美国评估公司如何为房地产投资基金公司(REITS)提供咨询服务专题讲座.pptVIP

Professional Background University of California, Berkeley, MBA MAI (Appraisal Institute) and CRE (Counselors of Real Estate) 1974-2004: University of California Pension and Endowment Fund, Assistant Treasurer/Director of Real Estate Investments Managed $350 M REIT portfolio REIT performance exceeded benchmark return by 53% 2005 - current: President, RE Strategic Solutions, LLC 2006 - current: Chief Investment Officer, North Point Global Investors. Start-up real estate hedge fund. Topics What is a REIT? How do real estate consultants contract with REITs or pension funds? Market Studies and Feasibility Analysis for REITs or pension funds Appraisal Reports for REITs and pension funds Financial Crisis REIT Structure Types of REITs Equity REIT (90% of the REIT market) Buy and manage real estate for long term Mortgage REIT Own mortgages Hybrid REIT Own real estate and mortgages Qualifications to be a REIT INDEPENDENT BOARD OF DIRECTORS OR TRUSTEES MINIMUM 100 SHAREHOLDERS NO MORE THAN 50% OF SHARES HELD BY 5 OR FEWER INVESTORS MINIMUM 75% OF ASSETS MUST BE IN REAL ESTATE MINIMUM 75% OF GROSS INCOME FROM REAL ESTATE OR MORTGAGES MAXIMUM 30% OF GROSS INCOME FROM SALES OF ASSETS HELD LESS THAN 4 YEARS and SECURITIES HELD LESS THAN 1 YEAR PAY A DIVIDEND OF AT LEAST 90% OF TAXABLE INCOME Investor benefits of owning REITs versus owning individual properties Fast buy/sell decisions Low transaction costs Daily liquidity and pricing Investor has no liability Benefit of public market oversight Instant diversification Good alignment of interest with management Conservative use of leverage One level of taxation (at investor level only) Ability to execute “short” strategy Worldwide REIT market Real Estate as % All Assets REITs own different kinds of assets Investment Characteristics of Owning REITs Historical total return and risk (standard deviation) between stocks and bonds Adding real estate can improve the risk-adjusted return for the total portfolio Low cross-corr