In Real Estate Investment We Trust: State De-risking and the Ownership of Listed US and German Residential Real Estate Investment Trusts

IF 7.2 1区经济学 Q1 ECONOMICS

Economic Geography Pub Date : 2023-01-20 DOI:10.1080/00130095.2022.2155134

M. Aalbers, Zac J. Taylor, Tobias J. Klinge, Rodrigo Fernandez

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引用次数: 5

Abstract

Abstract Real estate investment trusts (REITs) have been around since 1960 but have only become major players in housing markets in the last twenty years. The current and ongoing wave of residential REIT (R-REIT) expansion has attracted significant scholarly and broader public interest. This article examines how real estate, finance, and the state are configured in relation to each other through R-REITs. While much of the housing financialization literature has focused on the real estate/state axis of this relationship, we explore the underexamined connections between the real estate/finance axis and the finance/state axis of the real estate–finance–state triangle. We analyze the financial accounts of the world’s fifteen largest publicly traded R-REITs and R-REIT–like funds in the two largest markets: the United States and Germany. Our findings demonstrate how the ownership of R-REIT stock is remarkably homogeneous: the largest shareholders in each of the studied R-REITs are the three largest index exchange-traded funds, which are heavily backed by pension fund capital. For these investors, it is important that R-REITs provide a healthy return on investment at the lowest possible risk. The investors require the state, in its various guises, to guarantee attractive risk-adjusted returns on R-REITs investments. We identify six dimensions of state de-risking in this context, deepening our understanding of the role of the state in housing financialization. It is the state that creates the trust in real estate investment trusts, and it thus is what generates the investment in real estate investment trusts.

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在我们信任的房地产投资中：国家去风险与美国和德国上市住宅房地产投资信托的所有权

摘要房地产投资信托（REITs）自1960年以来一直存在，但在过去20年中才成为房地产市场的主要参与者。当前和持续的住宅房地产投资信托（R-REIT）扩张浪潮吸引了学术界和更广泛的公众兴趣。本文探讨了房地产、金融和国家是如何通过R-REITs相互配置的。虽然许多住房金融化文献都集中在这种关系的房地产/国家轴上，但我们探索了房地产-金融-国家三角中房地产/金融轴和金融/国家轴之间未经充分研究的联系。我们分析了世界上15个最大的公开交易R-REITs和R-REIT的金融账户，这两个市场是美国和德国。我们的研究结果表明，R-REIT股票的所有权是如何显著同质的：每一个研究的R-REIT的最大股东都是三大指数交易所交易基金，它们得到了养老基金资本的大力支持。对于这些投资者来说，重要的是R-REITs以尽可能低的风险提供健康的投资回报。投资者要求国家以各种形式保证R-REITs投资具有吸引力的风险调整回报。在此背景下，我们确定了国家去风险的六个维度，加深了我们对国家在住房金融化中作用的理解。正是国家创造了对房地产投资信托的信任，因此也产生了对房地产业投资信托的投资。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Geography Multiple-

CiteScore

9.70

自引率

2.90%

发文量

期刊介绍： Economic Geography is a peer-reviewed journal dedicated to publishing original research that advances the field of economic geography. Their goal is to publish high-quality studies that are both theoretically robust and grounded in empirical evidence, contributing to our understanding of the geographic factors and consequences of economic processes. It welcome submissions on a wide range of topics that provide primary evidence for significant theoretical interventions, offering key insights into important economic, social, development, and environmental issues. To ensure the highest quality publications, all submissions undergo a rigorous peer-review process with at least three external referees and an editor. Economic Geography has been owned by Clark University since 1925 and plays a central role in supporting the global activities of the field, providing publications and other forms of scholarly support. The journal is published five times a year in January, March, June, August, and November.