Thesis (D.P.A.)--University of Georgia, 1989. / Includes bibliographical references (leaves 253-271).

Thesis (Ph.D.)--Victoria University (Melbourne, Vic.), 2008.

Orientador: Ana Cristina de Almeida Fernandes / Tese (doutorado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-09T20:40:26Z (GMT). No. of bitstreams: 1 Paiva_ClaudioCesarde_D.pdf: 2445606 bytes, checksum: da58d334e0a46171fd606cf21c316b2e (MD5) Previous issue date: 2007 / Resumo: A problemática fundamental da tese é compreender, a partir de incursões teóricas e empíricas, a estreita imbricação entre o capital financeiro e o capital imobiliário, que procuram interagir de maneira sistêmica para potencializar a acumulação de capital. Desta maneira, será possível realizar uma reflexão teórica não somente acerca das articulações e conflitos existentes entre os agentes que participam do processo de apropriação do espaço urbano, mas, sobretudo, compreender a força do capital financeiro imobiliário no capitalismo contemporâneo. Não obstante, procura-se enfatizar em diversos momentos do trabalho que não se trata de uma relação recente entre essas duas frações do capital, mas de uma relação que adquire contornos diferenciados no capitalismo contemporâneo, onde o padrão de acumulação está baseado predominantemente na financeirização. Num contexto em que o setor imobiliário emerge como alvo privilegiado do investimento realizado por grandes investidores institucionais e por instituições financeiras bancárias e não-bancárias, o capital financeiro imobiliário surge como resultado de uma busca incessante para ¿revolucionar¿ as formas de acumulação de capital, decorrentes da exploração de ativos imobiliários. Para tanto, um conjunto de inovações financeiras são implementadas, por meio de novos instrumentos e novas formas de atuação do capital imobiliário, no sentido de reduzir as barreiras aos investimentos em ativos imobiliários e maximizar os lucros provenientes do mercado imobiliário. Com isso, uma sagrada trindade se estabelece entre o capital financeiro, as inovações financeiras e o capital imobiliário. A emergência do capital financeiro imobiliário torna-se um elemento chave para compreender a dinâmica da economia contemporânea, em virtude de sua capacidade de participar ativamente do processo de acumulação e de sincronizar seu poder destrutivo, quando se torna um turbilhão especulativo. Essa última dimensão do capital imobiliário se tornou bastante evidente com a crise econômica desencadeada pelo estouro da bolha imobiliária no Japão no início da década de 1990 / Abstract:The main issue to be dealt with in this thesis is realizing, by means of empirical and theoretical findings, what is the tight bond between financial capital and real estate capital, which interact in a systematic way so that capital accumulation becomes more powerful. By doing so it will be possible to build up a theoretical reflection ¿ not only on the connections and conflicts between the agents who take part in the process of urban spaces appropriation, but, above all ¿ to understand the power of real estate financial capital in contemporary capitalism. However, it is strongly emphasized throughout the text that this doesn¿t mean there is just a relation between these two fractions of capital; instead, it is shown that they combine themselves into a relation which acquires specific features of nowadays capitalistic system, whose capital accumulation standard remains mainly based on financialization. Within a context in which real estate economic sector becomes the primary target of investment brought about by large institutional investors and by banking or non-banking institutions, real estate financial capital rises as a result of a non-stopping search for ¿revolutionizing¿ capital accumulation forms, through the exploitation of real estate assets. To make it possible, a whole collection of financial innovations are implemented, by means of new instruments and new ways of performing real estate capital accumulation; these new paths mean lowering the regulation regarding investment on real estate assets and maximizing real estate market profits. A holy trinity rises as an outcome of this process: financial capital related to financial innovations and real estate capital. The emergence of real estate financial capital becomes a key-element for understanding the dynamics of contemporary economics, due to its power of commanding the dynamics of capital accumulation process and synchronizing its destructive power, whenever it turns into a speculative spiral. This last particular aspect of real estate capital has become quite evident after the economic crisis set off by the blowing of a real estate speculative bubble in Japan, in the beginning of the 1990¿s / Doutorado / Desenvolvimento Economico, Espaço e Meio Ambiente / Doutor em Desenvolvimento Economico

The primary purpose of this study was to determine the impact of the Tax Reform Act of 1976, the Revenues Act of 1978, and other potential reform measures on investments in typical real estate syndication activities.

Verskeie faktore, finansieel en nie-finansieel, kan die opbrengs op winkelsentrum-beleggings beïnvloed. Hierdie faktore is egter nie almal ewe belangrik nie. Sommige, byvoorbeeld die huurdersamestelling, kan ‘n wesenlike impak op die finansiële resultate hê. Ander faktore is onbeheerbaar, byvoorbeeld die inflasiekoers. Die bestuur en bestuursagente van winkelsentrums het bepaalde doelwitte wat hulle moet bereik. In die geval van ‘n kommersiële eiendom soos ‘n winkelsentrum is dit heelwaarskynlik maksimering van die markwaarde (toekomstige kontantvloeie). Ten einde die gestelde doelwitte te bereik, moet die bestuur: • weet watter faktore die opbrengs van die winkelsentrum kan beïnvloed • beheerbare, halfbeheerbare en onbeheerbare faktore kan identifiseer • dié faktore wat die grootste impak op opbrengs kan hê, kan identifiseer • bewus wees van die verwantskap tussen die verskillende faktore ‘n Lys van 133 subfaktore wat die opbrengs op winkelsentrums kan beïnvloed is geïdentifiseer. Hierdie fakore is in die volgende vyf hoofkategorieë ingedeel: • ligging • ekonomiese omstandighede • bestuursstrategie • huurderverwante aangeleenthede • verbruikersverwante aangeleenthede Hierdie raamwerk dui aan watter faktore die opbrengs van winkelsentrums kan beïnvloed, hoe belangrik elke faktor is, en in watter mate die faktore beheerbaar is al dan nie. / Prof. A. Boessenkool

The established trend of increasing raw land values, combined with a forecast of this pattern to continue, is both reinforcing and perpetuating general opinions with respect to the causes of the unit price increase of raw land. Specifically, the stigma attached to the term "land speculation" is rapidly increasing. The existence of these circumstances makes it imperative to identify the motives initiating 'speculative activity' involving undeveloped land in order to either substantiate the basis for the growing criticism of so-called "speculators" or disprove, with empirical evidence, the concepts on which the misconceptions of speculation and the resulting criticism are founded. Consequently, following a general discussion of existing attitudes toward land in North America and the presumed effects of land speculation, this study attempts to establish empirically to what extent speculation in undeveloped land exists in the City of Kamloops, its causes and actual effects on the unit price of raw land. The study incorporates in its framework an extensive review of existing related literature under the general heading of "Land Speculation - A General Discussion". The purpose of this section of the study (Chapter II) is to identify and summarize varied observations documented by several authors who have both supported and rejected basic misconceptions with respect to land speculators. In addition, Chapter II provides a useful basis for comparing the personal observations of reviewed authors with the subsequent actual results of the analysis. The primary objective of the study is to measure the changes in raw land values from 1949-1970 in the City of Kamloops, and to rationalize these changes in terms of market behaviour. The approach used in an effort to achieve this objective is a time series analysis to isolate the causes contributing to changes in raw land values and as a result recreate the market behaviour of raw land sales in the intertemporary period. The subject of the analysis and primary source of data, is the City of Kamloops, exclusive of the unincorporated districts contiguous to the City's boundaries. Due to the economic substitutability of land use, it would have been more desirable to include the contiguous unincorporated areas; however, this was impossible as the required data was unavailable. The sales data is derived from a sample of 620 properties representing ten percent of the total population of legally defined parcels. The sample was obtained by extending two rays to the City's perimeter from a predetermined origin. The origin was chosen after completing an analysis of demographic and land use data in order to establish the most appropriate areas for the study. A third line was extended across the area which presently reflects the greatest concentration of new residential growth. The information requirements for each sample parcel, acquired from Land Registry Titles and Assessment Cards, were designed to reflect the type and number of bona fide transactions, price trends, land turnover rates, holding time, and pattern of development in each sample area from 1949-1970. It is important to note that the data input derived for Sample X (North Kamloops) is representative of an area which developed almost completely in the absence of subdivision controls while, in comparison, the data collected for Sample W (Sa-Hali) conversely represents an area which is presently developing under rigid municipal control. The importance of this factor is reemphasized in the analysis of the data and ensuing conclusions. It should also be noted in this connection that when the sample areas were chosen the researchers were unaware of the areas where development controls have been legislated and this factor did not prejudice the extensive data collection process. The significant areas of investigation directly relate to a widely quoted definition of the concept of speculation stating that land speculation is "the holding of land out of use pending its sale at a higher price". Comprehensive data indicates generally for the City of Kamloops whether land is being held off the market and if so by whom and for what holding periods. It also establishes a pattern of growth, price trends for residential lots, and relates to what degree accessibility dictates a pattern of growth. The analysis strongly supports a general conclusion that, in the historical growth of Kamloops excessive speculation in undeveloped land, either as previously defined or conversely represented by a premature conversion to a higher use, has occurred predominantly in the absence of legislated subdivision controls resulting in inferior subdivisions and urban sprawl. That is, speculation in itself has only been detrimental to the raw land market in Kamloops in the absence of legislative controls available to the Civic government as empowered by the Municipal Act of British Columbia. / Business, Sauder School of / Real Estate Division / Graduate

The thesis is aimed to describe and approach the REIT practice that is, especially in the U. S. very enhanced. In the first part, general parameters of real estate investment trusts are introduced and understated in connection with the depiction of the advantages and disadvantages of this issue. In chronological sequence, the development and progress of the U. S. real estate market is approached. The thesis further undertakes the current subject of the global financial crisis with a special focus on the REIT involvement and the potential application of the new EU directive - AIFMD (Alternative Investment Fund Managers Directive). This directive is expected to harmonize the joint investments. The objective of the thesis is a detailed description and specification of REIT in selected developed countries (U. S., Western Europe, and Australia) followed by a comparation of these regimes and an analysis of the considerable real estate investment companies in the Czech Republic including the financial analysis of the public joint-stock companies. A development of Czech real estate market during the mortgage crisis is also depicted and a market forecast is prognosed. The thesis concludes potential restraints of the REIT legal introduction in the Czech Republic as this corporative type has not been lawfully validated there.

A research report submitted to the Faculty of Commerce, Law and Management, in partial fulfilment of the requirement for the degree of Master of Commerce, University of the Witwatersrand. / As the objective of investing is the maximization of wealth, it is imperative for investors to find instruments which will help them achieve their goal. A real estate investment trust can be a form of wealth maximization if an investor is knowledgeable about its long-term performance and the drivers of this performance. This study employed the use of panel regression models to isolate the performance of South African REITs, in order to compare the risk-adjusted returns of REIT segments over the long term and to identify the determinants of REIT risk-adjusted returns. Risk-adjusted performance ratios were used to measure return on real estate investment funds to conclude on the performance of SA REITs. The Sharpe ratio, Treynor index and Jensen’s Alpha were performance measures of 55 JSE-listed and delisted REITs over 18 years (2000 – 2017) thus incorporating 433 firm-years.The empirical evidence suggests that size, book-to-market, property asset intensity, dividend yield and real GDP growth influence the performance of South African real estate investment trusts and Hotel and Resort REITs as well as Retail REIT significantly underperformed the other REIT sectors, under the Sharpe ratio and Jensen’s Alpha. Furthermore, the REIT performance during the financial crisis outperformed their performance during the other market phases. / PH2020

This study offers an interpretive assessment of how a land feasibility acquisition analysis might be performed. A discussion of the process which was utilized in presenting a "data packet" of all relevant information for developing a proposed site is provided. Additionally, a discussion of possible development scenarios and several methods of valuation of the subject site was performed. Finally, an analysis and feasibility of the most likely development occurrence for the subject site is included. / Master of Architecture

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