2026-09-21T23:16:30Zhttps://dspace.mit.edu/server/oai/requestoai:dspace.mit.edu:1721.1/331792022-01-13T07:54:44Zcom_1721.1_7582com_1721.1_7581col_1721.1_131023
David Geltner.
Pierce, Michael M. (Michael Murray)
Massachusetts Institute of Technology. Dept. of Urban Studies and Planning.
Massachusetts Institute of Technology. Department of Urban Studies and Planning
2006-06-20T12:54:06Z
2006-06-20T12:54:06Z
2005
2005
http://hdl.handle.net/1721.1/33179
65469084
Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2005.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 79-81).
In September 2001 the Japanese real estate industry marked a new era of real estate investments by issuing on the Tokyo Stock Exchange the first Japan Real Estate Investment Trust (JREIT). The initial JREIT performance was not so impressive. Now, as the Japanese economy continues to recover and more investors are looking to real estate securitization as a means of limiting balance sheet liability and increase real estate investment liquidity, the JREIT is becoming a popular investment vehicle. On the surface the public securitization of real estate seems a great opportunity for the average investor to participate in real estate investment while keeping liquidity. What is the real story behind the JREIT: Are the assets in the JREIT overpriced? Is the race to issue new JREITs forming a price bubble in the Tokyo central business district? Is the JREIT a safe investment, or it just a way for real estate firms to pass off the associated risks of overpriced real estate? This paper will consider the status of the Japanese economy, the real estate industry, and the JREIT market from its beginnings to current levels.
by Michael M. Pierce.
S.M.
81 leaves
1217644 bytes
1217450 bytes
application/pdf
application/pdf
eng
Massachusetts Institute of Technology
M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission.
http://dspace.mit.edu/handle/1721.1/7582
Urban Studies and Planning.
Japanese Real Estate Investment Trusts : champagne bubbles or price bubble
JREITs : champagne bubbles or price bubble
Thesis
application/pdf
false
Publication
unknown
unknown
<Publication xmlns="https://www.openaire.eu/cerif-profile/1.1/" id="c821659f-f4b5-4804-b960-1bfc412d574a">
<Type xmlns="https://www.openaire.eu/cerif-profile/vocab/COAR_Publication_Types">http://purl.org/coar/resource_type/c_1843</Type>
<Language>eng</Language>
<Title>Japanese Real Estate Investment Trusts : champagne bubbles or price bubble</Title>
<Subtitle>JREITs : champagne bubbles or price bubble</Subtitle>
<PublishedIn>
<Publication>
</Publication>
</PublishedIn>
<PublicationDate>2005</PublicationDate>
<Authors>
<Author>
<DisplayName>Pierce, Michael M. (Michael Murray)</DisplayName>
<Affiliation>
<OrgUnit>
</OrgUnit>
</Affiliation>
</Author>
</Authors>
<Editors>
</Editors>
<Publishers>
<Publisher>
<DisplayName>Massachusetts Institute of Technology</DisplayName>
<OrgUnit />
</Publisher>
</Publishers>
<License>http://dspace.mit.edu/handle/1721.1/7582</License>
<Keyword>Urban Studies and Planning.</Keyword>
<Abstract>In September 2001 the Japanese real estate industry marked a new era of real estate investments by issuing on the Tokyo Stock Exchange the first Japan Real Estate Investment Trust (JREIT). The initial JREIT performance was not so impressive. Now, as the Japanese economy continues to recover and more investors are looking to real estate securitization as a means of limiting balance sheet liability and increase real estate investment liquidity, the JREIT is becoming a popular investment vehicle. On the surface the public securitization of real estate seems a great opportunity for the average investor to participate in real estate investment while keeping liquidity. What is the real story behind the JREIT: Are the assets in the JREIT overpriced? Is the race to issue new JREITs forming a price bubble in the Tokyo central business district? Is the JREIT a safe investment, or it just a way for real estate firms to pass off the associated risks of overpriced real estate? This paper will consider the status of the Japanese economy, the real estate industry, and the JREIT market from its beginnings to current levels.</Abstract>
<Access xmlns="http://purl.org/coar/access_right"
>
</Access>
</Publication>