高手題: REIT 與 INTEREST RATE SWAP(利率掉期) (20分)

It is because by using a swap, a REIT can effective lower its near term cost of funds from borrowing and postponed the higher interest cost to a later date, thereby increasing the near team dividend per unit to a certain "favorable" yield. It rest on the assumption that, by the time the increase in rates kicks in, the increase in rental income will offset the increase in rates.

The investors didn't like it (as part of what they now called financial engineering) because what they are doing is that they are do not adequately reflect the true yield. Most sophisticated investors can calculate the "true yield", yet it gives them the impression that the company is trying to justify the yield using tricks. If you calculate Champion REIT with its normal rental income, the yield comes out much less, which is essentially because the owner wants to sell the properties into the REIT with a high price (low yield)

Hope it helps.

泓富產業(0808)及冠君房託(2778)，皆以利率掉期等財技，令股息回報率短期內提高至6厘至7厘，不過，撇除這等財技，實際息率在4厘水平，由於財技扭曲了房託實際回率，投資者看不清楚未來的回報，故上市後的表現欠佳。

反而，沒有任何財技包裝的領匯(0823)，上市後的表現卻最佳，雖然其回報低至4厘，但投資者看到增長前景，故仍願意接受。