Real Estate Investment Trusts: Structure, Performance, and Investment Opportunities (Financial Management Association Survey and Synthesis) [Hardcover]

Su Han Chan (Author), John Erickson (Author), Ko Wang (Author)

Book Description

ISBN-10: 0195155343 | ISBN-13: 978-0195155341 | Publication Date: November 7, 2002

The book offers broad understanding and unique insights into the REITs industry. Its scope is to analyze and synthesize the existing scholarly research on REITs in a way that will enable managers to improve their investments decisions and the operating performance of their REITs. It also provides 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 suvivorship bias. This book helps investors evaluate REITs and identify those with the greatest investment potential. Finally, it provides the reader with a detailed discussion of likely future changes anticipated for this unique invetment vehicle.

Editorial Reviews

Review

"This analysis and synthesis of the existing scholarly research on REITS should enable managers to improve their investment decisions and the operating performance of their portfolios."--Business Horizons

About the Author

Su Han Chan holds a Ph.D. degree in Finance from the University of Texas at Austin and is currently a professor at the University of Hong Kong and at California State University-Fullerton. She has published in the leading finance and real estate journals on topics such as strategic alliances, equity offerings capital investment decisions and real estate investment trusts. She currently serves on the editorial board of the Financial Management Association International Survey and Synthesis Series, the Journal of Real Estate Research and the International Real Estate Review. John Erickson holds a Ph.D. degree in Economics from the University of California at Davis and id currently a professor and the Chair of Finance at California State University-Fullerton. He has publishes articles on REIT's 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 has published extensively in the best real estate and finance journals. He is the editor of Journal of Real Estate Research, founding editor of International Real Estate Review and Associate Editor of seven other journals. Professor Wang received the achievement award fromt he International Real Estate Society, was named a Fellow of the Homer Hoyt Institute, and is active in consultancy in the United States, Japan and Hong Kong. He is a chaired Professor of Real Estate at the Chinese University of Hong Kong and Professor of Real Estate at the California State University at Fullerton. Prior to that, he was an Assistant Professor in the Department of Finance at the University of Texas at Austin.

Product Details

• Hardcover: 230 pages
• Publisher: Oxford University Press, USA (November 7, 2002)
• Language: English
• ISBN-10: 0195155343
• ISBN-13: 978-0195155341
• Product Dimensions: 9.4 x 6.3 x 1.2 inches
• Shipping Weight: 1.2 pounds (View shipping rates and policies)
• Average Customer Review: 4.5 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #709,144 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

14 of 15 people found the following review helpful:

4.0 out of 5 stars Good book for real estate practitioners and lay investors who are interested in REITs, May 4, 2006

By 

Hubert Shea (Shanghai, China) - See all my reviews
(REAL NAME)   

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This review is from: Real Estate Investment Trusts: Structure, Performance, and Investment Opportunities (Financial Management Association Survey and Synthesis) (Hardcover)

This book is the most authoritative analysis and synthesis of modern scholarly research on different complicated issues surrounding REITs. No currently available books can examine this investment vehicle as comprehensive and organised as this one.

This book consists of 12 chapters that provide readers with full understanding on how to manage and invest in REITs. Chan et al suggest that REIT stocks are different from real estate investment because investors should judge the value of a REIT stock not only by the assets it holds but also by its organisational structure (traditional vs UPREITs), management style (externally advised vs internally advised REITs), and growth strategy (diversification vs focus). They conclude that equity and mortgage REITs remain an attractive long-term investment vehicles because of their high dividend-payout ratios that generate a more stable income stream when the overall stock market is down and interest rates are low. However, investors should avoid purchasing stocks in the IPO market because the initial-day return of REIT IPOs is far lower than non-REIT stocks. In other words, REIT stocks seldom perform well in the short run.

Chan et al also suggest that REITs with significant investment from institutional investors and adoption of a focused investment strategy will offer more potential opportunities for investors to earn above-average profits. However, they do not recommend investors to buy captive REIT stocks because the sponsor-shareholder conflict will lower the value of the REIT.

This book has its limitation because it was published in 2003. The REIT concept has been becoming very hot in overseas real estate markets, particularly in Europe and Asia. For instance, US REIT players such as GE Capital, ABM, Morgan Stanley, and Goldman Sachs have undertaken active property investments in Japan, China, and Hong Kong. I highly recommend Chan et al to add 1 or 2 chapters on investment strategy in emerging markets and the laws and regulations that circumscribe activities in these markets to their next edition.

1 of 2 people found the following review helpful:

5.0 out of 5 stars Must read for REIT investors, November 11, 2007

By 

H. Sun "Just Finance" - See all my reviews
(REAL NAME)   

Amazon Verified Purchase

This review is from: Real Estate Investment Trusts: Structure, Performance, and Investment Opportunities (Financial Management Association Survey and Synthesis) (Hardcover)

This book provides a whole lot of data and facts and commented on them in a very objective manner. The analysis about various aspects of REIT investment is thorough and cautious. Highly recommended and hope to see an updated version addressing the issues and prospect after 2003. Today's crisis in housing and REIT investment had been mirrored in the one around 1974: nearly all the arguments there apply to today's market.