Beazer 單獨房REIT分析

據WSJ，建房公司Beazer和KKR Investment聯合推出了一個專做單獨房出租的REIT. Beazer貢獻價值２０Million 的１９２套房子，KKR投６５million. 他們的目標是買更多房，一旦房產總值達到１５０million, 就上市。

分析了一下，這REIT的成敗實在是５０／５０。看來，我們老中又多了一個搶白菜房的競爭對手啦！

Conservative Version
Beazer Home-Rental REIT	Scenario 1	Scenario 2	Scenario 3
Portfolio - Number of Homes	192	500	1,000
Average Purchase Price Per Home	104,166.67	180,000.00	200,000.00
Total Market Value	20,000,001	90,000,000	200,000,000
Assumptions
Rental Revenue Per Home Per Month	$800	$800	$800
Maintain Costs Per Home Per Month	150	150	150
RE Tax Per Home Per Month	350	350	350
Marketing and G&A Per Month	60,000	120,000	150,000
Monthly P&L	Scenario 1	Scenario 2	Scenario 3
Rental Revenue	153,600	400,000	800,000
Operating Costs	28,800	75,000	150,000
RE Tax	67,200	175,000	350,000
Marketing G&A	60,000	120,000	150,000
Monthly P&L	(2,400)	30,000	150,000
Annual P&L	(28,800)	360,000	1,800,000
Investment	20,000,001	90,000,000	200,000,000
ROI	-0.14%	0.40%	0.90%
Good Economy Version
Beazer Home-Rental REIT	Scenario 1	Scenario 2	Scenario 3
Portfolio - Number of Homes	192	500	1,000
Average Purchase Price Per Home	104,166.67	180,000.00	200,000.00
Total Market Value	20,000,001	90,000,000	200,000,000
Assumptions
Rental Revenue Per Home Per Month	$1,000	$1,200	$1,400
Maintain Costs Per Home Per Month	150	150	150
RE Tax Per Home Per Month	350	350	350
Marketing and G&A Per Month	60,000	120,000	150,000
Monthly P&L	Scenario 1	Scenario 2	Scenario 3
Rental Revenue	192,000	600,000	1,400,000
Operating Costs	28,800	75,000	150,000
RE Tax	67,200	175,000	350,000
Marketing G&A	60,000	120,000	150,000
Monthly P&L	36,000	230,000	750,000
Annual P&L	432,000	2,760,000	9,000,000
Investment	20,000,001	90,000,000	200,000,000
ROI	2.16%	3.07%	4.50%