Global Real Estate Investment Trusts

David Parker 지음

Wiley-Blackwell 2012년 02월 01일 출간

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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

목차

About the Author xiForeword xiiiPreface xvAcknowledgments xviiIntroduction xix1 Envisioning 11.1 People and process 41.1.1 People 41.1.2 Process 71.1.3 People and process 111.2 REITs: an introduction 111.2.1 Transparency in governance 121.2.2 REIT models 131.2.3 REITs: summary 131.3 Preparing Phase 131.4 Envisioning Stage 141.5 People 161.5.1 Governing Entity 171.5.2 Chief Executive Officer (CEO) 191.5.3 Chief Financial Officer (CFO) 211.5.4 Support Teams 221.5.5 Fund Management Team 231.5.6 People 241.6 Vision 241.7 Style 261.7.1 Active vs. passive 271.7.2 Top down vs. bottom up 281.7.3 Value vs. growth 281.7.4 Core, value added and opportunistic 291.7.5 Style 301.8 Goals 301.9 Strategic Plan 321.9.1 Strategic models 321.9.2 Strategic planning process 331.9.3 Strategic Plan 351.10 Objectives 351.11 Super REIT 361.12 Summary 381.13 Key points 39References 412 Planning 432.1 People 442.1.1 Portfolio Management Team 442.1.2 Strategy Team 462.1.3 Research Team 462.2 Property Portfolio Strategy 482.2.1 Targeting risk-return performance 482.2.2 Properties vs. portfolios 512.2.3 New vs. existing portfolios 532.2.4 Iterative process 552.2.5 Property Portfolio Strategy 562.3 Strategic Asset Allocation 592.3.1 Modern portfolio theory 612.3.2 Capital market theory and the Capital Asset Pricing Model 652.3.3 Strategic Asset Allocation 682.4 Tactical Asset Allocation 692.4.1 Spatial based approaches 712.4.2 Style based approaches 722.4.3 Other approaches 732.4.4 Tactical Asset Allocation 752.5 Stock Selection 752.5.1 Generic criteria 762.5.2 Specifi c criteria 772.5.3 Stock Selection 802.6 Asset Identifi cation 802.6.1 Market efficiency 812.6.2 Information processing 842.6.3 Asset Identifi cation 912.7 Super REIT 91

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저자(글) David Parker

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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.