2019, Vol.29, No.2

Korea Real Estate Review 2023 KCI Impact Factor : 0.56

pISSN : 2092-5395 / eISSN : 2733-8339
https://journal.kci.go.kr/krer

The purpose of this study is to examine the determinants of listed and unlisted REITs. Thus, we conduct an empirical analysis by using the Linear Probability Model (LPM) and establishing variables related to investment factors, external factors, and governance, the inherent characteristics of REITs, along with the legal and statistical analysis of financial statements and financial quantitative analysis. The results of the analysis are as follows. First, in the quantitative analysis of financial factors, the financial indicators of listed REITs perform better than those of unlisted REITs, indicating that most REITs with excellent financial status are listed. Then among 27 variables, 16 items are statistically significant in the results of the empirical analysis on investment factors, external factors, and governance. As the three null hypotheses are rejected, financial factors, investment factors, external factors, and dominant variables are deemed to have an influence on the listing decision. This study aims to prove that REITs have been thoroughly verified after their introduction, as well as the quantitative analysis of financial factors, and the analysis of investment factors and external factors.

In this study, other than the approach that is mainly accessed in previous studies as a main factor in determining the value of the logistics center, 251 logistics centers in the metropolitan area have been examined after categorizing them into the characteristics of logistics center buildings and facilities and management characteristics, such as economic considerations in terms of operations management. The main results of the analysis are as follows: First, it is confirmed that the logistics center has significant influence on the rent decision in addition to the municipal characteristics of the logistics center, logistics facilities, and logistics facility characteristics. Second, only the building area and the floor area ratio have a significant effect on the rent variable, which is a dependent variable. The above-mentioned results show that the complex and the multifunctional center change in the capital region, and in the logistics real estate. The value of the logistics center, which has been developed and invested, is simply approached in the past by expanding the viewpoint from the point of view of the warehouse to the building property, facility property, and property management characteristics. We expect to present the possibility of access from a more comprehensive viewpoint.

The purpose of this study is to analyze the price determinants of Knowledge Industrial Centers according to locational characteristics and building characteristics. Regarding the price determination of centers that are new, industrial complex buildings, we proceed with our study by focusing on Seoul and neighboring areas (Gyeonggi-do). This study analyzes a total of 1,123 sales transactions of business units for seven years from 2011 to 2017, using the data on real transaction prices as provided by the Korea Appraisal Board. The results can be summarized as follows. According to the multiple regression analysis, the closer the center is to major facilities, such as trains, subway stations, shopping centers, etc. in the downtown, the higher is the value of the unit in Seoul. Also, a unit has a higher value in Seoul when it is relatively new, smaller, and located on a higher floor. In Gyeonggi-do, with regards to locational characteristics, the closer the unit is to the highway IC, railway or subway station, and downtown, the higher its value. When it comes to building characteristics, the higher the ratio of the gross floor area and supporting facilities, the higher is the value of the unit. Also, the lower the age of the building, the smaller the supply area, and the lower the living floor, the higher is the value of the business unit.