TAILIEUCHUNG - THE WALKABILITY PREMIUM IN COMMERCIAL REAL ESTATE INVESTMENTS

General meeting. An Annual General Meeting (AGM) of shareholders must be held at least once in a calendar year and the time between two AGMs should not exceed 15 months (extendable up to three months with approval, except for first AGM). A company may hold its first AGM within 18 months from the date of incorporation and, in such a case, it will not be necessary to hold an AGM in the year of incorporation or the following year. Among the business to be addressed at an AGM is approval by the shareholders of the audited financial statements for the. | Working Paper responsible Property investing Center University of Arizona Benecki Center for real Estate Studies Indiana University the Walkability Premium in Commercial real Estate Investments Gary Pivo and Jeffrey D. Fisher7 February 2010 Abstract The purpose of this study was to examine the effects of walkability on property values and investment returns. Walkability is the degree to which an area within walking distance of a property encourages walking for recreational or functional purposes. It is of particular concern to developers investors and others interested in sustainable and responsible property investing because of its potential social and environmental benefits. We used data from the National Council of Real Estate Investment Fiduciaries NCREIF and Walk Score to examine the effects of walkability on the market value and annual investment returns of more than 4 200 office apartment retail and industrial properties over the past decade in the USA. We find that all else being equal the benefits of walkability are capitalized into office retail and industrial property values with more walkable sites commanding higher property values. On a 100 point scale a 10 point increase in walkability increases property values by 1 to 9 percent depending on property type. We also find that walkability is associated with lower cap rates and higher incomes suggesting that the higher values are caused by both higher incomes and expectations of less risk greater income growth or slower depreciation. Walkability had no significant effect on historical total investment returns. All walkable property types generated higher income and therefore have the potential to generate returns as good as or better than less walkable properties as long as they are priced correctly. Developers should be willing to develop more walkable properties as long as any additional cost for more walkable locations and related development expenses do not exhaust the walkability premium. 1 Professor

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