Verfügbarkeit: Commercial real estate investment

Commercial real estate investment: a strategic approach

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Bibliographische Detailangaben
1. Verfasser:	Baum, Andrew 1953- (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	Kidlington [u.a.] EG Books 2009
Ausgabe:	2. ed
Schlagworte:	Commercial real estate Real estate investment Gewerbeimmobilien Investition
Online-Zugang:	Inhaltsverzeichnis
Beschreibung:	Frühere Aufl. im Verl. Chandos Publ. ersch.
Beschreibung:	XIX, 413 S. graph. Darst.
ISBN:	9780728205673 072820567X

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adam_text	Contents Foreword to the first edition Preface to the first edition Preface to the second edition Part 1 Introduction to the market 1 Commercial real estate — the asset class ....................3 1.1 Property — a global asset class? ........................3 1.2 What makes property different? ........................5 1.3 Property depreciates ..................................6 Box 1: Depreciation and its impact ..........................8 1.4 Lease contracts control cash flows .....................10 1.5 The supply side is inelastic ...........................12 1.6 Valuations influence performance .....................12 1.6.1 Valuation accuracy .............................13 1.6.2 Client influence ................................14 1.7 Property is not liquid ................................16 1.8 Large lot sizes produce specific risk ....................18 1.9 Leverage is commonly used in real estate investment ....................................24 1.10 Is property an inflation hedge? ........................26 1.11 Volatility and risk appear to be low .................... 28 1.12 Real estate cycles control returns ......................30 1.12.1 Developments .................................32 1.12.2 Rents .........................................32 1.12.3 Yields and capital values ........................33 1.12.4 Returns .......................................33 1.12.5 Cycles: the result of market inefficiency? .........34 1.13 Diversification — the evidence ........................36 Commercial Real Estate Investment 1.14 Challenges ..........................................42 1.14.1 The limitations of direct real estate investment .....42 1.14.2 Securitisation and globalisation ..................43 2 The market — and who makes it ..........................45 2.1 The global property investment universe ...............45 2.2 The value of the UK real estate market .................46 Box 2: The UK property market sectors .....................47 2.3 Market players ......................................50 2.3.1 Investors ......................................50 2.3.2 Fund managers ................................53 2.3.3 Advisors ......................................56 2.3.4 Funds and vehicles .............................57 2.4 A property performance history — the UK ..............64 2.4.1 1950-73: from low inflation to a boom ...........65 2.4.2 1974-81: a small cycle, high inflation .............67 2.4.3 1981-89: high inflation, another boom ............68 2.4.4 1990-99: deep recession, low inflation and globalisation ..............................70 2.4.5 2000-06: boom .................................73 Box 3: A bubble in UK property prices? .....................76 2.4.6 2007-09: bust ..................................87 2.5 Conclusions ........................................91 Part 2 The investment process 3 Building the portfolio ....................................95 3.1 Introduction to portfolio management ..................95 3.2 Absolute and relative return objectives .................98 3.3 The top-down portfolio construction process ...........100 3.3.1 The relative return target ......................100 3.3.2 The absolute return target ......................101 3.4 Setting investment objectives .........................102 3.4.1 Criteria for investment objectives ...............102 3.4.2 Return and risk ...............................102 3.4.3 Benchmarks ..................................104 3.4.4 Time horizons ................................105 3.5 Strengths, weaknesses, constraints: portfolio analysis ... 105 3.5.1 Recent performance ...........................105 Contents 3.5.2 Current portfolio structure .....................106 3.5.3 Strengths, weaknesses, constraints ..............106 3.6 Structure and stock selection .........................107 3.6.1 Structure .....................................108 3.6.2 Stock selection ................................108 3.6.3 Passive and active strategies ...................109 3.7 Using forecasts and valuation models .................110 3.7.1 Forecasts .....................................110 3.7.2 Valuation models .............................112 Box 4: Portfolio construction — a case study ...............113 Pricing real estate: the purchase and sale process ..........121 4.1 Introduction .......................................121 4.2 Sourcing stock .....................................122 4.3 Due diligence: the building purchase process ..........124 4.4 A property appraisal model ..........................124 4.4.1 Introduction: the excess return ..................124 4.4.2 The initial yield — a simple price indicator .......126 4.4.3 The Fisher equation ...........................127 4.4.4 A simple cash flow model ......................129 4.4.5 Gordon s growth model (constant income growth) ......................................130 4.4.6 A property valuation model including depreciation ..................................130 4.5 The model components .............................131 4.5.1 The risk-free rate ..............................132 4.5.2 The risk premium .............................132 4.5.3 Inflation .....................................134 4.5.4 Real rental growth ............................134 4.5.5 Depreciation .................................134 4.5.6 Correct yields ...............................135 4.6 A real analysis .....................................136 Box 5: Correct asset class yields ..........................137 4.7 The required return: additional analysis ...............139 4.7.1 The risk-free rate and the yield curve ............139 4.7.2 The risk-free rate: bond and equity components ..................................140 4.7.3 The subsector and property risk premium .......140 4.7.4 Example .....................................142 4.8 Forecasting rents and yields .........................143 Commercial Real Estate Investment 4.8.1 The origin and uses of property forecasts ........143 4.8.2 Forecasting national rents ......................144 4.8.3 Forecasting at the local level ....................150 4.8.4 Forecasting yields .............................152 4.9 Forecasting property cash flows ......................155 4.10 Modelling the portfolio risk and return ................156 4.10.1 The portfolio model ...........................156 4.10.2 Example .....................................156 Performance measurement and attribution ................159 5.1 Return measures: an introduction .....................159 5.2 Definitions .........................................160 5.2.1 The future ...................................160 5.2.2 The present ..................................160 5.2.3 The past .....................................161 5.3 Example: IRR, TWRR, total return or MWRR? ..........163 5.4 Capital expenditure .................................165 5.4.1 Reduction in income ..........................166 5.4.2 Increase in capital invested .....................166 5.4.3 Timing of expenditure .........................166 5.5 Risk-adjusted measures of performance ...............167 5.6 Attribution analysis: sources of property returns .......169 5.6.1 Introduction ..................................169 5.6.2 What is a required return? .....................170 5.6.3 What is the delivered return? ...................171 5.6.4 Why are delivered returns different from required returns? .............................173 5.6.5 Summary ....................................175 5.6.6 Example .....................................176 5.7 Attribution analysis for the portfolio: an introduction ... 177 5.8 The choice of segmentation ..........................181 5.9 Style .............................................182 5.10 Themes ...........................................183 5.11 City selection ......................................184 5.12 Calculating attribution scores ........................185 5.12.1 Two or three terms? ...........................185 5.12.2 The formulae .................................186 5.12.3 Results from different attribution methods .......188 5.13 Attribution and portfolio management ................189 5.13.1 Top-down portfolio building ...................190 Contents 5.13.2 Backing selection skills ........................190 5.13.3 Specialist portfolios ...........................190 5.14 Alpha and beta: a new attribution approach ...........191 5.14.1 Sources of alpha and beta ......................192 5.14.2 Previous studies ..............................194 5.14.3 An attribution model ..........................196 Part 3 Investment vehicles 6 Listed real estate .......................................201 6.1 What is listed real estate? ............................201 6.2 Public equity real estate — the background ............202 6.3 REITs and REOCS (property companies) ..............203 6.4 Listed funds and mutual funds .......................206 6.5 Exchange traded funds (ETFs) .......................206 6.6 Do property shares offer the ideal property vehicle? .... 207 6.6.1 Tactical asset allocation ........................207 6.6.2 Strategic asset allocation .......................211 6.7 The US REIT experience .............................212 6.7.1 Distributions .................................213 6.7.2 Performance .................................214 Box 6: Case study: have US REITs been beneficial for US investors? ........................................216 6.8 The UK REIT......................................218 6.9 REIT pricing: introduction ...........................220 6.9.1 Earnings or asset values? ......................220 6.9.2 Market capitalisation and net asset value ........220 6.9.3 Premium or discount to NAV? ..................221 6.10 Explaining the premium/discount to NAV ............221 6.10.1 Instant exposure ..............................221 6.10.2 Liquidity/divisibility ..........................222 6.10.3 Asset values are higher than the reported NAV ................................223 6.10.4 Projected asset values are expected to exceed the reported NAV .............................223 6.10.5 Other issues ..................................224 Box 7: What next for US REITs? ...........................225 6.11 Public debt and mortgage-backed securities (CMBS) .... 226 Commercia/ Real Estate Investment 7 Unlisted real estate funds ...............................231 7.1 The explosion of unlisted real estate funds ............231 7.1.1 The appeal of the unlisted fund .................231 7.1.2 The global unlisted property market universe ----233 7.2 What is a real estate fund? ...........................235 7.3 How much global real estate is in unlisted funds? ......236 7.4 Unlisted fund structures .............................238 7.4.1 Limited partnerships ..........................238 7.4.2 Property Unit Trusts (PUTs) ....................239 7.4.3 Property Authorised Investment Funds (AIFs) ----241 7.4.4 Managed funds ...............................242 7.4.5 Funds of funds ...............................242 7.5 Characteristics of real estate funds ....................243 7.5.1 Style ........................................243 7.5.2 Domicile and structure ........................246 7.5.3 Sector focus ..................................246 7.5.4 Open or closed? ..............................247 7.5.5 Target equity and permitted gearing ............247 7.6 Liquidity and valuation issues .......................248 7.6.1 Liquidity ....................................248 7.6.2 Valuation ....................................251 7.6.3 Real estate as an asset class .....................252 7.6.4 How market prices are estimated ...............253 7.7 The case for and against unlisted real estate funds ......255 7.7.1 The case for unlisted real estate funds ...........255 7.7.2 The case against unlisted real estate funds .......257 7.8 Performance measurement and return attribution for property funds ..................................264 7.8.1 The asymmetry of performance fees .............264 7.8.2 An attribution system for funds ................266 7.8.3 Alpha and beta in property funds: a case study ... 269 7.9 Unlisted fund performance: conclusions ...............273 Property derivatives ....................................275 8.1 The search for the perfect vehicle .....................275 8.2 A short history of the UK real estate derivatives market ............................................276 8.2.1 Introduction ..................................276 8.2.2 FOX, PICs and REIM..........................277 8.2.3 The new market ..............................278 Contents 8.3 International developments.......................... 279 8.3.1 Introduction .................................279 8.3.2 The US ......................................279 8.3.3 A global property derivatives market? ...........280 8.4 Total return swaps ..................................280 8.4.1 Total return swaps: an introduction ..............281 8.4.2 How can swaps be used in portfolio management? ................................282 8.4.3 Single (specific) property swaps ................284 8.4.4 Property sector swaps .........................284 8.4.5 Multi-asset level swaps ........................284 8.4.6 International index swaps ......................284 8.4.7 The mechanics of property swaps ...............285 8.5 Pricing property derivatives .........................287 8.5.1 Introduction .................................287 8.5.2 A simple pricing example ......................287 8.5.3 Dealing with risk .............................291 8.5.4 Backing out the implied market return ..........292 Box 8: Derivatives as leading indicators of the market .......294 8.5.5 Swap pricing principles and real estate ..........295 8.5.6 Real estate swap pricing model .................297 8.5.7 Reconciling theory and practice ................301 8.6 Structured real estate index notes .....................302 Box 9: Using derivatives to outperform the index ...........304 8.7 Property derivatives: pros and cons ...................305 8.7.1 Property derivatives: advantages ................305 8.7.2 Property derivatives: disadvantages and risks .....306 8.8 Property derivatives: spin-offs .......................308 8.8.1 Hedge funds .................................308 8.8.2 Derivatives funds .............................309 8.8.3 Managing development risk ...................309 Box 10: Using derivatives to manage development risk ......310 8.8.4 Strips and exotic swaps ........................313 8.9 Traded property futures and options ..................314 8.10 Conclusions .......................................315 Part 4 International Real Estate Investment 9 International real estate investment: issues ................319 9.1 Introduction .......................................319 Commercial Real Estate Investment 9.2 The rise of cross-border capital .......................320 9.3 The case for international real estate investment: diversification ......................................323 9.3.1 Index replication ..............................324 9.3.2 Currency ....................................324 9.3.3 Taxes and fees ................................325 9.3.4 Leverage .....................................325 Box 11: Have US REITs been beneficial for UK investors? .....328 9.4 The case for international real estate investment: enhanced return ....................................332 9.5 Other drivers ......................................333 9.5.1 Liability matching ............................333 9.5.2 Lack of local product ..........................334 9.5.3 Fee generation ................................334 9.5.4 Fashion ......................................334 9.6 Currency risk ......................................335 9.6.1 Introduction ..................................335 9.6.2 A currency overlay ............................336 9.6.3 Using leverage ...............................337 9.6.4 Hedging .....................................338 9.7 Political and title risk ...............................341 9.8 Specific risk ........................................342 9.9 Other problems ....................................342 9.9.1 Fees and costs ................................342 9.9.2 Global cycles, converging markets ..............343 9.9.3 Loss of focus and specialisation .................343 9.10 Taxation issues .....................................343 9.10.1 Introduction ..................................343 9.10.2 Tax case 1 — a French property fund, late 1990s....................................344 9.11 Conclusion ........................................346 Box 12: A detailed tax case ...............................347 10 Building the global portfolio ............................359 10.1 Introduction .......................................359 10.2 The global real estate market .........................360 10.2.1 Core, developing, emerging ....................360 10.2.2 Transparency .................................361 10.2.3 The limits to globalisation ......................362 10.2.4 Risk and return ...............................364 Contents 10.3 Building a strategy .................................365 10.4 Pricing ............................................365 10.4.1 Pricing models and currency ...................365 10.4.2 A total return model ..........................366 10.4.3 The positive effect of leverage ..................369 10.4.4 Using local excess returns ......................369 10.4.5 Leverage, tax and fees .........................375 Box 13: A cross-border comparison ........................375 10.5 Portfolio construction ...............................377 10.5.1 The top-down process .........................377 10.5.2 Acase study .................................377 Box 14: How robust is your strategy? ......................380 Afterword .............................................381 References .................................................383 Further Reading ............................................391 Index .....................................................395
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title	Commercial real estate investment a strategic approach
title_auth	Commercial real estate investment a strategic approach
title_exact_search	Commercial real estate investment a strategic approach
title_full	Commercial real estate investment a strategic approach Andrew Baum
title_fullStr	Commercial real estate investment a strategic approach Andrew Baum
title_full_unstemmed	Commercial real estate investment a strategic approach Andrew Baum
title_short	Commercial real estate investment
title_sort	commercial real estate investment a strategic approach
title_sub	a strategic approach
topic	Commercial real estate Real estate investment Gewerbeimmobilien stw Investition stw
topic_facet	Commercial real estate Real estate investment Gewerbeimmobilien Investition
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020336651&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
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