Real Options analysis has only begun to be recognized as way to evaluate real estate and is considered "beyond the cutting edge" of financial analysis. Several academic papers have looked at ways that real estate can be analyzed using real options; however a universally practical financial model...

All major asset classes including stocks and bonds have a well developed derivative market. Derivatives enable counterparties to reflect a view on a particular market, without having to trade the underlying asset. This seems to be a particularly appealing feature for real estate, an industry...

Korean REITs started as CR-REITs, vehicles with specific objectives to relieve real estate liabilities off the balance sheets of distressed companies and liquidize them back into the real estate market. CR-REITs were finite-lived, closed-end, passively managed vehicles with public offerings...

By isolating credit as a distinct asset class, credit derivatives provide new vehicles for synthetically trading and transferring credit exposure of commercial real estate without buying or selling the physical assets. Recent developments of CMBS index-based synthetics, namely the CMBX, have...

This thesis aims to provide insight into the emerging real estate investment trust (REIT) sector of Turkey, the reasons underlying its creation, its legal and economic evolution and its performance since the commencement of the REIT Sector Index in January 2000. The paper utilizes a combination...

Billions of dollars of equity is flowing into the emerging tenant-in-common (TIC) market, forcing demand for such investments to outweigh the current supply of TIC offerings. Investors seeking deferral of capital gains are enticed by the flexibility of passive ownership, the access to...

This thesis aims to answer: (1) to what extent can oil prices and other economic indicators predict the changes in housing prices and rent in the Calgary single family housing market and (2) to determine what the lag time is between them. Implications of this study from a macro perspective are...

The CMBS market has been in existence since the mid 1980s; however, it was during the mid 1990s that the market began to grow. A combination of favorable interest rate environment, entry of new players in the market and the amount of demand for commercial real estate assets, led to a record US...

It has been estimated that over 150 real estate opportunity fund sponsors have emerged since the advent of the so called "Real Estate Opportunity Fund" industry. The industry, now more than 15 years old, has experienced significant growth since its inception. As the real estate private equity...

This thesis explores the timing and returns of eight types of real estate investors between 2000 and 2006. The investor types considered are 1) private local, 2) private national, 3) institutional, 4) public REIT (Real Estate Investment Trust), 5) foreign, 6) user/other, 7) syndicator and 8)...