【出版时间及名称】：2010年4月欧洲地产行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：76
        【目录或简介】：


Contents
Page
Discounts to net asset value 2
Trough discounts to NAV 6
Discounts to gross asset value 8
EBITDA/EV yields 10
Investment yields (1) 15
Investment yields (2) 18
Investment yields (3) 20
Interest rates (1) 25
Interest rates (2) 29
Inflation 33
Risk premiums 35
Gearing 37
CMBS 40
Equity Issuance 43
Currency 46
Mergers and acquisitions 49
‘Opco/propco’ splits 53
Indirect versus direct investment in property 55
Indirect versus direct investment in property (2) 57
Property derivatives (1) 59
Property derivatives (2) 61
Property Derivatives (3) 64
Sector versus stocks 68
Construction costs 69
Shopping centre ownership 71

Property
Property Industry Handbook
Our handbook covers similar ground to a primer.
This collection of 26 previously published ‘mini theme
pieces’ should give those new to the sector a good feel
for how we look at both the direct property market and
the quoted property sector in Europe (including the UK).
Contains pieces with long ‘shelf lives’. We have
included pieces that have a long shelf life whose
analysis and conclusions we believe are still relevant
today, even though some of these pieces have been
published some years ago.
Wide variety of themes. The main themes discussed
in this report are equity valuation metrics, direct property
valuation, macro drivers (such as interest rates, inflation
and currency), capital structure related themes
(including debt and equity), and other one-off theme
pieces