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Kinnisvara investeerimisfondid (REIT). MTÜ KinnisvaraMagnaadid Priit Treial. REIT kujunemine ja kvalifikatsioon. REIT= Real Estate Investment Trust, USA majandusruum aasta 1960, vähemalt 75% kogu fondi varadest on paigutatud kinnisvarasse,

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kinnisvara investeerimisfondid reit

Kinnisvara investeerimisfondid (REIT)

MTÜ KinnisvaraMagnaadid

Priit Treial

reit kujunemine ja kvalifikatsioon
REIT kujunemine ja kvalifikatsioon
  • REIT= Real Estate Investment Trust,
  • USA majandusruum aasta 1960,
  • vähemalt 75% kogu fondi varadest on paigutatud kinnisvarasse,
  • vähemalt 75% fondi brutotulust peab pärinema kinnisvarainvesteeringutest,
  • fond peab jaotama 90% aastasest puhastulust aktsionäride vahel.
reit fondide t bid
REIT fondide tüübid
  • hüpoteeklaenude fondid (MREIT- mortgage real estaste investment trust),
  • kinnisvara omandavad fondid (EREIT- equity real estate investment trust),
  • Hübriid fondid (Hybrid trusts).
reit investeerimisstrateegiad
REIT investeerimisstrateegiad
  • Piiratud/piiranguta elueaga kinnisvarafondid (Finite-life, non finite-life REIT´s,
  • Suletud lõpuga ja avatud lõpuga kinnisvara investeerimisfond (Closed-end & open-end REIT´s,
  • Laenukapitali kaasavad/vältivad kinnisvarafondid (Leverage /unleverage REIT´s),
  • Tühi kinnisvarafond (Blank or check trust)
  • Ostu kinnisvara investeerimisfond (Purchasing or fully specified trust)
  • Kinnisvaraarendus riskifond (Venture REIT´s)
reit investeerimisprotsess

Objektide kaardistus ja otsimine

Investeerimis-objekti analüüs (Due Diligence)

Objekti eelleping

Investeerimis-nõustaja

Investeerimis-otsus

Võlakirja-emissioon

Finants-võimendus

Väljumisstrateegia ehk EXIT strateegia

Objekti ostuleping

REIT investeerimisprotsess
riskide jaotus
Riskide jaotus
  • Intressirisk
  • Likviidsusrisk
  • Juhtkonnarisk
  • Poliitiline risk
  • Äririsk
fondi efektiivsusparameetrid
Fondi efektiivsusparameetrid
  • NI ehk netotulu (net income),
  • NAV ehk fondiosaku puhasväärtus (net asset value),
  • FFO ehk äritegevuse rahavoogude indeks (funds from operatisons),
  • IRR ehk sisemine tulumäär (internal rate of return).
eesti reit ide arengusuunad
Eesti REIT-ide arengusuunad
  • Müüjate turg- investeerimisprotsess on analüüsimahukam
  • Uued fondid- on olemas piisav know-how
  • Müügi ja tagasiüürimise (sale-and leasback) tehingute kasv
  • Uued turud- Rumeenia, Gruusia, Saksamaa...
  • Stabiilne fondi finantseerimine
  • Regioonidevaheline investeerimisproportsioonide ühtlustumine
kasutatud kirjandus
Kasutatud kirjandus
  • Ambrose, B, W., Linneman, P. REIT Organizational Structure and Operating Characteristics. – Journal of Real Estate Research, 2001, vol. 21, no. 3, pp 141-162.
  • Arco Balti Kinnisvarafond AS info. [http://www.kinnisvarafond.ee]. 05.03.2007
  • AS Eastern Europe Real Estate Investment Trust info. [http://www.eereti.ee]. 04.03.2007.
  • AS IPC Romaninan Land Portfolio info. [http://www.ipcinvestment.com/?peaID=3]. 05.03.2007.
  • Brueggman, W, B., Fisher, J, D., Stone, L, D. Real Estate Finance. 8. ed., Boston: Irwin, 1989, 836 p.
  • Chaudhry, M, K., Maheshwari, S., Webb, R, J. REITs and Idiosyncratic Risk. – Journal of Real Estate Research, 2004, vol. 26, no. 2, pp 207-222.
  • Delta Imoti Capital. [http://delta.1kdigital.com/delta/index.php?lng=est&main=69]. 07.04.2007
  • Diversification Benefits of REITs. [http://www.investinreits.com/reasons/diversification.cfm]. 11.05.2007
  • Eastern Europe Real Estate Investment Trust AS kinnine emissioon 2007 märts. (emissiooniprospekt).
  • Explorer Property Fund - Baltic States info. [http://www.eastcapital.com/index.php?mid=466&lang=en]. 10.03.2007.
  • Fondid. [http://www.lhv.ee/index.cfm?id=80039#mark02]. 01.03.2007.
  • Indeksid. [http://www.baltic.omxgroup.com/market/?pg=charts&lang=et&idx_main%5B%5D=OMXT&add_index=OMXBBPI&idx_index%5B%5D=OMXN40&add_equity=LT0000118655&period=other&start_d=19&start_m=5&start_y=2005&end_d=19&end_m=5&end_y=2007] 10.05.2007
  • Introduction of the Real Estate Investment Trust (REIT) in Germany. 2006 (aruanne).
  • Kask, K. Kinnisvara Rahandus. Tartu: Tartu Ülikooli Kirjastus, 1997, 258 lk.
  • Kevenides, H, A. International Real Estate Investment Risk Analysis. – Journal of Real Estate Portfolio Management, 2002, vol. 8, no. 4, pp. 61-73.
  • Learn about REITs. [http://www.investinreits.com/learn/faq.cfm]. 05.05.2007
  • Lee, M-L., Chiang, K. Substitutability between Equity REITs and Motgage REITs. – Journal of Real Estate Research, 2004, vol. 26, no. 1, pp 95-113.
  • Leece, D. Economics of the Mortgage Market. Oxford: Blackwell Publshing Ltd, 2004, 258 p.
  • Malkin, A, E. Don´t overlook alternatives to the UPREIT structure. National Real Estate Investor, 1998, vol. 40 no. 11, pp. 1
  • Zietz, E, M., Sirmans, S, G., Friday, S, H. The Environment and Performance of Real Estate Investment Trusts. – Journal of Real Estate Portfolio Management, 2003, vol. 9, no. 2, pp 127-165
  • Tarbijahinnaindeks. [http://pub.stat.ee/px-web.2001/Dialog/varval.asp?ma=IA02&ti=TARBIJAHINNAINDEKS%2C+1997+%3D+100+%28KUUD%29&path=../Database/Majandus/04Hinnad/&lang=2]. 01.05.2007
  • The Investor’s Guide to Real Estate Investment Trusts (REITs). [http://www.investinreits.com/learn/investguide.pdf]. 15.03.2007
  • The Real Estate Investment Trust Industry in the United States. [www.lij.jp/html/forum/07/sld_liang.pdf]. 01.04.2007
  • UPREITs, Down-REITs And Other REIT Vehicles: Should You Go Along For The Ride. [http://library.findlaw.com/1998/Aug/1/126264.html]. 05.05.2007
  • Wang, K., Erickson, J., Gau, G, W. Dividend Policies and Dividend Announcement Effects for Real Estate Investment Trusts. - Journal of the American Real Estate and Urban Economics Association­­, 1993, vol. 21, no. 2, pp. 185-201.
  • White paper on Funds from Operation. National Association of Real Estate Investment Trust´s, 2002.
  • Wofford, L.E., Clauretie, T.M. Real Estate. Canada: John Wiley & Sons, Inc, 1983, 665 p.
  • Väärpaberituru seadus [https://www.riigiteataja.ee/ert/act.jsp?id=960857]. 03.04.2007
slide17

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