文档介绍：TheThe RealReal EstateEstate InvestmentInvestment TrustTrust
IndustryIndustry inin thethe UnitedUnited StatesStates
YouguoYouguo LiangLiang,, PhD,PhD, CFACFA
ManagingManaging Director,Director, InvestmentInvestment ResearchResearch
PrudentialPrudential RealReal EstateEstate InvestorsInvestors
OctoberOctober 20002000
TopicsTopics
TheThe . mercial RealReal EstateEstate MarketMarket
EvolutionEvolution ofof thethe REITREIT IndustryIndustry
InvestmentInvestment BehaviorBehavior ofof REITsREITs
SecularSecular ImpactImpact ofof aa MatureMature REITREIT MarketMarket
TheThe . mercial RealReal EstateEstate MarketMarket
AA $5$5 TrillionTrillion IndustryIndustry
AA FourFour QuadrantQuadrant ViewView
AA $5$5 TrillionTrillion IndustryIndustry
billionbillion squaresquare feetfeet
Retail:Retail: MallMall1,757 1,757 majormajor shoppingshopping mallsmalls
Retail:Retail: NonNon-Mall-Mall 35,430 35,430 centerscenters
billionbillion squaresquare feetfeet
millionmillion unitsunits
millionmillion roomsrooms
AlternativesAlternatives
–– TimberTimber
–– FarmlandFarmland
–– SeniorSenior HousingHousing
–– SelfSelf-Storage-Storage
AA FourFour QuadrantQuadrant ViewView
EquityEquity
REITsREITs Direct Property
Real Estate
REOCsREOCs Venture Capital
PublicPublic PrivatePrivate
CMBSCMBS WholeWhole LoansLoans
DebtDebt
EvolutionEvolution ofof thethe REITREIT IndustryIndustry
REITREIT QualificationsQualifications
HistoryHistory ofof thethe REITREIT IndustryIndustry
TheThe NewNew REITREIT EraEra (Since(Since 1992)1992)
REITREIT CapitalCapital RaisingRaising
UPREITUPREIT andand DownREITDownREIT
PublicPublic MarketMarket OwnershipOwnership ration
TrendsTrends inin thethe REITREIT LandLand
–– EquityEquity REITsREITs PrevailPrevail
–– FewerFewer RestrictionsRestrictions onon R