[PDF] Are Reits Built To Be Green An Environmental Analysis Of Real Estate Investment Trust Law In Singapore eBook
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This article is a first attempt at systematically considering the environmental impact of the real estate investment trust (REIT) legal framework in Singapore. Its aim is modest; to explore the effect of the rules regulating REITs on the behaviour of REIT managers, and in particular, whether these rules are likely to induce environmentally friendly real estate investment strategies in respect of the management of REITs. I begin with an overview of the existing regulatory framework for promoting quot;greenquot; property management. These set the mandatory minimum requirements for selected aspects of a property's environmental performance that REIT managers must comply with. I follow with an examination of selected aspects of the regulatory and private legal framework in which REITs operate, and argue that it has the likely effect of deterring REIT managers from pursuing green property management. As such, there may be a need to consider measures to counteract these presumably unintended potential adverse environmental effects.
This article is a first attempt at systematically considering the environmental impact of the real estate investment trust (REIT) legal framework in Singapore. Its aim is modest; to explore the effect of the rules regulating REITs on the behaviour of REIT managers, and in particular, whether these rules are likely to induce environmentally friendly real estate investment strategies in respect of the management of REITs. I begin with an overview of the existing regulatory framework for promoting green property management. These set the mandatory minimum requirements for selected aspects of a property's environmental performance that REIT managers must comply with. I follow with an examination of selected aspects of the regulatory and private legal framework in which REITs operate, and argue that it has the likely effect of deterring REIT managers from pursuing green property management. As such, there may be a need to consider measures to counteract these presumably unintended potential adverse environmental effects.
Chapter 1 examines the significance of ‘green’ buildings on the operational and financial performance of REITs. The Chapter covers different direct real estate sectors, namely office, retail and residential, for the REITS concerned to evaluate the consistency of the results. Chapter 2 looks at the risk neutral and non-risk neutral pricing of real estate investment trusts in Singapore (S-REITs), via comparing the average of the individual ratios (of deviation between expected and observed closing price/observed closing price), with the ratio (of standard deviation/mean) for closing prices, via the binomial options pricing tree model. Chapter3 highlights that while the Markowitz portfolio theory (MPT) is popular in modern finance to model portfolios with maximum total returns (TRs) for a given systematic risk, the more flexible multivariate copula model is introduced that enables investors and portfolio managers to obtain the optimal portfolio. Chapter 4 looks at a value investing framework, in which a REIT and real estate comany investment operation is deemed to be one, where a “thorough analysis”, should promise the safety of a principal and an adequate total return. Chapter 5 examines the market reactions of Malaysia’s listed property trusts and property common stocks to corporate restructuring activities – direct real estate asset acquisitions and new listings. Chapter 6 reports the Monetary Authority of Singapore (MAS) consultations with the Inland Revenue Authority of Singapore (IRAS) and the Ministry of Finance (MOF), to introduce the Income Tax Act (ITA) amendments, and a new temporary relief measure for real estate investment trusts (REITs) in Singapore. The Chapter also looks at the proposal by the Asian Public Real Estate Association (APREA) to the MAS, to create a private REIT structure Chapter 7 looks at the key issues and notes on the valuation of the public real estate investment trusts (REITs) and the real estate companies, adopting several valuation metrics to value REITs on a stand-alone and a relative basis. Chapter 8 looks at the unique Asian REIT institutional environment, pertaining to the S-REIT, while cross referencing it to that of the CapitaMall Trust (S-CMT) and the Hong Kong HK- Link REIT. Chapter 9 summarises the book’s findings and highlights the contributions and recommendations made.
Almost two decades have passed since the launch of Singapore’s first REIT (Real Estate Investment Trust) in 2002. Despite that, REITs are not as popular as they deserve to be. Singapore REITs are one of the few businesses that offer a direct play on the domestic economy, and they have proven their resilience through market cycles. Building Wealth Through REITs takes a deep look at this asset class and explains why every investor should take a serious look at REITs. It discusses common perceptions about REITs and why many of them don’t hold up to scrutiny. In-depth interviews with the CEOs of 8 major S-REITs (including Parkway Life and Frasers Logistics & Commercial Trust) will stimulate your thinking and further your knowledge of various REITs. This third edition of the book provides a timely analysis of REITs in the age of Covid, with advice on how investors can continue to thrive in trying times. With practical guidance on how to build a strong and high-performing REIT portfolio, you will be on your way to financial freedom much earlier than you thought possible.
The global listed property sector has been characterized by a variety of noteworthy developments in recent times, the proliferation of real estate investment trust-type structures in countries around the world key among them. Despite an uncertain economic environment, REITs have proven their ability to promote institutional real estate investments in global financial markets. This highly practical book features a comprehensive analysis of both the legal and tax underpinnings of REIT-friendly legislation in a variety of the world’s most significant jurisdictions. With regard to the legal framework, the structure and functioning of a REIT are carefully investigated and explained. In terms of tax issues, the book focuses on such key issues as: REIT formation, operation and liquidation; mergers, acquisitions and dispositions; and planning for public and private REIT offerings and re-securitizations. REITs are inherently complex, and their interplay with tax treaties further compounds the complexity. This highly accessible yet authoritative work is the perfect decision-making tool for any professional looking for perspective and guidance on the challenges and opportunities REITs engender.
This book is designed to explain the concepts, issues and method used in measuring efficiency of REITs in Malaysia. Real Estate Investment Trust is a type of investment trust focusing on Real Estate. The best examples of Real Estate are building, office, land and plantations. Therefore, many people including operator, customer, regulator, academicians, university’s students and community as a whole will benefit from it. Its guide readers through the importance of measuring efficiency of REITs and help them in making investment decision. This book had been developing to help people to understand and explain the issue as well as the development of REITs in Malaysia.
Sustainability, and its relationship to the corporate business model, has become a major topic of discussion in recent years. Many companies have dedicated time and effort to increasing their participation in positive "green" efforts, while simultaneously decreasing their environmental footprint. The real estate and development industry offers a unique business model, and one that is inherently tied to environmental footprints through energy consumption, land development, and construction. Previous studies have shown that real estate companies that participate in "green" efforts show increased returns, and lower costs at the property level. I have designed an event study to quantify the market's reaction to Real Estate Investment Trusts announcing increased sustainability awareness, specifically joining the U.S. Green Building Council coalition. A positive market reaction would indicate that investors do in fact value "green" business models. This paper will discuss the current sustainability landscape as it relates to REITs, the current research regarding the topic, and the results of my event study.
Guide to Global Real Estate Investment Trusts will feature a comprehensive analysis of both the legal and tax underpinnings of REIT-friendly legislation in the world's most significant national jurisdictions. With regard to the legal framework, the structure and functioning of a REIT will be thoroughly investigated. In particular, the issue of whether a REIT is a special vehicle regulated as such by national legislation or, instead, any company vehicle may qualify as a real estate investment fund so long as its activity is limited to effecting and managing real estate investments - whether they are direct or indirect - will be addressed. Issues such as the amount of indebtedness, types of investments permitted, and the like will be carefully examined. In regard to European jurisdictions, the implications of the directives impacting Undertakings for the Collective Investment of Transferable Securities will be accorded particular consideration. In terms of tax issues, the work will focus inter alia on REIT formation, operation and liquidation; mergers, acquisitions and dispositions; as well as planning for public and private REIT offerings and re-securitizations.
Seminar paper from the year 2020 in the subject Economy - Real estate industry, grade: 1,2, Reutlingen University, language: English, abstract: The objective of this paper is to identify potential metrics that can be used to measure the awareness of environmental, social, and governance factors within the real estate industry effectively. Thereby, this paper also attempts to identify drivers that encourage stakeholders to increase their ESG awareness. This paper further looks at the issue of ESG for the real estate industry from a macro perspective rather than a micro-perspective. Thus, metrics will be accordingly high-level to hopefully capture the awareness within the market from a multi-dimensional perspective, rather than analyzing the ESG metrics for a single player in the real estate industry. As one of the industries with the highest carbon footprint, the real estate sector needs to cut 77 % of total carbon emissions by 2050 compared to 2016 in order to meet goals set out in the UN Paris Agreement. These facts are alarming. Especially the longevity of real estate makes ESG issues particularly relevant for this industry. Thus, the real estate industry carries a significant amount of importance and responsibility when it comes to reaching these climate goals.