Journal of Property Research最新文献_第5页

Key investors and their strategies in the expansion of European student housing investment 扩大欧洲学生住房投资的主要投资者及其策略

IF 1.9

Journal of Property Research Pub Date : 2021-10-29 DOI: 10.1080/09599916.2021.1993315

Danielle Sanderson, S. Özogul

{"title":"Key investors and their strategies in the expansion of European student housing investment","authors":"Danielle Sanderson, S. Özogul","doi":"10.1080/09599916.2021.1993315","DOIUrl":"https://doi.org/10.1080/09599916.2021.1993315","url":null,"abstract":"ABSTRACT The aim of this paper is to understand the expansion process of investment into Purpose Built Student Accommodation (PBSA) in Europe by examining transformations in student housing investment landscapes and uncovering the profiles and strategies of key investors between 2010 and 2020. Using data from Real Capital Analytics, trends in capital structures and profiles of PBSA investors are identified. Investors driving these trends are scrutinised in terms of their investment timelines, locations, hold periods and strategies of portfolio diversification. Furthermore, in-depth interviews with property analysts, PBSA investors, and developers substantiate the quantitative analysis. The empirical results show that Private Equity entered the European PBSA market, starting with the UK, when the yield premium post-GFC justified the perceived risk. Equity funds typically hold their portfolios for around five years and trade counter-cyclically with institutions such as pension funds. PBSA specialists, mainly REITs, have accumulated substantial portfolios, and the REIT structure is well-suited to the steady income which student rents should provide, but their lack of diversification leaves them vulnerable to changes in student demographics and accommodation requirements.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":"39 1","pages":"170 - 196"},"PeriodicalIF":1.9,"publicationDate":"2021-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43411874","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

The impact of real estate allocation on investors’ ability to generate real income 房地产配置对投资者产生实际收入能力的影响

IF 1.9

Journal of Property Research Pub Date : 2021-08-26 DOI: 10.1080/09599916.2021.1968017

Randy I. Anderson, Eli Beracha, Spencer Propper

{"title":"The impact of real estate allocation on investors’ ability to generate real income","authors":"Randy I. Anderson, Eli Beracha, Spencer Propper","doi":"10.1080/09599916.2021.1968017","DOIUrl":"https://doi.org/10.1080/09599916.2021.1968017","url":null,"abstract":"ABSTRACT Endowments, wealthy families and retired individuals are often concerned, first and foremost, about preserving their wealth or avoiding the possibility of depleted funds during their lifetime. This paper examines the extent to which a variety of real estate asset types, in addition to a traditional stocks and bonds allocation, can help preserve wealth or avoid a financial shortfall event subject to periodic withdrawals over an extended time period. Using a Monte Carlo Simulation technique, we analyse the resiliency of eight different real estate investment vehicles as a rule of thumb of a 4% annual withdrawal. Our results show that some – in most cases meaningful – portfolio allocation to each of these investment vehicles reduces the chance of a financial shortfall over long-term horizons of 30 or 50 years. Similarly, when wealth preservation is desired, allocation to each of these investment vehicles increases investors’ wealth preservation probability. Overall, it appears that equity REITs provide the greatest benefit to the portfolio compared with other real estate investment vehicles. These findings support portfolio allocation into real estate vehicles for investors that seek to preserve wealth or avoid financial ruin.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":"39 1","pages":"120 - 147"},"PeriodicalIF":1.9,"publicationDate":"2021-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47109979","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

Are former commercial farmers in Zimbabwe satisfied with the global compensation agreement? 津巴布韦的前商业农民对全球补偿协议满意吗?

IF 1.9

Journal of Property Research Pub Date : 2021-08-17 DOI: 10.1080/09599916.2021.1965644

Benita Zulch, Joseph Awoamim Yacim, P. Paradza

{"title":"Are former commercial farmers in Zimbabwe satisfied with the global compensation agreement?","authors":"Benita Zulch, Joseph Awoamim Yacim, P. Paradza","doi":"10.1080/09599916.2021.1965644","DOIUrl":"https://doi.org/10.1080/09599916.2021.1965644","url":null,"abstract":"ABSTRACT Zimbabwe’s new administration indicated its willingness to end the compensation dispute, which lasted for two decades with former commercial farmers (FCFs), by signing the global compensation agreement (GCA). In the agreement, the Government of Zimbabwe (GoZ) offered to pay the sum of 3.5 billion, United States Dollars (USD) to the FCFs for their expropriated farmlands. A study carried out by the Valuation Consortium (Valcon) before the GCA signing revealed that most of the FCFs accepted the compensation offered by the expropriating authority. Thus far, no study has been done to assess the level of satisfaction of the affected FCFs, with the GCA provisions. Therefore, this study evaluated the views of FCFs and members of the Compensation Committee (MsCC) on this subject. Data were collected through a questionnaire survey which was mailed directly to the Chairperson of the FCFs, who sent it to other members to respond to issues raised. The study found mixed views by the FCFs on their levels of satisfaction with the GCA. Thus, the study concluded that compensation offered was not entirely satisfactory because it did not include accruals for delayed payment, professional fees, and a detailed breakdown of the compensable heads of claim.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":"39 1","pages":"97 - 119"},"PeriodicalIF":1.9,"publicationDate":"2021-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45454639","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

The revival of private residential landlordism in Britain through the prism of changing returns 从回报变化的棱镜看英国私人住宅土地制度的复兴

IF 1.9

Journal of Property Research Pub Date : 2021-07-27 DOI: 10.1080/09599916.2021.1962951

Colin Jones, Abdulkader Mostafa

{"title":"The revival of private residential landlordism in Britain through the prism of changing returns","authors":"Colin Jones, Abdulkader Mostafa","doi":"10.1080/09599916.2021.1962951","DOIUrl":"https://doi.org/10.1080/09599916.2021.1962951","url":null,"abstract":"ABSTRACT Unlike many other countries, Britain had a weak private rented sector (PRS) in decline for most of the twentieth century. A revival began from the turn of the millennium. The platform for this rebirth was the removal of regulation and the arrival of buy to let (BTL) mortgages for individuals at competitive interest rates. The dynamic and rapid development of the PRS cannot be understood in isolation to the financial rewards that the sector was offering to its investors. This paper calculates the internal rate of return (IRR) from investing in BTL, since its inception in 1996. It uses a financial model to simulate average BTL purchases in eleven regions, investing in every year over the period from 1996 to 2015. The paper finds strong evidence that the early spectacular growth in the BTL market was stimulated and sustained by very attractive perceived rewards. Over the entire analysis period from 1996 to 2015, investors have attained an average IRR of 12%, compared to 5.8% from the stock market. The paper also finds that recent unfavourable tax changes lower the returns, but that the sector will continue to offer a much higher return than that offered by the equity market.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":"39 1","pages":"56 - 76"},"PeriodicalIF":1.9,"publicationDate":"2021-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45209052","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

Conceptualising valuation quality in practice: a valuer perspective 估价质量在实践中的概念化:一个估价师的视角

IF 1.9

Journal of Property Research Pub Date : 2021-05-27 DOI: 10.1080/09599916.2021.1930108

Abdul-Rasheed Amidu, D. Levy, Muhammed Bolomope

{"title":"Conceptualising valuation quality in practice: a valuer perspective","authors":"Abdul-Rasheed Amidu, D. Levy, Muhammed Bolomope","doi":"10.1080/09599916.2021.1930108","DOIUrl":"https://doi.org/10.1080/09599916.2021.1930108","url":null,"abstract":"ABSTRACT Valuation quality is a complex, multifaceted construct deeply embedded within curriculum and the standards documents of property valuation professional practice, yet explicit discussion of how the concept is currently understood and approached within the valuation process is lacking in literature. The aim of this study is to contribute to the interpretation of valuation quality by exploring how it is conceptualised from the perspective of valuers in practice. Drawing on 19 semi-structured, in-depth interviews, the study explores the experiences of practising valuers, active in the cities of Auckland and Wellington, New Zealand. The findings provide insights into four important quality indicators: professionalism; effective and customised communication; reporting accuracy; and compliance obligations, which accommodate the practical meaning of valuation quality and enable a nuanced understanding of the various behaviours or acts (e.g., production of readable report and telling a clear story of process) and objects (e.g., aesthetic, collaborations and standards) that firms and individuals create and rely on to produce quality in practice. These insights can provide the basis for a robust description of valuers’ expectation and the development of a framework for valuation quality to enhance valuer training and professional development. Future research should focused on how these quality indicators match up to the client’s expectations.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":"38 1","pages":"213 - 237"},"PeriodicalIF":1.9,"publicationDate":"2021-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09599916.2021.1930108","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47704851","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

Hume’s guillotine - the ‘is-ought’ problem in property valuation theory 休谟的断头台——房地产估价理论中的“应该是”问题

IF 1.9

Journal of Property Research Pub Date : 2021-04-25 DOI: 10.1080/09599916.2021.1918222

M. Mooya

引用次数: 0

Modelling sustainable rents for estimation of long-term or fundamental values of commercial real estate 模拟可持续租金，以估计商业地产的长期或基本价值

IF 1.9

Journal of Property Research Pub Date : 2021-04-22 DOI: 10.1080/09599916.2021.1913441

N. Crosby, Steven Devaney, C. Lizieri, Nick Mansley

{"title":"Modelling sustainable rents for estimation of long-term or fundamental values of commercial real estate","authors":"N. Crosby, Steven Devaney, C. Lizieri, Nick Mansley","doi":"10.1080/09599916.2021.1913441","DOIUrl":"https://doi.org/10.1080/09599916.2021.1913441","url":null,"abstract":"ABSTRACT Commercial real estate occupier markets are analysed in the context of the debate over the role of real estate lending in financial stability and the search for long-term valuation methods to complement market value estimations. Models of sustainable rent, including a long-term trend model and an econometric equilibrium rent model, are tested to examine whether they provide early warning of upcoming corrections in real rental values. Models were estimated using rental value data for the UK and predictions of corrections from the mid-1980s through to 2018/9 and were then compared against actual real rental growth. The models were successful in identifying the occupier market crash of the 1990s and the more muted downturn of the early 2000s, but were less successful at predicting the falls in real rental value that followed the GFC in 2008/9. There is a late reaction to this downturn in estimates from the econometric model, while other approaches struggled to identify it at all. Econometric modelling of sustainable rental values is the recommended approach and could be used in conjunction with a model of sustainable cap rates to develop long-term valuations. This would aid lending decisions and provide evidence for regulators of cyclical movements in CRE markets. For the UK, there are data issues related to this recommendation, especially concerning stock data.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":"39 1","pages":"30 - 55"},"PeriodicalIF":1.9,"publicationDate":"2021-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09599916.2021.1913441","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48403734","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

Predicting owner-occupied housing values using machine learning: an empirical investigation of California census tracts data 使用机器学习预测自有住房价值:对加州人口普查区数据的实证调查

IF 1.9

Journal of Property Research Pub Date : 2021-04-13 DOI: 10.1080/09599916.2021.1890187

Prodosh E. Simlai

引用次数: 2

Asymmetric political attention across foreign and domestic private equity real estate investors 国内外私募股权房地产投资者的政治关注不对称

IF 1.9

Journal of Property Research Pub Date : 2021-04-08 DOI: 10.1080/09599916.2021.1906732

A. Gupta, P. Das

引用次数: 2

Do REIT investors care? An investigation into the market response to the public release of SEC comment letter correspondences REIT投资者关心吗？对美国证券交易委员会公开发布评论信函的市场反应的调查

IF 1.9

Journal of Property Research Pub Date : 2021-04-06 DOI: 10.1080/09599916.2021.1903067

Liesa Schrand, J. Freybote, Wolfgang Schaefers

{"title":"Do REIT investors care? An investigation into the market response to the public release of SEC comment letter correspondences","authors":"Liesa Schrand, J. Freybote, Wolfgang Schaefers","doi":"10.1080/09599916.2021.1903067","DOIUrl":"https://doi.org/10.1080/09599916.2021.1903067","url":null,"abstract":"ABSTRACT The Securities and Exchange Commission (SEC) in the US reviews REIT financial statements at least every three years. In these reviews, it adopts the perspective of an investor in evaluating the disclosure of REITs and asks questions an investor would ask. If any disclosure deficiencies are identified, the SEC sends a comment letter to the REIT requesting clarification, more discussion or corrections/improvements in future filings. We investigate the response of REIT investors to the public release of comment letter correspondences between the SEC and publicly traded equity REITs as well as the impact of different types of SEC comments on this response. Using a sample of 395 comment letter correspondences for annual reports (10-Ks) over the period of 2006 to 2019, we find a negative stock market response. Business-related SEC comments are most important in explaining the market response, but only for less transparent REITs. Our results suggest that SEC comment letters may improve the information environment for certain types of REITs by providing new information relevant to forecasting future cash flows and/or signalling information about a REIT’s reporting quality.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":"38 1","pages":"263 - 285"},"PeriodicalIF":1.9,"publicationDate":"2021-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09599916.2021.1903067","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47599301","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