發表於 2012-3-29 13:51
美股 SPG & BXP 兩家為房地產信託公司，
現在股價也超出貴價了，
此種REIT 性質的公司配息超過EPS甚多，覺得很奇怪
盈再表不知是否適用 ?
不知是否有同學對此有更多了解，謝謝 !
From: anddi
發表於 2012-6-20 15:48
發表於 2012-6-20 15:48
這種房地產信託公司應該要看的指標是FFO，
簡單說就類似營運現金流量的概念，
FFO考慮了租金收入、欠租損失、空置率等等的因素，
且美國REITS的規定是要把租金淨收入的90%進行分配，
因此不是看EPS。
此外，要注意你買的是reits還是營建股，
這幾年美國房價並未回升，因此營建股股價不怎麼樣，
但是reits卻漲不少，
主要原因跟企業或個人轉買為租有關，
因此向是SPG這類的REITS，
每股的FFO皆回到金融海嘯前的水準，甚至超過，
也因此股價回升到海嘯前的水準，甚至超過一些。
From: polyperry
發表於 2012-6-20 21:42
兩個問題還請解答 --
(1)FFO 的定義是什麼 ?
有類似盈再率的式子可以給我參考嗎 ?
(2)一般公司看盈再率就能避開看現金流量的缺點；
為何房地產信託公司應該看 FFO ?
房地產信託公司看盈再率有缺點嗎 ?
From: anddi
發表於 2012-6-22 10:22
FFO的公式 就是淨利+折舊+其他非現金之費用
至於為什麼要不看EPS，而要看FFO，
主要跟現金強迫分配有關，
因此投資人皆注意其現金流量的趨勢，而不是EPS。
以SPG為例，某些年度投資人拿到的現金是超過其EPS，
就跟這個強配分配有關。
公司租金收到後，扣除物業費用等等後，就分配90%出去。
而不像一般公司是用扣除更多項目後的EPS來當作基準來分配。
From: polyperry
發表於 2012-6-22 16:04
FFO(Funds From Operations)
http://www.investorwords.com/1923/FFO.html
For your information.
From: Shyh-Horng Yang
Sent: Sunday, June 24, 2012 5:53 AM
REITs 似乎是個在美國稅法上挺特別的公司的架構
就只是要幫股東配現金股息
因此只要配現金股息的政策合乎稅法規定
公司本身是不交所得稅的
以下是wikipedia上查的 每個國家稅法上好像也不盡相同
http://en.wikipedia.org/wiki/MREIT#United_States
United States See also: List of public REITs in the United States
In the United States, a REIT is a company that owns, and in most cases operates, income-producing real estate. Some REITs finance real estate. To be a REIT, a company must distribute at least 90 percent of its taxable income to shareholders annually in the form of dividends.[21]
In order to qualify for the advantages of being a pass-through entity for U.S. corporate income tax, a REIT must:
Be structured as a corporation, trust, or association[22]
Be managed by a board of directors or trustees[23]
Have transferable shares or transferable certificates of interest[24]
Otherwise be taxable as a domestic corporation[25]
Not be a financial institution or an insurance company[26]
Be jointly owned by 100 persons or more[27]
Have 95 percent of its income derived from dividends, interest, and property income[28]
Pay dividends of at least 90% of the REIT's taxable income
Have no more than 50% of the shares held by five or fewer individuals during the last half of each taxable year (5/50 rule)
Have at least 75% of its total assets invested in real estate
Derive at least 75% of its gross income from rents or mortgage interest
Have no more than 20% of its assets invested in taxable REIT subsidiaries.
FFO考慮了租金收入、欠租損失、空置率等等的因素，
且美國REITS的規定是要把租金淨收入的90%進行分配，
因此不是看EPS。
此外，要注意你買的是reits還是營建股，
這幾年美國房價並未回升，因此營建股股價不怎麼樣，
但是reits卻漲不少，
主要原因跟企業或個人轉買為租有關，
因此向是SPG這類的REITS，
每股的FFO皆回到金融海嘯前的水準，甚至超過，
也因此股價回升到海嘯前的水準，甚至超過一些。
From: polyperry
發表於 2012-6-20 21:42
兩個問題還請解答 --
(1)FFO 的定義是什麼 ?
有類似盈再率的式子可以給我參考嗎 ?
(2)一般公司看盈再率就能避開看現金流量的缺點；
為何房地產信託公司應該看 FFO ?
房地產信託公司看盈再率有缺點嗎 ?
From: anddi
發表於 2012-6-22 10:22
FFO的公式 就是淨利+折舊+其他非現金之費用
至於為什麼要不看EPS，而要看FFO，
主要跟現金強迫分配有關，
因此投資人皆注意其現金流量的趨勢，而不是EPS。
以SPG為例，某些年度投資人拿到的現金是超過其EPS，
就跟這個強配分配有關。
公司租金收到後，扣除物業費用等等後，就分配90%出去。
而不像一般公司是用扣除更多項目後的EPS來當作基準來分配。
From: polyperry
發表於 2012-6-22 16:04
FFO(Funds From Operations)
http://www.investorwords.com/1923/FFO.html
For your information.
From: Shyh-Horng Yang
Sent: Sunday, June 24, 2012 5:53 AM
REITs 似乎是個在美國稅法上挺特別的公司的架構
就只是要幫股東配現金股息
因此只要配現金股息的政策合乎稅法規定
公司本身是不交所得稅的
以下是wikipedia上查的 每個國家稅法上好像也不盡相同
http://en.wikipedia.org/wiki/MREIT#United_States
United States See also: List of public REITs in the United States
In the United States, a REIT is a company that owns, and in most cases operates, income-producing real estate. Some REITs finance real estate. To be a REIT, a company must distribute at least 90 percent of its taxable income to shareholders annually in the form of dividends.[21]
In order to qualify for the advantages of being a pass-through entity for U.S. corporate income tax, a REIT must:
Be structured as a corporation, trust, or association[22]
Be managed by a board of directors or trustees[23]
Have transferable shares or transferable certificates of interest[24]
Otherwise be taxable as a domestic corporation[25]
Not be a financial institution or an insurance company[26]
Be jointly owned by 100 persons or more[27]
Have 95 percent of its income derived from dividends, interest, and property income[28]
Pay dividends of at least 90% of the REIT's taxable income
Have no more than 50% of the shares held by five or fewer individuals during the last half of each taxable year (5/50 rule)
Have at least 75% of its total assets invested in real estate
Derive at least 75% of its gross income from rents or mortgage interest
Have no more than 20% of its assets invested in taxable REIT subsidiaries.
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