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Real estate companies, risks and strategies 2002‐2011
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
2013 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesisAlternative title
Fastighetsbolag, risker och strategier 2002‐2011 (Swedish)
Abstract [en]

The 2008 financial crisis created new conditions for the listed Swedish property companies

and the choice of operational and financial strategy became increasingly important.

The purpose of this paper is to identify the listed property companies and their strategies for the period 2002

‐2011, in order to examine whether these has changed in any direction and if they  were  more  or  less  profitable.  To  accomplish  this,  data  was  collected  from  the companies' annual reports and statistical institutes. This was followed up with interviews with  company  representatives  and  experts  to  further  broadened  the  analytical  basis. Collected data helped to identify each companies strategies year by year.

The  analysis  revealed  some  trends  among  companies  regarding  their  operational  and financial strategy. By looking at the Operating strategies we have found that the companies have become more specialized towards either a particular property type or to a geographical region.

The companies have also increased their focus on cash flow and reduced their focus on transactions. Financially, the companies have reduced their risks by seeking a more long term capital structure.

Alternative sources of funding such as bonds have also become more common among the

companies.

With  the  exception  of  the  specialization  strategy, the  most  obvious  change in  strategy occurred in connection with the financial crisis of 2008. It was also found that the companies

that were most transaction

‐intensive also have been most volatile in a profit perspective.

Abstract [sv]

Finanskrisen 2008 skapade nya förutsättningar för de noterade svenska fastighetsbolagen

och valet av operativ och finansiell strategi blev allt mer viktig.

Syftet  med  denna  uppsats  är  att  kartlägga  de  noterade  Fastighetsbolagen  och  deras strategier under perioden 2002

‐2011, för att sedan undersöka huruvida dessa förändrats i någon riktning och om  de varit mer eller mindre gynnsamma. För att genomföra detta samlades data in från bolagens årsredovisningar och statistiska institut. Detta följdes upp med    intervjuer    där    bolagsrepresentanter    och    sakkunniga    ytterligare    breddade analysunderlaget. Insamlad data bidrog till att fastställa de enskilda bolagens strategier år för år.

Analysen visade vissa trender bland bolagen gällande deras operativa och finansiella strategi. Operativt har bolagen blivit mer specialiserade mot antingen en viss fastighets typ eller mot en geografisk region. Bolagen har också ökat fokus på kassaflöden/förvaltning och minskat fokus  på  transaktioner.  Finansiellt  har  bolagen  minskat  riskerna genom  att  sträva  efter längre   kapital

‐   och   räntebindning.   Man   har   också   i   större   grad   sökt   alternativa finansieringskällor såsom obligationer.

Med undantag för specialiseringsstrategin har de tydligaste förändringarna i strategin skett i samband med finanskrisen 2008.

Det visade sig också att de bolag som varit mest transaktionsintensiva också har varit mest

volatila i ett resultatperspektiv.

Place, publisher, year, edition, pages
2013.
Keyword [en]
Real estate corporations, financial strategies, operational strategies, financial crisis
Keyword [sv]
Börsnoterade fastighetsbolag, finansiella strategier, operativa strategier, finanskrisen
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-124217OAI: oai:DiVA.org:kth-124217DiVA: diva2:633758
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Available from: 2013-06-27 Created: 2013-06-27 Last updated: 2013-06-27Bibliographically approved

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