Thesis (doctoral)--Oestrich-Winkel, European Business School, 2007. / Includes bibliographic references (p. 139-149).

Thesis (Ph. D.)--University of Texas at Austin, 2006. / Vita. Includes bibliographical references.

This dissertation is structured as three essays on real estate investment trusts and financial markets. It addresses the financial performance and systematic risk of different REIT types, the information content of REIT bankruptcies, and the effect of recent tax law changes on the REIT industry.

Thesis (MBA)--Stellenbosch University, 2005. / ENGLISH ABSTRACT: This study explores the feasibility of establishing a diversified hotel property fund (DHPF) on the Johannesburg Stock Exchange. To be launched in 2005/2006, the proposed unit trust fund is made up of a diversified portfolio of hotels located throughout South Africa. Research suggests that Hotel Property Funds have traditionally been the most volatile of Real Estate Investment Trusts (REITs) with their share value largely dependent on hotel revenue. However, investing in HPFs and REITs have numerous advantages such as their stipulated 90% dividend-payout ratio, steady stream of cash flow and zero corporate income taxes. The Property Unit Trust sector in South Africa in 2003 realised annualised rates of returns of 39%, and furthermore, the economic outlook and hotel industry sector show promising signs with economic growth rates for 2004 and 2005 reaching 4% and 5% respectively. This study thus considers whether a hotel property fund will succeed in South Africa and what returns investors can expect. By drawing on empirical and primary research and lessons learnt from international best practices this ground-breaking report identifies and analyses key performance variables of HPFs and REITs and applies them to a South African context. These variables include; capital structure, investment strategy, risk and return, Net Asset Value (NA V) and initial public offerings (IPO's). The report establishes that there is no optimal capital structure for REITs and only when the market reacts to the issuance of debt can one tell if the REIT is favourably structured or not. Concerning investment strategy, investors are in general, often lured to a diversified portfolio, however this report suggests that there is no optimal strategy for investing in REITs. In addition, over a medium to long term, REIT performance is strong, while over the short term performance is varied impacting on investor strategy. In assessing risk and return it was concluded that including REIT shares in an already diversified portfolio, the maximum expected return for each given level of risk is increased, and the level of risk for each level of expected return is reduced. Furthennore, the performance of RElTs is not necessarily detennined by size or Net Asset Value and thus small and large REITs can offer investors similar returns. Finally, initial-day returns for industry lnitial Public Offerings (lPO's) easily outperfonn REIT lPO's. Similarly to RElTs, there are numerous advantages to Hotel REITs which include, unlocking and redeployment of capital, investment spread and risk reduction and the provision of synergies between counter cyclical performing properties. However, empirical research indicates that Hotel REITs prove to be the most volatile of REIT sectors. Hotel REITs differ enonnously from their parent group in terms of their revenue & earnings which are more diverse in source and are generated from short-tenn leases. As such. Hotel REITs are also considered to be more management intensive. As with REITs there is no evidence to suggest an optimal capital structure and with the envisaged 50% debt ratio, the DHPF could be considered to be following international best practices. Several drawbacks with Hotel REITs include the lowest dividend yield among all RElT sectors, high volatility in income earnings, sensitivity to upswings and downturns in the tourism market, large capital investments and fixed operating expenses for staff and infrastructure. However despite these obstacles and in answer to the research problem, the prospects of the DHPF succeeding in South Africa are very high indeed. The REIT and Hotel REIT markets have proved successful throughout major capital markets, providing investors with a multitude of benefits. South Africa's economic and tourism climate is very favourable. The Property Unit Trust (PUT) sector has performed immensely well and investors can expect a healthy return which, as shown, is considerably higher than other investments. Finally, the fund is being spearheaded by a high calibre DHPF management team, which is key to the listing and management of the fund. / AFRIKAANSE OPSOMMING: Hierdie studie ondersoek die moontlikheid om 'n Diverse Hotel Eiendomsfonds (DHEF) op die Johannesburgse Aandelebeurs te loods. Die huidige aanvangsfase sal in 2005/2006 wees, en sal bestaan uit 'n portfolio van verskillende hotelle wat reg oor Suid-Afrika versprei is. Die navorsing toon dat hoteleiendomsfondse tradisioneel die mees veranderlikste van die Eiendoms Beleggings Trusts (EBT) was en dat die aandeel waarde hoogs afhanklik is van die hotel se inkomste. Nieteenstaande, het investering in DHEFs en EBTs 'n verskeidenheid van voordele soos die voorgeskrewe 90% dividend uitbetalingspersentasie, 'n bestendige kontantvloei en geen korporatiewe inkomstebelasting nie. Die eiendomsbeleggingsfondse sektor in Suid-Afrika het gedurende 2003 'n jaarlikse groei van 39% getoon, en verder beloof die ekonomiese uitkyk in die hotel bedryf om tussen 4% en 5% gedurende 2004 en 2005 onderskeidelik te groei. Gegewe die inligting, is die vraag dus of 'n hoteleiendomsfonds sukses kan behaal in Suid-Afrika en watter opbrengs beleggers kan verwag. Deur na primere empiriese navorsing, sowel as lesse wat geleer is deur beste internasionale praktyke, te bestudeer, identifiseer hierdie verslag sleutel prestasie veranderlikes van EBTs en DHEFs plaas dit in konteks van Suid-Afrika. Hierdie veranderlikes sluit in: kapitaaistruktuur, beleggingsstrategie, risiko en terugkeer, Bruto Bate Waarde (Net Assest Value) (BBW) sowel as aanvanklike openbare aanbod (Initial Public Offering) (AOA). Daar is bevind dat daar geen optimale kapitaalstruktuur vir DHEFs bereken kan word nie. Verder word aangetoon dat daar slegs bepaal kan word of EBTs se struktuur voordelig is wanneer die mark reageer op nuwe skuld wat aangegaan is. Wat beleggingsstrategie betref, is beleggers oor die algemeen meer aangetrokke tot 'n diverse portefeulje van beleggings. Hierdie verslag bevind egter dat daar geen optimale strategie is om in EBTs te bele nie. Daar word verder bevind dat medium- tot langtermyn opbrengste goed vertoon, terwyl prestasie oor die korttermyn wisselvallig is wat gevolglik 'n invloed op beleggers se strategie het. In waardering van risiko en wins, is dit bepaal dat die insluiting van EBT aandele in 'n diverse portfeulje, die maksimum verwagte opbrengs vir elke vlak van risiko verhoog en dat die vlak van fisiko vir elke vlak van die verwagte opbrengs verlaag word. Verder is daar bevind dat die prestasie van EBTs nie noodwendig bepaal word deur batewaarde of -groote nie en klein EBTs kan beleggers vergelykende opbrengste bied. Eerstedag opbrengs vir industriele AOAs presteer beter as die van EBTs. Soortgelyk aan EBTs is daar verskeie voordele aan hotel EBTs wat die ontsluiting en herontplooiing van kapitaal, beleggingsverspreiding en risikoverlaging insluit. Empiriese navorsing dui aan dat hotel EBT's die mees onstabiele van die EBT sektor is. Hotel EBT's verskil wesenlik van ander EBTs in terme van opbrengs en verdienste wat meer divers is in oorsprong en gegenereer word deur korttermyn huurkontrakte. Hotel EBTs word ook gesien as meer bestuursintensief. Net soos met EBTs is daar geen bewyse dat daar 'n optimale kapitaalstruktuur bestaan nie en met die verwagte 50% skuld verhouding, volg DHEF wereldwye beste praktyk. Daar is verskeie nadele aan hotel EBTs, insluitend die laagste dividenduitkeer onder alle EBT sektore, hoe vlakke van onstabiliteit in verdienste, sensitiwiteit vir opswaai en afloop in die toerismemark, groot kapitaalbelegging en hoe vaste operasionele uitgawes op werknemers en infrastruktuur. Die gevolgtrekking is dat ten spyte van negatiewe faktore, die vooruitsig dat DHEF in Suid-Afrika sal slaag, hoog is. Die EBT en hotel EBT mark het bewys dat dit suksesvol is in talle ander groot kapitaalmarkte wat beleggers met 'n verskeidenheid van voordele kan voorsien. Suid-Afrika se ekonomiese- en toerismevooruitsig is baie positief. Die Eiendoms Eenheids Fonds (EEF) sektor het goed vertoon en beleggers kan 'n gesonde opbrengs verwag wat, soos aangedui word, aansienlik hoer is as ander beleggings. Die fonds word gedryf deur 'n hoe kaliber bestuurspan wat krities is tot die notering en die bestuur van fondse.

Research Report submitted for the Master of Science in Building in the field of Property Development and Management at the School of Construction Economics and Management, University of the Witwatersrand, 2016 / On the 4th of July 2013, the South African National Treasury introduced the Taxation Laws Amendment Bill. The purpose of the amendment bill was to introduce new anti-avoidance rules into the Income Tax Act No. 58 of 1962 (the Act) in order to reduce the formation of equity instruments that are falsely masked as debt instruments. The amendment bill contains sections 8F and 8FA which have unintended consequences for the real estate industry, more specifically for the unlisted real estate sector. The application of sections 8F and 8FA of the Taxation Laws Amendment Act, has been suggested to have a negative impact on the returns of unlisted real estate funds. The legislation appears to provide tax relief to real estate investment trusts (REITs) and this is perceived as grossly biased and discriminatory against unlisted real estate funds. The Investment Property Databank (IPD) South Africa estimates the unlisted real estate market in South Africa makes up 46% of the property market. When pension funds and banks, short term and long term insurers, private investors and government are included, the unlisted real estate market is possibly larger than the listed real estate market. Despite the numerous listings of real estate investment trusts South Africa has seen over the last ten years, the listed real estate market is still in its infancy stage and accounts for a very small percentage of the property market in South Africa. This indicates the important role unlisted real estate funds play in the South African property market. The purpose of this study is to find out whether the application of the tax legislation has had any effect on the performance of South African unlisted real estate funds. This study evaluates the investment performance of the unlisted real estate funds and real estate investment trusts (REITS) through the implementation of descriptive statistics, and the event study methodology to indicate whether there is a significant relationship in the returns of unlisted real estate funds and tax legislation. The study finds that tax legislation imposed on South African unlisted real estate funds has had no significant impact on the return performance of unlisted real estate funds. The study also finds that the returns of unlisted real estate funds are very competitive with the listed real estate returns listed on the Johannesburg Stock Exchange. / MT2017

A research report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in fulfilment of the requirements for the degree of Master of Science in Building (Property Development and Management), Johannesburg, 2017 / In 2013 new legislation was introduced allowing for the creation of a new listed property entity called a Real Estate Investment Trusts (REIT). Previously the listed property sector was dominated by two main types of property which were Property Unit Trusts (PUT) and Property Loan Stock Companies (PLS). The introduction of the REIT entity allowed existing listed property companies to convert to REIT status and for new companies to list on the Johannesburg Stock Exchange as REITs. The purpose of this study is to evaluate the impact of REIT implementation and the conversion of PLS and PUT to REIT status on shareholder wealth in South Africa. The study evaluates the change in shareholder wealth through the use of abnormal return calculations during events that led up to the implementation of REITs and conversion to REIT status. The findings show that implementation and conversion to REITs did not result in significant industry gains in shareholder wealth. The events leading to the implementation of REITs however showed positive abnormal returns out lining positive sentiments in the market. For the companies that converted to REIT status their shareholder wealth had negative performance returns. Immediate gains in shareholder wealth are not present. This indicating that the use of REITs as an investment will have to be monitored in the long term. / XL2018

Com o crescimento do mercado de fundos imobiliários nos últimos cinco anos, o objetivo desta pesquisa foi analisar a ocorrência ou não de desempenho anormal dos fundos de investimentos imobiliários do tipo renda, com relação ao mercado financeiro, e fazer a comparação do retorno de capital entre os fundos de investimentos imobiliários de renda com os imóveis comerciais convencionais e perceber se há correlação entre esses dois ativos. Para isso foram analisados dois períodos distintos, porém utilizando-se como metodologia as regressões pelo método dos mínimos quadrados ordinários. Na comparação dos fundos de investimentos imobiliários de renda com os imóveis comerciais, a análise foi realizada por trimestre, no período de 2000 a 2013, e foi possível perceber que não há correlação entre os dois ativos, ou seja, não são produtos substitutos, e que há sazonalidade de retorno de abril a maio para os FII de renda e de janeiro a março para os imóveis comerciais. Na análise de ocorrência ou não de desempenho anormal dos FII de renda, foram analisados os fundos nos períodos de 36, 24 e 12 meses, de janeiro de 2011 a dezembro de 2013, e conclui-se que nos resultados obtidos nos períodos de 36 e 24 meses há ocorrência de desempenho anormal, ou seja, retornos acima do mercado com resultados estatisticamente significativos e quando analisado o período de 12 meses não há ocorrência de desempenho anormal. Por meio da regressão dos alfas com as características das carteiras do fundo foi percebido que o patrimônio líquido e o volume de negociação interferem no retorno mensal dos fundos. / With the growth of the real estate fund market in the last five years, the objetive of this research was to analyze the occurrence or not of abnormal performance of real estate investment trusts of income with respect to the financial market type and make comparison of the return of capital between funds property investment income with conventional commercial property and realize the correlation between these two assets. For this two different periods were analyzed, but using as a methodology the regressions by the method of ordinary least squares. In the comparison of real estate investment funds with commercial income properties, the analysis was performed per quarter in the period from 2000 to 2013, and it is noted that there is no correlation between the two assets, ie, are not substitutes and that there seasonality return from April to May for FII income from January to March and for commercial properties. In the analysis of occurrence of abnormal performance of FII income, funds in periods of 36, 24 and 12 months, from January 2011 to December 2013 were analyzed and concluded that the results obtained in periods of 36 and 24 months ago occurrence of abnormal performance, ie, above-market returns with statistically significant results when analyzed and the period of 12 months, no occurrence of abnormal performance. By regression of alfas with the characteristics of the portfolios of the fund was realized that the equity and trading volume influences in the monthly return of funds.

This study explores the policy implications of Real estate Investment Trusts on urban restructuring and attempts to uncover if monitoring and evaluating mechanisms are needed. This issue is relevant to South Africa for competing globally and domestically for real estate investment. Furthermore it is relevant to South Africa given the potential impact of unregulated property development and the implications for the poor. The study also investigates the implications of REIT investing over all types of property types and implications for spatial policy proposals / Thesis (M.Dev.Studies)-University of KwaZulu-Natal, Durban, 2009

Thesis (doctoral)--Universiẗat Bayreuth, 2006. / Includes bibliographical references (p. 378-411).

Com o crescimento do mercado de fundos imobiliários nos últimos cinco anos, o objetivo desta pesquisa foi analisar a ocorrência ou não de desempenho anormal dos fundos de investimentos imobiliários do tipo renda, com relação ao mercado financeiro, e fazer a comparação do retorno de capital entre os fundos de investimentos imobiliários de renda com os imóveis comerciais convencionais e perceber se há correlação entre esses dois ativos. Para isso foram analisados dois períodos distintos, porém utilizando-se como metodologia as regressões pelo método dos mínimos quadrados ordinários. Na comparação dos fundos de investimentos imobiliários de renda com os imóveis comerciais, a análise foi realizada por trimestre, no período de 2000 a 2013, e foi possível perceber que não há correlação entre os dois ativos, ou seja, não são produtos substitutos, e que há sazonalidade de retorno de abril a maio para os FII de renda e de janeiro a março para os imóveis comerciais. Na análise de ocorrência ou não de desempenho anormal dos FII de renda, foram analisados os fundos nos períodos de 36, 24 e 12 meses, de janeiro de 2011 a dezembro de 2013, e conclui-se que nos resultados obtidos nos períodos de 36 e 24 meses há ocorrência de desempenho anormal, ou seja, retornos acima do mercado com resultados estatisticamente significativos e quando analisado o período de 12 meses não há ocorrência de desempenho anormal. Por meio da regressão dos alfas com as características das carteiras do fundo foi percebido que o patrimônio líquido e o volume de negociação interferem no retorno mensal dos fundos. / With the growth of the real estate fund market in the last five years, the objetive of this research was to analyze the occurrence or not of abnormal performance of real estate investment trusts of income with respect to the financial market type and make comparison of the return of capital between funds property investment income with conventional commercial property and realize the correlation between these two assets. For this two different periods were analyzed, but using as a methodology the regressions by the method of ordinary least squares. In the comparison of real estate investment funds with commercial income properties, the analysis was performed per quarter in the period from 2000 to 2013, and it is noted that there is no correlation between the two assets, ie, are not substitutes and that there seasonality return from April to May for FII income from January to March and for commercial properties. In the analysis of occurrence of abnormal performance of FII income, funds in periods of 36, 24 and 12 months, from January 2011 to December 2013 were analyzed and concluded that the results obtained in periods of 36 and 24 months ago occurrence of abnormal performance, ie, above-market returns with statistically significant results when analyzed and the period of 12 months, no occurrence of abnormal performance. By regression of alfas with the characteristics of the portfolios of the fund was realized that the equity and trading volume influences in the monthly return of funds.