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Real Estate Data Sources in Germany Read chapter Read first chapter

2017 | OriginalPaper | Chapter

REOCs and REITs

Authors : Wolfgang Schäfers, Kai-Magnus Schulte, Alexander Scholz

Published in: Understanding German Real Estate Markets

Publisher: Springer International Publishing

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Abstract

This chapter considers the German market for listed real estate companies. First, a distinction is made between German listed real estate operating companies and Real Estate Investment Trusts. These are then ordered into the investment spectrum, and the German and European market for listed real estate companies is analyzed. Finally, success factors and value drivers that can support the success and the future of German real estate companies on the capital market are presented.

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previous chapter German Closed-End Funds
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Footnotes
1
Rehkugler and Sotelo (2009).
 
2
Sebastian and Schätz (2010).
 
3
Lang and Scholz (2015).
 
4
Exceptions are listed in §16.2 to §16.6 of REITG.
 
5
Sotelo (2006).
 
6
EPRA (2009).
 
7
EPRA (2014a).
 
8
EPRA (2009).
 
9
EPRA (2014a).
 
10
BVI (2006).
 
11
EPRA (2014a).
 
12
Schäfers et al. (2008).
 
13
ibid.
 
14
ibid.
 
15
ibid.
 
16
ibid.
 
17
ibid.
 
18
Scholz et al. (2014, 2015).
 
19
Schäfers et al. (2008).
 
20
Feri Eurorating Services AG (2008), Rehkugler and Goronczy (2009), Cometis AG (2009), Kohl (2009), and Kohl and Schäfers (2012).
 
21
Healy and Palepu (2001), Bushman and Smith (2003), Callahan and Smith (2004), and Lang et al. (2012).
 
22
Kohl (2009) and Kohl and Schäfers (2012).
 
23
EPRA (2014b).
 
24
Kohl and Schäfers (2012).
 
Literature
Bushman RM, Smith AJ (2003) Transparency, financial accounting information, and corporate governance. FRBNY Econ Policy Rev, Apr 2003, pp 65–87
Callahan CM, Smith RE (2004) Firm performance and management’s discussion and analysis disclosures: an industry approach. SSRN working paper, 9.8.2004, pp 1–61
Cometis AG (2009) Immobilienbewertung—Investorenwunsch und Börsenwirklichkeit. Wiesbaden
EPRA (2009) Global REIT survey, Sept 2009, Brussels
EPRA (2014a) Monthly Statistical Bulletin, Dec 2014, Brussels
EPRA (2014b) Best practices recommendations, Dec 2014, Brussels
Feri Eurorating Services AG (2008) 1. Feri-Transparenz-Rating für Immobilienaktiengesellschaften. Press release from 15 Jul 2008
Healy PM, Palepu KG (2001) Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. J Account Econ 31(1–3):405–440CrossRef
Kohl N (2009) Corporate governance and market valuation of publicly traded real estate companies: a theoretical and empirical analysis. Dissertation, Universität Regensburg
Kohl N, Schäfers W (2012) Corporate governance and market valuation of publicly traded real estate companies: evidence from Europe. J Real Estate Financ Econ 44(3):362–393CrossRef
Lang S, Scholz A (2015) The diverging role of the systematic risk factors: evidence from real estate stock markets. J Prop Invest Financ 33(1):81–106CrossRef
Lang M, Lins KV, Maffett M (2012) Transparency, liquidity, and valuation: international evidence on when transparency matters most. J Account Res 50(3):729–774CrossRef
Rehkugler H, Goronczy S (2009) Transparenz von Immobilienaktiengesellschaften—Messung durch einen neuen Index der DVFA. FINANZ BETRIEB 10:590–597
Rehkugler H, Sotelo R (2009) Verbriefte Immobilienanlagen als Kapitalmarktprodukte—eine Einführung. In: Rehkugler H (Hrsg) Die Immobilie als Kapitalmarktprodukt. Oldenbourg, Munich, pp 4–35
REITG (2008) Gesetz über deutsche Immobilien-Aktiengesellschaften mit börsennotierten Anteilen (REIT-Gesetz—REITG), REIT law from 28 May 2007 that is changed through Article 37 of the law of 19 Dec 2008 (BGBI. I. S. 2794)
Schäfers W, Heller NJ, Körner J, Puhl O (2008) Erfolgsfaktoren beim Börsengang von German Real Estate Investment Trusts (G-REITs). In: Bone-Winkel S, Schäfers W, Schulte K-W (Hrsg) Handbuch real estate investment trusts. Müller, Köln, pp 143–164
Scholz A, Lang S, Schäfers W (2014) Liquidity and real estate asset pricing: a Pan-European study. J Eur Real Estate Res 7(1):59–86CrossRef
Scholz A, Rochdi K, Schäfers W (2015) Does asset liquidity matter? Evidence from real estate stock markets. J Eur Real Estate Res 8(3):S220–S232CrossRef
Sebastian S, Schätz A (2010) Real estate equities—Real estate or equities? Brussels, EPRA Research
Sotelo R (2006) Regel schaffen Werte—Rekonstruktion von Finanzierungstheorie als ein Ergebnis der Gegenstandsorientierung der Immobilienökonomie. In: Bone-Winkel S et al (Hrsg) Stand und Entwicklungstendenzen der Immobilienökonomie—Festschrift zum 60. Geburtstag von Karl-Werner Schulte, Köln, pp 41–54
Metadata
Title
REOCs and REITs
Authors
Wolfgang Schäfers
Kai-Magnus Schulte
Alexander Scholz
Copyright Year
2017
Book
Understanding German Real Estate Markets

Print ISBN: 978-3-319-32030-4

Electronic ISBN: 978-3-319-32031-1

Copyright Year: 2017

DOI
https://doi.org/10.1007/978-3-319-32031-1_21