20230405_华创证券_房地产行业证券研究报告：商业地产REITs痛点与机遇_14页.pdf
2009 1210 2023 04 05 REITs REITs REITs 1 2 30%-60%REITs 1 REITs REITs 2 REITs REITs REITs REITs 1 REITs 2/REITS REITs REITS REITS REITS REITS 1/2 2021 3 REITs S0360522110001 010-66500993 S0360517040002%()119 0.02()15,560.67 1.63()14,766.36 2.03%1M 6M 12M-5.0%-3.0%-17.4%-4.1%-10.5%-13.1%REITs 2023-03-28 2023-03-21 2 2023-03-15-28%-17%-6%5%22/04 22/06 22/08 22/11 23/01 23/042022-04-062023-04-04 300 2009 1210 2 REITs.4 REITs.4 REITs.5 REITS.5 REITS.5 REITS.7 0YAZxOrMpMpOpRoNmRsNpO8OaO6MoMnNpNoNkPnNnRkPpPsMaQoOzRMYpMnQMYpMoQ 2009 1210 3 1 REITs.4 2 REITs.5 3-.6 4-.7 5.7 6 REITS.8 7 REITS.9 8 20112022 REITS.9 9 REITS 37.9 10.10 11.10 12.10 13.10 2009 1210 4 REITs REITs REITs REITs REITs REITs 1 2 1 REITs 流程 交易环节 被征税对象 应税行为 税种 计税依据 税率 9%5%12%30%-60%0.05%25%3%-5%0.05%REITs 25%0.05%REITs 0.05%1 REITs 30%-60%2 2022 11 REITs R4 REITs REITs REITs REITs REITs REITs REITs+10 5000 REITs 15 3%4500 REITs REITs REITs 2009 1210 5 REITs 2022 2 REITs 2022 2021 66 798 3.75%3.71%A-4.06%4.11%18 273-4.91%126-6.52%6.57%76 722 4.10%4.14%-3.89%4.48%25 230 3.57%3.55%20 111 3.92%4.46%2021 REITs Pre-REITs 1 REITs 2 REITs 3+REITs 1 2 REITs Pre-REITs REITs REITS REITS 2009 1210 6/REITS 2021 6 7.8 REITs REITS 2022 11 21.06 REITs 21 6 428 REITs-7.8 5 10 3 9 3D-DMAX 3-A 3.35 100 AAA 6.00%2038 6 22 B 2.1 100 AA+6.50%2038 6 22 1.6 100 AA 7.00%2038 6 22 7,500 100 2038 6 22 7.8-2022 7 100%115,185 REITs 22 11-21.6 3.7 8.5 4 2 9.3 7 2009 1210 7 4-01 18.95 100 3.10%2040 11 14 AAA 01 2.11 100 2040 11 14-REITs REITs IRR 5%3 3.8%REITs 5/445 182.5 251.5 42.05%486.74 238.21 248.53 48.9%240 225.54 154.28 31.6%368.49 169.84 198.65 46.09%266 208 58 78.2%REITS REITS REITS REITS REITS REITS 1993 Host Marriott Corporation Marriot International 1994 19931998 1998 2009 1210 8 1999 1 1 REITS 100 240 2006 4 42.3 35 W 2006 4 Host Hotels&Resorts Inc.HST 2023 2 17 HST 78 4.22 51 13 4 4 2 4 REITS 6 REITS Fact Book HST2022 REITS UPREITs umbrella partnership REIT Host Inc.REIT Host L.P.Host L.P.Host Inc.REIT Host L.P.99%partnership interests 1%Host Inc.Host L.P.Host L.P.REIT taxable REIT subsidiaries TRS Host L.P.TRS TRS-200 400 600 800 1,000 1,200 1,4001985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000Owned Leased Managed/Leased Franchised others 2009 1210 9 7 REITS Host Hotels&Resorts REITS/HST 2021 1 1 2023 2 17 10 6 2011 2022 REITS 37 2022 2 8 20112022 REITS 9 REITS 37 Host Hotels&Resorts Host Hotels&Resorts 2022 8288 20 44 1%1989 6029 206 Cost reimbursements-revenue 75%-2000-1500-1000-50005001000150020002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Proceeds from sales of assets,net Acquisitions01002003004005006007002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Return on investment/Redevelopment and acquisition-related investmentsRenewals and replacements 2009 1210 10 50%2022 59.7%30%40%10 11 12 13 REITS 1/2 2021 3-S-500005000100001500020000250002016 2017 2018 2019 2020 2021 2022Base management fees Franchise feesIncentive management fees Contract investment amortizationOwned,leased,and other revenue Cost reimbursements（LESS）-500050010001500200025002016 2017 2018 2019 2020 2021 2022Net income,as reported Adjusted net income-5.0%0.0%5.0%10.0%15.0%20.0%2016 2017 2018 2019 2020 2021 2022披露opearting rate 披露净利率0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%2016 2017 2018 2019 2020 2021 2022调整后opearting rate-剔除了加盟业主的收入和费用调整后净利率-剔除了加盟业主的收入和费用 2009 1210 11 4 2022 2 2022 2009 1210 12 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82756803 0755-82871425 0755-83024576 0755-82871425 021-20572536 021-20572551 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572560 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 13(300)6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
