WarehouseReturnOnInvestment仓储投资回报分析.pdfVIP

Warehouse Return On Investment 仓储投资回报分析 Thomas L. Freese Principal，Freese Associates, Inc. 托马斯·福瑞斯，美国福瑞斯公司总裁 Agenda概要 • Session Objective – 本节目标 • Lease vs. Own – Contrasting Goals – 租赁与自有仓库目标差异比较分析 • Buy vs. Lease – Advantages / Disadvantages – 外购与租赁的比较分析 • Outsourcing Concepts Real Estate – 仓储外包与仓储地产 • Future Trends – 未来的发展方向 24 September 2008 2 Freese Associates, Inc. Session Question Objective-本节目标 How to choose between asset based and non asset based. There are developers that do not provide service, operators who develop and provide service, and those who only provide services but do not own the asset. What are the trade offs? 24 September 2008 3 Freese Associates, Inc. ROI Benchmarks-仓储ROI标杆 The real estate developer buys and holds warehouse facilities with the expectation that they will be re-sold at a profit. Long term capital gain is more important than annual income. In a soft market, the developer will accept a low ROI in the hope that later sale of the warehouse will compensate. Logistics service providers who are owner/operators may take a similar position. But they may place more emphasis on a good ROI every year, in order to enhance the value of the company. The asset light operator must emphasize a healthy ROI to be