Real Estate Securitization Process

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Real Estate Securitization Handbook 2008-2009

Description:    The Real Estate Securitization Handbook 2008-2009

                - Recognized as the industry standard for comprehensive data and legal background on real estate
                securitization and the real estate industry in Japan
                - An indispensable resource and reference tool for active and prospective participants in the real
                estate securitization business
                - Published in Japanese by the Association for Real Estate Securitization (ARES) and in English by
                TP Publishing
                - Includes summaries of all major REIT markets worldwide as well as in depth coverage of the legal
                and tax implications of securitization in Japan
                - This year’s edition has been expanded with a chapter dedicated to Japan’s Financial Instruments
                and Exchange Law and features enriched content of case studies, market developments, and other
                useful information.

                For foreign investors and real estate professionals with an eye on Japan amid today’s competitive
                global marketplace, up-to-date knowledge and market intelligence from an inside perspective are
                as crucial as ever to mitigating risk and identifying profit opportunities.


                In-depth coverage of Japan; summary coverage of all countries with major existing REIT markets


                Key topics:

                -   Review 2007 & Outlook 2008
                -   Overview of Real Estate Securitization
                -   Financial Instruments and Exchange Law and Real Estate Securitization
                -   Structural Laws on Real Estate Securitization
                -   Real Estate Securitization Tax and Accounting Considerations
                -   Investor Protection in Real Estate Securitization
                -   Real Estate Securitization Services
                -   Performance and Examples of Real Estate Securitization Products
                -   The Global REIT Market
                -   Selected Statistics



Contents:       Review 2007 & Outlook 2008
                - Basic Structure of Real Estate Securitization
                - Framework of Real Estate Securitization
                - Key Legal, Tax and Accounting Considerations in Real Estate Securitization
                - Significance of Real Estate Securitization
                - History of Real Estate Securitization
                - Overview of Market Size

                Overview of Real Estate Securitization
                - Overview of the Financial Instruments and Exchange Law (FIEL)
                - Corporate Governance System Sought of Financial Instrument Traders
                - Revision of Other Related Laws in Correlation with Revision of Financial Instrument and Exchange
                Law
                - Registration Rules for Real Estate Investment Advisors

                Financial Instruments and Exchange Law and Real Estate Securitization
                - Real Estate Syndication Act
                - Asset Monetization Law (SPC Law)
                - Investment Trusts and Investment Corporation Law (ITL)
- Non-Regulated Real Estate Securitization Structures
- Laws Relevant to Real Estate Securitization

Structural Laws on Real Estate Securitization
- Real Estate Securitization under the Real Estate Syndication Act
- Real Estate Securitization under the Asset Monetization Law
- Real Estate Securitization under the Investment Trust Law
- Key Taxes for Real Estate Securitization
- Recent Trends in Accounting for Real Estate Securitization

REAL ESTATE SECURITIZATI ON TAX AND ACOUNTING CONSIDERATI ONS
- Protecting Investors in Real Estate Securitization
- Fiduciary Duty of Participants
- Compliance Demanded of Participants
- Basel ? (New BIS Regulations)
- Laws and Ordinances Governing the Sale of Investment Products
- Information Disclosure Concerning Real Estate Securitization
- Global Investment Performance Standards (GIPS)
- Seven IOSCO Principles and the Principle of Compatibility

Investor Protection in Real Estate Securitization
- Real Estate Investment Advisory Business
- Asset Management (Fund Management/Portfolio Management)
- Property Management
- Real Estate Due Diligence
- Real Estate Appraisals
- Engineering Reports
- Rating Real Estate Securitization Products
- Real Estate Investment Indices
- Property Derivatives

Real Estate Securitization Services
- Examples of Real Estate Syndication Products
- Examples of Asset Monetization Products
- Real Estate Investment Trusts (J-REITs)
- Trends of Private Real Estate Funds
- Examples of Debt Real Estate Securitization Products
- Private Finance Initiatives

PERFORMANCE AND EXAMPLES OF REAL ESTATE SECURITIZATI ON PRODUCTS
- Overview of the Global REIT Market
- Overview of Individual REIT Markets

THE GLOBAL REIT MARKET
- Land Price Trends
- Office Building Market Trends
- Asset Sale and Purchase Conditions of Listed Companies Using Real Estate Securitization
- Interest Rate and Stock Price Trends

SELECTED STATISTICS

List of Figures:

-   Overview of Securitization and Monetization Concepts
-   Basic Structure of Real Estate Securitization
-   Participants in Real Estate Securitization and Finance (SPC as the securitization vehicle)
-   Classification of Real Estate Securitization Products
-   Real Estate Securitization Vehicles and Related Laws
-   Two Real Estate Securitization Structures
-   Outline of the Real Estate Securitization Tax System
-   Background to the Development of Real Estate Securitization
-   Corporate Finance and Asset Finance
-   Example of Various Risks related to Real Estate
- Application Needs and Solutions for Real Estate Securitization
- Chronology of the Development of Real Estate Securitization
- History of Real Estate Securitization by Asset and Quantity
- Asset Amount of Securitized Real Estate by Usage
- List of Financial Instrument Trading Acts and Classification of Operations
- Type of Financial Instrument Trading after Implementation of FIEL
- Overview of the Real Estate Syndication Act
- Major Revisions to the Real Estate Syndication Act
- Number of Approved and Reported Companies under the Real Estate Syndication Act (as of end of
March 2008)
- Companies Licensed under the Real Estate Syndication Act (as of end of March 2007)
- Structure of NK (Pre-sale Syndication)
- Structure of TK (Monetary Investment Syndication)
- Structure of Lease Syndication
- Real Estate Asset Variation Agreement (TK)
- Structure of the Asset Monetization Law (SPC Law)
- Primary Items of the SPC Law Revision in 2000
- Investment Trust Structure
- Investment Corporation Structure
- Structure of Investment Trusts and Investment Corporations
- Registration Requirements for Asset Management Companies (Investment Managers)
- Flows in Establishment of Investment Corporations
- Fund Raising Structure of an Investment Corporation
- Compliance Rules for Asset Managers (Investment Managers)
- Information Disclosure Documents and Disclosure Sites
- Primary Notices, Viewings and Public Access Documents during Investment Corporation
Management
- Overview of Tokyo Stock Exchange Listing Standards
- Overview of Investment Trusts Association Regulations
- GK (YK) + TK Structure
- Double Layer Structured Fund Structure
- COLUMN Abolition of Chukan Hojin
- Comparison of the Fixed-Term Tenancy System and Conventional Tenancy System
- Taxation under the Asset Monetization Law and Investment Trust Law
- Illustration of Differences in Scope of Qualified Institutional Investors under the Financial
Instruments and Exchange Law and Tax Code
- Flow Chart for Accounting for Transferor of Real Estate Monetization Utilizing SPCs
- COLUMN Taxation on the Return of Equity from Investment Corporations
- Comparison of Tax Systems for Major Real Estate Securitization Structures
- Withholding Tax Requirement for Profit Distributions from TK Paid on January 1, 2008 and After
- Accounting Methods in the Income Tax Law and Corporation Tax Law and Application of Tax Code
Regulations (Basic Law Circular 14-1-2)
- Flow Chart of Lease Transactions under the Tax Code
- Classification According to Trust Taxation Method
- Comparison of Transaction Taxes on Underlying Real Estate and Beneficiary Interests in Trust
- Key Accounting Standards for SPEs
- ASBJ Project Planning Table (Convergence Items)
- Financial Services
- Overview of Basel II: The New Capital Adequacy Ratio Regulations
- Treatment Case (1) of Real Estate Securitization Products and Funds
- Treatment Case (2) of Real Estate Securitization Products and Funds
- Preparatory Conditions of Financial Inspection Manuals (as of February 2007)
- Scope of Duties of Specific Entities
- Where Each Specific Entity should Report Suspicious Transactions (excerpt)
- Disclosure Requirements under the Commercial Code and the Financial Instruments and Exchange
Law
- Disclosure Regulations in the Financial Instruments and Exchange Law, and Cabinet Order
- Information Disclosure Requirements for Publicly Placed Real Estate Securitization Products
- Information Disclosure for Investors under the ITL, SPC Law and Real Estate Syndication Act
- IOSCO's General Code of Conduct
- Example of a Customer Card
- Top 25 U.S. Real Estate Investment Managers by Assets under Management ((as of June 2007)
- Examples of Property, Asset and Fund (Portfolio) Management Operations
- COLUMN Characteristics of Property Management in the U.S.
- Examples of Property, Asset and Fund (Portfolio) Management Operations
- Overview of Report by Roundtable on the Form of Ideal Soil Environment Measures
- Image of Collaboration and Joint Work regarding Overseas Real Estate Appraisals
- COLUMN Financial Engineering Approaches to Property Valuation
- List of Engineering Report Inspection Items
- Information Disclosure Required for Rating Real Estate Securitizations
- Schematic Flow of the Ratings Process
- S&P Methods for Rating J-REITs (Issuer Rating)
- Rating Status
- U.S. & UK Real Estate Investment Indices
- Established Japanese Real Estate Investment Indices
- Property Total Return Swap
- Value Syndicated and Number of Real Estate Syndication Products (as of March 2008)
- Value Syndicated and Cumulative Value Syndicated after Implementation of the Real Estate
Syndication Act (as of March 2008)
- List of Products Syndicated after Implementation of the Real Estate Syndication Act (April 1995 –
March 2008)
- Example of the Use of an NK in a Redevelopment Project
- Example of Condominium Development Project Using a TK
- Case 1: Use of TK Product for Individual Investors
- Case 2: Use of TK Product for Individual Investors
- Valuation Methods Employed for the Transfer and Redemption of Real Estate Syndication Products
for Individual Investors
- List of Products under the Former SPC Law (Products involving Real Estate and Beneficiary
Interests in Trust for Real Estate)
- Primary Products after SPC Law Revision (November 2000 ~ March 2008)
- List of Significant Securitizations Not Governed by the SPC Law (April 1998 - March 2008)
- Overview of Development Real Estate Securitization
- Select Examples of Development Real Estate Securitization
- Takanawa Apartment SPC
- Red Lions Capital SPC
- Securitization of the Former Long-Term Credit Bank of Japan Head Office Building by RC
- COLUMN Securitization of State-Owned Property
- Securitization of Shinjuku Sumitomo Building
- Residential One SPC
- Dear Stage SPC
- COLUUMN Real Estate ABS Issues Revealed by Mycal Collapse
- Securitization of Ten Mycal Shops
- Securitization of Sheraton Grande Tokyo Bay Hotel
- Securitization of Four KDDI Buildings
- Securitization of Tobu Department Store's Ikebukuro and Funabashi Stores
- Millennium Residential SPC (Development)
- UDX SPC (Development Property)
- Securitization of UFJ Tokyo Building
- Development of Nagoya Ozone Shopping Center
- Structure for the Minato Mirai 21 District Development
- Case Study: Securitization of Park 24 Parking Lots
- Case Study: Shinagawa Seaside Eins Tower Project (Development Securitization)
- Case Study: Use of Development Securitization for Type 2 Town Redevelopment Project for Area
in Front of Urawa Station East Exit
- Case Study: 30-Story Rental Condominium (Minato 1-chome, Chuo Ward, Fukuoka City) using
Development Securitization
- Case Study: Securitization Financing Backed by Wedding Halls and Funeral Parlors
- Case Study: TOWA Eins TMK (Two Properties in Yokohama and Osaka Were Simultaneously
Securitized to Proceed with Project)
- Case Study: New Investment Product Combining Real Estate Monetization and Investment Trust
- Investment by Organization for Promoting Urban Development in TMK based on “Town
Redevelopment Investment Work”
- Musashi Urawa Station No. 8-1 District Type 1 Town Redevelopment Project
- History of Property Acquisition Price by Listed J-REITs
- History of J-REIT Market Capitalization and Comparison with TOPIX Market Capitalization
(September 10, 2001 ~ March 31, 2008)
- History of J-REIT Market Capitalization and Comparison with TSE First Tier Real Estate Firm
Market (September 10, 2001 - March 31, 2008)
- Historical Changes in Number of Listed J-REITs
- Historical Share of J-REIT Owned Assets by Asset Type (Based on announced valuations)
- Classification of J-REITs by Property Type
- NOI Return and the Implied Cap Rate
- Price History of J-REITs
- Risk Return Performance (April 2003 ~ March 2004)
- Risk Return Performance (April 2004 ~ March 2005)
- Risk Return Performance (April 2005 – March 2006)
- Risk Return Performance (April 2006 – March 2007)
- Risk Return Performance (April 2007 ~ March 2008)
- Fluctuation of Transactions (TSE) by J-REIT, Investor Type
- Funds of Funds Primarily Investing in Japanese and Overseas REITs
- History of the Number of IPOs and Capital Procurement
- Type of Real Estate Owned by Private Funds (based on assets under management)
- Major Sovereign Wealth Funds
- Japan’s Largest Commitment-type Opportunity Fund “So-called 1 Trillion Yen Fund”
- Bayside Sub-center Development Using Fund
- First Real Estate Investment Fund in Japan that is Sharia Compliant
- Medical Facility Fund
- Pioneer of Managing Pension Funds
- Logistics Funds
- New Issues by Asset Type
- Securitization of Housing Loan Bonds by Sanwa Bank
- COLUMN Infrastructure Projects for Tama Wide Area Trunk Hospital (tentative) and Pediatric
General Medical Center (tentative
- COLUMN Kyoto Miike Soseikan (Kyoto Miike Junior-High School and Multi-use Facility) PFI Project
- Securitization of Housing Loan Bonds by GHLC (presently the Japan Housing Finance Agency)
- Housing Loan Risks
- COLUMN Kasumigaseki R7 Project (Kasumigaseki Common Gate
- Tranching
- List of PFI Cases
- Registered Comprehensive Real Estate Investment Advisors
- The World’s Listed REIT Markets (size)
- A Comparison of Total Market Capitalizations (end of March 2007 and end of March 2008)
- Historical Transformation of U.S. REIT Market Size
- Historical Transformation in Procured Amount of Equity by U.S. REITs
- classification of U.S. REITs by investment Format
- Classification of U.S. REITs by Property Type
- Gross Annual Profitability History
- Table of Representative Listed U.S. REITs
- Average Return of Past 20 Years (December 1988 – December 2007)
- Correlation between U.S. REITs and Other Assets
- U.S. REIT Dividend Returns and U.S. Government Bond Returns (10-Year)
- Trends of U.S. REITs (stock price) and Consumer Price Index
- Table of Listed Canadian REITs
- Canadian REIT Index
- Table of Listed Dutch FBIs
- History of GPR 250 Netherlands Index
- Table of Listed Belgian SICAFIs
- History of GPR250 Belgian Index
- French SIIC Indices
- Table of representative Listed French SIICs
- Table of Listed UK REITs
- Table of Listed German REITS
- Table of Representative Listed Bulgarian REITs
- Table of Listed Greek REICs
- Table of Listed Turkish GYOs
- Structure of A-REITs
- History of A-REIT Market Capitalization
- Listed Management Investments (LMI)
- Table of Listed Representative A-REITS
            - Table of Listed New Zealand REITs
            - Table of Listed Singapore REITs
            - Structure of K-REITs
            - Characteristics of Korean REITs
            - Table of Listed Korean REITs
            - Table of Listed Malaysian REITs
            - Table of Listed Hong Kong REITs
            - Table of Listed Thai PFPOs
            - Table of Listed Taiwanese REITs
            - Table of Listed Israeli REITs
            - Table of Listed South African PUTs
            - Commercial and Residential Land Prices
            - Officially Announced Commercial Land Price Index
            - Trends in Average Advertised Rents for Office Buildings and Officially Announced Land Price
            Indices for Commercial Areas in the 23 Wards and 5 Central Wards of Tokyo
            - Trends in Average Advertised Rents and Vacancy Rates of Office Buildings in the 23 Wards and 5
            Central Wards of Tokyo
            - Primary Large Office Buildings Scheduled for Completion in 2007-2010
            - Changes in the Total Office Floor Space Available
            - Changes in Tokyo Office Construction Starts by Floor Space
            - Overview of Main Asset Sales by Listed Companies (April 2006 – March 2007)
            - omparison of Average Government Bond Interest Rates in Major Countries
            - History of Japanese Interest Rate Levels Figure 9-11 History of Share Prices in Major Countries
            - History of Share Prices in Major Countries



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Description: Real Estate Securitization Process document sample