PRAISE FOR REAL ESTATE RULES "A must-read for investors seeking a comprehensive and insightful guide to investing in real estate and listed property companies. All the ingredients are gathered in this book: 20 key rules, real-life case studies, professional objectivity, all this in an engaging writing style from one of the best professionals in the field." -DOMINIQUE MOERENHOUT, CEO, European Public Real Estate Association "Harm sat in the first desk outside my office at JPMorgan's research floor back in the mid-2000s. A shrewd real estate investor, a money maker, a team leader, and more…mehr
PRAISE FOR REAL ESTATE RULES "A must-read for investors seeking a comprehensive and insightful guide to investing in real estate and listed property companies. All the ingredients are gathered in this book: 20 key rules, real-life case studies, professional objectivity, all this in an engaging writing style from one of the best professionals in the field." -DOMINIQUE MOERENHOUT, CEO, European Public Real Estate Association "Harm sat in the first desk outside my office at JPMorgan's research floor back in the mid-2000s. A shrewd real estate investor, a money maker, a team leader, and more importantly a remarkable human being. His book is a must read for practitioners and non-practitioners that are looking for an edge in the colourful world of Real Estate investments." -JOSE M. LINARES, CEO, Corporate & Investment Bank - Grupo Santander "One of the best analysts in European listed property offers a front row seat in a spectacular world with big egos, unfathomable wealth and (near) death experiences. If there is one person who could write this account it is Harm." -DIRK PHILIPPA, Former Head of Global Real Estate Equities at Fidelity International AN INCISIVE GUIDE ON EFFECTIVE INVESTMENT IN EUROPEAN REAL ESTATE AND REITS Real Estate Rules: The Investor's Guide to Picking Winners and Avoiding Losers in Listed Property is an insightful and hands-on roadmap to successful European property investing. Author and property investor Harm Meijer demonstrates how to successfully analyse, assess, and invest in European Real Estate Investment Trusts (REITs)-or in individual properties-for the long term. You'll discover a comprehensive set of tools you can use immediately to make informed investment decisions and steer clear of major pitfalls and common mistakes. From understanding market cycles and mastering a contrarian mindset during downturns to taking advantage of macro drivers, central bank decisions, and government stimuli, this book explains the steps you'll need to implement to build a portfolio of high-performing real estate investments.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
HARM MEIJER is a Founding Partner of the real estate fund manager ICAMAP, with a strong track record in listed real estate. Before ICAMAP, he worked as a real estate analyst at JP Morgan, during which time he was ranked number one six times by Institutional Investor and five times by Extel. He has also held board memberships, contributed to EPRA, and is a frequent industry speaker.
Inhaltsangabe
Foreword xiii Preface xix Introduction - A Sector Not to Be Ignored 1 Real Estate Is an Important Asset Class 1 Two Undesirable Features of Real Estate 5 Listed Real Estate Has Attractive Features 6 But Listed Real Estate Is Not Always Preferred (Although It Should Be!) 8 Listed Real Estate Is a Great Hunting Ground and Poised for Growth 9 Book Organisation 11 Notes 12 The 20 Golden Rules of Real Estate 13 Part I Real Estate 15 Chapter 1 High Yield for a Reason 17 How Is the Yield Exactly Calculated? Is It 'Dressed Up'? 18 Is It a Good Asset? 19 Chapter 2 Look for a Rent Compounding Machine with Minimum Capex 21 Real Estate with Strong Supply/Demand Dynamics 22 Ability to Capture Rental Growth Potential 29 Minimum Capital Expenditure and Incentives 33 Chapter 3 Scan for Value Add Potential 35 Refurbishment, Extension and Alternative Use 35 Cluster or Platform Creation 36 Development 36 Acquisitions and Disposals 37 Services 37 Chapter 4 Real Estate Is Cyclical 39 Warning Signs 40 Taking the Contrarian Side 44 Note 45 Chapter 5 Expected Returns Should Beat Cost of Capital 47 Yield and Price per Square Metre 48 Expected Return 48 Beat the Cost of Capital 49 Conservative Underwriting 51 Act! 52 Chapter 6 Central Bank and Government Stimuli (or Lack of) Can Be Game Changers 55 Central Banks Tend to Get Their Way 58 Engineered Volatility, but ... 58 Bail Out if 'Majority Is in Trouble' 59 Stimulus or Restrictive Policy Will End One Day 59 Arbitrage Opportunities Opening Up 59 Part II Capital Structure 61 Chapter 7 Prudent Use of Financial Leverage: Don't Get Caught Out by Downturns 63 Capital Markets Do Not Reward High Leverage, the Opposite! 64 Loose or No Covenants 65 Can Absorb a Value Decline of at Least 40% 65 No Endless Leverage on Valuation Gains 66 Increasingly Difficult to Degear above 50% LTV 67 Note 69 Chapter 8 Don't Assume That Financing Will Always Be Available 71 Sufficient Cash Flow 72 Spread in Maturities and Lenders 72 Equity Should Be Raised When Conditions Are Favourable 72 Alternative Financing 73 Good Relationships with Debt Providers 73 Rights Issues Value Destructive in Downturns 74 Notes 78 Part III Management 79 Chapter 9 Continuous Value Creation Is Key 81 Value Creation Leads to Superior Shareholder Value 81 Optimising Total Returns from the Real Estate (ROIC) 83 Optimising the Capital Structure (WACC) 84 Cur Défense - An Example of Strong Value Creation 85 M&A Can Add Value, But Frequently It Has Not 90 Notes 97 Chapter 10 Radical Action Needed in Case of Shareholder Value Destruction 99 Change Management, Board and/or Governance 100 Return of Capital 100 Circle Property Trust: Liquidating Itself 101 Chapter 11 Overconfidence Leads to Downfall 103 Capital & Regional - The Remarkable Example of Overconfidence 104 Chapter 12 Corporate Governance Should Be Top Nudge 107 Risk Management 109 Transparency 110 Governance Dynamics 110 Remuneration 111 Compounding Goodwill 115 Part IV Investing in Listed Real Estate 117 Chapter 13 Scrutinise Property Investment Vehicles 119 First Impressions Can Be Misleading 119 Focus on Cash Flow 122 Mosaic Theory 125 Notes 126 Chapter 14 Significant Upside Based on Multicriteria Valuations 127 Historical Performance Analysis 127 Six Basic Valuation Metrics 128 Modelling 131 Invest with Margin for Error 134 Chapter 15 Focus on (Upcoming) Value Creators, Be Careful with Destroyers 137 Introducing a Framework: Get on the Right Highway! 138 (a) Firing on All Cylinders 139 (b) Potentials 144 (c) Stuck 144 (d) Fighting for Survival 146 The Accelerator Effect 147 Note 150 Chapter 16 Look for Maximum Pessimism and Maximum Optimism 151 Chapter 17 Ensure Management, the Board and Other Shareholders Are Aligned with Investment Objectives 155 Management and Board Alignment 156 Investigate the Shareholder Base 159 Note 160 Chapter 18 Be Aware of Self-Liquidating Companies 161 Unsustainable Dividends 161 Sustainable Dividend Policy 162 intu Properties Plc - In Denial 163 Chapter 19 When Trust Is Gone, There Is No Limit to Downside 177 Spotting Red Flags 177 The Downfall of SBB 178 Adler Group: Everything That Possibly Could Go Wrong Went Wrong 181 Note 192 Chapter 20 Understand the Stock Market (Rules) 193 Have a Conviction, Listen to the Models 193 Be Proactive 194 Analysts Not Good at Spotting 'Turning' Points 194 When Management Teams Are Upset ... 194 Every Day Is a New Day 195 Have a Wish List 195 The World Wants to Move Forward 196 Can Management (and You!) Present a Convincing Business Case with Numbers in One Minute? 196 Kitchen Sinking and Conservative Guidance 196 The Market Is Lazy and Does Not Reward Complex Companies and Long-Term Developments 197 Don't Be Too Eager Picking Up Stocks in a Downturn 197 Watch Out for the Wallstreet Crowd! 197 The Psychology of Numbers and Patterns 198 Activism or Company Repositioning Takes Time 199 Exploiting the Reversal Patterns for Similar Companies 199 Benefit from Benchmark Investors 200 Monitor Insider Trading and Shareholder Notifications 201 Acknowledgements 203 Appendix I: Some Terminology 207 Appendix II: Six Basic Valuation Metrics Explained 211 Appendix III: The Great Financial Crisis (GFC) 215 2004 - Cheap Credit 217 2005 - Securitisation 217 2006 - Strong Valuation Growth 218 2007 - Credit Crisis 219 2008 - Lehman Collapse 219 2009 - Balance Sheet Revival (Rights Issues) 220 2010 - Economic Uncertainty 221 2011 - Wait and See Attitude 222 2012 - Slow Recovery 223 About the Author 225 Index 227
Foreword xiii Preface xix Introduction - A Sector Not to Be Ignored 1 Real Estate Is an Important Asset Class 1 Two Undesirable Features of Real Estate 5 Listed Real Estate Has Attractive Features 6 But Listed Real Estate Is Not Always Preferred (Although It Should Be!) 8 Listed Real Estate Is a Great Hunting Ground and Poised for Growth 9 Book Organisation 11 Notes 12 The 20 Golden Rules of Real Estate 13 Part I Real Estate 15 Chapter 1 High Yield for a Reason 17 How Is the Yield Exactly Calculated? Is It 'Dressed Up'? 18 Is It a Good Asset? 19 Chapter 2 Look for a Rent Compounding Machine with Minimum Capex 21 Real Estate with Strong Supply/Demand Dynamics 22 Ability to Capture Rental Growth Potential 29 Minimum Capital Expenditure and Incentives 33 Chapter 3 Scan for Value Add Potential 35 Refurbishment, Extension and Alternative Use 35 Cluster or Platform Creation 36 Development 36 Acquisitions and Disposals 37 Services 37 Chapter 4 Real Estate Is Cyclical 39 Warning Signs 40 Taking the Contrarian Side 44 Note 45 Chapter 5 Expected Returns Should Beat Cost of Capital 47 Yield and Price per Square Metre 48 Expected Return 48 Beat the Cost of Capital 49 Conservative Underwriting 51 Act! 52 Chapter 6 Central Bank and Government Stimuli (or Lack of) Can Be Game Changers 55 Central Banks Tend to Get Their Way 58 Engineered Volatility, but ... 58 Bail Out if 'Majority Is in Trouble' 59 Stimulus or Restrictive Policy Will End One Day 59 Arbitrage Opportunities Opening Up 59 Part II Capital Structure 61 Chapter 7 Prudent Use of Financial Leverage: Don't Get Caught Out by Downturns 63 Capital Markets Do Not Reward High Leverage, the Opposite! 64 Loose or No Covenants 65 Can Absorb a Value Decline of at Least 40% 65 No Endless Leverage on Valuation Gains 66 Increasingly Difficult to Degear above 50% LTV 67 Note 69 Chapter 8 Don't Assume That Financing Will Always Be Available 71 Sufficient Cash Flow 72 Spread in Maturities and Lenders 72 Equity Should Be Raised When Conditions Are Favourable 72 Alternative Financing 73 Good Relationships with Debt Providers 73 Rights Issues Value Destructive in Downturns 74 Notes 78 Part III Management 79 Chapter 9 Continuous Value Creation Is Key 81 Value Creation Leads to Superior Shareholder Value 81 Optimising Total Returns from the Real Estate (ROIC) 83 Optimising the Capital Structure (WACC) 84 Cur Défense - An Example of Strong Value Creation 85 M&A Can Add Value, But Frequently It Has Not 90 Notes 97 Chapter 10 Radical Action Needed in Case of Shareholder Value Destruction 99 Change Management, Board and/or Governance 100 Return of Capital 100 Circle Property Trust: Liquidating Itself 101 Chapter 11 Overconfidence Leads to Downfall 103 Capital & Regional - The Remarkable Example of Overconfidence 104 Chapter 12 Corporate Governance Should Be Top Nudge 107 Risk Management 109 Transparency 110 Governance Dynamics 110 Remuneration 111 Compounding Goodwill 115 Part IV Investing in Listed Real Estate 117 Chapter 13 Scrutinise Property Investment Vehicles 119 First Impressions Can Be Misleading 119 Focus on Cash Flow 122 Mosaic Theory 125 Notes 126 Chapter 14 Significant Upside Based on Multicriteria Valuations 127 Historical Performance Analysis 127 Six Basic Valuation Metrics 128 Modelling 131 Invest with Margin for Error 134 Chapter 15 Focus on (Upcoming) Value Creators, Be Careful with Destroyers 137 Introducing a Framework: Get on the Right Highway! 138 (a) Firing on All Cylinders 139 (b) Potentials 144 (c) Stuck 144 (d) Fighting for Survival 146 The Accelerator Effect 147 Note 150 Chapter 16 Look for Maximum Pessimism and Maximum Optimism 151 Chapter 17 Ensure Management, the Board and Other Shareholders Are Aligned with Investment Objectives 155 Management and Board Alignment 156 Investigate the Shareholder Base 159 Note 160 Chapter 18 Be Aware of Self-Liquidating Companies 161 Unsustainable Dividends 161 Sustainable Dividend Policy 162 intu Properties Plc - In Denial 163 Chapter 19 When Trust Is Gone, There Is No Limit to Downside 177 Spotting Red Flags 177 The Downfall of SBB 178 Adler Group: Everything That Possibly Could Go Wrong Went Wrong 181 Note 192 Chapter 20 Understand the Stock Market (Rules) 193 Have a Conviction, Listen to the Models 193 Be Proactive 194 Analysts Not Good at Spotting 'Turning' Points 194 When Management Teams Are Upset ... 194 Every Day Is a New Day 195 Have a Wish List 195 The World Wants to Move Forward 196 Can Management (and You!) Present a Convincing Business Case with Numbers in One Minute? 196 Kitchen Sinking and Conservative Guidance 196 The Market Is Lazy and Does Not Reward Complex Companies and Long-Term Developments 197 Don't Be Too Eager Picking Up Stocks in a Downturn 197 Watch Out for the Wallstreet Crowd! 197 The Psychology of Numbers and Patterns 198 Activism or Company Repositioning Takes Time 199 Exploiting the Reversal Patterns for Similar Companies 199 Benefit from Benchmark Investors 200 Monitor Insider Trading and Shareholder Notifications 201 Acknowledgements 203 Appendix I: Some Terminology 207 Appendix II: Six Basic Valuation Metrics Explained 211 Appendix III: The Great Financial Crisis (GFC) 215 2004 - Cheap Credit 217 2005 - Securitisation 217 2006 - Strong Valuation Growth 218 2007 - Credit Crisis 219 2008 - Lehman Collapse 219 2009 - Balance Sheet Revival (Rights Issues) 220 2010 - Economic Uncertainty 221 2011 - Wait and See Attitude 222 2012 - Slow Recovery 223 About the Author 225 Index 227
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