An Investigation of the Change in Real Estate Investment Trust Betas

The betas on equity real estate investment trusts (EREITs) have undergone a structural shift in the past 20 years. We show that this is the result of the lower variability of EREIT returns and argue that the decrease in the standard deviation of EREIT returns can be attributed to the increasing levels of information about EREITs. We find that the number of analysts following the EREITs industry, as measured by IBES, can significantly explain the drop in the standard deviation for most EREITs. This was also found to be the case for another proxy for the level of information—the trading volume of the EREIT index.     

对我国发展房地产投资信托的思考

我国房地产正出于飞速发展时期，巨大的投资需要造成了庞大的融资需求，而近来房地产信贷门槛的提高导致房地产融资成本提高。房地产行业迫切需要银行外的融资渠道，以解决开发和经营的资金问题。从房地产投资信托定义和基本原则入手，将房地产投资信托与其他融资方式进行比较，分析其优势，探讨其运营模式，并提出相关建议。     

房地产信托融资分析与研究

介绍房地产信托的基本概念，简要描述了其发展现状和其产品模式，指出了房地产信托的局限性及其风险，并提出了相应的对策建议，以供房地产信托融资参考。     

对发展房地产投资基金的SWOT分析

通过对房地产资金来源及我国房地产目前的融资途径分析,揭示了目前我国房地产存在的金融风险,指出发展房地产投资基金是一种可以拓宽房地产融资渠道的途径。结合当前我国房地产市场的实际情况,使用SWOT分析办法对房地产投资基金进行了综合研究。     

房地产投资风险管理

对房地产投资开发过程中所存在的各种风险进行了分析,运用数学和概率统计的知识,分析了衡量房地产投资风险大小的几种方法,并提出了针对各种潜在风险的规避与控制措施。     

Research on Real Estate Investment

AREUEA is pleased to acknowledge the financial support of the National Council of Real Estate Investment Fiduciaries (NCREIF) whose members are listed on the preceding page. We also thank Mike Miles for his role in maintaining an excellent relationship between NCREIF and AREUEA over the years. Finally, the editors acknowledge the continuing financial support of their colleges at The Ohio State University and of the Homer Hoyt Institute.     

房地产信托火爆的背后

一边是房地产信托的火爆,一边是监管层对其风险的关注,如何控制风险,是投资人必须谨慎对待的事项。11月7日,银监会发布的通知给火热的房地产信托市场提了一个醒,通知警示信托公司不得违规操作,放大行业风险。而在此之前,这一市场确实火爆得异乎寻常。     

实物期权在房地产投资决策中应用研究

房地产项目投资具有不可逆性、高度不确定性和管理的灵活性,运用传统的净现值法不能挖掘出项目投资的这些性质所带来的价值,而应用实物期权方法进行房地产投资决策研究,不仅考虑到了房地产投资的不确定性,还体现了投资决策者的柔性管理和战略投资的价值.文章分析了传统净现值法的一些不足,介绍了实物期权的基本理论,并采用了B-S期权定价模型对房地产投资决策过程中蕴含的增长期权进行了案例分析,使得房地产投资决策更加科学合理.     

Inflation and Real Estate Investment Value

It is demonstrated that the inflation rate must be reflected in the anticipated benefit flows used in investment value models. When flows are left unadjusted, a biased value estimate results. It is also shown that the actual effects of the inflation rate on investment value will depend on the relationships of original cost, the debt/equity ratio, and the level of depreciation expense. Inflation has a fundamentally negative impact on value traceable to capital gains and depreciation effects. This can be offset by the use of debt financing.     

Diversification Categories in Investment Real Estate

This paper continues previous work evaluating the benefits of diversification and analyzes the various dimensions within the commercial real estate opportunity set. The database is large and extends through the 1982 downturn in property values. Due to the low levels of systematic risk, current distinctions by region and property type make little sense in a world of costly diversification. More exacting categories combining property type, SMSA growth rate and lease maturity offer promise for more efficient diversification within the real estate portfolio.     

房地产投资分析浅析

房地产投资分析是房地产投资决策的基础，所涉及的内容较多。章通过对消费、投资地域、资金筹集和投资项目4个方面分析，详细地阐述了影响房地产投资决策的各种主要因素，提出将房地产投资风险降至最低的建议。     

Value versus Growth International Real Estate Investment

We use office and retail properties return data for the United States and some Asia Pacific cities to ascertain the relative performance of value and growth investment strategies. The results reveal that value portfolios outperform growth portfolios. Furthermore, while the results show that risk varies over time, time‐varying risk analyses generally do not support the risk‐based explanation for the value premium. Similarly, conditional market regressions do not explain the value premium anomaly as all the alphas are positive and significant. Moreover, the results imply that naïve extrapolation of past performance could be a credible explanation for the value premium.     

Currency Swaps and International Real Estate Investment

This paper examines the efficacy of currency swaps as a hedging mechanism for the exchange rate risk associated with foreign investment in real estate. Earlier studies have concentrated on short-term hedging instruments such as options and forward contracts. Currency swaps are better suited for use on investments with long-term holding periods such as real estate. The findings indicate that, although hedging United States real estate investments with currency swaps suppresses most of the risk induced by currency instability, the improvements are insufficient to produce diversification gains for foreign investors in the context of mean-variance portfolio performance.     

Capital Structure Decisions in Real Estate Investment

This study examines the financing decisions of real estate investors and the choice of capital structure when acquiring income-producing properties. Drawing from the literature in finance and real estate, we develop a capital structure model for real estate investment and derive six hypotheses regarding the relationship of the overall loan-to-value ratio chosen by an investor to selected characteristics of the investment. The hypotheses are then tested using financing data from a sample of apartment and commercial transactions over a fifteen-year period in a specific real estate market. The empirical findings strongly support the importance of depreciation deductions, financial distress costs, capital constraints, tax rates, and interest rates as determinants of the capital structure of real estate investors.     

房地产项目的投资决策分析流程再造研究

章介绍了业务流程再造的基本内涵，并就房地产项目的投资决策分析流程进行重点研究，对房地产项目的投资决策分析流程进行了重新构建。     

The Investment Performance of Real Estate Limited Partnerships

Real estate limited partnerships have become an increasingly popular form of investment over the past decade. Many investors have been drawn to these investment vehicles because of the high claimed rates of return earned by investors in previous partnerships. However, there has been little analysis of the historical rates of return on these investments other than that provided by the syndicators in offering prospectuses. This paper examines the returns earned by investors in real estate limited partnerships over the past decade. These results are compared with previous studies of the investment performance of real estate. Because of the importance of the tax shield aspects of these investments, we calculate the after-tax rate of return for investors in several marginal tax brackets.     

实物期权理论在房地产投资决策中应用

房地产业是我国经济增长的引擎和支柱产业,又是一个涉及到各行各业的产业,其受国家政策、环境变化、地区经济和文化影响大,存在很大的不确定性。针对这种不确定性,引入实物期权理论研究了房地产投资决策架构和投资分析方法。     

商业地产投资的实物期权特性及应用框架研究

商业地产开发投资中存在投资的不可逆性、外部环境的不确定性和决策的灵活性,因而具有实物期权特性。从确定要解决的问题、分析不确定性的来源、鉴别关键的不确定性因素、识别实物期权类型、构建期权定价模型、计算项目价值、检查计算结果和重新设计8个方面,构建了商业地产投资决策的实物期权分析框架。     

我国房地产业投资绩效分析

自实行住房分配货币化以来,中国的房地产业进入了快速发展时期。当前,以房价为核心的舆论和调控备受关注。通过运用数据包络分析（DEA）法,评价了自1998年以来中国房地产业的投资绩效问题。深入分析房价不断高涨而调控措施不力的原因,以期寻求更加全面科学的调控途径和办法,从而促进房地产业健康持续发展。