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The significance of residential REITs in Japan as an institutionalised property sector

机译：日本住宅房地产投资信托作为制度化房地产行业的意义

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摘要

Purpose - Residential Real Estate Investment Trusts in Japan (residential J-REITs) have become an increasingly significant listed property sector recently. The purpose of this paper is to assess the effectiveness of residential J-REITs in a mixed-asset portfolio context in Japan by assessing the significance, risk-adjusted performance and portfolio diversification benefits of residential J-REITs over July 2006-August 2018. The ongoing property investment implications for residential J-REITs are also identified. Design/methodology/approach - Using monthly total returns, the risk-adjusted performance and portfolio diversification benefits for residential J-REITs over July 2006-August 2018 are assessed. An asset allocation diagram is employed to assess the role of residential J-REITs in a mixed-asset portfolio context in Japan. Findings - Residential J-REITs generally delivered superior risk-adjusted returns compared with the other sub-sector J-REITs, stocks and bonds in Japan over July 2006-August 2018, with desirable portfolio diversification benefits in the full mixed-asset portfolio context. Importantly .residential J-REITs are observed as strongly contributing to the mixed-asset portfolio context in Japan across the portfolio risk spectrum, particularly in a post-GFC context. This also reflects that residential J-REITs provide high portfolio returns and strong portfolio diversification benefits in a mixed-asset portfolio context in Japan. Practical implications - Residential J-REITs are effective and liquid residential property investment exposure in Japan. The results highlight the strong risk-adjusted performance of residential J-REITs in Japan's mixed-asset portfolio context. This suggests institutional investors, particularly Japan institutional investors, should consider including residential J-REITs in their mixed-asset portfolios, as residential J-REITs are seen as a compelling investment product co-existing alongside the other sub-sector REITs and major asset classes in institutional investor portfolios in the context of Japan. This also confirms the effectiveness of institutionalised residential J-REITs. Given the solid residential property market fundamentals in Japan, an increased level of the institutionalisation of residential J-REITs can be expected. Originality/value - The study is the first study to assess the effectiveness of residential J-REITs, via assessing the significance, risk-adjusted performance and portfolio diversification benefits of residential J-REITs and their role in a mixed-asset portfolio context in Japan. This research enables more informed and practical property investment decision making regarding the value-added and strategic role of residential J-REITs as effective and liquid residential property investment exposure in Japan, as well as an increasingly institutionalised property sector going forward.
机译：目的-日本的住宅房地产投资信托基金（J-REITs）最近已成为越来越重要的上市房地产行业。本文的目的是通过评估住宅J-REIT在2006年7月至2018年8月期间的重要性，风险调整后的绩效和投资组合多元化收益，来评估日本J-REIT在混合资产投资组合中的有效性。还确定了住宅J-REIT对房地产投资的持续影响。设计/方法/方法-使用每月总回报率，评估2006年7月至2018年8月期间住宅J-REIT的风险调整后的绩效和投资组合多元化收益。在日本，资产分配图用于评估住宅J-REIT在混合资产组合环境中的作用。调查结果-在2006年7月至2018年8月期间，与日本其他次级行业的J-REIT，股票和债券相比，住宅J-REIT通常提供了更高的风险调整后收益，在整个混合资产投资组合的背景下，该投资组合具有可观的收益。重要的是，据观察，居民J-REIT在整个投资组合风险范围内，特别是在GFC后的背景下，在日本的混合资产投资组合环境中发挥了重要作用。这也反映出住宅J-REIT在日本的混合资产投资组合环境中提供了很高的投资组合收益和强大的投资组合多元化收益。实际意义-住宅J-REIT在日本是有效的流动性住宅物业投资敞口。结果显示，在日本的混合资产投资组合中，住宅J-REIT的风险调整后表现强劲。这表明机构投资者，特别是日本机构投资者，应考虑将住宅J-REIT纳入其混合资产投资组合，因为住宅J-REIT被视为与其他子行业REIT和主要资产类别同时存在的引人注目的投资产品。日本背景下的机构投资者投资组合。这也证实了住宅化J-REIT的有效性。考虑到日本住宅房地产市场的坚实基础，可以预期住宅J-REIT的制度化水平会提高。原创性/价值-该研究是通过评估住宅J-REIT的重要性，风险调整后的绩效和投资组合多元化收益及其在日本混合资产投资组合中的作用而评估住宅J-REIT有效性的第一项研究。这项研究可以使有关住宅J-REIT的增值和战略作用（在日本有效和具有流动性的住宅物业投资敞口）以及日趋发展的制度化房地产领域的决策更加明智和实用。

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  • 来源
    《Journal of Property Investment & Finance》 |2019年第4期|363-379|共17页
  • 作者

    Yu Cheng Lin; Chyi Lin Lee; Graeme Newell;

  • 作者单位

    Department of Economic, Finance and Property, Western Sydney University, Penrith, Australia;

    Department of Economic, Finance and Property, Western Sydney University, Penrith, Australia;

    Department of Economic, Finance and Property, Western Sydney University, Penrith, Australia;

  • 收录信息
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Japan; Institutional investors;

    机译：日本;机构投资者;

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