Global Real Estate Investment Trusts

Name: Global Real Estate Investment Trusts | People, Process and Management
Brand: Wiley-Blackwell
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People, Process and Management

David Parker(Autor*in)

Wiley-Blackwell (Verlag)

Erschienen am 1. Februar 2012

224 Seiten

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Beschreibung

As real estate investment trusts continue to grow exponentially inAsia and Europe - being already well established in the USA andAustralasia - a comprehensive guide to the issues involved in REITproperty investment decision making is badly needed.
This book draws together the most recent developments in REITmanagement from academic research and professional practice. It isbased on current, original academic research, including structuredinterviews with the managers of a wide range of different types ofREITs as well as the research and publications of others, togetherwith the author's 25 years experience in REIT management. Itprovides a theoretically robust and practically relevant up to dateguide to the property investment decision making process forREITs.
Presenting new insights, the author breaks the REIT propertyinvestment decision making process down into three phasescomprising six stages with 30 sequential steps. Each chapterfocuses on one stage of the property investment decision makingprocess and introduces the key people in the REIT management teamrelevant to the activities in that chapter. The theory andprinciples are considered and illustrated by application to SuperREIT, a $15bn diversified REIT.
Global Real Estate Investment Trusts: People, Process andManagement fuses not only how REITs should undertake propertyinvestment decision making - based on how it is undertaken and theunderlying property theory, capital market theory and financetheory - but also why each part of the decision making process isimportant.
This book provides the first sole-authored scholarly workspecifically on REITs as a business enterprise and REIT propertyinvestment decision making as an holistic and cyclical process. Thefocus is on principles, making it relevant in each of the fourmajor REIT markets around the world: USA, Europe, Asia andAustralasia.
An essential book for REIT managers and all those practisingprofessionals involved in the REIT industry - including propertypractitioners, researchers, lawyers, accountants, bankers anddirectors around the world.

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Inhalt

Intro
Global Real Estate Investment Trusts: People, Process and Management
Contents
About the Author
Foreword
Preface
Acknowledgments
Introduction
1 Envisioning
1.1 People and process
1.1.1 People
1.1.2 Process
1.1.3 People and process
1.2 REITs: an introduction
1.2.1 Transparency in governance
1.2.2 REIT models
1.2.3 REITs: summary
1.3 Preparing Phase
1.4 Envisioning Stage
1.5 People
1.5.1 Governing Entity
1.5.2 Chief Executive Officer (CEO)
1.5.3 Chief Financial Officer (CFO)
1.5.4 Support Teams
1.5.5 Fund Management Team
1.5.6 People
1.6 Vision
1.7 Style
1.7.1 Active vs. passive
1.7.2 Top down vs. bottom up
1.7.3 Value vs. growth
1.7.4 Core, value added and opportunistic
1.7.5 Style
1.8 Goals
1.9 Strategic Plan
1.9.1 Strategic models
1.9.2 Strategic planning process
1.9.3 Strategic Plan
1.10 Objectives
1.11 Super REIT
1.12 Summary
1.13 Key points
References
2 Planning
2.1 People
2.1.1 Portfolio Management Team
2.1.2 Strategy Team
2.1.3 Research Team
2.2 Property Portfolio Strategy
2.2.1 Targeting risk-return performance
2.2.2 Properties vs. portfolios
2.2.3 New vs. existing portfolios
2.2.4 Iterative process
2.2.5 Property Portfolio Strategy
2.3 Strategic Asset Allocation
2.3.1 Modern portfolio theory
2.3.2 Capital market theory and the Capital Asset Pricing Model
2.3.3 Strategic Asset Allocation
2.4 Tactical Asset Allocation
2.4.1 Spatial based approaches
2.4.2 Style based approaches
2.4.3 Other approaches
2.4.4 Tactical Asset Allocation
2.5 Stock Selection
2.5.1 Generic criteria
2.5.2 Specific criteria
2.5.3 Stock Selection
2.6 Asset Identification
2.6.1 Market efficiency
2.6.2 Information processing
2.6.3 Asset Identification
2.7 Super REIT
2.8 Preparing Phase
2.9 Summary
2.10 Key points
References
3 Dealing
3.1 People
3.1.1 Capital Transactions Team
3.2 Preliminary Negotiation
3.3 Preliminary Analysis
3.3.1 Qualitative Preliminary Analysis
3.3.2 Quantitative Preliminary Analysis
3.3.3 Preliminary Analysis
3.4 Structuring
3.4.1 Structuring the commercial transaction
3.4.2 Structuring the funding transaction
3.4.3 Documenting the proposed transaction
3.5 Advanced Financial Analysis
3.5.1 Target rate of return
3.5.2 Theoretical basis of mis-pricing
3.5.3 Pricing models
3.5.4 Decision rule
3.5.5 Advanced Financial Analysis
3.6 Portfolio Impact Assessment
3.6.1 Risk-return balance
3.6.2 Portfolio metrics
3.6.3 Short form documentation
3.6.4 Portfolio Impact Assessment Step
3.7 Super REIT
3.7.1 Preliminary Negotiation
3.7.2 Preliminary Analysis
3.7.3 Structuring
3.7.4 Advanced Financial Analysis
3.7.5 Portfolio Impact Assessment
3.7.6 Outcomes of implementing the Dealing Stage
3.8 Summary
3.9 Key points
References
4 Executing
4.1 People
4.1.1 Investor Interface Team
4.2 Governance Decision
4.2.1 Delegation of authority
4.2.2 Information required by decision maker
4.2.3 Governance Decision
4.3 Transaction Closure
4.3.1 Commercial Transaction Closure
4.3.2 Funding Transaction Closure
4.3.3 Transaction Closure
4.4 Documentation
4.4.1 Negotiation of Documentation
4.4.2 Sign-offs
4.4.3 Execution and exchange
4.4.4 Documentation
4.5 Due Diligence
4.5.1 Fiduciary duty
4.5.2 Operationalising Due Diligence
4.5.3 Due Diligence
4.6 Independent Appraisal
4.6.1 Requirement for appraisal
4.6.2 Appraisal issues
4.6.3 Appraiser appointment
4.6.4 Appraiser instruction
4.6.5 Appraisal report
4.6.6 Independent Appraisal
4.7 Transacting Phase
4.8 Super REIT
4.8.1 Governance Decision
4.8.2 Transaction Closure
4.8.3 Documentation
4.8.4 Due Diligence
4.8.5 Independent Appraisal
4.8.6 Outcomes of implementing the Executing Stage
4.9 Summary
4.10 Key points
References
5 Watching
5.1 People
5.1.1 Compliance and Risk Management Team
5.2 Settlement
5.2.1 Settlement check list
5.2.2 Asset management plan
5.2.3 Settlement
5.3 Post Audit
5.3.1 Timing
5.3.2 Basis
5.3.3 Learning process
5.3.4 Post Audit
5.4 Performance Monitoring
5.4.1 Planning
5.4.2 Comparative analysis
5.4.3 Reporting
5.4.4 Performance Monitoring
5.5 Performance Measurement
5.5.1 Return measurement
5.5.2 Performance relative to an index or benchmark
5.5.3 Risk measurement
5.5.4 Performance Measurement
5.6 Portfolio Analysis
5.6.1 Recurrent analysis
5.6.2 Attribution analysis
5.6.3 Recursion
5.6.4 Portfolio Analysis
5.7 Super REIT
5.7.1 Settlement
5.7.2 Post Audit
5.7.3 Performance Monitoring
5.7.4 Performance Measurement
5.7.5 Portfolio Analysis
5.7.6 Outcomes of implementing the Watching Stage
5.8 Summary
5.9 Key points
References
6 Optimising
6.1 People
6.1.1 Asset Management Team
6.1.2 Property Management Team
6.1.3 Facilities Management Team
6.2 Asset Management
6.2.1 Proactive components
6.2.2 Reactive components
6.2.3 Asset Management
6.3 Property and Facilities Management
6.3.1 Property Management
6.3.2 Facilities Management
6.3.3 Outsourcing Property and Facilities Management
6.4 Transformation
6.4.1 Refurbishment Transformation
6.4.2 Redevelopment Transformation
6.4.3 Mandatory lease related Transformation
6.4.4 Optional lease related Transformation
6.4.5 Transformation
6.5 Portfolio Rebalancing
6.5.1 Proactive components
6.5.2 Reactive components
6.5.3 Portfolio Rebalancing
6.6 Disposal
6.6.1 Disposal process
6.6.2 Disposal method
6.6.3 Disposal Step
6.7 Observing Phase
6.8 Super REIT
6.8.1 Asset Management
6.8.2 Property Management and Facilities Management
6.8.3 Transformation
6.8.4 Portfolio Rebalancing
6.8.5 Disposal
6.8.6 Outcome of implementing the Optimising Stage
6.9 Summary
6.10 REIT real estate investment decision making process
6.11 Key points
References
Glossary
Index

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