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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)...
The public real estate market was initiated by the Real Estate Investment Trust Act of 1960. Since then, investors have been concerned with the assessment of performance comparisons between publicly held assets and privately held assets. The main concern for the assessment is to reveal...
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...
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...
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...
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...
This paper uses a comprehensive data set to develop a hedonic model of office rent that estimates values of contractual terms such as tenant improvement allowances, leasing commissions, and options. The model includes variables to control for building characteristics and market conditions, as...
The real estate and construction sectors are very important and integral part of the Malaysian economy. At a macro-level, governmental development plans in Malaysia are based on successive five year plans since 1956. For each of the five year plans, the real estate and construction sectors...