English, Article, Journal or magazine article edition: You Say You Want a (REIT) Revolution Bernard Winograd

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/142009
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • You Say You Want a (REIT) Revolution
Author
  • Bernard Winograd
Physical Description
  • preprint
Notes
  • The U.S. real estate capital markets and the industry itself have been profoundly affected by the proliferation of public companies. But, by the end of 1999, Real Estate Investment Trust (REIT) FFO multiples had been shrinking for more than two years in a row, and the REIT revolution had stalled. Before 1992, the real estate industry was entrepreneurial and financed predominantly by non-recourse debt, the major result of which has been the focus on cash flow rather than on income. The most significant consequence of the real estate industry’s dependence on debt has been a boom-and-bust pattern. The industry has also been more dependent on project financing as opposed to corporate financing. The debate over the right financing strategy for REITS remains unsettled, as corporate finance ideas that are commonplace in other industries collide with traditional thinking among real estate practitioners. Getting the right number for depreciation has been an issue and the real estate industry, unlike any other, continues to use a measure of earnings not easily subject to audit. Two alternative scenarios for the future are suggested, representing the extremes of what might happen if public capital continues to increase in importance, or if its importance diminishes.
  • RePEc:wop:pennzl:357
Language
  • English
Contributed by
OAIster

Get this edition

Other links

  • Set up My libraries

    How do I set up "My libraries"?

    In order to set up a list of libraries that you have access to, you must first login or sign up. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

  • All (1)
  • Unknown (1)
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment