Research on the impact of the quality of property owned by J-REIT on the unit price

2023 Fiscal Year Final Research Report

• Project/Area Number: 22K20144
• Research Category: Grant-in-Aid for Research Activity Start-up
• Allocation Type: Multi-year Fund
• Review Section: 0107:Economics, business administration, and related fields
• Research Institution: Tokyo City University
• Principal Investigator: Ota Akira 東京都市大学, 都市生活学部, 准教授 (10963837)
• Project Period (FY): 2022-08-31 – 2024-03-31
• Keywords: REIT / 不動産 / 投資口価格

Outline of Final Research Achievements

In this study, we analyzed the quality of property owned or acquired by J-REITs (real estate investment trusts) from the three perspectives of location, building, and property price using 15 years of long-term data, and analyzed the impact of these factors on J-REIT unit price changes, reaching the following conclusions.
1. Factor analysis was conducted on the prices of property owned by J-REITs using location and building indicators. 2. In the real estate prices acquired by J-REITs, we clarified the actual situation in which property is acquired at undervalued or overvalued prices. 3. In analyzing the factors behind changes in J-REIT unit prices, we found that financing methods had a greater impact than property-related factors. Including related research, a total of 12 conference presentations (2 international, 10 domestic), 2 reviewed papers were published, and 2 reviewed papers were submitted.

Free Research Field

不動産金融

Academic Significance and Societal Importance of the Research Achievements

「REITの不動産の質」が本研究の学術的問いであり、J-REITが投資証券という性質からこれまで金融的視点で分析されてきたのに対し、不動産の視点から分析する本研究の学術的意義は大きい。
本研究は、J-REITが取得・保有する不動産の質：①立地、②建物、③価格・利回りについて、要因分析等を通じて、J-REITが取得・保有する不動産の特徴を明らかにするとともに、その不動産の取得および資金調達手法がその投資口価格変動へ与える影響を明らかにした。その結果から、J-REITの質の悪い不動産取得やそのための資金調達手法に警鐘を鳴らし、投資家保護の啓蒙に貢献できたことが社会的意義だと考える。