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2017 | OriginalPaper | Chapter

5. Besonderheiten von Immobilienunternehmen und REITs

Author : Manfred Kühnberger

Published in: Kapitalmarktorientierte Rechnungslegung

Publisher: Springer Fachmedien Wiesbaden

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Zusammenfassung

Bisher gibt es nur wenige IFRS, die auf Branchenbesonderheiten Bezug nehmen, obwohl es nicht unplausibel ist, dass die Standards nicht für alle Unternehmen gleich gut passen. Immobilienunternehmen, bei denen der wesentliche Anteil des Vermögens aus Immobilien besteht, stellen ein interessantes Testfeld hierfür dar. Dies liegt einmal am Geschäftsfeld, wobei die sogenannten REITs noch eine Reihe von Besonderheiten aufweisen. Da für Renditeimmobilien Fair Values zu schätzen sind, kann der Substanzwert der Unternehmen in etwa der Bilanz entnommen werden, wenn es nur unwesentliche immaterielle und Firmenwertkomponenten gibt, was regelmäßig unterstellt wird. Allerdings deckt sich dieser Net Asset Value im Allgemeinen nicht mit dem Börsenwert der Unternehmen. Dies löst Erklärungsbedarf aus.

Besonderheiten sind auch für die Finanzierung der Unternehmen zu erwarten, da Immobilien beliebte Kreditsicherheiten darstellen. Schließlich ist zu berücksichtigen, dass für Immobilienunternehmen branchenbezogene Performancemaße (Funds form Operations vor allem) weit verbreitet sind. Dies kann durchaus als Indikator für die Unzulänglichkeit der IFRS-Größen gedeutet werden. Insgesamt zeigt die Fülle an empirischen Studien, dass der Ansatz „one size fits all“ überdenkenswert ist.

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Title: Besonderheiten von Immobilienunternehmen und REITs
Author: Manfred Kühnberger
Publisher: Springer Fachmedien Wiesbaden
Book: Kapitalmarktorientierte Rechnungslegung
Print ISBN: 978-3-658-13204-0

Electronic ISBN: 978-3-658-13205-7

Copyright Year: 2017
DOI: https://doi.org/10.1007/978-3-658-13205-7_5