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Valuing a Real Estate Investment Trust
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REITs essentially act as mutual funds for real estate, and shareholders own a proportionate interest in a portfolio of real estate properties. The market value of an REIT is directly related to the value of the underlying real estate and properties, and inversely related to interest rates. REITs are an easy way for investors to diversify their portfolio
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with real estate. Often, the price of real estate and the price of stocks move in opposite directions. We ve seen that happen with the bursting of the high-tech bubble. As stock prices plummeted, investors withdrew funds from the equity markets and shifted them into the real estate market and real estate prices increased significantly. There are over 200 REITs that are traded in the stock market. Trading REITs provides the attractive feature of instant liquidity for an investment in real estate. Many REITs have a particular specialty, such as apartments or office buildings or industrial buildings, and many may invest in a certain geographic location, such as WRE in Washington and Baltimore. An important investment consideration is that REITs, if they meet certain requirements, are not taxed at the corporate level. So all of the income from an REIT flows through to shareholders without being taxed. Shareholders must pay taxes on the dividend income. Because of high dividend yields, many investors hold REITs in a tax-advantaged account. The businesses underlying most REITs are based on building, buying, and operating properties and owning real estate. Real estate, absent certain manias such as the real estate bubble that occurred in Japan in the early 1990s, is a less volatile investment than stock. Growth in an REIT s stock price generally follows the growth in the underlying property values. We keep that in mind when we estimate growth
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rates. Here are the adjustments that we make when we value a real estate investment trust. 1. Calculation of Operating Income. For REITs, we take income from real estate, which includes depreciation and amortization, and subtract general and administrative expenses. We exclude other income, gains on sale of real estate, and interest expense. 2. Tax Rate. The tax rate for REITs, if they meet certain requirements, is 0. 3. Depreciation and Capital Expenditures. Depreciation charges and capital expenditures to acquire additional real estate and properties and to make improvements to existing properties are significantly higher for REITs than for other companies. 4. Adjustment to Beta. Often, a beta associated with an REIT will be extremely low. For instance, Yahoo Finance lists a beta of 0.01 for WRE. This is because the beta of the stock price of the REIT is calculated by regressing it against the S&P 500, which generates an artificially low result. Some academicians have argued that the risk of an REIT should be regressed against asset returns that also contain real estate indices or interest rates. Aswath Damodaran, in Investment Valuation,1 cites a study that calculates a beta estimate of 0.8 when regressing the returns of office buildings against a market portfolio that includes real estate. We believe that a return associated with a typical real estate investment should fall somewhere near the upper level of the difference between the return for a risk-free asset and the return for a stock that has a beta of 1.0. Therefore, we use a beta of 0.80 when we value WRE. So let s get started by looking at a typical small cap real estate investment trust Washington Real Estate Investment Trust.
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The fiscal year for Washington REIT ends on December 31st. The results for the quarter ending September 30, 2002 for WRE are available on its Web site. We have included the audited 2001 income statement, balance sheet, and cash flow statement of WRE, as Exhibits 8-24, 8-25, and 8-26, respectively.
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