TAILIEUCHUNG - Analysis Of Korean Real Estate Investment Trusts And Share Price Determinants

Arts-related real estate markets have paradoxical entry barriers and advantages. There are barriers inherent in the uncertainty of demand, zoning issues and the costs of retrofitting old systems. At the same time, entry barriers are lowered because the space demand is flexible and often requires minimal high-end fixtures and adaptations. Art-making, performance, craft production and exhibition spaces attract users who want to adapt and re-create space in flexible ways. Arts- and culture- related space is an adaptive re-use vehicle well-suited for an uncertain market, precisely because artists value the process of remaking a space as well as a finished product. The. | Analysis of Korean Real Estate Investment Trusts and Share Price Determinants by Haegyu Lee Bachelor of Science in Architectural Engineering 2004 Yonsei University and Wonho Seo Bachelor of Science in Material Science Bachelor of Art in Economics 2005 Seoul National University Submitted to the Department of Architecture in Partial Fulfillment of the Requirements for the Degree of Master of Science in Real Estate Development at the Massachusetts Institute of Technology September 2007 2007 Haegyu Lee and Wonho Seo All rights reserved The authors hereby grant to MIT permission to reproduce and to distribute publicly paper and electronic copies of this thesis document in whole or in part in any medium now known or hereafter created. Signature of Author Department of Architecture July 27 2007 Signature of Author Department of Architecture July 27 2007 Certified by _ David Geltner Professor Real Estate Finance Thesis Supervisor Accepted by __ David Geltner Chairman Interdepartmental Degree Program in Real Estate Development Analysis of Korean Real Estate Investment Trusts and Share Price Determinants by Haegyu Lee and Wonho Seo Submitted to the Department of Architecture on July 27 2007 In Partial Fulfillment of the Requirements of the Degree of Master of Science in Real Estate Development ABSTRACT Korean REITs started as CR-REITs vehicles with specific objectives to relieve real estate liabilities off the balance sheets of distressed companies and liquidize them back into the real estate market. CR-REITs were finite-lived closed-end passively managed vehicles with public offerings heavily weighed to institutional investors. Not only was REITs a new investment vehicle but .

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