Eres : Digital Library : Works

Paper eres2010_343:
THE ANALYSIS OF TENANT RISK IN THE ITALIAN REAL ESTATE MARKET

id eres2010_343
authors Martelli, Duccio; Giannotti, Claudio; Pischedda, Luigi
year 2010
title THE ANALYSIS OF TENANT RISK IN THE ITALIAN REAL ESTATE MARKET
source 17th Annual European Real Estate Society Conference in Milan, Italy
summary The volatility of tenant periodical cash flows produced by investment property can dramatically affect the expected return as estimated ex-ante, especially in recession times. Therefore tenant risk is a crucial factor for real estate investors’ strategies and asset allocation choices. The paper analyses the Italian institutional real estate market and aims at assessing tenant risk on the basis of lease events and market movements. The paper starts with a literature review of the major contributions in the field, produced by both academics (Ambrose B.W., Hendershott P.H., Klosek M.M., 2002; Crosby et al., 2000; McAllister, O’Roarty, 1999) and real estate institutions. Thanks to Investment Property Databank (IPD), who provides aggregate data of the Italian real estate market, the research offers an empirical analysis on actual leases signed in Italy in the years 2006 through 2008. The Italian lease market is further investigated in its features, in order to highlight different risk profiles across sectors and locations, with particular emphasis on break clauses. The results are compared with other IPD studies on other European markets, namely UK and France.
keywords Tenant risk, break option clauses, lease
series ERES:conference
email duccio.martelli@uniroma2.it
more http://www.eres2010.org/index.asp?page=papers_download
content file.ppt (1,608,192 bytes)
discussion No discussions. Post discussion ...
ratings
session Real Estate Finance & Investment
last changed 2010/08/04 20:47
HOMELOGIN (you are user _anon_959205 from group guest) Powered by SciX Open Publishing Services 1.002