Property and Capital Markets - Free Essay 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 Australian Educ ation 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 configuration of a n 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 location s 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 t o 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 mill ion. (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.pdf Au stralian 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

Math Class And High School - 1437 Words

Oftentimes, students see math class as a task to be completed to graduate from the 8th grade and move on to high-school, rather than an opportunity to build problem solving and quantitative reasoning skills useful in everyday life. This is true of my students. Many of my students believe that algebra and geometry will not be useful skills in their professional careers. This means that I have not framed my course well enough for students to grasp its importance. The result of this view is low academic engagement in class, where students may comply and feign on-task behavior; however, students are not truly grappling with the material in order to understand it. Consequently, on the first quiz of the year, the average score was a 50%. Due to my students’ underdeveloped view of math, they neither monitor nor evaluate their own academic growth and learning. Instead, they simply rely on me, their teacher, to provide them with an agenda, tasks to keep them busy, and then a final grad e. Additionally, as a whole, my students struggle to create, track, and revise goals in order to achieve measures they set. I must provide more coaching and support for students to set their own goals and monitor their progress towards achieving them. Lastly, my students have trouble creating and later seeking answers to their own mathematical questions, which leaves them disengaged from the mental exercise of investigating real-world problems applicable to their everyday lives. I must provide moreShow MoreRelatedHigh School Math Class At The Center Of New York City Echo1435 Words   |  6 Pages A high school math class in the center of New York City echo’s the sounds of excitement and chatter as the news broke that the final class was cancelled. At the center of the room a huddle of teenagers show off their latest pair of joggers they picked up at Pac sun while another group admires the quality of a classmate’s J Crew shirt. 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Should Spanking Be Considered a Form of Disciplinary...

Annotated Bibliography Issue: Should Spanking Be Considered A Form Of Disciplinary Punishment? Book: Kazdin, Alan E. and Corina Benjet. â€Å"Spanking Children: Evidence and Issues.† Yale University School Of Medicine. Child Study Center. 2003. Web. 27 Oct. 2011. This site is an online article clip from a book published by The American Psychological Society. Within this article are the discussion of different views on spanking, key conclusions about its effects, and the methodological limitations of the research and resulting points as to why it’s under current debate. This is an extremely reliable source, due to the fact that it is a well-known society and was also written by students of one of the tops schools in the USA. Discussed†¦show more content†¦The information I received from this source will not be used because there is not enough information giving. It is more like a statement than an explanation of why spanking should not be used. â€Å"Is Spanking a Part of Raising Children or Is It Simply Child Abuse.† Naasca.org. National Association of Adult Survivors of Child Abuse. 28 Oct. 2011. Web. 29 Oct. 2011. Mcconnell 3 Mcconnell 3 This website is a highly respected non-profit organization; it’s continuously updated and has over 4,000 pages of information devoted to broad issues. The information that’s provided comes from many different studies, the website is somewhat biased. It was published to help show people that they were abused in many ways and so even the slightest form of punishment is abuse. However the website withholds many reliable sources, this page is a bit lacking with data that has sustainability. Instead of writing one story as to why spanking should be banned they found many articles that were related to the issue of spanking. It does not give support; one article is about how a woman got her children taken away because in the state of Texas you’re not permitted to spank your children. The article states a quote from the judge, â€Å"In the old days, maybe we got spanked, but there was a different quarrel. You don’t spank children. You understand?† Different places have different views. The information received from this writingShow MoreRelatedEffects Of Positive Punishment On Children1562 Words   |  7 Pages This paper will explore effects of positive punishment on children from research conducted through an online database. The articles however vary in certain aspects and perspective of punishment. Lansford, Wagner, Bates, Pettit, Dodge (2012) discuss the controversy as to whether or not infrequent spanking is related to the higher levels of externalizing behavior. Fletcher (2012) discusses whether or not the use of punishment is effective on children. Straus (1999) suggested about 15 years ago thatRead MoreEssay On Child Discipline1296 Words   |  6 PagesThere are many forms of discipline that parents use and they all have an effect. Some work better for some children while other forms may work for another. Parents can sometimes be stuck with how they should discipline their children and they want to know more about what is effective. In terms of punishment one form that is commonly used is corporal punishment, which is punishment in the physical form. One form of corporal punishme nt is spanking. For years and years, the spanking debate has beenRead MoreParents and Physical Punishment1052 Words   |  5 Pagesshow that 90 percent have used some form of physical punishment on their children† (Graziano 1). So therefore, we can all agree that when it comes down to being punished, parents more often than not resort to spanking their child(ren). That being said, many parents will readily agree that spanking a child should not be considered a form of child abuse. However, the question still stands: how far does the spanking have to go in order for it to be considered child abuse? Although some are convincedRead MoreCorporal Punishment And Its Effect On Children1708 Words   |  7 Pagescorporal punishment; some of the reviews take a look at who is most affected by corporal punishment in terms of focusing their lens on race, socio-economic status, gender, culture etc. Some also take a critical look at the advantages and disadvantages of corporal punishme nt. Some take a look at the widespread of corporal punishment in the US. Cases against corporal punishment and the effect of corporal punishment on children were also looked into. With all the different ways corporal punishment has beenRead MoreCorporal Punishment Is A Discipline Method1650 Words   |  7 Pagescriminal law, â€Å"Spanking, also called corporal punishment, is a discipline method in which a person inflicts pain on a child without inflicting injury and with the intent to modify the child’s behavior. Forms of corporal punishment include hitting a child’s bottom, slapping, grabbing, shoving, or hitting a child with a belt or paddle† (Mince-Didier). Supposedly people against spanking define it broadly so that it can be easily be connected to child abuse. People who support spanking tend to uses definitionsRead MoreThe Effects Of Spaking And Child Abuse866 Words   |  4 Pages . Adults who remember being spanked by a parent for misbehaving may carry on this behavior as an acceptable form of punishment for their own children. Others believe spanking to be an outdated punishment that is cruel and can cross the line to physical abuse. Some also believe spanking allows a parent to immediately stop a dangerous action, and, as a traditional form a discipline, may be necessary to communicate a message about negative behavior to young children who may not understand verbalRead MoreSchool Punishments Are Ineffective And Necessary1916 Words   |  8 Pagescorporal punishment are usually their options and most students hope to decrease their class time when they misbehave and detentions and suspensions accomplish this. Corporal punishment is the spanking of students which creates fear. School punishments are ineffective and need to be altered toward counseling techniques between the student committing the offense and the teacher to lower student misconduct. Background Controversy takes place when school systems facilitate familiar disciplinary actionRead MoreCorporal Punishment Is A Used Form Of Discipline Around The World1516 Words   |  7 Pages Corporal punishment is a commonly used form of discipline around the world. Author Dobson, J. (2013) defines corporal punishment as the use of physical force without causing harm with the intention of disciplining or modifying behavior in children. Pain, but not injury is how corporal punishment is distinguished from physical abuse. Many ask, when does corporal punishment become physical abuse? According to The Federal Child Abuse Prevention and Treatment Act of 2010, child abuse is when Any recentRead MoreThe Issue Of Corporal Punishment Essay2067 Words   |  9 Pagescorporal punishment, i.e. spanking, and whether its use should be endorsed or condemned, has long been debated. Research on this topic is difficult, especially because it is ethically impossible to assign children and parents random ly to groups that use spanking as a disciplinary method. And even if researchers track children who are spanked, it is just as impossible to accurately measure every contributing variable – from children’s behavior and parents’ intents, to the intensity of the punishment andRead MoreCorporal Punishment Is Defined As The Utilization Of Physical Force1459 Words   |  6 PagesThe term corporal punishment is defined as the utilization of physical force with the intention of causing a child to experience pain, yet not harm, for the purpose of correction or control of the child’s behavior. Seven nations Sweden, Finland, Denmark, Norway, Austria, Italy and Cyprus-have laws making it illicit for parents to utilize physical discipline on their children. Corporal punishment in schools has been banned in every one of the nations in Europe, South and Central America, China and

Normal free essay sample

What does it mean to be normal? Normal is a relative term that is thrown around casually. The reason why I decided to analyze this whole concept of â€Å"normal â€Å"is because I caught myself always saying to my parents and various others in my life, â€Å"you are not normal†! I would use this as a comeback when I was unhappy, but then I realized am I really normal and who am I to judge? Anyways is it good to be normal? Is the person walking their dog normal? Is the guy mowing the law normal? Normal is what you make it to be. I think that everyone is just as normal as the person standing next to them. What makes someone normal is the clothes they wear, the street they live on, the religion they belong to, or there family. What do all of these external factors have to do with determining ones identity and if it is normal or not? What about internal characteristics of a person, ones threshold for pain, ones sensitivity, ones humor †¦what role does that play in determini ng ones identity? There is not an answer to this question†¦everyone chooses to identify themselves differently. We will write a custom essay sample on Normal or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Is normal living in the big yellow house with a picket fence and having a golden retriever or a cat? I personally do not think I am normal; I like to think of myself as unique. I think that unique is a rather vague term although I would use that to identify myself. I was born and raised in Manhattan, most people from outside the New York World would call a family raising children in a city is not normal ,and then I would view someone in Kentucky with a farm raising children on farm not normal. One day I was in the mall and I saw a Hasidic Jew wearing a hat and traditional garb, I overheard someone who was wearing a hat a huge chain and there pants hanging off their butt mutter â€Å"they are so weird what are they wearing â€Å" ? I then thought to myself again what is normal and who is this person to judge. Often others base â€Å"normal† on traditions that were passed down by family or culture. When two people are getting married it is by tradition that the brides parents pay for the wedding. Is that really a normal tradition though, I certainly know plenty of people who would beg to Differ. If the couple are two adults who are working and making money it isn’t normal for them to still rely on their parents, but then again Who am I to judge? How does the concept of â€Å"normal† change based on progress through society? A hundred years ago what was considered to be normal is now laughed at. What one has to endure to be considered normal in today’s society is all relative based on where your niche is. Over the summer I made a friend from Greece and a friend from Paris, they were both in shock by how the men treat the women in America. In relation to where they are from and what they are used to that is not considered normal.