Introduction to Real Estate Investment Trusts

Companies are required to prepare their financial statements each year as per the provisions of the Companies Act and have them audited by a practicing Chartered Accountant or a firm of Chartered Accountants registered with the Institute of Chartered Accountants of India. The Companies Act permits companies to choose their financial year end. The audited financial statements must be approved by the shareholders in an annual meeting of the shareholders, which should be convened by the company nor

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Introduction to Real Estate Investment Trusts VINOD KOTHARI 1012 Krishna 224 AJC Bose Road Calcutta 700 017. India Phone 91-33-22813742/ 22811276/ 22817715/ Fax: 22811276 e-mail: vinod@vinodkothari.com Real estate securities ④ Reasons for adding real estate in investment portfolio: ④ Real estate is globally the biggest asset ④ Presumption is l that real estate has low correlation with the ④ Investing in real estate has several problems ④ Availability ④ Ticket size ④ Management problems ④ Hence, intermediated investment through real estate ④ Real estate securities include: ④ REITs ④ REOCs ④ Mortgage-backed securities ④ ETFs/ real estate mutual funds ④ Synthetic investment by investing in real estate indices Vinod Kothari REITs 2009 2 Meaning of REITs ④ A collective investment device of commercial real estate ④ Equity-type funding ④ REITs versus CMBS: ④ CMBS is securitised debt lending against real estate ④ REITS are security equity funding of real estate ④ REITs ④ Owns, and in most cases operates, income-producing property (Equity REITs) ④ Office ④ Apartment ④ Retail (shopping centers) ④ Hotels ④ Warehouses (storage) ④ Some REITs also finance real estate (Mortgage REITs) ④ Essentially a tax-tool where equity funding of real estate is allowed on tax transparent basis: ④ Minimum 90% dividend ④ REITs are typically listed and quoted Vinod Kothari REITs 2009 3 REITs as property investment vehicle Real Estate Investment Direct Investment Listed Indirect Investment Non-listed Property Stocks Close-End Funds REITs Partnerships Commingled Funds Syndication, JVs, TIC Open-End Funds Fund-of-Funds Mutual Funds Special Funds Hedge Funds REITs have some 34% share in listed property investments. REITs Vinod Kothari REITs 2009 4 Commercial real estate as asset class Exhibit 1: More bricks than bonds Developed economies` stocks of assets end 2002 ($trillion) Residental property Commercial property Equities Government bonds Corporate bonds 0 10 20 30 40 50 Source: The Economist Vinod Kothari REITs 2009 5 ... - tailieumienphi.vn

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