George Stoddard

Last updated
George E. Stoddard
Born(1917-01-07)January 7, 1917
Perry, Oregon
Died March 30, 2009(2009-03-30) (aged 92)
Nationality American
Occupation Real estate financier

George E. Stoddard (January 7, 1917 March 30, 2009) [1] was a real estate financier who pioneered the use of the sale-and-leaseback transaction.

Real estate is "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings, or housing." It is a legal term used in jurisdictions whose legal system is derived from English common law, such as India, England, Wales, Northern Ireland, United States, Canada, Pakistan, Australia, and New Zealand.

Leaseback, short for "sale-and-leaseback", is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it. The transaction is generally done for fixed assets, notably real estate, as well as for durable and capital goods such as airplanes and trains. The concept can also be applied by national governments to territorial assets; prior to the Falklands War, the government of the United Kingdom proposed a leaseback arrangement whereby the Falklands Islands would be transferred to Argentina, with a 99-year leaseback period, and a similar arrangement, also for 99 years, had been in place prior to the handover of Hong Kong to mainland China. Leaseback arrangements are usually employed because they confer financing, accounting or taxation benefits.

Stoddard was born in Perry, in Union County, Oregon, in 1917. His family moved east in 1928, living in Eastchester, New York. Stoddard earned a bachelor's degree from Brigham Young University, an MBA from Harvard Business School, and a law degree from Fordham University. [1]

Perry, Oregon human settlement in United States of America

Perry is an unincorporated community in Union County, Oregon, United States. It is located five miles west of La Grande on the Grande Ronde River and Interstate 84. The town was originally named Stumptown, but was later renamed in honor of an early railroad dispatcher in La Grande.

Union County, Oregon County in the United States

Union County is a county in the U.S. state of Oregon. As of the 2010 census, the population was 25,748. Its county seat is La Grande.

Brigham Young University private research university located in Provo, Utah, United States

Brigham Young University is a private, non-profit research university in Provo, Utah, United States completely owned by The Church of Jesus Christ of Latter-day Saints and run under the auspices of its Church Educational System. Approximately 99 percent of the students are members of the LDS Church and one-third of its U.S. students are from Utah. The university's primary focus is on undergraduate education, but it also has 68 master's and 25 doctoral degree programs.

He worked for 34 years at the Equitable Life Assurance Society before joining W. P. Carey & Co. in 1979. At W. P. Carey, Stoddard chaired the independent investment committee, personally reviewing ever deal raised by the firms' acquisition team. "If he didn't approve of a deal, it wouldn't get done," William Polk Carey, the firm's chairman, is reported to have said. [1]

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References

  1. 1 2 3 Pristin, Terry (April 1, 2009). "George Stoddard, Financing Pioneer, Dies at 92". The New York Times . Retrieved April 1, 2009.