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REAL ESTATE INVESTMENT TRUSTS , , 1

2. ?? ?? ???? ???. ?????- ??? ?????????- ??????? ???????????? ??????? ??? 1- ????? ????? ???"? ???? ???? ??? ???. 3. ????? -??? ????. ??? ( REIT) ???? ????, ?????? ?? ??????? ??????, ?????? ??? ????? ????"? ????, ????? ????? ????? (????) ????? ????? ???? ?????? ?????????????? ???? ??????

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REAL ESTATE INVESTMENT TRUSTS , , 1

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    1. 1

    2. 2 ?? ?? ???? ??? ?????- ??? ???? ?????- ??????? ????? ??????? ??????? ??? 1- ????? ????? ???"? ???? ???? ??? ???

    3. 3 ????? -??? ???? ??? ( REIT) ???? ????, ?????? ?? ??????? ??????, ?????? ??? ????? ????"? ????, ????? ????? ????? (????) ????? ????? ???? ?????? ????????? ????? ???? ???????? ????? ????"? ? -1960, ?? ????? ??? "?????" ?"? ???????, ????? ????? ???????? ????? ?????? ????"? ????. ???? ???? ????? ???/? ???. ??? ?????? ????? ?? Equity REITs- ??????? ?????? ???? ???"? "???????" (????? ??????, ??????, ????? ?????? ????????) ???? ?-30.4.09 ???? ???? ????? ?? ????? ????"? ???? ?- 200 ??????? ?' ???? ?? ???"? ????? ????? ???? ?????. ???? ???/? ???. ????, ?????? ???? 500 S&P 14 ????? (65 ??? ???? S&P (

    4. 4

    5. 5 ?????- ????? 147 ?????? ?? ?????, ?????? 2006 ???? ???? ??????? ?????? ??????? ??????? ?? ????? ?????? ??????? ????? ????? ?????? ????? 95% ????? ????? ???? ???"? ????, ??????? ???"? ???????? (??????, ????? ?????) ????? 75% ????? ????? ???? ?????? ??????? ????? ????? ?? ???? ?? 60% ????? ????? (????? ????"?) ????? ?????? ?????? ???? ???????? ????? 90% ?????? (?.?) ??? ??? ????? ?????? ??, ????? ????? ???? ??? ??????

    6. 6 ???? ???-????? ??????? ????- ??? ??"? ?????

    7. 7 ????? - ?????? ?????? ???"?

    8. 8 ??????? ????? ?????? ???? ??????? ???? ????? ??????? ????? ????????? ?????? ???? ?????: ????? ???? ????? (????? ?????) ?????? ????? ?????? ????? ????? ??????? ????? 60% ??? ????? ???? ????? ?????? ???????? ?????? ??????? ?????? ???? (??? ??? ??? ??? ???"?) ?????? ????? (????? ???? ??? ????? ??? ???"?) ???????? ?????? ??? ????? ???? - ???? ????? ?? ?????? ????? ????"? ?????

    9. 9 ???? ??? ? ????? ??????? ?????? - ??????? ???????? ????? (performance). ??????? ???????? ???/? ???. ?????????. ???? ??????? ???/? ???. ????? (diversification). ???? ?????? ???/? ???.

    10. 10 ??????? ??????? – "????? ?"???" ????? ????..." ????? ??????? ?????? (??? ????? ?????? ??????? ?? ?????? ????? ???"? ??????): ??? ??????? ????????, ????? ?"?????" ( ???? ????) ????? ?? ??? ??????? ????, ???? ????? ??????? ????????? ?????? ?? ???"? ???? ??? ????? ?????? ????? ??? ?????? ?????? ?"???" ?????? ????"? ???????? ??? ????? ????? ?????? ????"? ???? ????? ?????? ?????? ???? ????"? ?????? ???? ?????? ???? ?? ??????? ????? ??? ????? ???? ????

    11. 11 ???? ????? ?? -?? ??????? ???? ?? ???? ???"? ????? ?? ???? ???? ??? ????? ??? ??? ????? ??????, ????? ??? ????? ?"? ????? ?????? ??? ???????? ?????? ???? ??????? ??????? "?????" ?????? ?????? ??????? ??????? ????? ??????? ????? ???"? ???? ???????

    12. 12 ??? 1 ??"? ?????? -????? ????? ????? ?- 2006 ???? ??????? ????"? ??????? ??????, ??????? ??????? ???? ???? ??? ????? 13 ????? ??????, ????? ?????? ?????, ????? ?? ???????? ? ? -138,000 ?"? ?-98% ????? ??????. ?????? ?????? ???/? ???. ?????? ??? ?????? ???/? ???. ??? ???? ?? ???? ??????? ? (?-50% ??????), ???? ??? ?? ?-350 ?' ? ???? ????? ??????? ???? ??????? ???????

    13. 13 ?????? ???????- ??????? ???????? ???? ??????????: ????? ????? ???? ???? ????? ????? ??????? ??? ????? ????? ????? ?????? ????? ????? ????? ????? ???????

    14. 14 ??????- ??? ???? ?????? ????? ?? ???? ???"? ???? ?????? ???? ????? ???? ????? ?????? ??? ?????? ????? ???? ????????, ????? ?????? ????"? ?????, ?? ??????? ???? ????? ????? ???? ????"? ????? ??????? ???? ????"? (????? ???? ????) ???? ????? ????? ????? ?????

    15. 15

    16. 16 ??????? ???? ????"? (Equity REITs)

    17. 17 ??? 1- ????? ????? ?????? (???????? ?)

    18. 18 ??? 1- ????? ?????? ?- NOI (???????? ?) *?- NOI ???? ??? ????? ???? ????"? ????? ????? ?????? ????? ??????? (?????? ??????? ?????? ?????? ????? ??????)

    19. 19 ??????? ???????? – ????? ????? ????? ????

    20. 20 ??????? – ???? ?? ?????? ?????? ?? ????????? ????? ??? ??????? ????: ???????? ????? ??? ?????? ????? ??? + ????? ??????? ???? ??????? ???: ????? ???? ?????? ?"? ????? ???? ?????? -???????

    21. 21 ??? 1- ????? ???? ?????- ??? ???? ?????? ??"? ?? ??? ???

    22. 22 ??? (diversification)- ????? ????? ??? ????? ?????

    23. 23 ??? 1- ????? ??? ?????? (??? ???? ????)

    24. 24

    25. 25 ?????- ??? ?????? ?????: ????? ??????? ??? ????? ??"? ?????? ????? ????

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