As real estate investment trusts continue to grow exponentially in Asia and Europe – being already well established in the USA and Australasia – a comprehensive guide to the issues involved in REIT property investment decision making is badly needed. This book draws together the most recent developments in REIT management from academic research and professional practice. It is based on current, original academic research, including structured interviews with the managers of a wide range of different types of REITs as well as the research and publications of others, together with the authors 25 years experience in REIT management. It provides a theoretically robust and practically relevant up to date guide to the property investment decision making process for REITs. Presenting new insights, the author breaks the REIT property investment decision making process down into three phases, each comprising six stages with 30 sequential steps. Each chapter focuses on one stage of the property investment decision making process and introduces the key people in the REIT management team relevant to the activities in that chapter. The theory and principles are considered and illustrated by application to Super REIT, a $15bn diversified REIT. Global Real Estate Investment Trusts: People, Process and Management fuses not only how REITs should undertake property investment decision making – based on how it is undertaken and the underlying property theory, capital market theory and finance theory – but also why each part of the decision making process is important. This book provides the first sole-authored scholarly work specifically on REITs as a business enterprise and REIT property investment decision making as an holistic and cyclical process. The focus is on principles, making it relevant in each of the four major REIT markets around the world: USA, Europe, Asia and Australasia. An essential book for REIT managers and all those practising professionals involved in the REIT industry – including property practitioners, researchers, lawyers, accountants, bankers and directors around the world.
Book Details:
- Author: David Parker
- ISBN: 9781118256558
- Year Published: 2012
- Pages: 328
- BISAC: BUS054000, BUSINESS & ECONOMICS/Real Estate / General
About the Book and Topic:
As real estate investment trusts continue to grow exponentially in Asia and Europe – being already well established in the USA and Australasia – a comprehensive guide to the issues involved in REIT property investment decision making is badly needed. This book draws together the most recent developments in REIT management from academic research and professional practice. It is based on current, original academic research, including structured interviews with the managers of a wide range of different types of REITs as well as the research and publications of others, together with the authors 25 years experience in REIT management. It provides a theoretically robust and practically relevant up to date guide to the property investment decision making process for REITs. Presenting new insights, the author breaks the REIT property investment decision making process down into three phases, each comprising six stages with 30 sequential steps. Each chapter focuses on one stage of the property investment decision making process and introduces the key people in the REIT management team relevant to the activities in that chapter. The theory and principles are considered and illustrated by application to Super REIT, a $15bn diversified REIT. Global Real Estate Investment Trusts: People, Process and Management fuses not only how REITs should undertake property investment decision making – based on how it is undertaken and the underlying property theory, capital market theory and finance theory – but also why each part of the decision making process is important. This book provides the first sole-authored scholarly work specifically on REITs as a business enterprise and REIT property investment decision making as an holistic and cyclical process. The focus is on principles, making it relevant in each of the four major REIT markets around the world: USA, Europe, Asia and Australasia. An essential book for REIT managers and all those practising professionals involved in the REIT industry – including property practitioners, researchers, lawyers, accountants, bankers and directors around the world.
Real Estate Investment Trusts (REITs) are tax effective vehicles listed on the stock exchange which own, manage and develop income-producing property including office towers, shopping malls and logistics, warehouse and industrial estates. REITs are well established in the USA, Australasia, numerous Asian countries and an increasing number of European countries, having a worldwide market capitalisation of around US$1 trillion. Despite the size of the REIT sector globally, remarkably little research has been undertaken into how REITs make property investment decisions. Even after the introduction of international financial reporting standards globally and country specific legislation like Sarbannes Oxley, the shameful stock market performance of some REITs during the Global Financial Crisis suggests a need for clear guidance on global best practice in REIT property investment decision making.
· Detailed analysis of the REIT property investment decision making process · Clearly identified principles capable of application in the REIT industry worldwide Holistic approach, looking at people as well as operational process
About the Author
Professor of Property, University of South Australia Acting Commissioner, NSW Land and Environment Court REIT Director, Adviser, Author and Expert Witness Professor David Parker is an internationally recognised property industry expert on both the theory and practice of REITs, and a highly regarded property academic, being a director and adviser to property investment groups including listed real estate investment trusts, unlisted funds and private property businesses (www.davidparker.com.au). Professor Parker is currently the inaugural Professor of Property at the University of South Australia, an Adjunct Professor of Property at the University of Queensland, a Visiting Fellow at the University of Ulster and an Acting Commissioner of the Land and Environment Court of New South Wales. With over 25 years experience in all aspects of property fund management, portfolio management, asset management and property management as well as in property valuation, Professor Parker previously held senior executive positions with Schroders Property Fund and ANZ Funds Management. Professor Parker consults widely to REITs and property funds, having developed Clarity, a proprietorial research based property investment decision making process linking corporate vision to individual property assets. Holding BSc, MComm, MBA and PhD degrees, Professor Parker is a Fellow of the RICS, the Australian Institute of Company Directors, the Australian Property Institute, the Australian Institute of Management and the Financial Services Institute of Australasia. He is a member of the Society of Property Researchers, the American Real Estate and Urban Economics Association and the European, American and Pacific Rim Real Estate Societies. The author of numerous papers published in academic and industry journals, Professor Parker is a regular conference presenter around the world and Editorial Board Member for the highly ranked Journal of Property Research, the Pacific Rim Property Research Journal and Property Management.