Briefings in Real Estate Finance最新文献

What are the questions that any investor needs to ask about any commercial real estate before buying it or financing it? This paper lists and summarises those questions as a starting point for any investor's due diligence. The discussion first considers potential showstoppers such as development and approvals. It then turns to legal issues, leasing, title and other searches, financial matters, physical due diligence, a range of tax-related concerns, contract negotiations and some other issues. Armed with this list, an investor can decide which issues it cares about, and which to disregard, and plan its due diligence accordingly. Copyright © 2001 Henry Stewart Publications

Throughout 2003, market participants complained about an increasing ‘credit crunch’ in Germany and about an unprecedented reluctance of banks to grant loans, especially for real estate transactions. This paper looks at an explanation of this development and reflects the opinion of the author that Germany is far away from a credit crunch, ie banks not having the liquidity to grant loans. What has led to the present situation is a coincidence of three very significant changes in the market at the same time:

This paper aims to bring together the principles of shareholder value added (SVA) and the impact of operational real estate on the corporate occupier's financial management. As an introductory piece, it sets out to bridge the gap in understanding that often exists, either in the corporate finance department about the mechanics of real estate finance, or in the corporate real estate profession about the impact on corporate finance of real estate ownership and funding decisions. From this paper the reader should gain a better understanding of the mechanistic links between delivering shareholder value and the options and potential decisions in respect of a corporate occupier's real estate ownership and funding strategy. This paper demonstrates the theory by considering a number of relevant transactions carried out by corporate occupiers with their operational real estate in the ultimate pursuit of increasing shareholder value. Copyright © 2003 Henry Stewart Publications

This paper reviews a number of the important structural protections found in inter-creditor agreements, discusses the negotiated modifications to those protections which are common today and assesses whether the modifications reflect market-driven erosion of the structural protections. After reviewing the differences between market placements and asset types which can justify such modifications, and the legal rationale underlying many common variations, the author concludes that the variations typically found in inter-creditor agreements are the product of legitimate negotiation and justifiable differentiation, rather than the erosion of structural protections as a by-product of a highly competitive environment. Copyright © 2004 Henry Stewart Publications

The aim of the Research Reviews is to focus on current academic research which contributes to and enhances professional practice. The objective is to provide the busy practitioner with a synopsis of leading edge research in the area and hopefully to stimulate a desire for greater understanding and application of knowledge and techniques that will enhance professional practice. The reader is encouraged to examine in depth each of the reviewed papers. Copyright © 2003 Henry Stewart Publications

This paper examines selected financial performance measures of companies using synthetic leases. First, an example is provided of some advantages of using a synthetic lease. Synthetic lease announcements are then identified for retail and manufacturing sectors from 1997–2002 through Academic LexisNexis searches, and performance measures statistically compared from pre- to post-disclosure for synthetic lease companies, relative to a control sample of companies. While observing some differences in interest coverage and profitability across samples in the year prior to lease disclosure, logistic regression results indicate that the measures do not statistically discriminate between synthetic lease and control companies. These findings suggest that the level at which companies use synthetic leases does not appear to significantly influence basic financial performance measures. Besides showing the little ‘real’ benefit of establishing such types of leases for non-economic reasons, the results suggest that capital allocation decisions should focus on the substance rather than the form of such synthetic lease transactions. Copyright © 2003 Henry Stewart Publications

US real estate professionals are adrift in a quandary on a sea of uncertainty. At the beginning of 2003 there are weak fundamental conditions in the space markets for all property types, while capital continues to pour into the asset class. Transactions in 2002 would seem to indicate that real estate has become more valuable as the result of the recession of 2001 and the ensuing weakness in the US economy that has shown itself as an utter lack of demand for office space and weak conditions in the other property sectors.

The winds of uncertainty have not blown in this fashion since 1986 when office market fundamentals began to deteriorate while institutional funds poured into the transactions market. What should the investor believe? The poor conditions faced every day in the space market, or the ebullience found in the transactions market? Copyright © 2003 Henry Stewart Publications

The housing market in the UK has become increasingly polarised between the extremes of affordable housing and outright home ownership. This piece summarises the work done to structure institutional investments exploiting the wide gap in the housing market between these two extremes. The examples used are based on structures typical of those employed to date. Copyright © 2002 Henry Stewart Publications