Real Estate Investment Trusts in Europe

Sotelo, Ramón; McGreal, Stanley

doi:10.1007/978-3-642-36856-1

Cited by 4 publications

(10 citation statements)

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“…REITs permit small scale investors to gain access to larger, income producing real estate properties (PwC, 2013). This has made investment grade real estate assets liquid, allowing investors to move their money easily as they would a stock and giving REITs greater access to capital (Pachai, 2016).…”

Section: Real Estate Investment Trustsmentioning

confidence: 99%

“…In Canada, REITs do not conduct active business in a traditional sense but earn income from owning a real estate asset. REITs are primarily a tax creation, as the rules set out in the Canadian Income Tax Act permit REITs to avoid taxation at the corporate level so long as its taxable income is paid or becomes payable to its shareholders (Jones, 2007;Pachai, 2016;PwC, 2013) REITs are structured around the types of investments they make and the assets which they hold.…”

Section: Characteristics Of Reitsmentioning

confidence: 99%

“…Given that a REIT is primarily a tax creation, the regulations which govern its structure, role, and investment activity would fall under the Income Tax Act (Deloitte & Touche LLP, 2004;Pachai, 2016;PwC, 2013). Investors would be required to abide by all rules pertaining to the establishment of a mutual fund trust and all reporting and documentation requirements to qualify as a REIT.…”

Section: Federal Regulationsmentioning

confidence: 99%

“…A potential regulatory point which warrants some discussion pertains to how REITs earn income and how this could relate to development projects. REITs are required to earn income passively through activities such as rent/rental increases, tenant upgrades, property repairs, and sale of mature properties (Pachai, 2016). While this seemingly excludes the potential for any jointventure land development activities, REITs are permitted to engage in development activities so long as the properties are not intended for resale (Deloitte & Touche LLP, 2004;Pachai, 2016).…”

Section: Federal Regulationsmentioning

confidence: 99%

“…Activities which REITs can generate income from include rents, tenant upgrades, property rehabilitation, property sale, management improvements, and property development that is not for the purpose of resale. While REITs may engage in development activities with third parties, they cannot assume the traditional developer role of building with the primary intention of selling which speaks to the passive nature of their activities(Deloitte & Touche LLP, 2004;Pachai, 2016; PwC, 2013).…”

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confidence: 99%

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Creating Value: Using Social Purpose Real Estate Investment Trusts To Support Affordable Housing

Sgro¹

2022

Preprint

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A research investigation into the potential for the importation of American social-purpose Real Estate Investment Trust (REIT) models to encourage and support affordable rental housing in a Canada. This research is undertaken in order to examine alternative methods to overcome and address issues relating to affordable housing creation and availability in Canada and Ontario. This paper examines the following research question: “Could American models of social-purpose REITs be exported and implemented within a Canadian context?” Two American models, the Housing Partnership Equity Trust and the Community Development Trust are analyzed. This investigation includes a national and provincial-level geographic scope, with a focus on the Province of Ontario and the City of Toronto. This paper includes a background on housing affordability within Canada and Toronto. This is followed by a legal and legislative background on REITs in Canada and the United States. The analysis section includes a discussion examining the possibility for U.S social-purpose models in Ontario and Canada and recommends a model best-suited for Canada.

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Section: Real Estate Investment Trustsmentioning

confidence: 99%

Section: Characteristics Of Reitsmentioning

confidence: 99%

Section: Federal Regulationsmentioning

confidence: 99%

Section: Federal Regulationsmentioning

confidence: 99%

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Creating Value: Using Social Purpose Real Estate Investment Trusts To Support Affordable Housing

Sgro¹

2022

Preprint

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Appraisal of Manufacturing Buildings Through the Depreciated Replacement Cost Approach

Copiello

Cosmi

Stanghellini

2016

Appraisal: From Theory to Practice

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It is well-known that the persisting crisis of the real estate market, in the wake of the large-scale financial and economic crisis starting from the year 2008, is leading to diminishing property values. An earlier and more pronounced effect lies in the lower number of transactions resulting in the scarcity of sales that characterizes several sub-markets, including the one concerning the manufacturing buildings. Within the real-estate appraisal discipline, the aforementioned framework entails growing difficulties—if not even the inability—to find an appropriate number of so-called comparables, to implement the market-value estimation process. This condition involves the need to identify alternative estimation procedures. Some specific features of manufacturing buildings pave the way to the adoption of the Depreciated Replacement Cost method. Indeed, due to the evolution of the construction techniques, the old factory buildings are frequently classed as ‘out of production’. Meanwhile, the poor market conditions make them prone to be treated as out of the market. The depreciated replacement cost procedure has been debated occasionally within the literature, both national and international. Nonetheless, its application still deserves further research due to the fact that it entails several relevant issues. This study focuses on three of them. The first concerns the estimation of the useful life and the residual life of the buildings characterized by heterogeneous structures, finishes, and installations, due to their realization or replacement during different time periods. The second topic refers to the distinction between land value and improvement value. Finally, the third issue relates to the relationships among the results of the estimation procedure, the real-estate appraisal discipline as a whole, and the accounting principles, on which companies’ balance sheets rely

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Embedment of “Liquid” Capital into the Built Environment: The Case of REIT Investment in Hong Kong

Aveline-Dubach¹

2016

InS

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Since the Global Financial Crisis, the notion of securitization has become familiar to urban scholars, though research has been limited to mortgage-backed securities. This paper attempts to delineate the distinctive urban outcomes of securitization techniques applied to real estate, taking Hong Kong REITs (H-REITs) as a case study. It examines the way through which liquid H-REIT capital anchors into the built environment, and how this process impacts the life of local communities. The study shows that the urban dynamics of REIT investment contrast with the corporate environment and asset management objectives of the initiator/sponsor groups of H-REIT structures, a set of characteristics that are captured by the notion of “management styles.” Amongst the three management styles identified in the paper, those developed by the Hong Kong family-based groups have not been sufficiently active to produce significant effects on the built environment. In contrast, the Link REIT has an aggressive value enhancement strategy that has reconfigured the social geographies of retail consumption across the whole territory, to the detriment of social housing estate residents. These results support the recognition that the financialization of the built environment tends to exacerbate social polarization and to trigger political conflicts, but they must be weighed against the contingent conditions in which real estate securitization take place.

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Real Estate Investment Trusts in Europe

Cited by 4 publications

References 0 publications

Creating Value: Using Social Purpose Real Estate Investment Trusts To Support Affordable Housing

Creating Value: Using Social Purpose Real Estate Investment Trusts To Support Affordable Housing

Appraisal of Manufacturing Buildings Through the Depreciated Replacement Cost Approach

Embedment of “Liquid” Capital into the Built Environment: The Case of REIT Investment in Hong Kong

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