Zeitschriftenartikel zum Thema „Listed property trusts Australia“

This paper aims to examine whether and to what extent overconfident CEOs affect Australian real estate investment trusts’ (A-REITs) property investment activities during their tenure as the CEO of A-REITs, covering the period 2000–2019. A-REITs’ property investment and disposal activities are separately modelled against CEOs shares in their companies (an indicator of CEO overconfidence), as well as other controlled variables. We found that around 68% of A-REIT CEOs are overconfident over the study period. However, our empirical results also indicated that CEO overconfidence did not have a profound impact on A-REITs’ investment activities, either property acquisitions or disposals. This could be explained by high corporate governance of A-REITs. Specifically, Australian construction and property companies are the leading market players in sustainability. As publicly quoted companies, listed property and construction companies, particularly A-REITs could be exposed to various managerial issues, including corporate CEO overconfidence and its influence on the investment decision-making process. However, this managerial issue could be minimized via an enhancement of corporate governance that is a key pillar of sustainability. The mitigation of corporate overconfidence and implementation of corporate governance mechanisms makes REITs more accountable to their investors. The implications of the findings have also been discussed.

Foreign real estate investment funds have recently been added to the practical investment opportunity sets of ordinary Japanese investors. This paper analyzes the additional diversification benefits of U.S. REITs and Australian listed property trusts (LPTs) for Japanese investors who already hold Japanese, U.S., and Australian financial assets while considering different risk definitions in a mean-lower partial moment (MLPM) framework. The study uses data from August 1994 to July 2004. The impacts of currency adjustment and risk definition on the diversification benefits are examined. Our results suggest that the additional diversification benefits of U.S. REITs and Australian LPTs can be obtained only in very limited cases by Japanese investors.

This study involves a financial analysis of 43 publicly listed and large private companies in the building and construction supply chain from 2005 to 2010; straddling the period of the global financial crisis (GFC); and examines the impact of the GFC on the performance of these companies. The construction supply chain was divided into four sectors – material suppliers, construction companies, property developers and real estate investment trusts (REITs). The findings indicate that the impact was minimal for both material suppliers and construction companies, but especially severe for the more leveraged property developers and REITs. Building material suppliers and construction companies have benefitted substantially from the building economic stimulus package provided by the Australian government to mitigate the effects of the GFC. Decreases in the valuation of assets have, to a large extent, reduced the profitability of property developers and REITs during the GFC but these companies have recovered quickly from these adverse conditions to return to a sound financial position by the end of the 2010 financial year. The results will inform investors, managers and construction professionals in devising strategies for prudent financial management and for weathering future financial crises.

Purpose This paper aims to investigate whether real estate investment trust (REIT) initial public offerings (IPOs) are exposed to abnormal initial-day performance. Previous studies have predominantly focused on REITs listed in the USA and Australia, only a few studies have utilised a multi-country approach and only one study has used a multi-region approach. This paper adds to the literature by, for a global sample, analysing variables proven important in explaining REIT IPO performance but never used in a global sample before by extending the investigation of initial-day return patterns for new REIT types and by offering the first insights from emerging REIT markets. Design/methodology/approach Initial-day raw and abnormal returns were calculated for a sample of 445 IPOs in 26 countries over the period from 1996 to 2014. The returns were partitioned according to a select set of themes and multiple regression analysis was used to isolate the relationship between the explanatory factors and underpricing. Findings For the sample as a whole, the mean initial-day raw return is 3.94 per cent and the mean market-adjusted initial-day return is 4.01 per cent. Even though the initial-day return for a REIT IPO typically is positive, negative mean returns are observed for a few countries and during certain years. Investors should note that for European markets, new property type exhibited a robust positive association with abnormal return, and underwriter reputation exhibited a robust negative relationship with abnormal return. Originality/value This paper fulfils the need to test important concepts on global REIT IPO markets.

This paper explores the extent of organizational isomorphism (homogeneity and resemblances) in the disruption-driven investment decision-making strategies of Listed Property Trusts (LPTs) in New Zealand. Based on the tenets of institutional theory, this article conceptualizes LPTs as organizations within an investment environment, comprising several firms and actors that are bounded by formal and informal rules. By exploring the interactions and interdependencies across organizational hierarchies in the investment environment, this study adopts a phenomenological approach within case studies in clarifying the extent of homogeneity in the decision-making strategies of LPTs amidst disruptions. The research outcome suggests that LPTs demonstrate normative, coercive and mimetic isomorphic tendencies as they seek legitimacy amidst the uncertainties associated with property market disruptions. Apart from adhering to the peculiar rules and norms of property investment decision-making within their investment environment, this study reveals the tendency of LPTs to observe and replicate the responsive actions of similar organizations as they adjust to market uncertainties. Therefore, the research outcome provides a clearer description of the actual decision-making behaviour of LPTs amidst market disruptions and how subjective behavioural tendencies could evolve to become a legitimate standard of reasoning amongst LPTs.

Purpose As an asset class, listed property companies (PCs) in the emerging Asian markets have taken on increased significance in recent years. Investors have seen Indonesian real estate investment trusts (REITs) being regulated to become a property investment vehicle in 2007. This sees macro-environment investment in the Indonesian property market taking off to a higher level regionally. In the background, Indonesian listed PCs maintain as one of the major investment vehicles for local and international investors. It has also been the subject of investment for REITs and property investment funds in Indonesia. The purpose of this paper is to assess the dynamics of risk-adjusted performances and portfolio diversification benefits of listed PCs in a mixed-asset portfolio context in Indonesia, from July 2006 to December 2018. The sub-periods of pre-global financial crisis (GFC), GFC and post-GFC of listed PCs is also assessed. Design/methodology/approach Using monthly total returns, the risk-adjusted performance and portfolio diversification benefits of listed PCs from July 2006 to December 2018 are assessed, with extended efficient frontiers and asset allocation diagrams used to assess the role of listed PCs in a mixed-asset portfolio. Sub-period analyses are conducted to assess the post-GFC recovery of listed PCs. Findings Listed PCs delivered higher returns but carried higher risks compared to stocks before the GFC, with bonds having both the lowest returns and risks. The impact of the GFC was highest for Indonesian PCs compared to stocks, where properties did not deliver strong risk-adjusted returns. Notwithstanding the poor risk-adjusted performance, Indonesian PCs had low correlations with stocks and bonds, suggesting some level of diversification potential for stock and bond investors. Stocks outperformed listed PCs across the sub-periods and the full period. Over the post-GFC period, both stocks and listed PCs recovered from the crisis, with stocks turning around stronger. This analysis shows a prolonged recovering and slow bouncing adjustment of listed PCs from the economic changes. This research suggests selected listed PCs may be the outperformers, and, a future contract as a hedge form for listed PC to be implemented. Research limitations/implications The use of the indices of Standard & Poor’s Indonesian property total return (for listed PCs) are as follows: MSCI Indonesia total return (for stocks), Indonesia’s ten-year bond’s total return (for bonds) and Indonesia’s three-month bill total return (for cash). This is used to study the Indonesian listed PCs and may have aggregation effects in its underperformance and therefore drawing a negative outcome. The results may reflect the common fact that the majority of listed PCs in Indonesia are property developers, which also sees underperformances in other emerging country markets. Practical implications Listed PCs have been under increasingly adjusted and positively adapted regulations from the Indonesian Government over the post-GFC period. Therefore, in order to attract interest from international investors in property investment in Indonesia, listed PCs need stronger and more efficiently adapted regulations to a competitive level of respective regulations in the region and globally. Notwithstanding the poor performance in the transitional stage, Indonesian listed PCs bring some diversification benefits to local investors who are able to pick the outperformed invested PCs at the right time. Of the on-going concerns, international investors have no restrictions on holding listed PCs in the Indonesian stock market. This provides room for improvement in business performance in listed PCs as a result of regional/global competition and international management being involved. The present study delivers awareness to investors, researchers as well as policymakers on the Indonesian property market. Originality/value This paper is the first published to present a country profile of significant property vehicles (commercial property, listed PCs and REITs). It also presents empirical research analysis of the risk-adjusted performance of listed PCs and its dynamic role in a local investors’ perspective across the pre-GFC, GFC, post-GFC periods. Given the significance of listed PCs in Asia, this research highlights more information for opportunities and on-going property investment issues in Indonesia.

Purpose – The purpose of this paper is to examine the implementation of corporate sustainability (CS) practice by Malaysian Real Estate Investment Trusts (REITs) and property listed companies, following the three dimensional (economic, environmental, and social) framework of CS. Design/methodology/approach – A quantitative content analysis procedure was undertaken using 113 reports, including 23 REITs and 90 property companies. For the data collection company websites, annual reports, corporate social responsibility (CSR), and sustainability reports were employed. The global reporting initiative (GRI), reporting framework was used for data collection and recording. The content analysis examined the level of disclosures for three dimensions of sustainability, namely economic, social and environmental. Findings – The content analysis indicates that the majority of companies among the sample have their social responsibility and sustainability strategies for the satisfaction of stakeholders and legitimizing firm practices. However, there are variations in their approaches and reporting processes. Among the three dimensions, environmental disclosures are on its least and social dimension has priority in the level of disclosures. Though the overall reporting is low, but having upward trends over time. Research limitations/implications – This study has a limitation that it investigates the level of CS practices in REITs and property companies among Malaysian listed companies. The findings of the study are helpful for the government of Malaysia, practitioners, academia, researchers, banks, Bursa Malaysia, security commission and CEO’s of the listed companies to improve their organizational practices and reporting quality of CS. Originality/value – There has been limited literature on CS practices among Malaysian REITs and property industry. The previous studies have only focused top companies or a single dimension of CS, while this study addressing all the three dimensions of sustainability. This is the first study addressing all the three dimensions (economic, environmental, and social) of CS after the 10th Malaysian Plan (2010-2015). The study using a large sample of REITs and property companies during 2011-2013. The study will significantly add value to CS practices in emerging economies like Malaysia.

Purpose– Investment in Australia’s property market, whether directly or indirectly through Australian real estate investment trusts (A-REITs), grew remarkably since the 1990s. The degree of segregation between the property market and other financial assets, such as shares and bonds, can influence the diversification benefits within multi-asset portfolios. This raises the question of whether direct and indirect property investments are substitutable. Establishing how information transmits between asset classes and impacts the predictability of returns is of interest to investors. The paper aims to discuss these issues.Design/methodology/approach– The authors study the linkages between direct and indirect Australian property sectors from 1985 to 2013, with shares and bonds. This paper employs an Autoregressive Fractionally Integrated Moving Average (ARFIMA) process to de-smooth a valuation-based direct property index. The authors establish directional lead-lag relationships between markets using bi-variate Granger causality tests. Johansen cointegration tests are carried out to examine how direct and indirect property markets adjust to an equilibrium long-term relationship and short-term deviations from such a relationship with other asset classes.Findings– The authors find the use of appraisal-based property data creates a smoothing bias which masks the extent of how information is transmitted between the indirect property sector, stock and bond markets, and influences returns. The authors demonstrate that an ARFIMA process accounting for a smoothing bias up to lags of four quarters can overcome the overstatement of the smoothing bias from traditional AR models, after individually appraised constituent properties are aggregated into an overall index. The results show that direct property adjusts to information transmitted from market-traded A-REITs and stocks.Practical implications– The study shows direct property investments and A-REITs are substitutible in a multi-asset portfolio in the long and short term.Originality/value– The authors apply an ARFIMA(p,d,q) model to de-smooth Australian property returns, as proposed by Bond and Hwang (2007). The authors expect the findings will contribute to the discussion on whether direct property and REITs are substitutes in a multi-asset portfolio.

Purpose German real estate investment trusts (REITs) are a small but important property investment vehicle in the European REIT landscape, offering German commercial property investment exposure in a liquid format, compared to the more property development-focused German listed property companies and the popular German open-ended property funds. The purpose of this paper is to assess the emergence of the German REIT market and the risk-adjusted performance and portfolio diversification benefits of German REITs in a mixed-asset portfolio over 2007-2015. The post-global financial crisis (GFC) recovery of German REITs is highlighted. Enabling strategies for the ongoing development of the German REIT market are also identified. Design/methodology/approach Using monthly total returns, the risk-adjusted performance and portfolio diversification benefits of German REITs over 2007-2015 are assessed. Efficient frontier and asset allocation diagrams are used to assess the role of German REITs (and German property companies) in a mixed-asset portfolio. Sub-period analysis is used to assess the post-GFC recovery of German REITs. Findings German REITs delivered lesser risk-adjusted returns compared to German stocks over 2007-2015, with limited portfolio diversification benefits. However, since the GFC, German REITs have delivered strong risk-adjusted returns, but with continued limited portfolio diversification benefits with German stocks. German REITs also out-performed German property companies. Importantly, this sees German REITs as strongly contributing to the German mixed-asset portfolio across the portfolio risk spectrum in the post-GFC environment. Practical implications German REITs are a small but important market at a local, European and global REIT level. The results highlight the major role of German REITs in a German mixed-asset portfolio in the post-GFC context. The strong risk-adjusted performance of German REITs compared to German stocks sees German REITs contributing to the mixed-asset portfolio across the portfolio risk spectrum. This is particularly important, as many investors (e.g. small pension funds) use German REITs (and German listed property companies) to obtain their German property exposure in a liquid format, as well as the increased importance of blended property portfolios of listed property and direct property. Originality/value This paper is the first published empirical research analysis of the risk-adjusted performance of German REITs, and the role of German REITs as a listed property vehicle in a mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision making regarding the strategic role of German REITs in a portfolio.

Purpose The purpose of this paper is to explore the levels and determinants of net asset value (NAV) premiums/discounts for publicly traded Australian Real Estate Investment Trust (A-REIT) market during the last decade. A-REITs were severely affected by the global financial crisis as S&P/ASX 200 A-REIT index-listed property stocks experienced 47 per cent discount to NAV, on average, in 2008–2009 crisis. Since 2013, A-REIT sector has exhibited a strong recovery from the financial crisis and traded at high premiums to date. Understanding the relationship between pricing in the public and private real estate markets has taken on great importance as A-REITs continue to trade at significant premium to NAV unlike their counterparts in the USA and Europe. Design/methodology/approach This paper follows a rational approach to explain variations in NAV premiums and explores the company-specific factors such as liquidity, financial leverage, size, stock price volatility and portfolio diversification behind the A-REIT NAV premiums/discounts. The study specifies and estimates a model of cross-sectional and time variation in premiums/discounts to NAV using semi-annual data for a sample of 40 A-REITs over the 2008–2018 period. Findings The results reveal that A-REIT premiums to NAV can be explained not only by the liquidity benefit of listed property stocks but also positive financial leverage effect. During the past decade, A-REITs have followed an aggressive approach in financing their growth by using borrowed funds to purchase assets as the income from the property offsets the cost of borrowing and the risk that accompanies it. Debt-to-equity ratio has to be considered as an important source of NAV premiums as highly geared A-REITs that favoured debt financing over equity financing traded at significant premiums to NAV of their underlying real estate assets. Practical implications The paper includes implications for the REIT market investors. The regression analysis shows that specialty A-REITs with a focus on creative market niches traded at higher premiums compared with other property stocks, especially in the post-GFC recovery period. Specialty REITs are more highly valued by the market than their traditional specialised counterparts (e.g. office and retail REITs), and those pursuing a diversified strategy. Originality/value This paper presents an Australian case study as the A-REIT market provides a suitable environment for testing the effect of financial gearing on the REIT premium to NAV. The study provides empirical evidence supporting the importance of debt-to-equity ratio in explaining the variation in A-REIT NAV premiums.

This study investigates the impact of political risk on the cost of capital for publicly traded real estate firms. More specifically, by using a sample of 102 REITs and listed property trusts, which hold nearly 6,000 distinct investment properties across the Asia-Pacific region, we find strong empirical evidence that increased exposure to political risk increases both the cost of equity financing of a firm and its weighted average cost of capital. Interestingly, no such linkages are apparent between political risk and the cost of debt of a firm. These empirical results are robust to a variety of alternative measures of political risk, including a: 1) political rights index, 2) political change index, and 3) corruption perceptions index.

Purpose As one of the increasingly important alternative property sectors, data centres are a technology-focused property sector that is taking advantage of the growing investment intensity in technology-related infrastructure, against the backdrop of constant innovation and advancement in technology. The purpose of this paper is to assess the preliminary risk-adjusted performance and portfolio diversification benefits of data centre Real Estate Investment Trusts (REITs) in the USA, Australia and Singapore. The strategic implications going forward for data centres as an innovative property sector in the property investment space are also highlighted. Design/methodology/approach Using monthly total returns, the average annual return, annual risk, risk-adjusted performance and portfolio diversification benefits of data centre REITs in the USA, Australia and Singapore over 2016–2018 are assessed. Optimal asset allocation analysis is performed to investigate the value-added role of data centre REITs in a mixed-asset portfolio. Findings Data centre REITs delivered strong average annual return performance, outperforming the composite REITs in all three markets. This also sees data centre REITs being riskier than the overall REIT sector due to the non-traditional and maturing status of the data centre property sector. On a risk-adjusted basis, competitive performance was recorded for data centre REITs, with data centre REITs in the USA and Singapore outperforming their respective composite REITs. This performance is also delivered with significant portfolio diversification benefits with the stock market, resulting in data centre REITs contributing to the US mixed-asset portfolios across a diverse risk spectrum. Practical implications Institutional investors are now giving increased emphasis to alternative property sectors with better risk-return trade-offs. Improved performance and diversification benefits are achieved by supplementing existing property portfolios with non-traditional property sectors with counter-cyclical risk-return profiles, one of which is the data centre property sector. This sees data centres as an important alternative property sector, having technology-based drivers and being recognised as having a clear path towards institutionalisation with the major investors in the near future. Originality/value This paper is the first published empirical research analysis that specifically assessed the preliminary performance and diversification benefits of data centre REITs in the USA, Australia and Singapore. This research enables empirically validated, more informed and practical property investment decision making by institutional investors regarding the future strategic role of the data centre property sector as an innovative sector in the institutional property investment space.

Purpose The South African listed property market has changed its legal basis from property loan stock companies and property unit trusts to adopt the more familiar international structure, real estate investment trusts. The main distinction is how shareholding is structured and investment returns are paid out to shareholders, which results in a different tax treatment. It is hoped that this change would attract more foreign investment, but it is questionable if this is sufficient to convince global investors who, amidst a seeming worsening of the stability in the political and economic environment, would probably need more insight into aspects such as investment decision making within these South African organisations. The paper aims to discuss these issues. Design/methodology/approach Using a balanced scorecard (BSC) framework, this study investigates the relevance of investment decision-making frameworks in South Africa. A survey using a sample of institutional investors that are included in the South African Property Market Index was conducted. Findings The study found similarities in decision-making priorities of South African institutional investors to those of previous studies. With the focus on retail property, tenant mix and secondary to that, quality of the centre management team is found to be important for forecasting expected returns in a retail investment decision environment. Diversification strategies were found to have similar results to previous studies, leaning more towards geographic location than economic location. Further, the study suggested the use of a BSC framework, linking the financial information and different financial ratios to nonfinancial aspects that need specific consideration in a retail investment environment. Research limitations/implications Retail property is considered to be of particular concern due to the business enterprise value that could be created if superior management techniques are applied. The investment decision stage concerned with forecasting expected returns relies on financial and quantitative models such as those derived from Modern Portfolio Theory. In a shopping mall environment, however, future performance is driven by nonfinancial factors, for example, tenant mix and superior customer experience. Therefore, forecasting expected returns in a retail environment requires a nuanced approach relative to other commercial property sectors. Originality/value The paper is considered to be original in its analysis of the retail real estate market in South Africa. This offers new insight into retail properties specifically, but also how investors in South Africa react to decision-making practices. This adds value in the internationalisation of the property market and the consistency and transparent practices applied globally.

Abstract Investment in REITs has become significant in recent years due to the stability and sustainable performance of the investment. A study on the management perspective is very important but this perspective is very limited. Asset management will derive from the profit optimization of the investment. Therefore, it is important to assess asset management strategies to ensure the sustainable performance of the assets. This paper aims to assess asset management strategies among matured REIT companies in developed countries in comparison with Malaysian REIT companies from the perspective of the managers. This research employed qualitative analyses by using content analysis techniques. A total of 41 REIT companies from the United States (US), Japan, Singapore, Australia and Malaysia were assessed. The analyses focused on the similarities and differences between the strategy framework identified in the literature review and the strategies adopted by global REITs and Malaysian REITs under review. The study will enable all REIT stakeholders to become well-informed on global REIT asset management that will derive the maximum profit from the investment. The success of developed countries’ REITs will provide guidelines for Malaysian REITs to adopt the best practice of strategic asset management from REITs in mature markets. Furthermore, this study is one of few papers that have discussed the issue of strategic property investment, particularly focusing on REITs.

The Katiti and Petermann Aboriginal Land Trusts (KPALT) in central Australia contain significant biological and cultural assets, including the World Heritage-listed Uluṟu-Kata Tjuṯa National Park. Until relatively recently, waterbodies in this remote region were not well studied, even though most have deep cultural and ecological significance to local Aboriginal people. The region also contains some of the highest densities of feral dromedary camels (Camelus dromedarius) in the nation, and was a focus area for the recently completed Australian Feral Camel Management Project. Within the project, the specific impacts of feral camels on waterholes were assessed throughout the KPALT. We found that aquatic macroinvertebrate biodiversity was significantly lower at camel-accessible sites, and fewer aquatic taxa considered ‘sensitive’ to habitat degradation were found at sites when or after camels were present. Water quality at camel-accessible sites was also significantly poorer (e.g. more turbid) than at sites inaccessible to camels. These results, in combination with emerging research and anecdotal evidence, suggest that large feral herbivores, such as feral camels and feral horses, are the main immediate threat to many waterbodies in central Australia. Management of large feral herbivores will be a key component in efforts to maintain and improve the health of waterbodies in central Australia, especially those not afforded protection within the national park system.

Purpose UK-Real Estate Investment Trusts (REITs) are an important property investment vehicle, being the fourth largest REIT market globally. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of UK-REITs in a mixed-asset portfolio over 2007−2014. The post-global financial crisis (GFC) recovery of UK-REITs is highlighted. Design/methodology/approach Using total monthly returns, the risk-adjusted performance and portfolio diversification benefits of UK-REITs over 2007–2014 are assessed. Efficient frontier and asset allocation diagrams are used to assess the role of UK-REITs in a mixed-asset portfolio. Sub-period analysis is used to assess the post-GFC recovery of UK-REITs. Findings UK-REITs delivered poor risk-adjusted returns compared to UK stocks over 2007–2014 with limited portfolio diversification benefits. However, since the GFC, UK-REITs have delivered strong risk-adjusted returns, but with continued limited portfolio diversification benefits with UK stocks. Importantly, this sees UK-REITs as strongly contributing to the UK mixed-asset portfolio across the portfolio risk spectrum in the post-GFC environment. Practical implications UK-REITs are a significant market at a European and global REIT level. The results highlight the major role of UK-REITs in a UK mixed-asset portfolio in the post-GFC context. The strong risk-adjusted performance of UK-REITs compared to UK stocks sees UK-REITs contributing to the mixed-asset portfolio across the portfolio risk spectrum. This is particularly important, as many investors (e.g. small pension funds, defined contribution [DC] funds) use UK-REITs to obtain their property exposure in a liquid format, as well as the increased importance of blended property portfolios of listed property and direct property. Originality/value This paper is the first published empirical research analysis of the risk-adjusted performance of UK-REITs and the role of UK-REITs in a mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of UK-REITs in a portfolio.

Purpose The purpose of this paper is to adopt an agency theory approach to investigate the integration of environmental issues into management control systems (MCS). Prior environmental accounting research has focussed on increasing organisations’ environmental accountability by “monitoring” through external reporting to stakeholders. However, this overlooks the alignment of agents’ interests within the firm. Design/methodology/approach A qualitative case study is undertaken in a large Australian listed property trust to investigate how agents’ interests may be integrated with environmental objectives through the use of MCS. Findings From the case an analytical framework is developed to illustrate how environmental issues are incorporated into organisational behaviour through MCS. The findings include, single objective environmental MCS; multiple objective MCS, which include priorities that specify environmental and economic trade-offs; and balancing MCS, which provide overarching decision-making principles without priorities. Practical implications The findings provide examples of how an organisation may integrate environmental issues across a range of MCS and the things to consider in doing so. Originality/value This paper draws on an agency perspective as an approach to incorporate environmental issues into MCS and to align behaviour. It explains a new way in which tensions can be managed. This study is one of the first to adopt the control package approach in investigating the incorporation of environmental issues in MCS.

PurposeResidential Real Estate Investment Trusts in Japan (residential J-REITs) have become an increasingly significant listed property sector recently. The purpose of this paper is to assess the effectiveness of residential J-REITs in a mixed-asset portfolio context in Japan by assessing the significance, risk-adjusted performance and portfolio diversification benefits of residential J-REITs over July 2006–August 2018. The ongoing property investment implications for residential J-REITs are also identified.Design/methodology/approachUsing monthly total returns, the risk-adjusted performance and portfolio diversification benefits for residential J-REITs over July 2006–August 2018 are assessed. An asset allocation diagram is employed to assess the role of residential J-REITs in a mixed-asset portfolio context in Japan.FindingsResidential J-REITs generally delivered superior risk-adjusted returns compared with the other sub-sector J-REITs, stocks and bonds in Japan over July 2006–August 2018, with desirable portfolio diversification benefits in the full mixed-asset portfolio context. Importantly,residential J-REITs are observed as strongly contributing to the mixed-asset portfolio context in Japan across the portfolio risk spectrum, particularly in a post-GFC context. This also reflects that residential J-REITs provide high portfolio returns and strong portfolio diversification benefits in a mixed-asset portfolio context in Japan.Practical implicationsResidential J-REITs are effective and liquid residential property investment exposure in Japan. The results highlight the strong risk-adjusted performance of residential J-REITs in Japan’s mixed-asset portfolio context. This suggests institutional investors, particularly Japan institutional investors, should consider including residential J-REITs in their mixed-asset portfolios, as residential J-REITs are seen as a compelling investment product co-existing alongside the other sub-sector REITs and major asset classes in institutional investor portfolios in the context of Japan. This also confirms the effectiveness of institutionalised residential J-REITs. Given the solid residential property market fundamentals in Japan, an increased level of the institutionalisation of residential J-REITs can be expected.Originality/valueThe study is the first study to assess the effectiveness of residential J-REITs, via assessing the significance, risk-adjusted performance and portfolio diversification benefits of residential J-REITs and their role in a mixed-asset portfolio context in Japan. This research enables more informed and practical property investment decision making regarding the value-added and strategic role of residential J-REITs as effective and liquid residential property investment exposure in Japan, as well as an increasingly institutionalised property sector going forward.

PurposeAs significant listed property investment vehicles, industrial and logistics REITs (I&L REITs) have recently enhanced their property portfolios, often replacing the traditional industrial properties with logistic properties to gain strategic exposure to recent e-commerce trends. This paper aims to assess the investment performance of I&L REITs by assessing the significance, risk-adjusted performance and portfolio diversification benefits of I&L REITs in the Pacific Rim region from July 2011 to December 2018. The strategic property investment implications for I&L REITs are also identified.Design/methodology/approachMonthly total returns from July 2011 to December 2018 were used to analyse the risk-adjusted performance and portfolio diversification benefits for I&L REITs in the United States, Japan, Australia and Singapore. An asset allocation diagram was employed to assess the strategic role of I&L REITs in a mixed-asset portfolio in each case.FindingsI&L REITs generally possessed superior average annual returns compared with the other sub-sector REITs, stocks and bonds in the United States, Japan, Australia and Singapore between July 2011 and December 2018, with desirable portfolio diversification benefits. Importantly, a more significant role for I&L REITs was generally observed in the mixed-asset portfolio compared to the other sub-sector REITs in each of these four markets across the broad portfolio risk spectrum. This reflects I&L REITs delivering enhanced portfolio returns and offering portfolio diversification benefits in a mixed-asset portfolio in the United States, Japan, Australia and Singapore.Practical implicationsProperty investors, particularly property securities funds (PSFs) and income-oriented investors, should consider including I&L REITs in their mixed-asset portfolios, as Pacific Rim–based I&L REITs provided an attractive REIT investment sub-sector, co-existing alongside the other sub-sector REITs and major asset classes in a mixed-asset portfolio in a Pacific Rim context, as well as being a portfolio diversifier. These results confirm the added-value and strategic role of I&L REITs in a mixed-asset portfolio, seeing I&L REITs as an effective investment pathway for I&L property exposure in the Pacific Rim region.Originality/valueThis is the first study to assess the investment performance of I&L REITs in the Pacific Rim region, evaluating their significance, risk-adjusted performance and portfolio diversification benefits, and the role of I&L REITs in a mixed-asset portfolio in the United States, Japan, Australia and Singapore. More importantly, this research is the first paper to provide empirical evidence on I&L REITs, which have often transformed their traditional industrial property portfolios with increased levels of logistics property to gain exposure to recent e-commerce trends. This research enables more informed and practical property investment decision-making regarding I&L REITs and their added-value and strategic role in a mixed-asset portfolio, as well as delivering effective I&L property exposure in the Pacific Rim region, with the added benefits of liquidity, transparency and fiscal efficiency.

Purpose The purpose of this paper is to investigate the relationship of financial ratios and non-financial factors of successful and failed corporations in the USA. Specifically, the authors provide evidence on whether financial ratios and non-financial factors can be jointly included as indicators to improve the predictive capacity of organisational success or failure in different countries and sectors. Design/methodology/approach The paper utilises a mixed method exploratory case study focussing on listed corporations in the US and Australian manufacturing, agriculture, finance and property sectors. Findings The financial ratio findings demonstrate that (with the exception of the failed Australian manufacturing sector) the integrated multi-measure (IMM) ratio approach consistently provides a higher classification rate for the failed and successful groups than those provided by an individual measure. In all cases the IMM method scored higher for US companies (with the exception of the failed Australian property sector). The findings also show that irrespective of the country location or sector, non-financial factors such as board composition and managements’ involvement in organisational strategy impact on a corporation’s success or failure. Practical implications The findings reveal that non-financial factors occur prior to financial ratios when attempting to predict organisational success or failure and the IMM approach enables a more thorough examination of the predictive ability of financial ratios for US and Australian organisations. This intuitively indicates that when combined with financial ratios, non-financial factors may be a useful predictor of corporate success or failure across countries and sectors. Originality/value Sound internal processes and the identification of both financial ratios and non-financial factors can be utilised to improve the reliability of financial failure models, enable corrective and preventative steps to be implemented by management and potentially reduce the costs of failure for US and Australian organisations.

Purpose – With strategies including flexible work practices, tenants are increasingly seeking flexibility in their physical office space and layouts. The purpose of this paper is to examine to what extent investors address tenants’ changing demand for office space with reference to layouts in new and existing office buildings. Design/methodology/approach – A qualitative study comprising in-depth individual interviews with senior portfolio managers of all listed property trusts investing in the office sector in New Zealand was undertaken. Findings – The findings confirmed property investors incorporate several adaptive and flexible space design and specifications in their modern office buildings to enhance space flexibility and functional efficiency. These include adaptive building structures, efficient floor plates, flexible building services, advanced IT networking, high-quality building amenities and modern building materials. Building structures and layouts are designed to be modified quickly and cost effectively to address tenants’ changing needs. Implications affecting tenant demand for flexible spaces on their lease contracts were also identified. Research limitations/implications – The findings from this research have implications for management of office space. Although the data were sourced with reference to buildings located in New Zealand only, the findings are applicable to office buildings in other countries. Practical implications – The study provides an insight into design strategies adopted in modern office buildings to enhance space flexibility and functional efficiency. These findings are of practical application to professionals involved in the design, development, investment and valuation of modern office buildings. Originality/value – The paper provides in-depth insights into how investors meet tenants’ changing demand for physical space which is linked to delivering improved and stable market-driven returns to investors.

Participatory action combined interventionist research approaches can offer possibilities for community-based facilities and institutions attempting to re-engage with their communities and assert their presence. St. Cuthbert’s Church is a heritage-listed property, located on a major landholding, right in the heart of the summer tourist town of Lorne, on Melbourne’s peri-urban ‘sea change’ fringe. Its sloping hillside vantage offers spectacular views to the beach and Bass Strait, beyond. The congregation, however, is aging, while the broader community is increasingly secular. In response to these circumstances, the Church is looking to assert its relevance with the procurement of a community centre to be erected on the property. Using an interventionist research approach, with a professional facilitator in ‘participatory action design’, it was found that while both residents and visitors to Lorne were favourably disposed to the idea of a community centre, it was also clear that the locus of power that needed to realise this objective lay outside the congregation’s control. A conclusion of this research is that community-based organisations may have to pro-actively engage in professional marketing and prepare business plans, as well as engage in substantial political lobbying both within and external to the Church, if the project is to progress and succeed.

Purpose Listed real estate securities have historically been used to achieve an exposure to the real estate asset class and to obtain a broad spectrum of other specific features such as return enhancement, but whether they must be associated to the direct property or to the broad stock market is deceptive on a merely theoretical basis. Moreover, the global financial crisis (GFC) has questioned their risk/return characteristics. The purpose of this paper is to asses if listed real estate securities are still enough dissimilar from the broad stock market to provide remarkable diversification benefits for a long term investor. Design/methodology/approach The analysis has been developed on the FTSE EPRA/NAREIT Developed Index and at country level (USA, UK, France, Japan, Singapore, Hong Kong and Australia) from November 2001 to October 2013. The authors analysed the real estate index over a broad market index and adjusted for a possible bias related to heteroskedasticity and autocorrelation, using a least squared regression with Newey-West HAC Correction. A Recursive Least Squares (RLS) was also used to test the stability of the parameters with the CUSUM squared test and the Chow test. Finally the authors tested for cointegration with the Augmented Dickey Fuller and the Engle Granger tests. Findings The authors found that after the GFC the Beta-risk related to the stock market has witnessed a sharp increase, but with differences among country. While the USA, the UK and France have experienced a trend similar to the one described for the FTSE EPRA/NAREIT Developed Index, Asian Markets depict a quite stable Beta over the full sample (gradual increase for the Australian market). Evidence of a structural break in conjunction with 2008 crisis has been found only in USA, UK and France. Practical implications Listed real estate securities, even if characterised by time varying Beta-risk and partially reduced diversification benefits, are still worth to be included in long term horizon portfolios. However, more wary considerations should be drafted before investing in the Asian markets where evidence of cointegration was found only for the Japanese market. Originality/value Analysis of post GFC effect on direct property investment vs indirect listed investment worldwide.

Purpose – This paper aims to examine the performance of UK-listed infrastructure over a unique investment period covering the global financial crisis and investigates the significance of UK infrastructure in a multi-asset portfolio. The analysis reveals the level of correlation of UK infrastructure with other major assets classes and substantiates the potential diversification benefits of including UK infrastructure within a mixed-asset portfolio. Design/methodology/approach – The study uses monthly investment return indices obtained from Thomson Reuters DataStream over a ten-year period (2001-2010). The paper analyzed the UK-listed infrastructure investment return characteristics including average annual return, annual risk, Sharpe indices, mean variance portfolio and maximum return portfolio and computes the efficient portfolio frontiers using the risk-solver optimization tool. Findings – The performance results show that UK infrastructure produced better risk-return trade-offs than those of UK property, private equity, hedge funds and UK stocks over 2001-2010. Overall, for the ten-year period, UK Water was the best performing asset class, outperforming all other asset classes having the highest Sharpe ratio of 0.75. Practical implications – Using the monthly return indices over the ten-year period, UK-listed infrastructure investment was found to play a consistently significant role in the optimality of mixed-asset portfolios. However, the diversification benefits were more return enhancing than risk reducing, offering investors a platform for matching investment objectives with expectations resulting from a better understanding of the characteristics of UK-listed infrastructure investments. Originality/value – As investors seek better understanding of the performance of infrastructure across the globe, with most previous studies focusing on Australia, USA and China, the paper makes significant contribution to the body of knowledge by focusing on UK, a promising investment space for infrastructure industry. Also, given the debate surrounding the emergence of infrastructure as a separate asset class, the paper particularly projects the potential benefits of investing in UK-listed infrastructure, offering investors a distinctive platform to launch into a vibrant asset class.

IAS 40 (adopted in PSAK 13, 2012) about investment properties allowing companies to choose the method of measuring their investment properties, namely the cost method and the fair value method. Side that oppose fair value method argue that fair value is unreliable and costly. The purpose of this study, therefore, is to examine the relevance of the fair value accounting choice method and determinants that affect of fair value accounting choice method for investment property. This research is using secondary data observation technique which acquired from annual financial reports for real estate, manufacturing, and trading sector companies listed on the Indonesia Stock Exchange during the 2012-2016 period. By using judgment sampling method, the research sample tested were 48 companies (19 real estate companies, 15 manufacturing companies, and 14 trading companies). The results of this research shows that fair value accounting choice method has a positive significant on firm value. In that case shows that fair value accounting choice have a value relevance so it can help investor to make a investment decision. For determinants of fair value accounting choice, that firm size variables has significant positive and leverage significant negatively with determinants of fair value accounting choice while big four has no effect on determinants of fair value accounting choice. Keywords: Value relevance, Investment property, Firm size, Leverage, Big four. References: Acaranupong, K. (2017). Accounting practices and value relevance of investment property: Evidence from firms listed on the stock exchange of Thailand. Asian Journal of Business and Accounting, 10(2), 1–41. Ahmad, F. B., & Mohammad, A. (2015). The Effect of Fair Value Accounting on Jordanian Investment Properties. International Journal of Financial Research, 6(4), 99–113. Al-Khadash, H. A., & Ahmad, K. (2014). The Effects of the Fair Value Option under IAS 40 on the Volatility of Earnings. Journal of Applied Finance & Banking, 4(5), 95–113. Al-khadash, H., & Abdullatif, M. (2009). Consequences of fair value accounting for financial instruments in the developing countries: the case of banking sector in Jordan. Jordan Journal of Business Administration, 5(4). Alhusaini, W., & Mostafa, E. (2016). Accounting for property investment : an examination of the value relevance of unrealised gains and losses recognised under IAS 40 Walid Alhusaini and Mostafa Elshamy *, 6(2), 100–117. Barth, M. E. (2000). Valuation-based accounting research: Implications for financial reporting and opportunities for future research. Accounting and Finance, 40(1), 7–31. Beisland, L. A. (2009). A Review of the Value Relevance Literature. The Open Business Journal, 2(1), 7–27. Carroll, T., Linsmeier, T., & Petroni, K. (2003). The Reliability of Fair Value versusHistorical Cost Information: Evidence from Closed-End Mutual Funds. Journal of Accounting, Auditing & Finance, 18(1), 1. Chen, K. L., Road, S. S., & Tsang, D. (2013). Earnings management , firm location , and financial reporting choice: An analysis of fair value reporting for investment properties in an emerging market. Christensen, H. B., & Nikolaev, V. V. (2009). Who uses fair value accounting for non-financial assets after IFRS adoption. SSRN Working Paper, (9), 1–46. DeAngelo, L. E. (1981). AUDITOR SIZE AND AUDIT QUALITY. Journal of Accounting and Economics, 3(May), 183–199. Farahmita, A., & Siregar, S. V. (2014). FAKTOR-FAKTOR YANG MEMPENGARUHI KEMUNGKINAN PERUSAHAAN MEMILIH METODE NILAI WAJAR UNTUK PROPERTI INVESTASI. Simposium Nasional Akuntansi XVII, 1–21. FASB. (1980). Statement of Financial Accounting Concepts No. 2 - Qualitative Characteristics of Accounting Information. FASB Concepts Statements, (2), 0. Ferri, M. G., & Jones, W. H. (1979). Determinants of financial structure: A new methodological approach. American Finance Association, 34(3), 631–644. Hendriksen, E. S., & Breda, M. F. Van. (2001). Accounting Theory. Irwin Profesional Publishing. Jabar, A., & Mohamed, A. (2015). The practices of fair value reporting on investment property in Malaysia, (August). Muller, K. A., Riedl, E. J., & Sellhorn, T. (2008). Causes and Consequences of Choosing Historical Cost versus Fair Value, 1–49. Muller, K., Riedl, E. J., & Sellhorn, T. (2008). Consequences of Voluntary and Mandatory Fair Value Accounting: Evidence Surrounding IFRS Adoption in the EU Real Estate Industry, (June 2014), Working Paper 1-43. Quagli, A., & Avallone, F. (2010). Fair value or cost model? Drivers of choice for IAS 40 in the real estate industry. European Accounting Review, 19(3), 461–493. Souza, F. Ê. A. de, Botinha, R. A., Silva, P. R., & Lemes, S. (2015). Comparability of Accounting Choices in Future Valuation of Investment Properties: An Analysis of Brazilian and Portuguese Listed Companies. Revista Contabilidade & Finanças, 26(68), 154–166. Subramanyam, K. R. (2014). Financial Statement Analysis (11th ed.). McGraw-Hill. Tan, M. Z., Mohamat Sabri Hassan, & Embong, Z. (2014). Value Relevance of Investment Properties’ Fair Value and Board Characteristics in Malaysian Real Estate Investment Trusts. Asian Journal of Accounting and Governance, 5, 1–13. Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2013). Financial Accounting (IFRS). John Wiley & Sons, Inc. Wooten, T. C. (2003). Research About Audit Quality. The CPA Journal.

AbstractThe World Trade Organization was established in 1995 and brought together countries from around the world for the purpose of fairly regulating the trade of goods, services, and intellectual property between its member states. While treaties and other trade agreements have existed between countries for hundreds of years, the WTO's most significant innovation is its dispute settlement process through the Dispute Settlement Body. Countries agree to be bound to the decisions of the DSB upon their admittance into the WTO. The DSB is a two-tiered adjudicative system consisting of the lower panels and the higher Appellate Body.The United States, under both the Obama and Trump administrations, has blocked the appointment of AB judges. This tactic has limited the number of active judges to three. The AB normally has seven members. The United States has listed a number of reasons for their boycott of the system, among them is that the AB is functioning as if its reports are to be binding precedent on the lower panel and to future DSB cases, in a manner similar to stare decisis. This issue has been observed over the years and there is conflict between interpretations of precedent under Article 3:2 of the Dispute Settlement Understanding and Article IX:2 of the WTO Agreement. Caselaw of the DSB from over the years has also raised interesting questions and the appearance of the use of precedent.This article will be examining the historical fundamentals and use of precedent and the doctrine of stare decisis. It will then turn into an examination of the institutional and regulatory framework of the WTO, particularly Article 3:2 of the DSU and Article IX:2 of the WTO Agreement, and whether it allows or leaves room for a system of binding precedent. Finally, jurisprudence of the DSB will be surveyed for evidence of this system. Reports that will be examined are Japan-Alcoholic Beverages, India-Patents, India-Autos, and Australia-Plain Packaging Tobacco.

Abstract. Nowadays, a very active research area is the 3D cadastre concept. In relation, 3D Cadastre is an essential component used in a land management system which is to manage and represent layered rights digitally, restrictions, responsibilities (legal models), buildings, public services and corresponding physical models (above or below the floor surface in 3D). The 3D Cadastre has a lot of capable of collecting, storing, organising, querying, analysing and visualising very intricate details within specific standards for all over the worlds. Besides, now in Turkey, 3D cadastre is to be designing and developing with academic studies. The cadastral concept was developed for the 3D Cadastral in the early 2000s from studies related to the world countries. The first workshop was held in 2001; the second workshop was held in 2011 and 2012 in the third. Temporarily, many theoretical and practical developments have emerged in these workshops. However, no 3D cadastre is currently being performed anywhere in the world (Oosterom et al., 2011). There are several reasons why successful implementation of 3D cadastre is legal, institutional and technical. These reasons can be listed as the necessary legal documents, missing data models, lack of technology and data format deficiencies. The 3D cadastre scope should be defined as ideal in legal and institutional systems for all of the cadastral systems. While waiting for these formalities, the development of a data model for 3D cadastre is a useful method to clarify the scope of 3D cadastre. A 3D cadastral data model is the most important for the introduction of standards (INSPIRE, OGC, LADM) and a common language within the user communities of the Land Administration. In this context, some countries (Netherlands, Australia) have developed cadastral data models (ePlan, Legal Property Object Model, LADM, 3D Cadastral Data Model) to improve their cadastral systems. Although cadastral data models differ between countries, 2D is based on the basic building block of a land parcel. The existing cadastral data models were developed based on the definition of a 2D land parcel for many countries. Besides land tenure recording system with related 2D cadastral systems also. In line with the developed models, Netherlands, Australia, Croatia and Israel improved their existing cadastral systems and carried out studies in the scope of 3D cadastre. In Turkey, the 3D cadastre scope is still working for an academic site. In this study, the first section comprises of the investigation for 3D cadastral systems. Turkey studies and cadastral systems will be discussed in section 2. The scope and principles of 3D cadastre are discussed for Turkey with section 3. Moreover, the obstacles to the implementation of 3D cadastre and international standards developed within the scope of 3D cadastre are discussed and also data models developed for Turkey cadastral system with related international standards (Land Administration Domain Model, INSPIRE and ISO) in section 4. Also, finally, discussion and results were assessed in this paper.

This article studies the performances of publicly traded real estate companies (real estate investment trusts and listed property companies) from 14 countries covering North America, Europe, and Asia as proxied by FTSE EPRA/NAREIT Global Real Estate Indexes over the period from 2000 to 2015. We implement robust normalized risk-adjusted performance measures and compare nine performance indicators before, during, and after the global financial crisis (GFC). Our findings show that the GFC had a huge impact on the ranking of internationally listed real estate securities’ relative performance. The study also stresses the importance of applying various performance measures to get a full picture of internationally listed real estate returns.

<p>The listed REITs have not performed as well as anticipated, and efforts by REIT management to issue further real estate securities have been delayed. This raised the question of whether the unexpected performance of REITs in Kenya was caused by external variables, including property diversification, which is out of the control of the investment market. Thus, the study sought to examine the relationship between property type-location diversification and the performance of REITs in Kenya. The target group included fund managers, stock brokers, investment banks, and property developers. A predictive correlational research design was used. At a 5% significance level, regression analysis was used to test the hypothesized relationship between variables. The results indicate that property type-location diversification has a significant relationship with the performance of REITs in Kenya. The findings also show that the location of properties is a very important aspect for REIT investors when it comes to property diversification. There was agreement among most respondents that diversifying REITs across location attributes reduces market risks. It can be concluded diversification of the REITs underlying property majorly in terms of geographic and economic influence performance of REITs in Kenya. Further, property diversification through the type of property is a key determinant in influencing the performance of REITs in Kenya. Thus, continued property-type location will enhance the uptake of REITs by investors. It is recommended that REITs issuers ensure that there is diversification of the properties to include multiple property types such as students’ hostels, retail stores, hotels, and warehouses. Such a type of diversification is likely to attract potential investors who could be interested in properties with such diversification characteristics. </p><p> </p><p><strong>JEL</strong>: G40, R30, C12, C51, L21</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src="/-counters-/edu_01/0929/a.php" alt="Hit counter" /></p>

Purpose As the prolonged effect of the COVID-19 pandemic has materially impacted investment returns significantly, it is more crucial than ever for institutional investors to redefine their property portfolios using assets with better investment management potential and meaningful diversification benefits. The “alternative asset revolution” is gaining traction in the property investment space internationally among institutional investors due to the shifting investment attitudes towards the alternative property sectors. Australia's $205bn healthcare property sector is at the forefront of this revolution due to its societal significance, as well as its attractive investment qualities. This paper investigates the institutional investor management of the Australian healthcare property sector via both the direct and listed channels and empirically analyses its investment attributes. Design/methodology/approach Using the unique Morgan Stanley Capital International/Property Council of Australia quarterly data set for Australian direct healthcare property over 2006–2020, the risk-adjusted performance and portfolio diversification potential direct healthcare property and listed healthcare were assessed. A constrained mean-variance portfolio optimisation framework was used to develop a six-asset portfolio scenario to analyse the portfolio added-value benefits of both direct healthcare property and listed healthcare in a mixed-asset investment strategy. A similar set of analysis was performed using the post-global financial crisis (GFC) quarterly time series of 2009–2020 to investigate the healthcare asset class' performance dynamics in the post-GFC investment timeframe. Findings The results indicate that direct healthcare property and listed healthcare offer two key advantages for institutional investors in managing their property portfolios: (1) a stable yet superior risk-adjusted performance and (2) significant portfolio diversification potential in managing their property portfolios. Importantly, both direct healthcare property and listed healthcare provided valuable contributions in strengthening an investment portfolio's performance. The post-GFC sub-period analysis revealed a consistent conclusion regarding the healthcare asset class's performance attributes. Originality/value This is the first research that provides an independent empirical examination of the strategic importance of Australian healthcare property as a maturing alternative property sector that can serve both investment and environmental, social and governance goals of investors. This research presents a positive investment prognosis for the Australian healthcare property sector to achieve its institutionalised status as a mainstream asset class of the future.

Purpose- The performance of the listed REITs has not been as expected and efforts by REIT managers to issue more real estate securities have been slow. This posed the concern of whether the unexpected performance of REITs in Kenya was due to external factors, such as investor awareness, which is not under the control of the investment market. Thus the study sought to examine how investor awareness influences performance of REITs in Kenya. Methodology- Predictive correlational research design was employed while target population comprised of Fund Managers, Stock Brokers and Investment Banks and Property Developers. Structural Equation Modelling was used to test the hypothesized relationships at 5% significance level. Findings-The results indicate that investor awareness have no significant influence on performance of REITs in Kenya. Majority of the respondents agreed that they were knowledgeable about Kenya's real estate market, and their membership in the REITs Association of Kenya has provided insightful market research and databases. Such investors can access with ease reports of the REITs issuing firm. Further, although investors usually follow and update themselves on the REITs markets through the online platform, such awareness does not influence the level of performance of REITs in Kenya. Conclusions- It can be concluded that although efforts have been put in place to ensure investors' awareness of real estate securities, such efforts have not boosted the uptake of REITs among investors. Investor awareness efforts employed by Capital Markets Authority in conjunction with the REITs Association of Kenya are not likely to enhance the performance of REITs in Kenya. The results indicate that REITs uptake has not attained a critical mass necessary to create liquidity in the capital market. Based on the findings, there is minimal publicity campaigns carried on by the Capital Markets Authority to sensitize potential investors on REITs. Keywords: Investor awareness, performance of REITs, property market. JEL Codes G40, R30, C12, C51, L21

PurposeThe purpose of this study is to analyse the current relationships between developer characteristics in terms of dominant property type (residential, commercial, retail, industrial, tourism, “other”), ownership (publicly listed, publicly unlisted, private, government), organisational structure (speculative-trader, investor developers, development managers) and size (small, medium, large) in the frequency of use and required minimum value of hurdle rate metrics.Design/methodology/approachA questionnaire survey of 225 Australian and New Zealand trader developers, development managers, investors, valuers, fund managers and government/charities/other relating to the feasibility practices of different types of Australia/New Zealand property development companies.Findings(1) Residential dominant developers are more likely to use margin on development cost (MDC) required to have a higher minimum internal rate of return (IRR) percentage; (2) investor developers are more likely to use the payback period as a hurdle rate, and specific hurdle rates as a part of a go/no-go decision; (3) trader developers adopt a higher percentage of IRR and deviate further from accepted financial theory in hurdle rate selection; and (4) national property development organisations in multiple geographic regions use qualitative frameworks more as a decision-making process and use MDC less as a hurdle rate.Practical implicationsThe study is limited to a sample of property practitioners working in Australia/New Zealand at the time of data collection in 2016 and, further empirical research is needed spatially and temporally to determine the extent of the findings. Further research is also needed with small- to medium-sized development organisations' on the extent to which they should use different metrics in project selection and for an improved understanding of the technical and attitudinal difficulties facing their current adoption.Originality/valueFirst study to examine the feasibility practices of different types of Australia/New Zealand property developers.

PurposeRecognising that different property sectors have distinct risk-return characteristics, this paper assesses whether changes in the level and volatility of short- and long-term interest rates differentially affected excess returns of sector-specific Real Estate Investment Trusts (REITs) in the Pacific Rim region between July 2006 and December 2018. The strategic property risk management implications for sector-specific REITs are also identified.Design/methodology/approachDaily excess returns between July 2006 and December 2018 are used to analyse the sensitivity in the level and volatility of interest rates for REITs among office, retail, industrial, residential and specialty REITs across the USA, Japan, Australia and Singapore. The generalised autoregressive conditionally heteroskedastic in the mean (GARCH-M) methodology is employed to assess the linkage between interest rates and excess returns of sector-specific REITs.FindingsCompared with diversified REITs, sector-specific REITs were less sensitive to short- and long-term interest rate changes across the USA, Japan, Australia and Singapore between July 2006 and December 2018. Of sector-specific REITs, retail and residential REITs were susceptible to interest rate movements over the full study period. On the other hand, office and specialty REITs were generally less sensitive to changes in the level and volatility of short- and long-term interest rate series across all markets in the Pacific Rim region. However, the interest rate sensitivity of industrial REITs was somewhat mixed. This sector was sensitive to interest rate movements, but no comparable evidence was found since the onset of GFC.Practical implicationsThe insignificant exposure to interest rate risk of sector-specific REITs may imply that they have a stronger interest rate risk aversion and greater hedging benefits than their diversified counterparts, particularly for office and specialty REITs. The results support the existence of REIT specialisation value in the Pacific Rim region from the interest rate risk management perspective. This is particularly valuable to international property investors constructing and managing portfolios with REITs in the region. Property investors are advised to be aware of the disparities in the magnitude and direction of sensitivity to the interest rate level and volatility of REITs across different property sectors and various markets in the Pacific Rim region. This study is expected to enhance property investors' understanding of interest rate risk management for different property types of REITs in local, regional and international investment portfolios.Originality/valueThe study is the first to assess the interest rate sensitivity of REITs across different property sectors and various markets in the Pacific Rim region. More importantly, this is the first paper to offer empirical evidence on the existence of specialisation value in the Pacific Rim REIT markets from the aspect of interest rate sensitivity. This research may enhance property investors' understanding of the varying interest rate sensitivity of different property types of REITs across the USA, Japan, Australia and Singapore.

The purpose of this research is to analyse the Malaysian Real Estate Investment Trusts (M-REITs) performance based on Financial Factors and Property Characteristics. M-REITs is a relatively new investment vehicle in Malaysia which is slowly soaring. As a developing nation in Asia, Malaysia is currently undergoing vast developments. In this regard, in line with the perpetual development of the Malaysian economy, the significance of M-REITs as a form of investment is also growing, but still far from the establishment state of bonds and stocks. This is attributable to the lack of awareness of the drivers and performance of M-REITs. Previous research on the performance of M-REITs had considered the expected returns as the measure of performance, factoring in financial determinants as well as the property characteristics. Nevertheless, due to the relatively new establishment of M-REITs, only a small sample with limited time series data is available for the examination of the M-REITs. This study seeks to rectify these flaws by employing the latest data of the listed M-REITs to test for the significance of the fir specific determinants of the performance of M-REITs, measured using another proxy termed the funds from operations, of which is a specific measure of M-REITs. The results would then offer inferences about the significance of the firm specific factors on the performance of M-REITs

Purpose Over a long period, even low inflation has an impact on portfolio value and households’ purchasing power. In such a context, inflation hedging should remain an important issue for investors. In particular, long-term investors, who are concerned with the protection of their wealth, seek to hold effective hedging assets. This study aims to demonstrate that residential assets in “Grand Paris” are a hedge against inflation and particularly against its unexpected component. Design/methodology/approach In this study, the physical residential markets in 127 communes in Paris and the Parisian first-ring suburbs are considered as potential asset classes. We simplified the analysis by clustering the 127 communes into five homogenous groups using ascending hierarchical classification (AHC). Then, we test the hedging ability of these groups within a mixed asset portfolios using both correlation and regression analysis. Findings This paper presents an analysis of the “Grand Paris” housing market and its inflation hedging ability with comparison to other financial asset classes. Results show that the five housing groups act as a highly positive hedge against unexpected inflation. Furthermore, cash and bonds seem to provide, respectively, a partial and an over hedge against unexpected inflation. Stocks act as a perverse hedge against unexpected inflation and provide no significant hedge against expected inflation. Also, indirect listed real estate demonstrates little correlation with inflation, which makes us reject its hedging ability contrary to physical residential real estate. Research limitations/implications The inflation topic: although several researches exist that question the hedging property of real estate, very few concentrate on physical residential assets and to the best of the authors’ knowledge, this study is the only one that targets the “Grand Paris” area. Residential assets of the “Grand Paris” communes are confirmed to be a hedge against inflation and particularly against its unexpected component thanks to its capital appreciation rather than income one. Also, we show that the listed real estate in France (Sociétés d’Investissement Immobilier Cotée) does not provide the same hedging properties contrary to the US real estate investment trusts (REITs) who demonstrate this ability. Listed real estate could thus not be used interchangeably with housing to protect from inflation in the French market. Practical implications Protection of investors against inflation and in particular in the face of its return to France in 2022. Reassuring promoters and investors of the interest of residential investment projects in “Greater Paris” and of the potential that this holds. Social implications Inflation takes a chunk out of the purchasing power of money and thereby erodes the real value of people’s finance. Investors and households who seek protection from inflation erosion should invest in direct housing, and in particular within areas that are experiencing an effective metropolization process. Originality/value The originality of the study is precisely relative to the geographical area studied. The latter has experienced favorable economic conditions for several years and offers interesting fundamentals to explore and exploit in investment strategies that prove capable of protecting against imminent inflation. The database is specific to this project and has been built through the compilation of several sources and with the support of BNP Paribas Real Estate.

Property as both an idea and a practice has been interpreted through the prism of a liberal, law and economics paradigm since at least the 18th century. This dominant (and domineering) perspective stresses the primacy of individualism, the power of exclusion, and the values of private commodity. By contrast, concepts of property that evolved out of the counterculture of the 1960s and early 1970s challenged this hegemony. Countercultural, or Aquarian, ideas of property stressed pre-liberal, long forgotten property norms such as sociability, community, inclusion and personhood, and contested a private uniformity that seemed “totalizing and universalizing” (Blomley, Unsettling 102). This paper situates what it terms “Aquarian property” in the context of emergent property theory in the 1960s and 1970s, and the propertied practices these new theories engendered. Importantly, this paper also grounds Aquarian ideas of property to location. As legal geographers observe, the law inexorably occurs in place as well as time. “Nearly every aspect of law is located, takes place, is in motion, or has some spatial frame of reference” (Braverman et al. 1). Property’s radical yet simultaneously ancient alter-narrative found fertile soil where the countercultural experiment flourished. In Australia, one such place was the green, sub-tropical landscape of the New South Wales Northern Rivers, home of the 1973 Australian Union of Student’s Aquarius Festival at Nimbin. The Counterculture and Property Theory Well before the “Age of Aquarius” entered western youth consciousness (Munro-Clark 56), and 19 years before the Nimbin Aquarius Festival, US legal scholar Felix Cohen defined property in seminally private and exclusionary terms. To the world: Keep off X unless you have my permission, which I may grant or withhold.Signed: Private citizenEndorsed: The state. (374) Cohen’s formula was private property at its 1950s apogee, an unambiguous expression of its centrality to post-war materialism. William Blackstone’s famous trope of property as “that sole and despotic dominion” had become self-fulfilling (Rose, Canons). Why had this occurred? What had made property so narrow and instrumentalist to a private end? Several property theorists identify the enclosure period in the 17th and 18th centuries as seminal to this change (Blomley, Law; Graham). The enclosures, and their discourse of improvement and modernity, saw ancient common rights swept away in favour of the liberal private right. Property diversity was supplanted by monotony, group rights by the individual, and inclusion by exclusion. Common property rights were rights of shared use, traditionally agrarian incidents enjoyed through community membership. However, for the proponents of enclosure, common rights stood in the way of progress. Thus, what was once a vested right (such as the common right to glean) became a “mere practice”, condemned by its “universal promiscuity” and perceptions of vagrancy (Buck 17-8). What was once sited to context, to village and parish, evolved into abstraction. And what had meaning for person and place, “a sense of self; […] a part of a tribe’ (Neeson 180), became a tradable commodity, detached and indifferent to the consequences of its adverse use (Leopold). These were the transformed ideas of property exported to so-called “settler” societies, where colonialists demanded the secure property rights denied to them at home. In the common law tradition, a very modern yet selective amnesia took hold, a collective forgetting of property’s shared and sociable past (McLaren). Yet, property as commodity proved to be a narrow, one-sided account of property, an unsatisfactory “half right” explanation (Alexander 2) that omits inconvenient links between ownership on the one hand, and self and place on the other. Pioneering US conservationist Aldo Leopold detected as much a few years before Felix Cohen’s defining statement of private dominance. In Leopold’s iconic A Sand County Almanac, he wrote presciently of the curious phenomenon of hardheaded farmers replanting selected paddocks with native wildflowers. As if foreseeing what the next few decades may bring, Leopold describes a growing resistance to the dominant property paradigm: I call it Revolt – revolt against the tedium of the merely economic attitude towards land. We assume that because we had to subjugate the land to live on it, the best farm is therefore the one most completely tamed. These […] farmers have learned from experience that the wholly tamed farm offers not only a slender livelihood but a constricted life. (188)By the early 1960s, frustrations over the constrictions of post-war life were given voice in dissenting property literature. Affirming that property is a social institution, emerging ideas of property conformed to the contours of changing values (Singer), and the countercultural zeitgeist sweeping America’s universities (Miller). Thus, in 1964, Charles Reich saw property as the vanguard for a new civic compact, an ambitious “New Property” that would transform “government largess” into a property right to address social inequity. For Joseph Sax, property scholar and author of a groundbreaking citizen’s manifesto, the assertion of public property rights were critical to the protection of the environment (174). And in 1972, to Christopher Stone, it seemed a natural property incident that trees should enjoy equivalent standing to legal persons. In an age when “progress” was measured by the installation of plastic trees in Los Angeles median strips (Tribe), jurists aspired to new ideas of property with social justice and environmental resonance. Theirs was a scholarly “Revolt” against the tedium of property as commodity, an act of resistance to the centuries-old conformity of the enclosures (Blomley, Law). Aquarian Theory in Propertied Practice Imagining new property ideas in theory yielded in practice a diverse Aquarian tenure. In the emerging communes and intentional communities of the late 1960s and early 1970s, common property norms were unwittingly absorbed into their ethos and legal structure (Zablocki; Page). As a “way out of a dead-end future” (Smith and Crossley), a generation of young, mostly university-educated people sought new ways to relate to land. Yet, as Benjamin Zablocki observed at the time, “there is surprisingly little awareness among present-day communitarians of their historical forebears” (43). The alchemy that was property and the counterculture was given form and substance by place, time, geography, climate, culture, and social history. Unlike the dominant private paradigm that was placeless and universal, the tenurial experiments of the counter-culture were contextual and diverse. Hence, to generalise is to invite the problematic. Nonetheless, three broad themes of Aquarian property are discernible. First, property ceased being a vehicle for the acquisition of private wealth; rather it invested self-meaning within a communitarian context, “a sense of self [as] a part of a tribe.” Second, the “back to the land” movement signified a return to the country, an interregnum in the otherwise unidirectional post-enclosure drift to the city. Third, Aquarian property was premised on obligation, recognising that ownership was more than a bundle of autonomous rights, but rights imbricated with a corresponding duty to land health. Like common property and its practices of sustained yield, Aquarian owners were environmental stewards, with inter-connected responsibilities to others and the earth (Page). The counterculture was a journey in self-fulfillment, a search for personal identity amidst the empowerment of community. Property’s role in the counterculture was to affirm the under-regarded notion of property as propriety; where ownership fostered well lived and capacious lives in flourishing communities (Alexander). As Margaret Munro-Clark observed of the early 1970s, “the enrichment of individual identity or selfhood [is] the distinguishing mark of the current wave of communitarianism” (33). Or, as another 1970s settler remarked twenty years later, “our ownership means that we can’t liquefy our assets and move on with any appreciable amount of capital. This arrangement has many advantages; we don’t waste time wondering if we would be better off living somewhere else, so we have commitment to place and community” (Metcalf 52). In personhood terms, property became “who we are, how we live” (Lismore Regional Gallery), not a measure of commoditised worth. Personhood also took legal form, manifested in early title-holding structures, where consensus-based co-operatives (in which capital gain was precluded) were favoured ideologically over the capitalist, majority-rules corporation (Munro-Clark). As noted, Aquarian property was also predominantly rural. For many communitarians, the way out of a soulless urban life was to abandon its difficulties for the yearnings of a simpler rural idyll (Smith and Crossley). The 1970s saw an extraordinary return to the physicality of land, measured by a willingness to get “earth under the nails” (Farran). In Australia, communities proliferated on the NSW Northern Rivers, in Western Australia’s southwest, and in the rural hinterlands behind Queensland’s Sunshine Coast and Cairns. In New Zealand, intentional communities appeared on the rural Coromandel Peninsula, east of Auckland, and in the Golden Bay region on the remote northwestern tip of the South Island. In all these localities, land was plentiful, the climate seemed sunny, and the landscape soulful. Aquarians “bought cheap land in beautiful places in which to opt out and live a simpler life [...] in remote backwaters, up mountains, in steep valleys, or on the shorelines of wild coastal districts” (Sargisson and Sargent 117). Their “hard won freedom” was to escape from city life, suffused by a belief that “the city is hardly needed, life should spring out of the country” (Jones and Baker 5). Aquarian property likewise instilled environmental ethics into the notion of land ownership. Michael Metzger, writing in 1975 in the barely minted Ecology Law Quarterly, observed that humankind had forgotten three basic ecological laws, that “everything is connected to everything else”, that “everything must go somewhere”, and that “nature knows best” (797). With an ever-increasing focus on abstraction, the language of private property: enabled us to create separate realities, and to remove ourselves from the natural world in which we live to a cerebral world of our own creation. When we act in accord with our artificial world, the disastrous impact of our fantasies upon the natural world in which we live is ignored. (796)By contrast, Aquarian property was intrinsically contextual. It revolved around the owner as environmental steward, whose duty it was “to repair the ravages of previous land use battles, and to live in accord with the natural environment” (Aquarian Archives). Reflecting ancient common rights, Aquarian property rights internalised norms of prudence, proportionality and moderation of resource use (Rose, Futures). Simply, an ecological view of land ownership was necessary for survival. As Dr. Moss Cass, the Federal environment minister wrote in the preface to The Way Out: Radical Alternatives in Australia, ‘”there is a common conviction that something is rotten at the core of conventional human existence.” Across the Tasman, the sense of latent environmental crisis was equally palpable, “we are surrounded by glistening surfaces and rotten centres” (Jones and Baker 5). Property and Countercultural Place and Time In the emerging discipline of legal geography, the law and its institutions (such as property) are explained through the prism of spatiotemporal context. What even more recent law and geography scholarship argues is that space is privileged as “theoretically interesting” while “temporality is reduced to empirical history” (Braverman et al. 53). This part seeks to consider the intersection of property, the counterculture, and time and place without privileging either the spatial or temporal dimensions. It considers simply the place of Nimbin, New South Wales, in early May 1973, and how property conformed to the exigencies of both. Legal geographers also see property through the theory of performance. Through this view, property is a “relational effect, not a prior ground, that is brought into being by the very act of performance” (Blomley, Performing 13). In other words, doing does not merely describe or represent property, but it enacts, such that property becomes a reality through its performance. In short, property is because it does. Performance theory is liberating (Page et al) because it concentrates not on property’s arcane rules and doctrines, nor on the legal geographer’s alleged privileging of place over time, but on its simple doing. Thus, Nicholas Blomley sees private property as a series of constant and reiterative performances: paying rates, building fences, registering titles, and so on. Adopting this approach, Aquarian property is described as a series of performances, seen through the prism of the legal practitioner, and its countercultural participants. The intersection of counterculture and property law implicated my family in its performative narrative. My father had been a solicitor in Nimbin since 1948; his modest legal practice was conducted from the side annexe of the School of Arts. Equipped with a battered leather briefcase and a trusty portable typewriter, like clockwork, he drove the 20 miles from Lismore to Nimbin every Saturday morning. I often accompanied him on his weekly visits. Forty-one years ago, in early May 1973, we drove into town to an extraordinary sight. Seen through ten-year old eyes, surreal scenes of energy, colour, and longhaired, bare-footed young people remain vivid. At almost the exact halfway point in my father’s legal career, new ways of thinking about property rushed headlong and irrevocably into his working life. After May 1973, dinnertime conversations became very different. Gone was the mundane monopoly of mortgages, subdivisions, and cottage conveyancing. The topics now ranged to hippies, communes, co-operatives and shared ownerships. Property was no longer a dull transactional monochrome, a lifeless file bound in pink legal tape. It became an idea replete with diversity and innovation, a concept populated with interesting characters and entertaining, often quirky stories. If property is a narrative (Rose, Persuasion), then the micro-story of property on the NSW Northern Rivers became infinitely more compelling and interesting in the years after Aquarius. For the practitioner, Aquarian property involved new practices and skills: the registration of co-operatives, the drafting of shareholder deeds that regulated the use of common lands, the settling of idealistic trusts, and the ever-increasing frequency of visits to the Nimbin School of Arts every working Saturday. For the 1970s settler in Nimbin, performing Aquarian property took more direct and lived forms. It may have started by reading the open letter that festival co-organiser Graeme Dunstan wrote to the Federal Minister for Urban Affairs, Tom Uren, inviting him to Nimbin as a “holiday rather than a political duty”, and seeking his support for “a community group of 100-200 people to hold a lease dedicated to building a self-sufficient community [...] whose central design principles are creative living and ecological survival” (1). It lay in the performances at the Festival’s Learning Exchange, where ideas of philosophy, organic farming, alternative technology, and law reform were debated in free and unstructured form, the key topics of the latter being abortion and land. And as the Festival came to its conclusion, it was the gathering at the showground, titled “After Nimbin What?—How will the social and environmental experiment at Nimbin effect the setting up of alternative communities, not only in the North Coast, but generally in Australia” (Richmond River Historical Society). In the days and months after Aquarius, it was the founding of new communities such as Co-ordination Co-operative at Tuntable Creek, described by co-founder Terry McGee in 1973 as “a radical experiment in a new way of life. The people who join us […] have to be prepared to jump off the cliff with the certainty that when they get to the bottom, they will be all right” (Munro-Clark 126; Cock 121). The image of jumping off a cliff is a metaphorical performance that supposes a leap into the unknown. While orthodox concepts of property in land were left behind, discarded at the top, the Aquarian leap was not so much into the unknown, but the long forgotten. The success of those communities that survived lay in the innovative and adaptive ways in which common forms of property fitted into registered land title, a system otherwise premised on individual ownership. Achieved through the use of outside private shells—title-holding co-operatives or companies (Page)—inside the shell, the norms and practices of common property were inclusively facilitated and performed (McLaren; Rose, Futures). In 2014, the performance of Aquarian property endures, in the dozens of intentional communities in the Nimbin environs that remain a witness to the zeal and spirit of the times and its countercultural ideals. Conclusion The Aquarian idea of property had profound meaning for self, community, and the environment. It was simultaneously new and old, radical as well as ancient. It re-invented a pre-liberal, pre-enclosure idea of property. For property theory, its legacy is its imaginings of diversity, the idea that property can take pluralistic forms and assert multiple values, a defiant challenge to the dominant paradigm. Aquarian property offers rich pickings compared to the pauperised private monotone. Over 41 years ago, in the legal geography that was Nimbin, New South Wales, the imaginings of property escaped the conformity of enclosure. The Aquarian age represented a moment in “thickened time” (Braverman et al 53), when dissenting theory became practice, and the idea of property indelibly changed for a handful of serendipitous actors, the unscripted performers of a countercultural narrative faithful to its time and place. References Alexander, Gregory. Commodity & Propriety: Competing Visions of Property in American Legal Thought 1776-1970. Chicago: U of Chicago P, 1999. Aquarian Archives. "Report into Facilitation of a Rural Intentional Community." Lismore, NSW: Southern Cross University. Blomley, Nicholas. Law, Space, and the Geographies of Power. New York: Guildford Press, 1994. Blomley, Nicholas. Unsettling the City: Urban Land and the Politics of Property. New York: Routledge, 2004. 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