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An Australian Real Estate Investment Trust (A-REIT) is a unitised portfolio of property assets, listed on a stock exchange, usually the Australian Stock Exchange (ASX). In Australia, such investment structures were known as a listed property trust (LPT) prior to March 2008 but were renamed to be more consistent with international terms.〔 〕 Unit trusts of property assets which are not listed on a stock exchange are known as unlisted property trusts. An A-REIT usually owns a portfolio of large properties, which, due to their size and value, cannot be bought by the average private investor. Thus, these large investments are broken up into units of smaller value that can be purchased by private investors, who become unit holders. LPTs first emerged in the Australian sharemarket in the early 1970s. Around this time they were viewed as a substitute for direct property investing, with enhanced liquidity offered as they were listed. Despite a slow start, the LPT sector has grown rapidly. From less than $5 billion in the early 1990s, the sector reached a market capitalisation of $43.8 billion in August 2002. As of July 2012 the Australian public real estate sector consists of a total market capitalization of almost €72 billion, accounting for 9.36% of the global real estate investment trust (REIT) market capitalization. The current top five A-REIT managers are Westfield Group with a market capitalization of €19 billion, Westfield Retail with a market capitalization of €7.8 billion, Stockland with a market capitalization of €6.3 billion, GPT Group with a market capitalization of €5.2 billion and the Goodman Group with a market capitalization of €5.1 billion.〔 == A-REIT indices == The first REIT in Australia was the General Property Trust – a listed property trust started in 1971. By the mid 1990s, the marker had grown to a capitalization of A$7 billion. In the late 1990s, the market exploded and by 2002 market capitalization had reached A$43 billion. In 2007, there were 69 REITs and by 2012 their market capitalization had grown to nearly A$90 billion. Unit holders trade on an open market and the value of the unit price is determined by demand and supply. A-REITs are normally listed on the Australian Stock Exchange (ASX). The Bendigo Stock Exchange, the Newcastle Stock Exchange, and the Australia Pacific Exchange are also capable of hosting trusts. A-REITs are a form of listed investment company (LIC) and are considered as such by the ASX. Any A-REIT listed on the ASX has to conform to the reporting standards set out by the ASX. As of July 2012 there are 45 Australian publicly listed real estate companies of which 13 are included in the EPRA index, an index published by the European Public Real Estate Association (EPRA).〔 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Australian real estate investment trust」の詳細全文を読む スポンサード リンク
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