Real Estate Investment Trusts in Comparative Perspective PDF Download

Author: Nicola Fritsch
Publisher:
ISBN:
Category : Real estate investment trusts
Languages : en
Pages : 288

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Author: Ramón Sotelo
Publisher: Springer Science & Business Media
ISBN: 3642368565
Category : Business & Economics
Languages : en
Pages : 242

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Book Description
Shortly before of the beginning of the global financial crisis of 2008 REITs were introduced in several European countries based on their success in mature markets like the US, Australia and some Asian countries. While the history of REITs in Europe has been relatively brief, REITs are well on the way to become an industry standard as a real estate investment financial vehicle not only in Europe but throughout the developed world. This book provides both academics and decision makers an introduction to the economics of REITs beyond tax transparency, an overview of the mature REITs markets, and a closer reflection of the development of different REIT-structures in Europe including the history, regulation and markets of each country.

Author: Su Han Chan
Publisher: Oxford University Press
ISBN: 0198035357
Category : Business & Economics
Languages : en
Pages : 318

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Book Description
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.

Author: Stephanie Krewson-Kelly
Publisher: John Wiley & Sons
ISBN: 1119708699
Category : Business & Economics
Languages : en
Pages : 310

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Book Description
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.

Author: Frank William Zalar
Publisher:
ISBN:
Category : Real estate investment trusts
Languages : en
Pages : 146

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Author: Su Han Chan
Publisher: Financial Management Association Survey and Synthesis
ISBN: 9780195155341
Category : Business & Economics
Languages : en
Pages : 40

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Book Description
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.

Author: Wolfgang Speckhahn
Publisher: Kluwer Law International B.V.
ISBN: 9041191100
Category : Law
Languages : en
Pages : 336

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Book Description
It is well known that investments in real estate provide relatively stable yields compared with stock market volatility, so it is not surprising that, with globalisation, investors have pursued such opportunities across borders, especially where foreign countries offer beneficial tax regimes. Nor it is surprising that states should fear erosion of their tax base in the presence of such investments. This groundbreaking book – the first in-depth comparative analysis of taxation of real estate investment trusts (REITs) in different European Union (EU) Member States – investigates the impact of EU law on direct taxation in the case of REITs, and whether EU policies in this area have led national legislators to adjust their REIT regimes. Presenting detailed case studies of three EU Member States – France (a well-established REIT regime), Bulgaria (a new accession state) and Spain (a recent REIT regime) – this book explores the idea of a harmonised EU REIT, and whether harmonisation among national REIT regimes may be possible. Among the issues and topics arising in the course of the presentation are the following: – ‘goodness of fit’ and adaptational soft pressure; – relevant case law from the European Court of Justice, including both tax and company law; – ‘REIT shopping’; – noncompliance of REIT regimes with EU law; and – criteria for the ‘misfit’ analysis of REIT regimes and potential infringements of EU law. The analysis ultimately documents conditions and circumstances for the creation of a harmonised ‘Euro-REIT’ by assessing the level of change on the area of direct taxation within the Member States which would be needed for such a creation to become reality, identifying common themes across different legal systems that could assist the harmonisation of laws. Throughout, a holistic view is taken, linking tax and company law with considerations of sovereignty, policy and culture. In its structured framework comparing REIT regimes, this incomparable study takes a giant step towards overcoming resistance to a common REIT taxation regime in the EU. As the first comparative study of REIT regimes to identify an emerging common understanding informed by European jurisprudence and Europeanisation policy and theory, it is sure to be welcomed by practitioners, academics and policymakers in European law and international taxation as well as European studies.

Author: Stefano Simontacchi
Publisher: Kluwer Law International B.V.
ISBN: 9403546433
Category : Law
Languages : en
Pages : 693

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Book Description
The global listed property sector has been characterized by a variety of noteworthy developments in recent times, the proliferation of real estate investment trust-type structures in countries around the world key among them. Despite an uncertain economic environment, REITs have proven their ability to promote institutional real estate investments in global financial markets. This highly practical book features a comprehensive analysis of both the legal and tax underpinnings of REIT-friendly legislation in a variety of the world’s most significant jurisdictions. With regard to the legal framework, the structure and functioning of a REIT are carefully investigated and explained. In terms of tax issues, the book focuses on such key issues as: REIT formation, operation and liquidation; mergers, acquisitions and dispositions; and planning for public and private REIT offerings and re-securitizations. REITs are inherently complex, and their interplay with tax treaties further compounds the complexity. This highly accessible yet authoritative work is the perfect decision-making tool for any professional looking for perspective and guidance on the challenges and opportunities REITs engender.

Author: William A. Kelley
Publisher: ALI-ABA
ISBN: 9780831807894
Category : Business & Economics
Languages : en
Pages : 254

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Book Description

Author: Zixiao Yin
Publisher:
ISBN:
Category :
Languages : en
Pages : 89

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Book Description
During the past 2 years, Real Estate Investment Trusts (REITs) and the push to develop more rental housing in China have drawn lots of attention. REITs are expected to provide multiple capital channels for the development of rental apartments without continuously leveraging up the real estate industry, as traditional financing methods did. The mechanism of equity REIT can help cultivate and accelerate the formation of a sustainable rental housing market in China. This thesis explores the opportunities and obstacles for REITs to work in the rental housing market in China by exploring the reasons for introducing REITs in the Chinese real estate market from a macro and historical perspective; by examining some cases of the newly issued REIT-like companies in China; and by reviewing the framework and system of REITs in US markets so as to draw lessons for China from a comparative perspective. This thesis finds that equity REITs are still very immature and are not widely accepted by mass investors in China. The thesis puts forward three suggestions for apartment REITs in China: to streamline the REIT structure and avoid excessive complexity and opacity; to promote information transparency and regulated disclosure mechanism; to encourage and protect equity REIT investors by constraining REITs from taking on too much debt. Finally, the thesis concludes that REITs, as shown by US experience, should be regarded as a great opportunity to cultivate Chinese investors' confidence in the stock market with its very simple and plain-vanilla structure. With the Chinese government's strong ambition to increase housing affordability and to deleverage the economy, we foresee continuous legislative breakthroughs and more systematic improvements in the REIT field.