Property and Capital Markets - Free Essay Example

Sample details Pages: 4 Words: 1152 Downloads: 1 Date added: 2017/06/26 Category Housing Essay Type Narrative essay Level High school Did you like this example? Property and Capital Markets School of Property, Construction and Project Management Table of Contents Introduction1 Location of Properties 2 Types of properties 3,4 Trust size and debt levels 5 Location of Head office 6 Reference List 7 Introduction Australian real estate investment trusts (A-REITs) allow investors to access property assets that may be out of financial reach for individual investors, due to the large cost of purchasing property. Trading costs of A-REITs are approximately 0.5% of the transaction cost when compared to the physical purchase of property. (Lecture notes, 2014) A-REITs appeal to investors because of the liquidity factor and enhanced continual income generated from lease agreements. Investors can also diversify their portfolio into a range of property types. The Folkestone Education Trust (FET) was officially listed on the Australian Securities Exchange (ASX) on 22nd of May, 2003. In June 2014, the Austral ian Education Trust (ASX code: AEU) changed its name to Folkestone Education Trust (ASX code: FET). (FET, 2014a) The Folkestone Education Trust is the largest Australian listed real estate trust that invests in early learning properties within Australia and New Zealand. The structure of Folkestone Education Trust allows it to hold and manage a portfolio of assets on behalf of their investors and shares are bought and sold on the ASX. The Folkestone Education Trust is a trust, where investors own units. Distributions are paid quarterly through to investors, they include rental income and capital payment for example if a property was sold. (FET, 2014a) The funds manager is separate from the trust. The Trust has 205,069,661 units on issue as at 30th of June, 2014. The majority shareholder is J P MORGAN NOMINEES AUSTRALIA LIMITED who holds 31,206,018 units which is approximately 15% of the total units available. (FET, 2014b) Location of Properties Folkestone Education Trust early learning properties are located mainly in Australia. The Trust also have a small portion of properties in New Zealand both in the north and south islands. The location of Folkestone Education Trust properties is shown in figure 1. Figure one: Location of Properties Source: FET, 2014b Figure one shows Folkestone Education Trust has 298 Australian properties primarily located in Queensland (107) and New South Wales (88). The Folkestone Education Trust also has 56 properties in New Zealand (36) in the north island and (18) in the south island. The trust has property in each state of Australia and both islands of New Zealand. The trust owns 5 development sites that are not shown in this analysis therefore the total amount of properties is 357. (FET, 2014b) Types of Properties Folkestone Education Trust solely focuses on early learning centres. The trust has 5 development sites as well and hopes to develop them into new early learning centres. The typical configurat ion of an early centre owned by the trust consists of up to five childrenà ¢Ã¢â€š ¬Ã¢â€ž ¢s activity rooms with direct access to external play areas. The internal layout consists of a feature entry foyer, central hallway, toilets for varying ages, shower, preparation areas, nursery, kitchen, additional staff area, reception, administration area, storage, and disabled toilet. The external play areas consist of shade cloths, sandpits, awning covered verandas adjoining external play areas, grass and rubber matting to external play areas, child proof fencing throughout, paving, landscaping, lighting and signage. Also early learning centres consist of on-site car parking spaces in marked bays (incl. 1 disabled) average 16, maximum 48. All tenants must comply with regulations to meet the required legislative requirements regarding building services, occupational health safety and early learning licensing requirements. Location is typically within established residential and commercial locations featuring medium to high traffic areas, good accessibility and access to public transport. (FET, 2014c) In figure two the tenant diversification is shown by rental income as at 31st of December, 2013. Figure two: Tenant Diversification by rental income as at 31st of December 2013 Source: FET, 2014c Figure two shows the trust has 28 tenants, 27 in Australia and 1 in New Zealand. 203 lease agreements with Goodstart Early Learning Limited for early learning properties in Australia, equates to 60% of the rental income for the trust. Kidicorp Limited has 56 leases with all the early learning centre properties in New Zealand, equates to 11% of the rental income for the trust. Figure three: Lease expiry profile Source: FET, 2014b Figure 3 displays the amount of income earned during the lease agreement until the lease expires. From 2019 onwards until 2023 lots of leases will expire. Folkestone Education Trust will have to renegotiate new leases with tenants in order to secure future income. Trust size and Debt levels As at 30 June 2014, the Folkestone Education Trust total assets are valued at $464.6 million. Gross debt was $147.3million and net assets were $306.7million. The net tangible asset per unit is $1.50 (Last financial year 30 June, 2013: $1.33). The Trust has gearing (borrowings and cash overdraft / total assets) of 31.7%. (FET, 2014b) The major financiers for the Folkestone Education Trust are the National Australia Bank (NAB) who provide the major capital and Australia New Zealand Bank (ANZ) who provide the cash overdraft. Both these banks provide the debt facilities for Folkestone Education Trust. The trust got an extension of the debts maturity to June, 2017 with the National Australia Bank and a $50 million increase to the facility limit to $173 million. The Trust also has an overdraft facility with ANZ in order to more efficiently manage its working capital position $0.3 million as at 30 June, 2014 with a limit of $10 million. (FET, 2014b) Figure four: Gearing level for the past four years Source: FET, 2014b Figure four demonstrates the gearing level from 2011 to 2014. The gearing level in 2011 was 39.60% and has fallen to 31.70% as at 30th of June, 2014. There are two reasons that could explain how Folkestone Education Trustà ¢Ã¢â€š ¬Ã¢â€ž ¢s gearing level has fallen. The first reason could be borrowing less cash from financial institutions reduces the gearing level. The second reason could be an increase in total assets will lower gearing. Location of the head office Folkestone Education Trust has one office in Australia. The responsible entity is located in Melbourne. To find out more about Folkestone Education Trust or any questions contact the responsible entity as per details below. Responsible Entity à ¢Ã¢â€š ¬Ã¢â‚¬Å" Folkestone Investment Management Limited Level 12, 15 William Street, Melbourne Vic 3000 Tel: +61 3 8601 2668 Fax: +61 3 9200 2282 Email: [email  protected]/* */ (FET, 2014a) Reference list Lecture notes 2014, Property and Capital Markets BUIL1228, Module 3 Understanding Property Investment Markets Session 9: Real Estate Investment Trusts, RMIT University, Melbourne, viewed 20th of August, https://lms.rmit.edu.au/bbcswebdav/pid-5507329-dt-content-rid-11236982_1/courses/BUIL1228_1450/Lecture Notes S9.pdf Folkestone Education Trust 2014a, Folkestone Education Trust website, FET https://educationtrust.folkestone.com.au/, viewed 20th of August 2014 Folkestone Education Trust 2014b, 6th of August 2014, Annual report 2014, FET, Melbourne, viewed 20th of August 2014, https://educationtrust.folkestone.com.au/wp-content/uploads/sites/2/2014/04/FET-Annual-Report-30-June-2014.pdf Folkestone Education Trust 2014c, 31st of December 2013, Folkestone Education Trust Profile, FET, Melbourne, viewed 20th of August 2014, https://educationtrust.folkestone.com.au/wp-content/uploads/sites/2/2014/04/FET-Profile-Final.p df Australian Securities Exchange (ASX), 6th of August 2014, ASX ANNOUNCEMENT, Australian Securities Exchange (ASX), Sydney, viewed 20th of August 2014, https://www.asx.com.au/asxpdf/20140806/pdf/42r9q57pc0c0fc.pdf Don’t waste time! 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Origin of Mass of Subatomic Particles Essay - 927 Words

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H.G. Wells free essay sample

This essay tells the story of Wells life and works and how they relate to the authors life. This paper looks at the life of famed novelist H.G. Wells. The author describes his childhood, education, marriages, and most importantly, Wells science fiction works, such as The Time Machine, and The Island of Dr. Moreau. The paper also discusses Wells as a staunch socialist and how he conveyed his political beliefs in his writing. From the paper: Herbert George Wells was born at Bromley, Kent, on September 21, 1866, and died in 1946. H.G. Wells? family was not wealthy. His father owned an old China shop and his mother was a lady?s maid. Both parents made very little money. George Wells had little education and had been hired at a large drapery emporium. At the emporium he had the position of a draper?s apprentice. Here he had to wait on customers, show samples of merchandise, stock, and also account of all money taken in. We will write a custom essay sample on H.G. Wells or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page

Western Expansion Of The U.S. Essay Paper Example For Students

Western Expansion Of The U.S. Essay Paper Western Expansion of the U.S.International borders have always been centers of conflict, and the U. S.-Mexican border is no exception. With the European colonizing the New World, it was a matter of time before the powers collided. The Spanish settled what is today Mexico, while the English settled what is to day the United States. When the two colonial powers did meet what is today the United States Southwest, it was not England and Spain. Rather the two powers were the United States and Mexico. Both Counties had broken off from their mother countries. The conflict that erupted between the two countries where a direct result of different nation policies. We will write a custom essay on Western Expansion Of The U.S. Paper specifically for you for only $16.38 $13.9/page Order now The United States had a policy of westward expansion, while Mexico had a policy of self protection. The Americans never had a written policy of expansion. What they had was the idea of Manifest Destiny. Manifest Destiny was the belief that the United States had the right to expand westward to the Pacific ocean. On the other hand, Mexico was a new country wanting to protect itself from outside powers. Evidence of U.S. expansion is seen with the independence of Texas from Mexico. The strongest evidence of U.S. expansion goals is with the Mexican-American War. From the beginning, the war was conceived as an opportunity for land expansion. Mexico feared the United States expansion goals. During the 16th century, the Spanish began to settle the region. The Spanish had all ready conquered and settled Central Mexico. Now they wanted to expand their land holdings north. The first expedition into the region, that is today the United States Southwest, was with Corando. Corando reported a region rich in resources, soon after people started to settle the region. The driving force behind the settlement was silver in the region. The Spanish settled the region through three major corridors; central, western and eastern. The first settlements were mainly through the central corridor. The Spanish went thorough what is now the modern Mexican state of Chihuahua into the U.S. state of New Mexico. Eventually the Spanish established the city of Santa Fe in 1689. The eastern corridor was through modern day Texas and led to the establishment of San Antonio. The eastern expansion was caused by the French expansion into modern day Louisiana. The Spanish crown wanted a buffer between the French in Louisiana and central Mexico. The last corridor of expansion was in the west, through the sea, which led to the establishment of San Diego in 1769 and Los Angles in 1781. The Spanish were not the only European power to colonize the new world; French, English and the Dutch also settled North and South America. The Spanish and the French settled what is present day U.S. -Mexico border region. The French settled modern day U.S. midwest, while the Spanish settled present day Mexico and U. S. southwest. As time went on, European influence in the region diminished.. The French sold there claims to the United States, in 1803 with the Louisiana Purchase. Mexico gained independence from Spain in 1821. Once the United States bought the Louisiana Purchase, western expansion began. This set the stage for major conflict in the region. The United States gained independence from England in 1775. After 1775, the Americans started to expand west. By the time Mexico gained independence, the United States had reached the Mexican frontier. Mexico needed to protect its northern borders. To protect the border region, Mexico needed to populate the area. Mexico continued the policy started by Spain of allowing Americans to settle Texas. The Americans had to follow Mexican law, religion and customs. The settlement of Texas played into the United States expansion plans. .u9f4ec47f7b7816d4346cd42faf3c3aaa , .u9f4ec47f7b7816d4346cd42faf3c3aaa .postImageUrl , .u9f4ec47f7b7816d4346cd42faf3c3aaa .centered-text-area { min-height: 80px; position: relative; } .u9f4ec47f7b7816d4346cd42faf3c3aaa , .u9f4ec47f7b7816d4346cd42faf3c3aaa:hover , .u9f4ec47f7b7816d4346cd42faf3c3aaa:visited , .u9f4ec47f7b7816d4346cd42faf3c3aaa:active { border:0!important; } .u9f4ec47f7b7816d4346cd42faf3c3aaa .clearfix:after { content: ""; display: table; clear: both; } .u9f4ec47f7b7816d4346cd42faf3c3aaa { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u9f4ec47f7b7816d4346cd42faf3c3aaa:active , .u9f4ec47f7b7816d4346cd42faf3c3aaa:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u9f4ec47f7b7816d4346cd42faf3c3aaa .centered-text-area { width: 100%; position: relative ; } .u9f4ec47f7b7816d4346cd42faf3c3aaa .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u9f4ec47f7b7816d4346cd42faf3c3aaa .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u9f4ec47f7b7816d4346cd42faf3c3aaa .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u9f4ec47f7b7816d4346cd42faf3c3aaa:hover .ctaButton { background-color: #34495E!important; } .u9f4ec47f7b7816d4346cd42faf3c3aaa .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u9f4ec47f7b7816d4346cd42faf3c3aaa .u9f4ec47f7b7816d4346cd42faf3c3aaa-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u9f4ec47f7b7816d4346cd42faf3c3aaa:after { content: ""; display: block; clear: both; } READ: Thirty Years from Now Essay Eventually Mexico City closed Texas from more Americans from entering. This angered the Americans wanting to enter and Americans already living in Texas. Texas revolted from Mexico in 1833. Mexicans did live in Texas, and fought for the independence of Texas. The majority of Texans were Americans and fought for their independence. After the war the Americans intentionally or non-intentionally forced most Mexicans out of Texas. The ones that stayed faced racial tensions that continue to today. After gaining independence from Mexico, Texas wanted to join the United States immediately. The U.S. Congress voted against Texas from joining the Union. Congress was worried that annexation of Texas would anger Mexico. Mexico had never officially recognized Texas as independent. Congress was concerned that annexation would start a war with Mexico. Mexicos repose to American annexation was not the only factor in deciding against annexation. If Texas was to become a state, it would be a slave state. At the time, the United States an even balance between slave and non-slave states. Texas entering the Union would disrupt the balance, giving slave states an advantage in th ..e U.S. House and Senate. Since the United States was not ready to annex Texas, Texas declared itself a sovereign country. In 1837 President Andrew Jackson formally recognized Texas a country. Texas wanted to be part of the United States. It needed the protection of the Untied States. President Tyler could not get the 2/3 majority needed to admit Texas. Instead, he changed the law to require only a simple majority. It was not until 1845 and two Presidents later that Texas was annexed into the United States. Mexico protested the admission of Texas into the United States. The United States saw Mexicos protest as a excuse to spend troops into Texas. The annexation of Texas was a represented the United States expansion goals. The United States wanted to settle in Texas, but Mexico owned the land. That did not matter to the United States, they settled in the region regardless. The Americans that settled the region agreed to Mexican law and customs, but still considered themselves Americans. After the annexation of Texas, Texas also wanted to expand. Texas claimed that New Mexico and California were part of Texas. The boundary with Mexico was also disputed. The United States claimed that the Texas border was at the Rio Grande. Mexico disagreed, Mexico stated the border was at Nueces River. The United States did try to settle matters diplomatically. The United States sent inexperienced diplomat John Slidell. Slidell tried to buy area known as the U.S. Southwest. Slidell, being an inexperienced diplomat, was rejected. Not only was he not successful in buying the land, he aroused Mexican fears. This set the stage for the Mexican-American War. The United States also had no written policy of expansion, but the government quietly supported it. The United States has always had troops the region, even though they held no land in the region The United States kept ships off the coast of California. In 1842 the U.S. commander in the region, Commodore Thomas Jones, attacked and took the city of Monterrey in California. He falsely believed that Texas and Mexico were at war. Once he realized his mistake he withdrew his forces and apologized to the Mexican government for his action and claimed that he did not act with orders from the U.S. government. Although Jones claimed that he did not act with orders from the U.S. government, clearly the government did not stop the practice. Another example of the United States expansion goals was the Mexican-American War. This is the first time America has fought a war with land expansion as its main goal. The war started on April 25 1846 with the attack from Mexican troops and the counter attack from General Taylor of the U.S. Army. .uffda518a24623df48f9228b87858cc69 , .uffda518a24623df48f9228b87858cc69 .postImageUrl , .uffda518a24623df48f9228b87858cc69 .centered-text-area { min-height: 80px; position: relative; } .uffda518a24623df48f9228b87858cc69 , .uffda518a24623df48f9228b87858cc69:hover , .uffda518a24623df48f9228b87858cc69:visited , .uffda518a24623df48f9228b87858cc69:active { border:0!important; } .uffda518a24623df48f9228b87858cc69 .clearfix:after { content: ""; display: table; clear: both; } .uffda518a24623df48f9228b87858cc69 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uffda518a24623df48f9228b87858cc69:active , .uffda518a24623df48f9228b87858cc69:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uffda518a24623df48f9228b87858cc69 .centered-text-area { width: 100%; position: relative ; } .uffda518a24623df48f9228b87858cc69 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uffda518a24623df48f9228b87858cc69 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uffda518a24623df48f9228b87858cc69 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uffda518a24623df48f9228b87858cc69:hover .ctaButton { background-color: #34495E!important; } .uffda518a24623df48f9228b87858cc69 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uffda518a24623df48f9228b87858cc69 .uffda518a24623df48f9228b87858cc69-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uffda518a24623df48f9228b87858cc69:after { content: ""; display: block; clear: both; } READ: Elian Gonzalez Should Stay In The U.S. Essay Taylor sent a message to President Polk that hostilities have started. President Polk, with a pre-drafted declaration of war, asked Congress to declare war against Mexico. President Polk knew that Mexico would lose the war and would gain new lands in the end. The Mexican-American war lasted two years, and ended with the signing of the Treaty of Guadeloupe on February 2 1848. The United States had succeeded in winning the war. With the Treaty of Guadeloupe the United States had succeeded in completing its Manifest Destiny. The Treaty itself represented the United States expansion goals. The United States wanted to settle on were the international border was to be. Mexico wanted the border to north of the Rio Grande river, but finally decided upon the middle of the Rio Grande river. Mexico having been bankrupt from the war, agreed to take the 15 million as payment for the vast land. In addition, the United States agreed to pay off all Mexican debts owed to the United States. This amount was small in comparison to what the United States gained in territory. The United States took advantage of a weak country of obtained its expansion goals. Another example of the United States taking advantage of Mexico is the Gasden Purchase. The Gasden Purchase was ratified in 1854 for the selling price of 10 million. Mexico was going through rough economical time and desperately needed the money. The United States seeing an opportunity to build a railroad through the region brought the land at a cheap price. The selling of the Gasden Purchase was the down fall of President Santa Ana, and led to his replacement. The conflicts along the border region were a direct result of U.S. expansion policies and Mexican fear for the United States. The Americans saw Manifest Destiny, westward expansion, as there God given right. The United States proved often that it supported policy of expansion. With the Mexican-American war, the United States completed its Manifest Destiny. The United States completed Manifest Destiny at the cost of the Mexican government and its people. Bibliography American History by James Smith: the american history publishing company copyright 1891 http://www.encarta.com