도시재생 모자리츠의 배당수익률 추정에 관한 연구

A Study on the Estimation of Dividend Yield for Real Estate Hub-REITs for Urban Regeneration

Publicity is being emphasized in the current government's urban regeneration project. However, if publicity is excessively emphasized, the profitability of project participants will inevitably be limited, and a relatively high risk is concerned due to the prolonged project period and the participation of various stakeholders. Therefore, there is a need for a financing plan that allows the government and the private sector to participate in financing methods for urban regeneration projects. Against this background, this study aims to simulate the dividend yield when the project is promoted in the Real Estate Hub-REITs method. Through this, we will look for conditions that can achieve the REITs annual average dividend level or higher. The simulation results are as follows. First, compared to management aspects such as the rent level and vacancy rate of Individual REITs, the scale of participation as a borrower of the Housing and City Fund and capital gains for buildings were found to have a greater impact. In addition, it was found that the higher the proportion of long-term low-interest loans provided through the Fund of Housing and Urban and the excess dividends for depreciation of buildings, the more positive the REITs investor returns.