TFL Vsebine / Revija SIR*IUS

Equity Real estate funds – investment proces

Nepremičninski delniški skladi so priročna investicija, ki investitorjem omogoča, da se izpostavijo nepremičninskemu trgu z manjšim vložkom, vendar je njihova naložba vseeno dobro razpršena. Da pa je investitorjem to omogočeno, je pomembno obvladovati postopek izbora naložb. Pri sestavi portfelja v delniški nepremičninski sklad je že zaradi same narave panoge in posebne oblike nepremičninskih podjetij, ki se ukvarjajo z vlaganjem in upravljanjem fizičnih nepremičnin, treba paziti na nekatere posebnosti. Če pogledamo globalni delniški indeks nepremičnin S&P (SGR Index), opazimo, da več kot 80 % tržne kapitalizacije predstavljajo REIT-i. Zaradi posebne davčne obravnave teh podjetij so posebni tudi kazalci in količniki, ki jih spremljamo za ta podjetja. Za vrednotenje delnic tako uporabljamo količnika cena/FFO na delnico in cena/AFFO na delnico. Teh razmerij načeloma ne spremljamo pri nobeni drugi obliki podjetja razen pri REIT-ih. Nadpovprečno pomembno vlogo ima tudi ocenjevanje dividend in njihove vzdržnosti ter nadaljnje rasti. Zaradi različnosti poslovanja in konstrukcijskega cikla, karakteristik pogodb ter načinov vlaganja v nepremičnine je potrebno poglobljeno razumevanje in poznavanje razlik ter posebnosti podsektorjev. Kljub ostalim posebnostim pa se metode za merjenje in obvladovanje tveganj na ravni portfelja ne razlikujejo od tistih, ki jih uporabljamo za ocenjevanje tveganj pri ostalih delniških portfeljih.

Real estate equity funds are a convenient investment that allows investors to be exposed to the real estate market with a smaller investment but still well diversified. To be able to offer that to investors, it is important to manage the process of selecting investments. When composing the portfolio of an equity real estate fund, we must pay attention to some specifics due to the very nature of the sector and specific forms of real estate companies engaged in the investment and management of physical real estates. If we take look at the S&P global real estate stock index (SGR Index), we can observe that REIT’s stocks represent more than 80 % of the market capitalization. Due to the specific tax treatment of these firms, the indicators and ratios that are monitored are also specific for the sector. The valuation of the shares are preformed by using the ratios: price/FFO per share and price/AFFO per share. These ratios are generally not observed for any other company, with the exception of REIT's. Evaluation of dividends, their sustainability and growth, also has an important role. The diversity of both business and structural cycle characteristics of lease contracts and approaches to investing in real estate require in-depth knowledge and understanding of the differences and specifics between subsectors. Despite other specifics, methods for measuring and managing risk at the portfolio level are not different from those used for monitoring the risks of other equity portfolio.