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Briefings in Real Estate Finance最新文献

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Mortgage-backed securities in Canada: the size of the market and prospects for the future 加拿大抵押贷款支持证券:市场规模和未来前景
Briefings in Real Estate Finance Pub Date : 2006-09-07 DOI: 10.1002/bref.133
Jane Londerville
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引用次数: 3
The complex interaction between real estate cap rates and interest rates 房地产上限利率和利率之间复杂的相互作用
Briefings in Real Estate Finance Pub Date : 2006-09-07 DOI: 10.1002/bref.132
Philip Conner, Youguo Liang
{"title":"The complex interaction between real estate cap rates and interest rates","authors":"Philip Conner,&nbsp;Youguo Liang","doi":"10.1002/bref.132","DOIUrl":"10.1002/bref.132","url":null,"abstract":"<p>Low interest rates have played a key role in the recent decline in cap rates over the last three years. Falling interest rates have allowed real estate investors to pay a premium for assets by using leverage to enhance returns. With cap rates near historic lows, and short-term interest rates likely to increase as the US Federal Reserve gradually raises rates, investors are concerned about the effects of higher interest rates on asset values.</p><p>It seems obvious that real estate cap rates and interest rates should be related. But the interaction between interest rates and real estate values is complicated. This paper looks at the recent trend in cap rates and uses duration, a concept used in the fixed-income market, to create a model for estimating the impact of higher interest rates on real estate values. Copyright © 2005 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.132","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90210882","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
Revenue recognition and real estate companies: a preliminary analysis 收入确认与房地产企业:初步分析
Briefings in Real Estate Finance Pub Date : 2006-09-07 DOI: 10.1002/bref.137
Timothy Eccles, Andrew Holt, Wesley Fell-Smith
{"title":"Revenue recognition and real estate companies: a preliminary analysis","authors":"Timothy Eccles,&nbsp;Andrew Holt,&nbsp;Wesley Fell-Smith","doi":"10.1002/bref.137","DOIUrl":"10.1002/bref.137","url":null,"abstract":"<p>This paper offers a theoretical overview of the nature of revenue recognition through a literature review and empirical research. This is a pilot study intended to highlight the importance of the issue to property companies and offer a basis for further work, currently being undertaken by the authors. Revenue recognition — the point at which a firm is entitled to claim that a profit has been made — is theoretically and empirically unclear. This lack of clarity has repercussions for the production and interpretation of financial accounts. Property has been particularly affected due to the requirements enforced on certain companies by the regulators to restate published accounts. Moreover, since certain property companies have a stock market capitalisation that is below their net asset value, they are susceptible to any concerns over the accuracy of their reported revenue and turnover. Copyright © 2005 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.137","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86185491","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Single-purpose entities in US real estate transactions: are they worth the hassle? 美国房地产交易中的单一目的实体:值得这么麻烦吗?
Briefings in Real Estate Finance Pub Date : 2006-09-07 DOI: 10.1002/bref.136
William C. Seligman
{"title":"Single-purpose entities in US real estate transactions: are they worth the hassle?","authors":"William C. Seligman","doi":"10.1002/bref.136","DOIUrl":"10.1002/bref.136","url":null,"abstract":"<p>Single-purpose entities are commonly required by lenders in commercial real estate financings in the USA. This paper will review the risks against which protection is sought through the single-purpose entity structure, the elements of a ‘single-purpose entity’ and a ‘bankruptcy-remote’ entity, common objections of owners and investors to using these structures, and some key holdings of US courts in this area. Copyright © 2005 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.136","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"104289214","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Institutional real estate investment opportunities in Shanghai 上海的机构房地产投资机会
Briefings in Real Estate Finance Pub Date : 2006-09-07 DOI: 10.1002/bref.134
Byron Zhao
{"title":"Institutional real estate investment opportunities in Shanghai","authors":"Byron Zhao","doi":"10.1002/bref.134","DOIUrl":"10.1002/bref.134","url":null,"abstract":"<p>The purpose of this paper is to provide an overview of Shanghai's real estate market and potential opportunities for new foreign entrants. The paper highlights practical principles for institutional investors seeking quick adaptation to an unfamiliar, fast-growing and potentially rewarding market environment. Copyright © 2005 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.134","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74326626","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Analysis of international joint ventures within real estate investment trusts 房地产投资信托公司内部的国际合资企业分析
Briefings in Real Estate Finance Pub Date : 2006-09-07 DOI: 10.1002/bref.135
Ryan Crumley, Donna K. Fisher
{"title":"Analysis of international joint ventures within real estate investment trusts","authors":"Ryan Crumley,&nbsp;Donna K. Fisher","doi":"10.1002/bref.135","DOIUrl":"10.1002/bref.135","url":null,"abstract":"<p>This paper examines international joint ventures (IJVs) by Real Estate Investment Trusts (REITs). Numerous papers have been published regarding international investments as a tool for diversification; however, the real estate industry has not experienced such research. Few researchers have studied the impact of IJVs on the real estate industry and, as a result, it is the authors' hope that this paper becomes a stimulus for further research in this field.</p><p>The paper highlights recent IJVs within the real estate industry, including CBL &amp; Associates Properties, Inc.'s JV with Galileo American REIT; Developers Diversified Realty Corporation's JV with Macquarie Bank of Australia; ProLogis' JV with Macquarie Bank of Australia; and Great White Shark Enterprises' JV with Macquarie Bank of Australia. The authors have focused their efforts on foreign investors acquiring US-based properties. The IJVs examined in this study appeared to be motivated by the foreign investors' desire to invest in US property. In this regard, foreign investors perceive US investments to be associated with less political and economic risk.</p><p>Several characteristics emerge from the IJVs studied; specifically, IJVs present unique opportunities for global expansion for US firms otherwise prohibited by foreign governments. Further, IJVs allow firms to obtain additional capital resources. In most cases, IJVs are time consuming and messy to design. IJVs are unstable arrangements with, more than likely, one firm seeking to dissolve the arrangement in no more than five years. IJVs generally follow a very structured plan that includes opportunity assessment, evaluation, design and implementation. Copyright © 2005 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.135","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84260823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Is it time for pan-European, open-end real estate funds? 现在是泛欧开放式房地产基金的时候了吗?
Briefings in Real Estate Finance Pub Date : 2006-08-14 DOI: 10.1002/bref.8
David Skinner, David Bradford
{"title":"Is it time for pan-European, open-end real estate funds?","authors":"David Skinner,&nbsp;David Bradford","doi":"10.1002/bref.8","DOIUrl":"10.1002/bref.8","url":null,"abstract":"<p>Recent changes in Europe's real estate market will probably help open-end funds become more broadly accepted for pan-European investment. These changes include greater awareness of the benefits of such structures, the growing appetite of institutional investors for a strategic exposure to non-domestic real estate and the globalization of the investment management industry. Copyright © 2005 John Wiley &amp; Sons, Ltd.</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.8","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72646963","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Interview with Jacques Gordon† 采访雅克·戈登
Briefings in Real Estate Finance Pub Date : 2006-07-10 DOI: 10.1002/bref.46
Dr Stephen E. Roulac
{"title":"Interview with Jacques Gordon†","authors":"Dr Stephen E. Roulac","doi":"10.1002/bref.46","DOIUrl":"10.1002/bref.46","url":null,"abstract":"","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.46","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73869344","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The economic outlook after the terrorist attacks in the USA 美国恐怖袭击后的经济前景
Briefings in Real Estate Finance Pub Date : 2006-07-10 DOI: 10.1002/bref.36
Dr Lucy O'Carroll, Natalie Dempster
{"title":"The economic outlook after the terrorist attacks in the USA","authors":"Dr Lucy O'Carroll,&nbsp;Natalie Dempster","doi":"10.1002/bref.36","DOIUrl":"10.1002/bref.36","url":null,"abstract":"<p>Uncertainty and weakness were the prevailing themes for the global economy, even before the events of 11th September. The terrorist attacks on the USA have further clouded the global economic outlook. The authors remain hopeful that a UK recession can be avoided, however, the economic situation may change in response to the nature of the USA's military engagement. Copyright © 2001 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.36","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77743294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Investment fund vehicles for pan-European real estate: a technical and commercial review 泛欧房地产投资基金工具:技术与商业回顾
Briefings in Real Estate Finance Pub Date : 2006-07-10 DOI: 10.1002/bref.77
David Brown
{"title":"Investment fund vehicles for pan-European real estate: a technical and commercial review","authors":"David Brown","doi":"10.1002/bref.77","DOIUrl":"10.1002/bref.77","url":null,"abstract":"<p>The aim of this paper is to provide a technical and commercial review of pan-European real estate investment fund vehicles, including a summary of their evolution to date, who their promoters and managers are, where the capital comes from and what type of real estate are they investing in. It goes on to provide detailed guidance on commercial aspects relevant in deciding on which type of investment vehicle to choose, the key attributes of the various vehicles and the specific regulatory and tax issues for major investor groups. The paper concludes by offering a view on progress towards future vehicles such as the ‘EuroREIT’. Copyright © 2003 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.77","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79430618","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
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