REIT Investment Decision Making: A Literature Review

1
REIT Investment Decision MakingA Literature
Review

• Dr David Parker
• davidparker.com.au

2
Outline

• Literature reviewed
• Differences and similarities
• Mapping
• Taxonomising
• Conclusions
• Areas for further research

3
Literature Reviewed

• Pyhrr et al (1989) 10
• Jaffe and Sirmans (2001) 5
• Pagliari (1995) 6
• Baum (2002) 6
• Brown and Matysiak (2000) 4
• Hartigay and Yu (1993) 5
• Roberts and Henneberry (2007) 10
• Farragher and Savage (2008) 9
• Farragher and Kleiman (1996) 7

4
Outline

• Literature reviewed
• Differences and similarities
• Mapping
• Taxonomising
• Conclusions
• Areas for further research

5
Differences and Similarities

• Differences
• Terminology
• Explicit specification
• Similarities
• Groupings
• Sequential
• Phases

6
Outline

• Literature reviewed
• Differences and similarities
• Mapping
• Taxonomising
• Conclusions
• Areas for further research

7
Mapping
8
Mapping
9
Outline

• Literature reviewed
• Differences and similarities
• Mapping
• Taxonomising
• Conclusions
• Areas for further research

10
Taxonomising
Phase Activity Activity Activity Activity Activity
Envisioning Vision Goals Style Strategy Objectives
Planning Property Portfolio Strategy Strategic Asset Allocation Tactical Asset Allocation Stock Selection Asset Identification
Dealing Preliminary Negotiations Preliminary Financial Analysis Structuring Advanced Financial Analysis Portfolio Impact
Executing Accept / Reject Decision Final Negotiations / Close Final Decision Due Diligence Appraisal
Watching Settlement Post Audit Monitor / Reporting Performance Measurement Portfolio Analysis
Optimising Rebalancing Disposal Refurbishment /Re- development Asset Management Property / Facilities Management
11
Outline

• Literature reviewed
• Differences and similarities
• Mapping
• Taxonomising
• Conclusions
• Areas for further research

12
Conclusions and Areas forFurther Research

• Conclusions
• Consistency
• Start and end points
• Circular process
• Areas for further research
• Complete list?
• Phases appropriate?

13
Outline

• Literature reviewed
• Differences and similarities
• Mapping
• Taxonomising
• Conclusions
• Areas for further research

14
REIT Investment Decision MakingA Literature
Review
Dr David Parker davidparker.com.au