Download or read book Efficiency and Performance of Real Estate Investment Trusts REITs written by Can Topuz and published by . This book was released on 2004 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Real Estate Investment Trust Performance Efficiency and Internationalization written by Joshua A. Harris and published by . This book was released on 2012 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real Estate Investment Trusts (REITs) are firms that own and manage income producing commercial real estate for the benefit of their shareholders. The three studies in this dissertation explore topics relating to best practices of REIT management and portfolio composition. Managers and investors can use the findings herein to aide in analyzing a REIT's performance and determining optimal investment policies. Utilizing REIT from SNL Real Estate and CRSP, the first two studies examine the role of international diversification upon performance, technical efficiency, and scale efficiency. The third study utilizes REIT data to examine technical and scale efficiency over a 21 year window and investigates characteristics of the REITs that affect the levels of efficiency. CHAPTER 1--PROFITABILITY OF REAL ESTATE INVESTMENT TRUST INTERNATIONALIZATION Real Estate Investment Trusts (REITs) in the United States have grown extremely fast in terms of assets and market capitalization since the early 1990's. As with many industries, U.S. REITs began acquiring foreign properties as their size grew and they needed to seek new investment opportunities. This paper investigates the role of holding foreign assets upon the total return of U.S. based REITs from 1995 through 2010. We find that holding foreign properties in associated with negative relative performance when risk, size, and other common market factors are controlled for. Interestingly, the source of the negative performance is not related to the two largest areas for foreign investment, Europe and Canada. Instead, the negative performance is detected when a REIT begins acquiring properties in other global regions such as Latin America and Asia/Pacific. This paper has broad ramifications for REIT investors and managers alike. CHAPTER 2--EFFECT OF INTERNATIONAL DIVERSIFICATION BY U.S. REAL ESTATE INVESTMENT TRUSTS ON COST EFFICIENCY AND SCALE As U.S. based Real Estate Investment Trusts (REITs) have increased their degree and type of holdings overseas, there has yet to a study that has investigated such activity on the REIT's measures of cost efficiency and scale. Using data from 2010, Data Envelopment Analysis techniques are used to estimate measures of technical and scale efficiency that are then regressed against measures of international diversification and other controls to measure the impact of this global expansion. It is determined that REITs with foreign holdings are significantly larger than domestic REITs and are correspondingly 96% of foreign investing REITs are operating at decreasing returns to scale. Further almost every measure of foreign diversification is negative and significantly impacting scale efficiency. However, simply being a REIT with foreign holdings did positively and significantly associate with higher levels of technical efficiencies. Thus REITs that expand globally may have some advantages in operational efficiency but lose considerably in terms of scale efficiency by increasing their size as they move cross-border. CHAPTER 3--THE EVOLUTION OF TECHNICAL EFFICIENCY AND ECONOMIES OF SCALE OF REAL ESTATE INVESTMENT TRUSTS Data Envelopment Analysis (DEA) is used to measure technical and scale efficiency of 21 years of Real Estate Investment Trust (REIT) data. This is the longest, most complete dataset ever analyzed in the REIT efficiency literature and as such makes a significant contribution as prior efficiency studies' data windows end in the early 2000's at latest. Overall, REITs appear to continue to operate at decreasing returns to scale despite rapid growth in total assets. Further, there is some evidence of improving technical efficiency overtime; however the finding is not strong. In summation, it appears that REITs have not improved on a relative basis despite the rapid growth, a finding that suggests a potential of a high degree of firm competition in the REIT industry. Finally, firm characteristics such as debt utilization, management and advisory structure, and property type specialization are tested for their impact upon technical and scale efficiency.

Download or read book Mastering REIT Investments written by Jim Pellerin and published by Jim Pellerin. This book was released on 2024-02-29 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real Estate Investment Trusts (REITs) have emerged as a popular and accessible avenue for individuals to participate in the real estate market without the burdens of direct property ownership. At its core, a Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-generating real estate. The concept of REITs was introduced in the United States in 1960 as a way to provide individuals with the opportunity to invest in large-scale, income-producing real estate without having to buy, manage, or finance properties directly. Topics Covered Chapter 1: Introduction to REIT Investing Chapter 2: Types of REITs Chapter 3: How REITs Work Chapter 4: Assessing Risks in REIT Investing Chapter 5: Getting Started with REIT Investing Chapter 6: Evaluating REITs Chapter 7: Creating a Passive Income Stream Chapter 8: Tax Considerations for REIT Investors Chapter 9: Monitoring and Adjusting Your REIT Portfolio Chapter 10: Advanced REIT Strategies Conclusion: The Future of REIT Investing

Download or read book Real Estate Investment Trust REITs Efficiency DEA Approach UUM Press written by Siti Latipah and published by UUM Press. This book was released on 2014-10-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is designed to explain the concepts, issues and method used in measuring efficiency of REITs in Malaysia. Real Estate Investment Trust is a type of investment trust focusing on Real Estate. The best examples of Real Estate are building, office, land and plantations. Therefore, many people including operator, customer, regulator, academicians, university’s students and community as a whole will benefit from it. Its guide readers through the importance of measuring efficiency of REITs and help them in making investment decision. This book had been developing to help people to understand and explain the issue as well as the development of REITs in Malaysia.

Download or read book Real Estate Investment Trusts written by Su Han Chan and published by Oxford University Press. This book was released on 2002-11-07 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book offers broad understanding and unique insights into the REITs industry. Its scope is to analyze and synthesize the existing scholarly research on REITs in a way that will enable managers to improve their investments decisions and the operating performance of their REITs. It also provides up-to-date original research on REITs based on the authors' own database, which is the most extensive data base available on REITs that is free of suvivorship bias. This book helps investors evaluate REITs and identify those with the greatest investment potential. Finally, it provides the reader with a detailed discussion of likely future changes anticipated for this unique invetment vehicle.

Download or read book Efficiency Scale Economies and the Risk Return Performance of Real Estate Investment Trusts written by Michael Devaney and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Estimates from a directional output distance function are used to construct a risk/return frontier that defines the best-practice management technology for Real Estate Investment Trusts (REITs). We model REIT performance as a production process in which each REIT produces a desirable output (return) and an undesirable output (risk) using inputs of managerial effort and financial capital. The results suggest that ignoring the effects of risk yields a management technology that is significantly different from one that incorporates risk. In addition, market valuation is inversely related to inefficiency and directly related to leverage.

Download or read book Real Estate Investment Trusts written by Su Han Chan and published by Financial Management Association Survey and Synthesis. This book was released on 2003 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work provides the investing public, real estate practitioners, regulators and real estate and finance academics with up-to-date information on what modern scholarly research tells us about Real Estate Investment Trusts (REITs). REITs are credited to allow institutional and individual investors to invest in real estate via a corporate entity. The increasing interest in REITs as indicated by their growth in market capitalization and institutional holdings in the United States and around the world suggests that REITs are becoming an increasingly important part of investors' diversified portfolio.

Download or read book Private Real Estate Markets and Investments written by H. Kent Baker and published by Oxford University Press, USA. This book was released on 2014 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to provide an overview of private real estate markets and investments. The 14 chapters are divided into three sections for conventional and alternative real estate investments and regulatory issues.

Download or read book Corporate Governance of Real Estate Investment Trusts written by Nicolai C. Striewe and published by Springer. This book was released on 2015-11-10 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nicolai C. Striewe analyzes potential opportunistic behavior of REIT managers and provides empirical evidence on the effectiveness of institutional monitoring as a corporate governance mechanism. The author also suggests ways to promote sustainable management by means of institutional participation. The results of his study provide valuable insights to enhance corporate governance, transparency and efficiency in the REIT market. They encourage (a) academics to include a behavioral component into studies of the REIT market, (b) REIT managers to incorporate effective monitoring and control mechanisms, (c) investors to become more aware of agency conflicts in REITs and (d) policy makers to facilitate a legal framework conducive to a sustainable REIT market.

Download or read book The White Coat Investor written by James M. Dahle and published by White Coat Investor LLC the. This book was released on 2014-01 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by a practicing emergency physician, The White Coat Investor is a high-yield manual that specifically deals with the financial issues facing medical students, residents, physicians, dentists, and similar high-income professionals. Doctors are highly-educated and extensively trained at making difficult diagnoses and performing life saving procedures. However, they receive little to no training in business, personal finance, investing, insurance, taxes, estate planning, and asset protection. This book fills in the gaps and will teach you to use your high income to escape from your student loans, provide for your family, build wealth, and stop getting ripped off by unscrupulous financial professionals. Straight talk and clear explanations allow the book to be easily digested by a novice to the subject matter yet the book also contains advanced concepts specific to physicians you won't find in other financial books. This book will teach you how to: Graduate from medical school with as little debt as possible Escape from student loans within two to five years of residency graduation Purchase the right types and amounts of insurance Decide when to buy a house and how much to spend on it Learn to invest in a sensible, low-cost and effective manner with or without the assistance of an advisor Avoid investments which are designed to be sold, not bought Select advisors who give great service and advice at a fair price Become a millionaire within five to ten years of residency graduation Use a "Backdoor Roth IRA" and "Stealth IRA" to boost your retirement funds and decrease your taxes Protect your hard-won assets from professional and personal lawsuits Avoid estate taxes, avoid probate, and ensure your children and your money go where you want when you die Minimize your tax burden, keeping more of your hard-earned money Decide between an employee job and an independent contractor job Choose between sole proprietorship, Limited Liability Company, S Corporation, and C Corporation Take a look at the first pages of the book by clicking on the Look Inside feature Praise For The White Coat Investor "Much of my financial planning practice is helping doctors to correct mistakes that reading this book would have avoided in the first place." - Allan S. Roth, MBA, CPA, CFP(R), Author of How a Second Grader Beats Wall Street "Jim Dahle has done a lot of thinking about the peculiar financial problems facing physicians, and you, lucky reader, are about to reap the bounty of both his experience and his research." - William J. Bernstein, MD, Author of The Investor's Manifesto and seven other investing books "This book should be in every career counselor's office and delivered with every medical degree." - Rick Van Ness, Author of Common Sense Investing "The White Coat Investor provides an expert consult for your finances. I now feel confident I can be a millionaire at 40 without feeling like a jerk." - Joe Jones, DO "Jim Dahle has done for physician financial illiteracy what penicillin did for neurosyphilis." - Dennis Bethel, MD "An excellent practical personal finance guide for physicians in training and in practice from a non biased source we can actually trust." - Greg E Wilde, M.D Scroll up, click the buy button, and get started today!

Download or read book The Complete Guide to Investing in REITs Real Estate Investment Trusts written by Mark Gordon and published by Atlantic Publishing Company. This book was released on 2008 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currently, there are nearly 200 publicly traded real estate investment trusts (more commonly referred to as REITs) in operation in the United Sates with a combined $500 billion in assets. An estimated two-thirds of REITS are traded on national stock exchanges. A REIT is a real estate company that offers its shares to the public. By doing so, a REIT stock becomes like any other stock that represents the holder s ownership in a business. However, REITs have two distinct features: REITs manage groups of income-producing properties and must distribute 90 percent of profits as dividends. The Complete Guide to Investing in REITs will teach you everything you need to know about REITs and how you can earn high rates of return. In this book, you will learn about publicly and privately held REITs, Net Asset Value (NAV), Adjusted Funds From Operations (AFFO), Cash Available for Distribution (CAD), the benefits associated with REITS, dividend reinvestment programs (DRiPs), capitalization rate, equitization, leverage, positive spread investing, securitization, and straight-lining. You will also learn about equity, mortgage, and hybrid REITs and the more specific types, including residential, office, industrial, and retail. The Complete Guide to Investing in REITs will walk you through finding the appropriate REIT for you. This book will also teach you how to manage your REIT, how to limit your personal risk, how to understand REIT performance, and how to analyze REITs. By reading this book, you will know and understand the pitfalls of investing in REITs, you will know how REITs behave as an investment class and how to best integrate them into your portfolio, and you will know what economic issues affect real estate and the effects these have on REITs. This book is not merely for the novice investor who wants to learn everything possible about real estate investment trusts; professional investors, financial planners, and investment advisors will also find valuable information in this book. Ultimately, The Complete Guide to Investing in REITs will help you stabilize and grow your portfolio and earn high rates of return by providing you with vital information and practical guidance. Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president's garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice. Every book has resources, contact information, and web sites of the products or companies discussed.

Download or read book The Cost Efficiency of Real Estate Investment Trusts written by Danielle Lewis and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a stochastic frontier methodology that incorporates Bayesian statistics, this paper analyzes the cost efficiency of real estate investment trusts (REITs) by observing the deviations of the measured costs of individual REITs from a defined efficient cost frontier. Using 1995-97 data, we extend the previous research in this area and measure REIT efficiency more precisely by isolating random measurement error from the overall deviations from the efficient cost frontier. We calculate the magnitude of each REIT's managerial inefficiency, the industry inefficiency, and returns to scale. In addition, we assess specific characteristics of REITs for their contribution to inefficiency by calcluating the odds ratio that a REIT with a specific characteristic is more efficient than a REIT with an alternative characteristic. The results show that, for the years studies, REITs are relatively cost efficient with most REITs facing increasing returns to scale. Additionally, the REIT's use of debt and the REIT's management style significantly affect the cost performance of REITs during the aforementioned time period. Finally, diversification across property types, as measured, does not seem to influence REIT cost efficiency.

Download or read book REIT Operational Efficiency written by Eli Beracha and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Relations between Real Estate Investment Trust (REIT) efficiency and operational performance, risk, and stock return are examined. REIT-level operational efficiency is measured as the ratio of operational expenses to revenue, where a higher operational efficiency ratio (OER) indicates a less efficient REIT. For a sample of U.S. equity REITs from the modern REIT era, operational performance, measured by return on assets (ROA) as well as return on equity (ROE), is negatively associated with previous-year operational efficiency ratios, which suggests that more efficient REITs generate better operating results. Results further show that more efficient REITs have lower levels of credit risk and total risk. Perhaps most important, empirical evidence shows that the cross-sectional stock return of REITs is partially explained by operational efficiency and that a portfolio consisting of highly efficient REITs earns, on average, a higher cumulative stock return than a portfolio consisting of low efficiency REITs.

Download or read book The Intelligent REIT Investor written by Stephanie Krewson-Kelly and published by John Wiley & Sons. This book was released on 2016-08-29 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: The go-to guide for smart REIT investing The Intelligent REIT Investor is the definitive guide to real estate investment trusts, providing a clear, concise resource for individual investors, financial planners, and analysts—anyone who prioritizes dividend income and risk management as major components to wealth-building. The REIT industry experienced a watershed event when Standard & Poors created a new Global Industry Classification Standard (GICS) sector called Real Estate. Publicly traded equity REITs have been removed from Financials, where they have been classified since their creation in 1960, and have begun trading as their own S&P Sector. This separation from banks and financial institutions has attracted new investors, but REITs require an industry-specific knowledge that is neither intuitive nor readily accessible to newcomers—until now. Using straightforward language and simple example to illustrate important concepts, this book will enable any reader to quickly learn and understand the lexicon and valuation techniques used in REIT investing, providing a wealth of practical resources that streamline the learning process. The discussion explains terminology, metrics, and other key points, while examples illustrate the calculations used to evaluate opportunities. A comprehensive list of publicly-traded REITs provides key reference, giving you access to an important resource most investors and stockbrokers lack. REITs are companies that own or finance commercial rental properties, such as malls and apartment buildings. Despite historically high total returns relative to other investments, such as the Nasdaq or S&P 500 index, most investors are unfamiliar with the REIT industry, and wary of investing without adequate background. This book gets you up to speed on the essentials of REIT investing so you can make more informed—and profitable—decisions. Understand REITs processes, mechanisms, and industry Calculate key metrics to identify suitable companies Access historical performance tables and industry-specific terminology Identify publicly-traded REITs quickly and easily REITs have consistently outperformed many more widely known investments. Over the past 15-year period, for example, REITs returned an average of 11% per year, better than all other asset classes. Since 2009, REITs have enjoyed positive returns; large cap stocks and cash are the only other classes that paralleled that record. Even in 2015, a 'year of fear' related to rising rates, REITs returned 2.4%, beating most all other asset classes. REITs have a long history (over fifty years) of performance, and have entered the big leagues. If you feel like you've been missing out, don't keep missing out. Prepare yourself, and your portfolio, to benefit from the demand for REITs that have followed the creation of a Real Estate GICS sector. The Intelligent REIT Investor gives you the information you need to invest wisely and manage your real estate risk effectively. By maintaining a tactical exposure in the brick and mortar asset class, investors should benefit from the information contained in The Intelligent REIT Investor. Join the REIT world and look forward to owning stocks that will help you to sleep well at night.

Download or read book Educated REIT Investing written by Stephanie Krewson-Kelly and published by John Wiley & Sons. This book was released on 2020-09-02 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn to invest in REITs with confidence and skill with this powerful resource Educated REIT Investing is the ultimate resource for investors, financial advisors, and students interested in learning how to invest in real estate investment trusts (REITs)—one of the only asset classes to significantly outperform the S&P 500 Index over the last 25 years. Written by Stephanie Krewson-Kelly and Glenn R. Mueller, PhD., both accomplished REIT authors and investors with six decades of accumulated industry experience between them, Educated REIT Investing provides all the basics and history, then blends pragmatic strategies and advice with a thorough exploration of the fundamentals and nuances of the REIT industry. Topics include: Basic information about REITs and the REITs industry Terminology specific to the REIT industry, explained in plain-English Historical REIT industry performance tables and trading perspectives Analysis and equations needed to calculate key metrics used to identify the suitability of companies for investment purposes, illustrated with simple examples This book is perfect for anyone looking for a straightforward, easy-to-understand resource to establish or improve their understanding and analysis of real-estate investment trusts.

Download or read book Evaluating Hedge Fund and CTA Performance written by Greg N. Gregoriou and published by John Wiley & Sons. This book was released on 2005-05-06 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introducing Data Envelopment Analysis (DEA) -- a quantitative approach to assess the performance of hedge funds, funds of hedge funds, and commmodity trading advisors. Steep yourself in this approach with this important new book by Greg Gregoriou and Joe Zhu. "This book steps beyond the traditional trade-off between single variables for risk and return in the determination of investment portfolios. For the first time, a comprehensive procedure is presented to compose portfolios using multiple measures of risk and return simultaneously. This approach represents a watershed in portfolio construction techniques and is especially useful for hedge fund and CTA offerings." -- Richard E. Oberuc, CEO, Burlington Hall Asset Management, Inc. Chairman, Foundation for Managed Derivatives Research Order your copy today!

Download or read book Economies of Scale and the Operating Efficiency of REITs written by Michael J. Highfield and published by . This book was released on 2020 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Building on past research regarding the operating efficiency of Real Estate Investment Trusts (REITs) and recognizing the substantial changes in this industry since the turn of the millennium, we examine REIT efficiency over the period 2001-2015. Using both time-varying stochastic frontier and linear models of costs, revenues, and performance measures, we find evidence showing that the REIT industry is slowly moving away from both cost and revenue efficiency over time; however, size remains positively correlated with efficiency. Despite the rapid expansion of asset sizes and evidence of diminishing efficiencies of scale, larger REITs still enjoy comparative advantages over smaller REITs in both revenue (production) and costs. We also find evidence that post-recession efficiencies exceed pre-recession efficiencies, and we document modest evidence of the “weeding-out” of inefficient enterprises during the market downturn. The results suggest, through a diverse set of measures, that additional efficiency opportunities for REITs may be achievable through continued growth and consolidation.