scholarly journals International Real Estate Review

2018 ◽  
Vol 21 (3) ◽  
pp. 367-396
Author(s):  
Lucia Gibilaro ◽  
◽  
Gianluca Mattarocci ◽  
Keyword(s):  
Real Estate ◽  
Initial Public Offering ◽  
Real Estate Industry ◽  
Real Estate Investment ◽  
The Real Estate ◽  
Financial Firms ◽  
International Evidence ◽  
Public Offering ◽  
The Cost ◽  
The Empirical Analysis

Real estate investment trusts (REITs) frequently collect new financial resources by issuing new shares and bonds or requesting for new loans to finance their investment policy. Due to the low transparency of the market, the success and the cost of financing are significantly affected by the reputation and the guarantee offered by the syndicated consortium. International evidence suggests that the decision to change syndicated banks could impact the success of raising new capital for industrial and financial firms, but there is no concrete evidence which suggests that this is the case in the real estate industry. The paper considers a representative sample of US REITs to examine the frequency of switching decisions in the industry and their relationship with leverage policy. The empirical analysis demonstrates a greater likelihood of creating a new financing consortium when a REIT is poorly performing and the average interest rate is increasing. Moreover, the switching strategy is more frequently adopted when the REIT is planning to increase leverage and the current level of leverage is still far from the target value. Results obtained are robust with respect to the new consortium definition and the initial public offering (IPO) effect.

Jones Enterprises Real Estate Investment Trust: Comparing U.S. and Canadian Acquisition Accounting, Balance Sheet and Security Commission Reporting, and Initial Public Offering Location

2018 ◽  
Vol 33 (2) ◽  
pp. 35-42
Author(s):  
Natalie Tatiana Churyk ◽  
Alan Reinstein ◽  
Lance Smith
Keyword(s):  
Real Estate ◽  
Initial Public Offering ◽  
Financial Reporting ◽  
Balance Sheet ◽  
Accounting Students ◽  
Real Estate Investment ◽  
Generally Accepted Accounting Principles ◽  
Balance Sheets ◽  
Advantages And Disadvantages ◽  
Public Offering

ABSTRACT Based on a Big 4 real estate audit partner's client, this case introduces graduate research and advanced financial accounting students to acquisition accounting under U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS), provides a perspective on real estate investment trusts (REITs), and requires analyzing a U.S. versus Canadian (Ontario) initial public offering (IPO). Students list U.S. and Canadian advantages and disadvantages of REITs, record a portfolio purchase, prepare U.S. GAAP and IFRS balance sheets in order to grasp major REIT reporting differences, contrast the key provisions between U.S. and Canadian (Ontario) securities commissions' IPO reporting, and consider ongoing securities commissions' reporting options. Finally, students will recommend whether the IPO should be issued in the U.S. or Canada. Completing the case helps students: (1) grasp U.S. GAAP and IFRS acquisition accounting methods and different REIT presentations; and (2) recognize that the country selected for the IPO depends upon the issuer's circumstances and preferences.

scholarly journals Dynamic Decision Model of Real Estate Investment Portfolio Based on Wireless Network Communication and Ant Colony Algorithm

2021 ◽  
Vol 2021 ◽  
pp. 1-14
Author(s):  
Ming Li ◽  
Yousong Wu
Keyword(s):  
Real Estate ◽  
National Economy ◽  
Ant Colony Algorithm ◽  
Ant Colony ◽  
Real Estate Development ◽  
Real Estate Industry ◽  
Real Estate Investment ◽  
The Real ◽  
The Real Estate ◽  
Investment Portfolios

From reform and opening to the comprehensive construction of a well-off society, the rapid growth of the national economy and the advancement of urbanization have promoted the rapid development of China’s real estate industry. The real estate industry has become a pillar growth point in the development of the national economy. At the same time, China’s real estate markets also continue to mature. However, due to the short development time of my country’s real estate market, imperfect management mechanism, irregular organization, and other issues, coupled with the fierce competition and internationalization of the market investment environment, the risk of investment accumulation in the real estate industry is also increasing. Therefore, in real estate investment decision-making, it is of far-reaching significance to study how to control real estate investment risks and promote the healthy and stable development of the real estate industry. The purpose of this article is to build a set of investment portfolios based on the ant colony algorithm to diversify risks and obtain returns, so that the constructed investment portfolios will minimize the risk when the return reaches a certain amount of time. This article first gives a general introduction to wireless network communication and then analyzes the risk of real estate project investment. First, the variance is used as a measure of risk to establish a dynamic model of the real estate development project portfolio, and the ant colony algorithm is introduced to the investment risk of real estate development projects. In the dynamic analysis, an improved portfolio model was established, and the two were compared through case analysis. The experimental results show that under the condition of the same net present value and investment payback period, the ant colony algorithm based on variance is invested in lot H. The ratio is obviously higher, and the capital investment ratio of lot H based on the ant colony algorithm is obviously lower. The difference between the two is 30.1%.

The Choice of Exit: Influence of Private Equity Investors and Buyout Entry

2018 ◽  
Vol 17 (1_suppl) ◽  
pp. S1-S26
Author(s):  
Rohan Chinchwadkar ◽  
Rama Seth
Keyword(s):  
Initial Public Offering ◽  
Private Equity ◽  
Cost Of Debt ◽  
Related Factors ◽  
The Real Estate ◽  
Developed Markets ◽  
Real Estate Sector ◽  
Specific Factors ◽  
Public Offering ◽  
The Cost

The choice of exit method is an inevitable decision faced by entrepreneurs and private equity (PE) investors. The existing literature addresses four categories of factors which influence this choice of exit method between initial public offering (IPO) and acquisition: industry-related factors, market-timing variables, deal-specific factors and demand-for-funds factors. We extend the literature by introducing a new category of factors, ‘PE investor characteristics’, and test if this category has a significant effect on the choice of exit method. We also test if the type of entry has an influence on the exit method. We find that PE investor characteristics play an important role in the choice of exit method. The existence of a large syndicate of PE investors in the same firm increases the probability of an IPO exit, but the presence of a foreign PE investor reduces this probability. Moreover, unlike in developed markets, the cost of debt does not affect the choice of exit method in India. We further consider specific exit methods such as strategic sale, financial sale and buyback and find consistent results. We find that in buyout transactions, the probability of an IPO exit is less than that of a strategic sale. Finally, we present a unique finding that the probability of a buyback as opposed to an IPO is higher if a firm is in the real estate sector.

scholarly journals Web-based Fractional Ownership in Real Estate

2021 ◽  
Vol 9 (VII) ◽  
pp. 3875-3880
Author(s):  
Suraj Zinzuwadia
Keyword(s):  
Real Estate ◽  
Future Cost ◽  
Real Estate Investment ◽  
Application System ◽  
Web Based ◽  
The Real Estate ◽  
Real Estate Sector ◽  
Machine Learning Model ◽  
Fractional Ownership ◽  
The Cost

The Indian real estate sector is one of the fastest-growing sectors. Real estate crowdfunding is a way of raising money for real estate investment by reaching out to a pool of investors to contribute a small amount of money towards a project. Real estate crowdfunding can be achieved by fractional ownership. Fractional ownership splits the cost of expensive property among several people. As popular the concepts seem, it has not been implemented in some parts concerning the higher risk factor. Such a process is complex if the person is a beginner and has little idea about the same. The objective of this paper is to display the real estate properties and connect investors-owners using a web-based application system. This system also advises market patterns, value ranges, and enhancing the advancements of the future cost will be predicted through machine learning model.

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