Japanese Real Estate Investment Trusts: Opportunity or Trap?

Joshua Kennedy presented his in-depth investment thesis on Japanese real estate investment trusts at Japan Investing Summit 2012.

Japan introduced a JREIT law in 2001 with high hopes that JREITs would become a critical vehicle for the restructuring of the property-heavy balance sheets of Japanese banks and industrial firms. But after initial success, the TSE REIT index fell from more than 2,500 in mid-2007 to less than 1,000 by mid-2008 and has remained relatively stagnant since. Today, with rents low, vacancies high and distribution yields on REITs dwarfing government yields, JREITS offer attractive opportunities for investors. Join Joshua Kennedy as he examines the history of JREITS, the progress of regulatory action to repair the sector, and, above all, the value that might be available.

About the instructor:

Joshua Kennedy is Managing Partner of Sonian Capital Management, a long/short global value manager based in Boston. He previously served as Portfolio Manager at Liberty Square Asset Management and began his career on the news staff of The Wall Street Journal. He holds a BA in Religious Studies from Brown University and an MBA with concentrations in accounting and finance from New York University’s Stern School of Business.

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