Real Estate for Rookies. An Introduction to the Concept of Real Estate Investment Trusts (REITs) Shibly Latiff, CFA

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1 Real Estate for Rookies An Introduction to the Concept of Real Estate Investment Trusts (REITs) Shibly Latiff, CFA

2 Summary Types of real estate investments Fundamentals of REITs Global REIT performance REITs in practice What makes REITs a superior investment model? Is Sri Lanka ready for REITs? Some food for thought.. Real Estate for Rookies 2

3 Types of real estate investments Direct investments Indirect investments Real Estate for Rookies 3

4 Direct investments Ownership of direct real estate Investors Invest Rent Property Real Estate for Rookies 4

5 Indirect investments Ownership through tradable shares such as ordinary property companies or as REITs Property Co Invest Rent/Disposals Property Equity Dividend Investors Real Estate for Rookies 5

6 Advantages of indirect investments Affordability Diversification benefit High liquidity Low administration cost Management expertise Economies of scale Real Estate for Rookies 6

7 Equity REITs How do equity REITs work? REIT Invest Rent 75% in real estate 75% of Rev Property Equity Dividend = 90% tax profit Tax exempt Investors Real Estate for Rookies 7

8 What is a REIT? A company which owns income producing real estate or finance real estate, and pays out most of the income (generally 90% of taxable income) as dividends. Real Estate for Rookies 8

9 Typical regulations At least 75% of total investment assets must be in real estate. At least 75% of gross income is derived from rents or mortgage interest. 90% of taxable income must be distributed annually. (i.e. profit + depreciation) Ownership: min 100 shareholders, 5 cannot hold more than 50%. Have shares that are fully transferable. Organized as a corporation, business trust, or similar association. Be managed by a Board of Directors or trustees. Real Estate for Rookies 9

10 REITs vs. investment in ordinary property companies Lower risk due to stringent regulations Tax efficient Stable dividend Real Estate for Rookies 10

11 Countries with REIT-like structures US (started in 1960 took off in the 1990s) Australia (started in 1971 current form, 1985) Netherlands 1969 Canada 1994 Belgium 1995 Japan 2000 Singapore 2002 France 2003 Hong Kong just started Real Estate for Rookies 11

12 Countries working to implement REIT legislation UK Germany Italy Spain S. Korea Malaysia Taiwan Thailand Philippines India Real Estate for Rookies 12

13 Countries that have passed or are considering REIT legislation Real Estate for Rookies 13

14 US: REITS have outperformed all other indices Source: NAREIT Real Estate for Rookies 14

15 Performance of established countries 25% 20% Double digit returns 15% 10% 5% US Australia Netherlands Canada 0% 1 y 5 y 10 y Data as at 30/6/2004 Source: Global Property Research Real Estate for Rookies 15

16 Performance of new entrants 40% 35% 30% 25% 20% 15% 10% 5% 0% 1 y 2 y Data as at 30/06/2004 Belgium France Singapore New Zealand Source: Global Property Research Real Estate for Rookies 16

17 Risk vs. Return Higher returns for little additional risk Source: Ibboston Associates Real Estate for Rookies 17

18 REITs in practice Types of properties REITs invest in: Office Apartments Malls Shopping centers Hotels Industrials Storage Hospitals Prisons Golf courses Real Estate for Rookies 18

19 REITs in practice (Cont d) Company X: Profile of Company X Started as a privately owned apartment rental company in Registered as a REIT and raised capital through an IPO in Continued to pay 90% of taxable income as dividend. Income was sufficient to pay dividend and meet routine capex. Expansion was done by raising debt/equity (but keeping leverage below 40%). Real Estate for Rookies 19

20 REITs in practice (Cont d) Performance break-up of Company X Compounded annual growth rate 17% Annual dividend yield 7% Capital appreciation 10% Real Estate for Rookies 20

21 REITs in practice (Cont d) From where is value generated? PV of net rents (rent - costs) + Change in market conditions (i.e. rent, occupancy) + Management expertise Real Estate for Rookies 21

22 REITs in practice (Cont d) Annual rent income 10,000,000 Operating costs (3,000,000) Less routine maintenance capital expenditure (2,500,000) 4,500,000 Required rate 10% Value of the property 45,000,000 Real Estate for Rookies 22

23 REITs in practice (Cont d) Total return break-up of Co. X Management expertise/change in market condition 6% 35% 41% Dividend 7% 24% Drop in required dividend yield 4% Real Estate for Rookies 23

24 What makes REITs a superior investment model compared to an ordinary company? Simple business model any investor could understand. Better earnings visibility reduces the possibility of over/under valuation. Since most of the surplus cash is paid out, there is better transparency. New investments require debt or equity, which means additional scrutiny of commercial viability. Limitation on share ownership reduces conflict of interest. Higher efficiency; companies can expand rapidly due to easy access to capital. This brings in economies of scale. Real Estate for Rookies 24

25 Benefits of REITs Investors An option to invest long term, medium level of risk. Consumers Better choice and service due to higher supply Individuals: Apartments Businesses: Office, Industrial, etc. Government Higher efficiency means higher tax revenue in the long run. Real Estate for Rookies 25

26 Is Sri Lanka ready for REITs?

27 Basic requirements for REITs to function Investors Management expertise Demand for rental properties Real Estate for Rookies 27

28 Food for thought Do we have the investors? Pension funds Individual savers Foreign investors Real Estate for Rookies 28

29 Food for thought (Cont d) Do we have the management expertise? Real Estate for Rookies 29

30 Food for thought (Cont d) Is there demand for rental properties? Office? Apartments? Malls? Shopping centers? Hotels? Industrials? Storage? Hospitals? Real Estate for Rookies 30

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