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Interest Rate and Investment under Uncertainty: Evidence from Commercial Real Estate Capital Improvements
Tham khảo sách 'interest rate and investment under uncertainty: evidence from commercial real estate capital improvements', tài chính - ngân hàng, đầu tư bất động sản phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả
8/30/2018 1:44:45 AM +00:00
INVESTING IN ITALIAN REAL ESTATE
Tham khảo sách 'investing in italian real estate', tài chính - ngân hàng, đầu tư bất động sản phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả
8/30/2018 1:44:45 AM +00:00
WORL INVESTMENT REPORT 2007: Transnational Corporations, Extractive Industries and Development
The resulting product profited from further input from Mark Stern and Susan Seifert, Joan Shigekawa of the Rockefeller Foundation, and TRF staff, Patricia Smith, Margaret Berger Bradley, Ira Goldstein, Julia Serbulov and Alissa Weiss. A special thank you as well to David Bradley for his collaborative editorial contribution. Arts practitioners, developers and policy analysts who participated in a one-day convening in June 2007 also contributed greatly to our understanding of these issues. The collaboration also resulted in five briefs. Each paper delves into related issues: Cultivating “Natural” Cultural Districts; From Creative Economy to Creative Society; Migrants, Communities and Culture; Crane...
8/30/2018 1:44:45 AM +00:00
Redefining Retail Investment Global Real Estate Futures
In this publication, Jeremy Nowak, President and CEO of The Reinvestment Fund, examines the role of community-based arts and cultural activity in neighborhood development and points towards strategies for building an integrated vision of creativity and development. It focuses on the ways cultural activity and neighborhood development have complementary and in some ways intertwined missions, and offers a framework for flexible investment and funding that supports this synthesis and can contribute to imaginative and substantive urban revitalization....
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Investment Income and Expenses (Including Capital Gains and Losses)
Significant development always builds from existing assets and points of strength. Accordingly, not all economically distressed places are positioned to utilize arts and cultural activities as a major development strategy at either the regional or neighborhood level. Additionally, no economic or community development strategy should be viewed as a quick-fix to complex social and economic problems. Cities have to tackle very basic governance and infrastructure issues to be competitive, and there is no magic bullet in any one field that can address deep-seated urban problems. However, all communities can use arts and cultural practices to develop civic and social capital,...
8/30/2018 1:44:45 AM +00:00
Effects of the 2003 Dividend Tax Cut: Evidence from Real Estate Investment Trusts
Social capital refers to relationships of trust and mutuality that can be mobilized to achieve instrumental ends. Social capital is the relationship glue through which individuals, families and social networks navigate economic opportunity, social conflict and various institutions. While social capital is not just built through place-based networks, locality plays a role, particularly in many economically disadvantaged areas. Scholars such as Robert Putnam view social capital not simply as a by-product of prosperity but a potential precursor to prosperity; the quality and depth of formal and informal relationships can have a wealth building impact. Social capital for Putnam includes bonding...
8/30/2018 1:44:45 AM +00:00
Real Estate Investors, the Leverage Cycle, and the Housing Market Crisis
The economic value of a community is generally measured through such things as residential real estate prices, taxing capacity, the quality of public amenities, the value of nearby retail services and the quality of human capital. Assets grow and depreciate in value based on individual and social actions, including the willingness or ability of individuals, households, businesses and governments to invest in and develop them. Economically distressed communities have declining asset values relative to more competitive places. This decline follows investment logic: if a building has deferred maintenance, its asset value declines relative to similar buildings; if a work force...
8/30/2018 1:44:45 AM +00:00
Legal Guide for Foreign Investors in Brazil
The fourth component of the architecture of community refers to connections between places as expressed through the flow of people, capital and information. We see these connections clearly in the notion of bridging social capital and high value civic institutions, and they are a logical consequence of the ways in which quality public assets create consumer and investor demand. Understanding regional connections has become important to policy analysts concerned with economically distressed communities. Place-making restores or creates links between local, city and regional markets, making places both attractors and incubators for people, capital and ideas. Isolation reinforces poverty and a...
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The Determinants Of Foreign Direct Investment In U.S. Real Estate: An Empirical Analysis
Community arts and cultural activities, through their intrinsic expressive and exploratory processes and products, have the capacity to catalyze or reinforce place-making through each component of the architecture of community: through the coalescing of social and civic relationships around creative activity; through the creation and reinforcement of quality public assets that incubate or nurture art and culture; through market demand for commercial and residential space used by artists and the creative sector in general; and through networked enterprises of cultural institutions, artist/ entrepreneurs and community collaborations....
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The Calgary Transportation Effect 2010/2011
The Mural Arts Program has created more than 2,700 murals throughout the city and is one of Philadelphia’s largest employers of artists, employing more than 300 per year. Created two decades ago as a response to graffiti and youth crime, the program provides opportunities for more than 3,000 young people each year. The way in which murals become focal points for creating social capital is often underappreciated. To get a mural commissioned, a neighborhood has to organize and apply, contribute time and energy, and agree on the themes and images to be represented. Murals are a contract between people...
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PEOPLE'S REPUBLIC OF CHINA: 2012 ARTICLE IV CONSULTATION
Like Philadelphia’s neighborhood gardens planted on hundreds of acres of vacant lots throughout the city, the murals are a symbol of civic care and of a public commitment to revitalization. Murals are a bridge between public art, community revitalization and youth development. In a city like Philadelphia, which has lost half a million residents over a fifty-year period, the recovery of a vacant wall or a vacant lot is akin to fixing the “broken window;” it sends a signal about civic and public norms and neighborhood capacity. It is a relatively low-cost, high impact form of place- making that creates something...
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Analysis Of Korean Real Estate Investment Trusts And Share Price Determinants
Arts-related real estate markets have paradoxical entry barriers and advantages. There are barriers inherent in the uncertainty of demand, zoning issues and the costs of retrofitting old systems. At the same time, entry barriers are lowered because the space demand is flexible and often requires minimal high-end fixtures and adaptations. Art-making, performance, craft production and exhibition spaces attract users who want to adapt and re-create space in flexible ways. Arts- and culture- related space is an adaptive re-use vehicle well-suited for an uncertain market, precisely because artists value the process of remaking a space as well as a finished product. The...
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Trend indicator: real estate investment market Germany 2012
The real estate impact of arts and cultural activities is seen not only in the redevelopment of discrete buildings, but in the incremental renewal of large districts involving complex social and design solutions. The physical expression of place-making by the creative sector often plays out over decades. Older urban neighborhoods are filled with architecturally- distinct buildings that exist in the interplay of recently re-built and longer term deteriorated sites. The cultural and design communities provide entrepreneurial energy to the task of preserving something old through the development of something new; this is the core creative skill involved in renewing and uncovering...
8/30/2018 1:44:45 AM +00:00
World investment prospects to 2011: Foreign direct investment and the challenge of political risk
From non-profit performance space to galleries, to businesses that offer classes, to specialty supply shops, to the individual artist entrepreneur and contractor, neighborhood arts activity is an identifiable business sector. In some communities, artist entrepreneurs play a similar early entrant role for commercial strips as they do for artist housing development. As economists who study business clusters recognize, geographical proximity and the interactions that emerge from related activities within a local area are important even in the age of electronic connectivity. Clustering facilitates productivity and innovation; it generates new start-ups that provide a cushion against normal market churning. Arts organizations...
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Flexibility in Real Estate Investment
As SIAP notes, the organizational structure of many arts groups and institutions makes them ideal leverage points for local, regional and even global connections. They are flexible organizations that function across a range of applications and relationships; they are linked to local and non-local consumers and suppliers; they utilize horizontal business alliances to enrich their workforce, business offerings and customer base. The boundaries between internal and external structures within networked enterprises are more porous than within organizations built along more traditional lines. In the Old City section of Philadelphia, the Clay Studio contains a highly regarded ceramics gallery that draws consumers...
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The Relationship Between Real Estate Investment Trusts And Building-Centric Telecommunications Providers
The Samuel S. Fleisher Art Memorial is the nation’s oldest tuition-free arts education program. It provides arts classes for children and adults of all economic backgrounds and skill levels, both at its main facility in South Philadelphia and through its Community Partnerships in the Arts program. Fleisher’s artist residency programs in public schools and neighborhood organizations reach families throughout the city who otherwise lack access to high-quality arts education. Centers like the Fleisher Art Memorial serve as critical relationship intermediaries. Teachers who might have no other connection to the community become part of the local scene; exhibits and programs attract new...
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SECURITIES AND EXCHANGE BOARD OF INDIA (REAL ESTATE INVESTMENT TRUSTS) REGULATIONS, 2008
Resources could be used for performances, public art creation, festivals, the development of new work through the participation of schools and civic groups, or to pay for individual artists and larger institutions to enrich their connections to or representations of local communities. Grant support should also pay careful attention to projects or public activity rooted in prior engagement or historical activity – activity that has some legacy and can now be expanded or made into something more sustainable. Funding innovation and funding the creation of sustainable creative activity and representation are not in conflict. Most importantly, resources should support organic...
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INVESTMENT COMPANY ACT OF 1940
The most important investment strategy has to do with support for creative activity within communitie as it emerges in relatively organic ways. This has to b led in large part through the allocation of direct and flexible grant support for artists and cultural groups. This demand-oriented support would primarily be provided within neighborhoods, but could also consist of partnerships with citywide and regional organizations, particularly where there is the potenti to connect places to institutions and audiences that would not easily be involved otherwise. In the best of situations, resources would not have to be slotted to strict grant deadline schedules but would be allocated...
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Creativity and Neighborhood Development
Reform of development processes is especially important to niche developers and investors within the cultural community because they are often least able to incur the high transaction costs of idiosyncratic public processes. Small arts entrepreneurs also lack the financial and political clout to maneuver through entrenched real estate development systems. The greatest efficiency is created if there is clarity and predictability at points of public entry and adequate assistance at the civic level to maximize access. Civic institutions funded to promote the real estate and business interests of the arts and cultural community can facilitate access by creating resources for information,...
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HE REAL ESTATE PROFESSIONAL’S HANDBOOK: HOW TO HARNESS THE POWER OF EXCHANGE
The starting point for this document was a review of literature on the creative sector and community change guided by Mark Stern and Susan Seifert from SIAP. Next, staff from TRF interviewed people involved in community development and cultural activity in Philadelphia and Baltimore, two cities that exemplify the plight of post-industrial urban centers. We then examined the arts and culture-related investments within TRF’s portfolio and reflected on how those investments relate to TRF’s model of investor-driven change. ...
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INVESTMENT GUIDE: Doing business in Italy
over the years we have worked to embed sustainability concepts and EsG compliance into our investment process. Reflecting our role as fiduciaries, we focus on long-term strategies that enhance asset value and control risk. We can point to numerous achievements around the world, but we are especially proud of our green certifications, and of our involvement in the Greenprint Foundation. Chuck leitner, Chairman of RREEF Real Estate, is the CEo of Greenprint, and RREEF Real Estate submitted 360 properties into Volume 2 of the Greenprint performance index. our sustainability team continues to be active among their peers in further defining...
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Global Real Estate Investment Trust Report 2010: Against all odds
We are also gaining industry recognition for projects around the globe. at a trophy class a office building in los angeles, California, we worked with the property managers to perform extensive retrofits on lighting and water systems, expanded building and tenant recycling programs, and ensured that all janitorial products were lEED-compliant and Green seal-certified. the property consistently achieves EnERGy staR labels, and in 2009, received a lEED-Eb o&M silver certification. in 2010, RREEF Real Estate purchased the first property in Wroclaw, poland to be certified under the Eu Greenbuilding programme, which requires a 25 percent energy saving over local standards. the...
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Real Estate Private Equity Funds: Five keys to success... and how we can help
since acquiring a premier office tower in Dalian, China, we implemented an energy savings program that reduced consumption by 24 percent. Just over a year after acquisition, the property was named national best Managed building in 2010 by the Chinese Ministry of Construction. We also achieved the voluntary iso 9000 & 14001: 2004 certifications for overall property management and environmentally responsible practices. We remain committed to finding innovative ways to incorporate concepts of sustainability to enhance our investment management practices and are actively engaged in collaborative and solution-oriented dialogue among international colleagues, service partners, tenants, and clients to promote sustainability within...
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HOW TO INVEST IN REAL ESTATE WITH NO MONEY DOWN
as expressed in our mission statement, RREEF Real Estate seeks to provide our clients with superior long-term returns while appropriately managing risks to our clients. this goal directly aligns with our commitment to continuously seek improvement in the environmental performance of our assets under management across a variety of value drivers. being sustainable enhances operating efficiency, increasingly satisfies investor considerations and mandates, promotes compliance with growing regulations and mitigates risks. We believe that this will also play a factor in continuing to attract high quality tenants, which will drive occupancy and consistently strong returns over time for our clients. Furthermore, governments, utilities...
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China real estate investment handbook: The details that make a difference 2010
RREEF Real Estate’s primary goal is to preserve capital through managing investment risks across economic, market and property factors. We believe that sustainability, environmental quality, and resource consumption present risks that should be managed by the same structure and process as other risks. investment decisions are based on sound research and due diligence information collected and reviewed in a systematic fashion. our collective knowledge and experience, coupled with rigorous practices and procedures for assessing, monitoring and mitigating risks is employed throughout the asset origination, acquisition and management process. Historically, environmental loss prevention at the property level has focused on situations such...
8/30/2018 1:44:45 AM +00:00
Urbanization And Real Estate Investment In China
Globally, we are utilizing government benchmarking programs to measure performance and comply with local and federal regulations and disclosure requirements. these include programs such as EnERGy staR in the u.s., Energy performance Certificates (EpCs) across Europe, the national australian built Environment Rating system (nabERs), and the Comprehensive assessment system for built Environment Efficiency (CasbEE) in Japan. For new acquisitions in the americas, a sustainability review is included in the recommendation memorandum to the RREEF Real Estate americas investment Committee. For office buildings, in association with contracted property management sustainability teams, we developed “standards of sustainability,” which we are deploying in the...
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2011 European Real Estate Investment Outlook and Market Perspective
We will continue to identify and integrate pertinent metrics and Kpis related to energy, water, waste and carbon into all aspects of our investment process. to realize this multi- faceted goal, we will continue to increase the share of funds of properties benchmarked in the Greenprint performance index, and will develop an it strategy to collect, store, and report key metrics on an increasingly automated basis. Developing such a strategy will enable us to effectively and systematically assess sustainability as a risk factor, and to streamline our system for tracking existing and potential government policies and incentives that could impact value...
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Emerging Trends In Real Estate@ 2012
Real Estate is the real estate fiduciary investment business of Deutsche asset Management. During the past 40 years, RREEF Real Estate has built a leading real estate investing business. Head quartered in new york, RREEF Real Estate has nearly 600 professionals located in 22 cities around the world. RREEF Real Estate employs a disciplined investment approach and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate and infrastructure securities, real estate debt, and opportunistic real estate. We aim to deliver diversification, preservation of capital and superior long-term risk...
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Emerging Trends In Real Estate@ Europe 2012
as adopted by the united nations, sustainability is the economic development that meets the needs of the present generation without compromising the ability of future generations to meet their own needs. Many institutions identify the three aspects of sustainability to be economic, social and environmental, also described as the “triple bottom line” for an organization that focuses on “profit, planet and people”. Within the built environment, the definition of sustainability and how to best achieve it is evolving. today, the focus is on operating efficiency and risk mitigation with a growing emphasis on the environmental impact of buildings....
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Luxembourg Real Estate Investment Vehicles 2012
investors around the globe increasingly focus on the environmental and social impact of buildings, understanding that improving performance around these areas enhances long-term value and returns. our clients routinely require information about our sustainability policies and achievements for their portfolio reviews, and prospective clients request such information when making their investment allocations. investors in some of our funds have explicitly stated a preference for buildings that have high government or voluntary ratings that indicate environmental performance. our strong foundation of environmental policies, procedures and operations enables us to execute on these demands....
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