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논문 기본 정보

자료유형
학술저널
저자정보
Song, Ki-Wook (Land & Housing Institute) Yun, Byung-Hun (Land & Housing Institute) Nam, Jin (The University of Seoul)
저널정보
대한국토·도시계획학회 국토계획 國土計劃 第56卷 第1號(通卷 第254號)
발행연도
2021.2
수록면
67 - 91 (25page)
DOI
10.17208/jkpa.2021.02.56.1.67

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This study explores the dynamic characteristics of the level of spatial clustering and the changes in location centrality according to the distribution of domestic real estate investment trusts (REITs) investment property. The analysis targeted 239 K-REITs in operation, nationwide, at the end of 2019. As the methodology to analyze the spatial characteristics, the Bachi measurement and Moran’s index, a type of GIS-based spatial statistical model, were used. The main findings of the research are briefly summarized as follows: First, the location of REIT properties showed significant spatial distribution differences between Seoul and provinces (non-Seoul areas) depending on major attributes, such as the business type, structure, use, management entity, anchor investment, and policy effects. Second, the centrality of the REITs moved southward from the Seoul oriented to provincial areas. In addition, the more residential assets and anchor investors existed in the development project, the faster was the movement of the standard deviation distance. Third, the distribution of REITs tended to be concentrated in certain areas at the global level, such as in downtown Seoul, whereas it displayed random external dispersion patterns in provinces, in line with the issue of new town construction and residential district development on the outskirts of capital regions. From a local perspective, it was observed that the strong hot-spot areas of the REITs formed not only in the southern Gyeonggi province (e.g., Gimpo, Anseong, and Hwaseong) and Incheon within the Seoul metropolitan area (SMA) but also in Chungcheong and North Gyeongsang provinces (e.g., Busan, Daegu, and Cheonan) of the non-SMA. The unique distribution pattern has been largely attributed to the effect of revitalizing the supply of rental housing owing to the prescription of the government-led New Stay policy in the REIT market. These facts indicated that institutional investors with REIT growth adopted investment diversification strategies to minimize the volatility of profit risk by varying the location and size of the portfolio composition. Therefore, the results of this study are meaningful because they quantitatively determined the changes in the location of the underlying assets of REIT from a spatial geographic perspective. Moreover, the study presented a new data visualization technique as a useful basic material for identifying the place of origin of excessive investment trading activity.
#Urban Regeneration #REITs #Underlying Asset #Location Centrality #Spatial Statistical Model #도시재생 #리츠(부동산투자회사) #기초자산 #입지 중심성 #공간통계모형

목차

Abstract
Ⅰ. Introduction
Ⅱ. Literature Review
Ⅲ. Analytical Framework
Ⅳ. Empirical Analysis
Ⅴ. Conclusions and Implications
References

참고문헌 (60)

참고문헌 신청
Anselin, L. / 1995 / Local Indicators of Spatial Association: LISA / Geographical Analysis 27(2):93~115 google schola Bachi, R. / 2007 / New Methods of Geostatistical Analysis and Graphical Presentation: Distribution of Populations over Territories / Kluwer Academic Pub google schola Brueggeman, W.B. / 2016 / Real Estate Finance and Investments / McGraw-Hill College google schola Charles, S.L. / 2020 / The Financialization of Single-family Rental Housing: An Examination of Real Estate Investment Trusts’ Ownership of Single-family Houses in the Atlanta Metropolitan Area / Journal of Urban Affairs 42(8):1321~1341 google schola Chilton, K. / 2018 / The Impact of Single-family Rental REITs on Regional Housing Markets: A Case Study of Nashville, TN / Societies 8(4):1~11 google schola

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