Family offices have been increasing their investment in real estate due to the long-term stable income and growth potential it can provide. According to the research data, currently approximately 24% of REIT investments are in shopping malls and freestanding retail, which represents the single biggest investment by type in the market. In addition, residential REITs, healthcare REITs, office REITs and mortgage REITs are also the major types that family offices prefer. When investing in real estate, family offices not only consider the fundamentals like balance sheet and cash flow but also focus more on the industry outlook. For retail real estate, examining factors like financial healthiness and future prospect of retail industry is crucial. For residential REITs, population, job growth and supply-demand dynamics in local market need close tracking. As for healthcare and office REITs, diversity across customer groups, property types and locations is appreciated for balancing risks.
零售业REITs投资是家族办公室的重点关注方向
家族办公室重点投资零售业REITs的原因有:1) 约24%的REIT投资集中在购物中心和独立零售店,是美国单一类型投资的第一大领域;2) 零售REITs的盈利主要来自向承租人收取的租金,所以核心租户的财务状态和付款稳定性至关重要;3) 长期来看,实体零售面临线上购物冲击,但REITs业主可通过引入办公室等非核心零售业租户进行创新转换。
住宅REITs依靠人口与就业数据助力投资决策
住宅REITs几个投资建议:1) 选择房价与收入比例合适的城市投资;2) 注重投资目标城市的人口与就业增长数据;3) 关注公寓供给量与需求量变化对空置率与租金的影响;4) 选择资产负债表优质、可运用资本充裕的REITs。
医疗与写字楼REITs注重资产和客户多元化
医疗与写字楼REITs的投资策略有:1) 医疗REITs需要关注医保体系对医院与养老院的支持力度;2) 写字楼REITs首先考量宏观经济形势和就业水平;3) 两种REIT对资产与客户类型的多元化配置具有偏好以分散地域与行业风险。
抵押REITs面临利率风险考验
抵押REITs需要应对的主要挑战是利率变动引起的账面价值波动和融资成本增加,关键在于评估市场利率走势与个体REIT抵御风险的实力。
家族办公室越来越青睐房地产REITs的投资,零售、住宅以及医疗和写字楼REITs都是它们的主要关注领域。成功的投资需要同时考量宏观形势,行业前景,以及REIT自身的财务状况与运营能力等因素。多元化的资产配置也是家族办公室管理投资风险的常用手段。