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There are many underutilized and vacant urban lots throughout the world, which are held by private investors who are interested in maximizing their wealth by land development. Three approaches are commonly used for property and land valuation (Appraisal Institute, 2001; Baum and Crosby, 1988; Isaac, 2002). The first is the cost approach, which estimates the property by summing the land value and the depreciated value of any improvements. The second is the sales comparison approach which compares the characteristics of a subject property with those of comparable properties sold in similar transactions. This kind of method is a. | Real Estate Investment Trusts Structure Performance and Investment Opportunities Su Han Chan John Erickson and Ko Wang v The only book that provides a systematic and comprehensive look at the REITs industry. There are currently around 200 publicly traded Real Estate Investment Trusts REITs operating in the United States and their equity values total about 160 billion. Originating just a little over a century ago most analysts would agree that REITs have proven their eligibility as a good way for investors to diversify their portfolios. They were in fact created to allow institutional and individual investors to invest in real estate via a corporate entity. While they trade like stocks their market path most often tracks in a different direction - often outperforming the stock market in tough times and declining over the term of aggressive equity bull markets. REAL ESTATE INVESTMENT TRUSTS Structure Performance and Investment Opportunities analyzes and synthesizes the existing scholarly research on REITs in a way that will enable managers to improve their investment decisions and the operating performance of their REITs portfolios. This book is designed to help investors evaluate REITs and identify those with the greatest investment potential. It also provides the investing public real estate practitioners regulators and real estate and finance academics with up-to-date information on what modern scholarly research tells us about REITs. Also included is up-to-date original research on REITs based on the authors own database which is the most extensive data base available on REITs that is free of survivorship bias. As well as offering a broad understanding of the evolution of this important industry this book discusses the likely future prospects of this unique investment vehicle. This book is one of the newest additions to the Financial Management Association s FMA Survey and Synthesis Series. AVAILABLE OCTOBER 2002 copyright 2003 352 pp. 6-1 8 x 9-1 4 0-19-515534-3
