The Routledge REITs Research Handbook
The Routledge REITs Research Handbook presents a cutting-edge examination of the research into this key global investment vehicle. Edited by internationally respected academic and REIT expert Professor David Parker, the book will set the research agenda for years to come. The handbook is divided into two parts, the first of which provides the global context and a thematic review covering: asset allocation, performance, sustainability, Islamic REITs, emerging sectors and behavioural finance. presents a regional review of the issues with high level case studies from a diverse range of countries including the US, UK, Brazil, India, Australia, China, Singapore, Argentina and Poland, to name just a few.
This handbook redefines existing areas within the context of international REITs research, highlights emerging areas and future trends and provides postgraduates, professionals and researchers with ideas and encouragement for future research. It is essential reading for all those interested in real estate, international investment, global finance and asset management.
David Parker is an internationally recognized property industry expert on real estate investment trusts (REITs) and a highly regarded property academic, being a director and adviser to property investment groups including real estate investment trusts, unlisted funds and private property businesses (www.davidparker.com.au).
He is currently the inaugural Professor of Property at the University of South Australia, a Visiting Professor at the University of Reading, UK, and at Universiti Tun Hussein Onn, Malaysia, a Visiting Fellow at the University of Ulster, UK, an Acting Valuation Commissioner of the Land and Environment Court of New South Wales, and a Sessional Member of the SA Civil and Administrative Tribunal.
Author of the authoritative Global Real Estate Investment Trusts: People, Process and Management and International Valuation Standards: A Guide to the Valuation of Real Property Assets, he may be contacted at .
The Routledge REITs Research Handbook
Edited by David Parker
First published 2018
by Routledge
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
and by Routledge
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Routledge is an imprint of the Taylor & Francis Group, an informa business
2018 selection and editorial matter, David Parker; individual chapters, the contributors
The right of David Parker to be identified as the author of the editorial material, and of the authors for their individual chapters, has been asserted in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988.
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British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
Library of Congress Cataloging-in-Publication Data
Names: Parker, David, 1961 editor.
Title: The Routledge REITs research handbook / edited by David Parker.
Other titles: REITs research handbook
Description: Abingdon, Oxon ; New York, NY : Routledge is an imprint of the Taylor & Francis Group, an Informa Business, 2019.
Identifiers: LCCN 2018021943| ISBN 9781138063112 (hbk : alk. paper) | ISBN 9781315161266 (ebk)
Subjects: LCSH: Real estate investment trusts.
Classification: LCC HG5095 .R68 2019 | DDC 332.63/247dc23
LC record available at https://lccn.loc.gov/2018021943
ISBN: 978-1-138-06311-2 (hbk)
ISBN: 978-1-315-16126-6 (ebk)
Typeset in Bembo
by Apex CoVantage, LLC
To Elliot, Victoria and Ed may the future recompense for that foregone.
Contents
David Parker, Stephen Lee, Alex Moss, Ali Zaidi and Brad Case
Alex Moss
Wejendra Reddy and Hyunbum Cho
Piet Eichholtz, Peter Barron and Erkan Ynder
Muhammad Najib Razali and Tien Foo Sing
Larry Wofford and Michael Troilo
Stephen Lee and Alex Moss
Brad Case
Paloma Taltavull de La Paz, Joao da Rocha Lima Jr and Claudio Tavares Alencar
Alex Moss
Liow Kim Hiang and Huang Yuting
Joseph TL Ooi and Woei-Chyuan Wong
Chyi Lin Lee
David Parker
Real estate investment trusts (REITs) have been the most successful investment product of the last 60 years, starting from zero in 1960 and growing to a global market capitalization in excess of US$1 trillion by 2017, with REITs now existing in over 35 countries around the world.
The Routledge REITs Research Handbook brings together both academic and industry research into two thematic reviews the first part of the book provides a thematic review of emerging issues in international REITs and the second part of the book provides a review of issues in the emerging, developing and developed REIT markets in each of the worlds major regions.
A diverse range of emerging issues are identified and analysed by leading academics and REIT industry experts including REIT styles and asset allocation, emerging specialized sector REITs and Islamic REITS, the impact of sustainability and the role of behavioural risk in REIT management.
Within each of the worlds principal regions including North America, Latin America, Europe, South East Asia, North Asia and Oceania, a developed, developing and emerging REIT market is analysed and common issues identified together with those issues idiosyncratic to specific countries which benefit or hinder the growth of REITs.
The book concludes by identifying directions for the future of international REITs and so posits a research agenda for the next five to ten years. The Routledge REITs Research Handbook is a comprehensive and contemporary guide to the latest in REIT research. REIT practitioners and analysts, academics and advanced students will find this book to be an essential guide to the latest global thinking in the dynamic world of REITs.
Peter Barron graduated from Maastricht University in January 2017 with an MSc in International Business specializing in Sustainable Finance. Previously, he obtained a Bachelors degree in Economics with German at The University of Nottingham. In May 2017 Peter joined TRIUVA Kapitalverwaltungsgesellschaft mbH in Frankfurt as an analyst. There he supports the Investor Relations team in developing real estate investment strategies and maintaining partnerships with institutional investors.
Brad Case, PhD, CFA, CAIA, is Senior Vice President, Research and Industry Information for NAREIT. He holds degrees from Williams College and the University of California at Berkeley and earned his PhD in Economics at Yale University.
Dr Case has researched residential and commercial real estate markets, domestically and globally, for more than 25 years. His research encompasses investment return characteristics including returns, volatilities and correlations with other assets; measuring appreciation in property values; inflation protection; use of DCC-GARCH and Markov regime switching models to measure and predict investment characteristics; the length of the real estate market cycle and the role of the investment horizon.