Real Estate Investment Trusts Structure, Performance and Investment Opportunities

Real Estate Investment Trusts Structure, Performance and Investment Opportunities Su Han Chan, John Erickson and Ko Wang ❖The only book that provides a systematic and comprehensive look at the REITs industry. here are currently around 200 publicly traded Real Estate Investment Trusts (REITs) operating in the United States and their equity values total about $160 billion. Originating just a little over a century ago, most analysts would agree that REITs have proven their eligibility as a good way for investors to diversify their portfolios. They were, in fact, created to allow institutional and individual investors to invest in real estate via a corporate entity. While they trade like stocks, their market path most often tracks in a different direction - often outperforming the stock market in tough times and declining over the term of aggressive equity bull markets. REAL ESTATE INVESTMENT TRUSTS: Structure, Performance and Investment Opportunities analyzes and synthesizes the existing scholarly research on REITs in a way that will enable managers to improve their investment decisions and the operating performance of their REITs portfolios. This book is designed to help investors evaluate REITs and identify those with the greatest investment potential. It also provides the investing public, real estate practitioners, regulators, and real estate and finance academics with up-to-date information on what modern scholarly research tells us about REITs. Also included is up-to-date original research on REITs based on the authors’ own database, which is the most extensive data base available on REITs that is free of survivorship bias. As well as offering a broad understanding of the evolution of this important industry, this book discusses the likely future prospects of this unique investment vehicle. This book is one of the newest additions to the Financial Management Association`s (FMA) Survey and Synthesis Series. AVAILABLE OCTOBER 2002 x 9-1/4 copyright 2003; 352 pp., 6-1/8 0-19-515534-3 $45.00 The Authors Su Han Chan is a Professor of Finance at California State University-Fullerton and a Visiting Professor at the School of Business, University of Hong Kong. She has published in the leading finance and real estate journals on various topics including REITs and co-authored 19 teaching cases. She currently serves on the editorial board of the Financial Management Association’s Survey and Synthesis Series, the Journal of Real Estate Research and the International Real Estate Review. John Erickson is a Professor and the Chair of Finance at California State University-Fullerton. He has published articles on REITs in Real Estate Economics and the Journal of Real Estate Research. He has also published in the Journal of Finance and the Journal of Law and Economics. Ko Wang is a Professor of Real Estate and Finance at California State University-Fullerton and an Honorary Professor at the Chinese University of Hong Kong. He has published extensively in the leading real estate and finance journals on various topics including REITs, co-edited a monograph on real estate valuation theory, and co-authored 19 teaching cases. He is the editor of the Journal of Real Estate Research, the founding executive editor of International Real Estate Review, and an associate editor of seven other journals. 1 Advance Praise for Real Estate Investment Trusts: "REITs provide a convenient and liquid structure that allows investors to hold a diversified portfolio of commercial real estate. The use of this investment vehicle is likely to continue to grow, both in the U.S. and abroad. Authors Chan, Erickson, and Wang provide an excellent comprehensive analysis of the REIT market that is sure to be a valuable resource for stock market investors interested in diversification opportunities and real estate professionals interested in REITs as funding vehicles." Sheridan Titman McAllister Centenial Chair in Financial Services Department of Finance University of Texas "Most previous treatises on REITs suffer from their excessive focus on institutional and legal structure alone, devoid of the broader existence of REITs within the real estate and capital markets. Chan, Erickson, and Wang stands out in this regard. It is the first effort to integrate the latest academic insights from the economics and finance literature with the relevant applied issues faced by investment professionals to create a truly useful text -- an invaluable reference guide that will become the standard against which all subsequent efforts will be judged.” Kerry D. Vandell Tiefenthaler Chair in Real Estate and Urban Land Economics Director, Center for Urban Land Economics Research University of Wisconsin-Madison "Mssrs. Chan, Erickson, and Wang have created a first-class book about Real Estate Investment Trusts, with a timely and interesting integration of academic knowledge and the frontier of practitioner activities. The book is informative and analytic, yet, quite readable for the sophisticated lay-audience. The book provides an unusually balanced presentation among analytic-theoretic issues, pragmatic real estate activities, and public markets behavior. The book demonstrates a special sensitivity about how the United States` experience with real estate investment trusts may parallel and extend the inexorable trend towards the real estate securitization throughout the world." Robert H. Edelstein Chairholder, Real Estate Development Professorship Co-chair, Fisher Center for Real Estate & Urban Economics Haas School of Business University of California at Berkeley “Authors Chan, Erickson, and Wang have done a masterful job of explaining the world of REITs from the perspective of a very experienced financial analyst but in a fashion that less experienced reader can easily follow and understand. As finance investors have begun to recognize the enormous profit opportunities in inner cites and distressed communities, REIT is one vehicle that both community development professions and Wall Street analysts are examining to help bring private capital to distressed communities.” Isaac Megbolugbe Vice President of Fannie Mae Foundation`s Office of Research & Adjunct Professor of City and Regional Planning, University of Pennsylvania “The REIT industry has changed dramatically over the last decade, and Real Estate Investment Trusts provides the most up-to-date view of industry available today. Understanding the complexities and nuances of modern REITs is very important to making good investment decisions, thus Real Estate Investment Trusts is a must for any investor interested in REITs. This book will also help investors understand a REIT analyst`s thought process and better interpret their reports.” Glenn R. Mueller Professor at Johns Hopkins University Real Estate Institute and Real Estate Investment Strategist on Legg Mason`s REIT Research Team. 2 ORDERING INFORMATION Qty Title ___ REAL ESTATE INVESTMENT TRUSTS: Structure, Performance and Investment Opportunities (Available OCTOBER 2002) ISBN Price 0-19-515343 $45.00 Subtotal CA, CT and NC Residents add appropriate sales tax Shipping (Please add $5.00 for the first book plus $1.25 for each additional book) TOTAL ❖Call (800) 451-7556 or fax this form to 1-919-677-1303 ❖Order online at www.oup-usa.org ❖Send completed form to: $ ________ $ ________ $ ________ OXFORD UNIVERSITY PRESS, Attention: Order Department, 2001 Evans Road, Cary, NC 27513 ❑ P.O. Number_____________________________________________ ❑ Enclosed is a check or money order for $__________ ❑ Please charge my credit card: ____VISA ____ MasterCard ____American Express Credit card no. ______________________________ Exp. date ________________________ Signature___________________________________ (Required on all credit card purchases)________________________________ BILL TO: TO): Name ____________________________________ Address ___________________________________ SHIP TO (IF DIFFERENT FROM BILL Name____________________________________ Address __________________________________ City, State, Zip ____________________________ City, State, Zip ____________________________ 3 Oxford University Press Announces Real Estate Investment Trusts • Currently, the only book available to provide an up-to-date, systematic and comprehensive look at the REIT industry • Shows how to invest in REITs • Helps identify those REITs with the greatest investment potential • Includes authors’ exclusive database which tracks REITs performance • Contains original research never before published on REITs security offerings and the role REITs play in countries outside the USA • Looks at the future of REITs-likely trends, changes and regulation “ Chan, Erickson and Wang provide an excellent and com-prehensive analysis of the REITs market that is sure to be a valuable resource for stock market investors interested in diversification opportunities and real estate professionals interested in REITs as funding vehicles.” —SHERIDAN TITMAN, McAllister Centennial Chair in Financial Services, Department of Finance, University of Texas-Austin $45.00 352pp. 0-19-515534-3 To Order, call 1-800-451-7556 or visit www.oup-usa.org For more about this title and other Oxford Finance titles, visit www.oup-fma.org Oxford Finance-What Today’s “Scholar-Professionals” Need To Know ... - tailieumienphi.vn