The REIT invests in real estate, either through properties or mortgages</td></tr><tr><td valign=top><font size=2>Undivided ownership of actual real estate (deeded interest)</td><td valign=top><font size=2>Equity REITs invest in and own properties. Revenues come principally from property rents. There are also Mortgage REITs and Hybrid REITs.</td></tr><tr><td valign=top><font size=2>Investment performs independently from the stock market</td><td valign=top><font size=2>Stock that is affected by the general movement of the stock market</td></tr><tr><td valign=top><font size=2>Direct flow-through of the tax deduction and cashflow</td><td valign=top><font size=2>Cash flow participation through dividend payouts</td></tr><tr><td valign=top><font size=2>Not as liquid; average hold is 4, 7 or 10 years</td><td valign=top><font size=2>More liquid; most REIT shares can be bought & sold like stocks.</td></tr><tr><td valign=top><font size=2>Yes, can 1031 into and out of TIC investments because they are real estate.</td><td valign=top><font size=2>No, cannot perform 1031 exchanges into and out of REITs, since ownership is stock, not real estate.</td></tr></table>";


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