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Global Real Estate Investment Trusts
Cover of Global Real Estate Investment Trusts
Global Real Estate Investment Trusts
People, Process and Management
Borrow Borrow Borrow

As real estate investment trusts continue to grow exponentially in Asia and Europe - being already well established in the USA and Australasia - a comprehensive guide to the issues involved in REIT property investment decision making is badly needed.

This book draws together the most recent developments in REIT management from academic research and professional practice. It is based on current, original academic research, including structured interviews with the managers of a wide range of different types of REITs as well as the research and publications of others, together with the author's 25 years experience in REIT management. It provides a theoretically robust and practically relevant up to date guide to the property investment decision making process for REITs.

Presenting new insights, the author breaks the REIT property investment decision making process down into three phases comprising six stages with 30 sequential steps. Each chapter focuses on one stage of the property investment decision making process and introduces the key people in the REIT management team relevant to the activities in that chapter. The theory and principles are considered and illustrated by application to Super REIT, a $15bn diversified REIT.

Global Real Estate Investment Trusts: People, Process and Management fuses not only how REITs should undertake property investment decision making - based on how it is undertaken and the underlying property theory, capital market theory and finance theory - but also why each part of the decision making process is important.

This book provides the first sole-authored scholarly work specifically on REITs as a business enterprise and REIT property investment decision making as an holistic and cyclical process. The focus is on principles, making it relevant in each of the four major REIT markets around the world: USA, Europe, Asia and Australasia.

An essential book for REIT managers and all those practising professionals involved in the REIT industry - including property practitioners, researchers, lawyers, accountants, bankers and directors around the world.

As real estate investment trusts continue to grow exponentially in Asia and Europe - being already well established in the USA and Australasia - a comprehensive guide to the issues involved in REIT property investment decision making is badly needed.

This book draws together the most recent developments in REIT management from academic research and professional practice. It is based on current, original academic research, including structured interviews with the managers of a wide range of different types of REITs as well as the research and publications of others, together with the author's 25 years experience in REIT management. It provides a theoretically robust and practically relevant up to date guide to the property investment decision making process for REITs.

Presenting new insights, the author breaks the REIT property investment decision making process down into three phases comprising six stages with 30 sequential steps. Each chapter focuses on one stage of the property investment decision making process and introduces the key people in the REIT management team relevant to the activities in that chapter. The theory and principles are considered and illustrated by application to Super REIT, a $15bn diversified REIT.

Global Real Estate Investment Trusts: People, Process and Management fuses not only how REITs should undertake property investment decision making - based on how it is undertaken and the underlying property theory, capital market theory and finance theory - but also why each part of the decision making process is important.

This book provides the first sole-authored scholarly work specifically on REITs as a business enterprise and REIT property investment decision making as an holistic and cyclical process. The focus is on principles, making it relevant in each of the four major REIT markets around the world: USA, Europe, Asia and Australasia.

An essential book for REIT managers and all those practising professionals involved in the REIT industry - including property practitioners, researchers, lawyers, accountants, bankers and directors around the world.

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About the Author-
  • Professor David Parker (www.davidparker.com.au) is an internationally recognised expert on both the theory and practice of REITs, being a consultant to the REIT industry internationally.
    He is Professor of Property at the University of South Australia, an Acting Commissioner of the NSW Land and Environment Court and a REIT director, adviser, author and expert witness.

Table of Contents-
  • About the Author xi

    Foreword xiii

    Preface xv

    Acknowledgments xvii

    Introduction xix

    1 Envisioning 1

    1.1 People and process 4

    1.1.1 People 4

    1.1.2 Process 7

    1.1.3 People and process 11

    1.2 REITs: an introduction 11

    1.2.1 Transparency in governance 12

    1.2.2 REIT models 13

    1.2.3 REITs: summary 13

    1.3 Preparing Phase 13

    1.4 Envisioning Stage 14

    1.5 People 16

    1.5.1 Governing Entity 17

    1.5.2 Chief Executive Officer (CEO) 19

    1.5.3 Chief Financial Officer (CFO) 21

    1.5.4 Support Teams 22

    1.5.5 Fund Management Team 23

    1.5.6 People 24

    1.6 Vision 24

    1.7 Style 26

    1.7.1 Active vs. passive 27

    1.7.2 Top down vs. bottom up 28

    1.7.3 Value vs. growth 28

    1.7.4 Core, value added and opportunistic 29

    1.7.5 Style 30

    1.8 Goals 30

    1.9 Strategic Plan 32

    1.9.1 Strategic models 32

    1.9.2 Strategic planning process 33

    1.9.3 Strategic Plan 35

    1.10 Objectives 35

    1.11 Super REIT 36

    1.12 Summary 38

    1.13 Key points 39

    References 41

    2 Planning 43

    2.1 People 44

    2.1.1 Portfolio Management Team 44

    2.1.2 Strategy Team 46

    2.1.3 Research Team 46

    2.2 Property Portfolio Strategy 48

    2.2.1 Targeting risk-return performance 48

    2.2.2 Properties vs. portfolios 51

    2.2.3 New vs. existing portfolios 53

    2.2.4 Iterative process 55

    2.2.5 Property Portfolio Strategy 56

    2.3 Strategic Asset Allocation 59

    2.3.1 Modern portfolio theory 61

    2.3.2 Capital market theory and the Capital Asset Pricing Model 65

    2.3.3 Strategic Asset Allocation 68

    2.4 Tactical Asset Allocation 69

    2.4.1 Spatial based approaches 71

    2.4.2 Style based approaches 72

    2.4.3 Other approaches 73

    2.4.4 Tactical Asset Allocation 75

    2.5 Stock Selection 75

    2.5.1 Generic criteria 76

    2.5.2 Specifi c criteria 77

    2.5.3 Stock Selection 80

    2.6 Asset Identifi cation 80

    2.6.1 Market efficiency 81

    2.6.2 Information processing 84

    2.6.3 Asset Identifi cation 91

    2.7 Super REIT 91

    2.8 Preparing Phase 93

    2.9 Summary 93

    2.10 Key points 95

    References 96

    3 Dealing 99

    3.1 People 101

    3.1.1 Capital Transactions Team 101

    3.2 Preliminary Negotiation 102

    3.3 Preliminary Analysis 104

    3.3.1 Qualitative Preliminary Analysis 105

    3.3.2 Quantitative Preliminary Analysis 105

    3.3.3 Preliminary Analysis 109

    3.4 Structuring 109

    3.4.1 Structuring the commercial transaction 110

    3.4.2 Structuring the funding transaction 112

    3.4.3 Documenting the proposed transaction 114

    3.5 Advanced Financial Analysis 115

    3.5.1 Target rate of return 117

    3.5.2 Theoretical basis of mis-pricing 122

    3.5.3 Pricing models 124

    3.5.4 Decision rule 130

    3.5.5 Advanced Financial Analysis 133

    3.6 Portfolio Impact Assessment 133

    3.6.1 Risk-return balance 133

    3.6.2 Portfolio metrics 134

    3.6.3 Short form documentation 135

    3.6.4 Portfolio Impact Assessment Step 135

    3.7 Super REIT 135

    3.7.1 Preliminary Negotiation 136

    3.7.2 Preliminary Analysis 137

    3.7.3 Structuring 140

    3.7.4 Advanced Financial Analysis 140

    3.7.5 Portfolio Impact Assessment 152

    3.7.6 Outcomes of implementing the

    Dealing Stage 153

    3.8 Summary 155

    3.9 Key points 156

    References 158

    4 Executing 159

    4.1 People 161

    4.1.1 Investor Interface Team 162

    4.2 Governance Decision 163

    4.2.1 Delegation of authority 163

    4.2.2 Information required by decision maker 164

    4.2.3 Governance Decision 169

    4.3 Transaction Closure 169

    4.3.1 Commercial Transaction Closure 169

    4.3.2 Funding Transaction Closure 170

    4.3.3 Transaction Closure 170

    4.4 Documentation 171

    4.4.1 Negotiation of Documentation 171

    4.4.2 Sign-offs 174

    4.4.3 Execution and exchange 175

    4.4.4 Documentation 175

    4.5...

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