IMISEBENZI YOKUSEBENZA: Iintlobo, Ukubuyiselwa kunye neengozi
Ziziphi iimali?
IINKONZO zinkampani nje ishishini labo eliziphetheyo kunye neendawo zokuthengisa izakhiwo. U-REIT oqhelekileyo, umzekelo, unokuthenga nokulawula indawo yokuhlala. Ngokomthetho, kufuneka bahambise i-90% yeenzuzo zabo ngendlela yezabelo.
Uninzi lwe-REIT (ezibizwa ngokuba yi "reets") zihambisa ezi ntlawulo kubatyalomali bazo ngekota, ezenza ukuba kubekho imoto efumanekayo yokufumana umhlala-phantsi abafuna umvuzo ongenamkelo. IMALI, ngokungafani nemibutho karhulumente, ayihlawuli irhafu yengeniso yenkampani; iingeniso emva kokuncitshiswa kolawulo zihanjiswe ngaphambi kwentela kwi-REIT abatyali-mali. Ngokomlando, kwixesha elide - njengokuba kwithuba lokusukela ngo-2010 ukuya ku-2015 -IIMALI ziye zagqithisa izibophelelo zenkampani .
Iintlobo ze-REIT
IINKONZO ziza kubonakala ezintathu:
- ukulingana ama-REIT, ayenayo kwaye asebenzise i-real estate-producing property
- Imboleko ye-REIT, ebolekisa imali kubanikazi bezindlu kunye nabaqhubi okanye batyala imali kwimali-mboleko yemali okanye inkxaso-mboleko
- ii-REIT ze-hybrid, ezenza zombini.
Ukubuyiselwa kwe-REIT
Njengokuba kulinganiswa yikhompyutheni ye-MSCI US REIT Index, ngo-Juni 23, 2016, ii-REIT ze-US zivelise ukuphindwa kweminyaka engama-5.34% I-S & P 500 Index, umlinganiselo obanzi wokusebenza kwi-stock market yase-US, liphindiselele ukubuyela kwe-10.49% ngexesha elifanayo.
Kubalulekile ukugcina engqondweni ukuba imbuyekezo ephezulu evela kwi-REIT iyimilinganiselo yokusebenza kwithuba elithile elongezelelweyo, kungekhona inkcazo yokuba ii-REIT zizityalo-mali eziphezulu. Enyanisweni, ii-REIT zilandele i-S & P 500 kwixesha elilodwa, eli-ezintathu, nelineminyaka emihlanu liphela ngo-Agasti 31, 2013.
Ekupheleni konyaka we-2016, uqoqosho lwase-United States olubuya ngokukhawuleza ukusuka kwi- Recession Great , oluqala ngasekupheleni konyaka ka-2007 luye lwahamba kunye nenqanaba lemilinganiselo ephantsi kakhulu kunomnyaka olandeleleneyo.
Oku kuye kwaba negalelo elikhulu kwi-REIT ukubuya . Kubalulekile ukugcina oku engqondweni xa ulinganisa ukusebenza kwe-REIT. IINKONZO azibonakali ukuba utshalomali oluphezulu kumaxesha onke. Enyanisweni, ii-REIT zilandelelanisa isalathisi se-S & P 500 kwixesha elilodwa, eli-ezintathu, nelineminyaka emihlanu eliphelile ngo-Agasti 31, 2013.
Iingozi ze-REIT
I-REIT zithengiswa kwimarike yemasheya, kwaye zibandakanya ingozi ekulindeleke ukuba ilandelwe utyalo-mali. Ziye zatshatyalaliswa kakubi ngenxa yobuthathaka kwixabiso lempahla. Nangona i-REIT yexesha elide libuyele liyamangalisa, kuye kwaye kwaba nexesha apho baqhubekile kakhulu. Ngo-2007, i-iShares Dow Jones yase-US Real Estate ETF (i-IYR) ibuyele -20.35%, emva koko ilandelwa ukuba kubuyiselwe -40.03% (kunye nenzuzo yengeniso edibeneyo) ngexesha lokutshabalalisa i- estate "bubble" ekupheleni kuka-2007 no-2008 Abatyalo-mali abafuna ezinye iindlela zokubambisana kufuneka baqaphele ingozi echaphazelekayo.
I-REIT nayo inakho ukuvelisa ukubuyiswa kwamaxabiso amaninzi ngamaxesha apho amazinga enzala aphakanyisiwe okanye aphakama . Xa amaxabiso aphantsi, abatyali-mali ngokuqhelekileyo basuka kwiimpahla ezikhuselekileyo ukufuna ingeniso kwezinye iindawo zemarike. Ngakolunye uhlangothi, xa amazinga aphakamileyo okanye amaxesha angaqinisekanga, abatyali-mali bahlala bexhamla kwi-US Treasury okanye ezinye iimali zengeniso.
Nangona ngamanye amaxesha kucetyiswa ngokungenakunyameko ngokuthi "abaxhamli bebhondi," i-REITS ayilona iimbophelelo; banamalungelo. Njengazo zonke izilinganiso, zithatha inqanaba lomngcipheko omkhulu kunamabhondi karhulumente .
Indlela yokufaka imali kwi-REIT
I-REIT ifumaneka kubalimi-mali ngeendlela eziliqela, kubandakanywa iimali ezidibeneyo, iimali ezivaliweyo , kunye neengxowa-mali ezithengiselwano. Phakathi kweengxowa-mali ezithengiselwano ezijoliswe kwi-REITS yi-iShares Dow Jones ye-Real Estate (i-ticker: IYR), i-Vanguard REIT Index I-ETF (VNQ), i-SPDR Dow Jones REIT (RWR) kunye neShares Cohen & Steers Realty (ICF).
Abatyalomali banokuvula i-akhawunti ye-brokerage kwaye bathenge i-REIT ngabanye ngqo. Ezinye zezona zi-RIT eziphezulu kakhulu ziyimpahla yeSimon Properties (SPG), ukuThengiswa koLuntu (PSA), i-Equity Residential (EQR), i-HCP (HCP) kunye ne-Ventas (VTR).
Abatyalomali banakho inani elikhulayo leendlela zokufumana ukufikelela kwiimarike ze-REIT zangaphandle.
Ezi mali-mali zivuthiwe kakhulu kunezi-REIT zase-US, kodwa zinezivuno eziphezulu kwaye zinako ukubonelela ngokubanzi. I-ETF enkulu kunazo zonke ezijoliswe kwii-US REIT ziyi-SPDR Dow Jones International Real Estate ETF (i-RWX).
IIMALI kwiZakhiwo zoPhuhliso
Esinye isimo se-REIT asiqinisekanga, esichazela ukuba ii-REIT zivame ukuba nezilungelelaniso eziphantsi kunezinye iindawo zemarike-nto leyo ithetha ukuba ngelixa zichaphazelekayo kwiimarike ezibanzi, ukusebenza kwabo kulindeleke ukuba kunqunyulwe kwezinye iindiza zamasheya kunye , kwinqanaba elithile, kwiibhondi.
Ulwabiwo lwe-REIT lungako ukunciphisa uncedo lokunciphisa ukunyanzeliswa okubanzi kwipotfoliyo ye-investors ngexesha elifanayo ukuba linokwandisa isivuno. Enye inzuzo ye-REIT yinto engafaniyo neentlawulo ezathengiweyo, ii-REIT ziyakwazi ukuxabisa ixesha elide. Bangaphinda benze okungcono kunabanye abatyalo-mali ngexesha lexabiso lokunyuka kwamaxabiso ngenxa yokuba amanani e-real estate aphakama ngokunyuka kwamaxabiso. Qhubeka ukhumbule, nangona kunjalo, ukuba izabelo ze-REIT, ngokungafani neentengo zemali ezibanjelwe kwii-equities ezibanjelwe ubuncinane omnye unyaka, zihlawulwa ngokupheleleyo. Yisoloko isilungileyo esihle ukuthetha ngezigqibo zokwabiwa kwempahla kunye nomcebisi wezezimali othembekileyo.
Ukuziphendulela : Ulwazi olukule ndawo lunikezelwa ngeenjongo zengxoxo kuphela, kwaye akufanele lichazwe ngokungeniswa njengeengcebiso zotyalo-mali. Ngaphandle kweemeko ngaba le nkcazelo ibonisa isincomo sokuthenga okanye ukuthengisa iziqinisekiso.