Friday, December 27, 2019

Real estate investments - Free Essay Example

Sample details Pages: 6 Words: 1663 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Chapter 4: Real estate investments Healthcare real estate in the Dutch cure sector can be subdivided into 3 segments: General hospitals (around 80; 40.000 beds) Academic hospitals (8; 8.000 beds) Various specialist facilities, including Independent Treatment Centers (Zelfstandige Behandelingscentra, ZBCs) This chapter will discuss real estate investments of general and academic hospitals in the Netherlands and focus on the years up until the regime change (2008). In doing so, it will answer sub-question 5: What are the potential effects of the regime change on real estate investments of hospitals? Real estate on the balance sheet In 2004, the book value of hospital real estate (tangible fixed assets) was estimated at â‚ ¬7,3 bln (of which 30% is accounted for by academic hospitals), and intangible fixed assets were estimated at â‚ ¬1,8 bln (see table 4.1). This book value accounted for almost 60% of the turnover (â‚ ¬ 12,95 bln) in 2004. Land had a share of only 4% of the book value, however, as will be explained below, land is undervalued. In 2006, the ratio between turnover and real estate capital costs of academic hospitals was 2:1 (RVZ, 2006), and the share of interest payments and depreciation was estimated to be 5% of turnover. According to the RVZ (200 6), the depreciation on real estate amounted to 4,5-5% of the book value in 2006. If the interest rate on real estate is assumed to be 5%, the real estate capital cost of hospitals amount to 9-11% of the book value, or â‚ ¬ 0,65-0,75 bln. This amount constitutes 5-6% of turnover; however, this share is 0,5% lower for academic hospitals compared to general hospitals. Though the financial risk hospitals are exposed to does not solely depend on the amount of assets they hold, it does play a role in determination of the risk profile. Capital intensity Another factor that determines the risk profile of hospitals is capital intensity: if capital intensity increases and more capital is allocated to real estate, risk will increase as well. Compared to other healthcare sectors, such as nursing homes and residential care homes, a relatively small amount of capital is allocated to real estate (see table 4.2). Book value problems It is questionable to what extent the 2004 esti mated tangible fixed asset book value of â‚ ¬ 7,9 bln corresponds to the actual market value. Because many hospital buildings are of a considerable age, their book value is usually higher than their actual market value. Hospital real estate is highly asset specific and is sensitive to fast aging because of ongoing technological change. The hospital sector is confronted with book value problems because buildings were depreciated (over 50 years) based on straight line depreciation. However, hospitals also possess hidden reserves which increase the value of their real estate. This is because land is not estimated at market value on their balance sheet. Financial position According to WfZ data, in 2005 19 out of the 26 financially weak and high insolvency risk participants in the Waarborgfonds were hospitals. Additionally, hospitals were also overrepresented in the participant category negative operating results (WfZ, 2005). The changes in profitability, solvability, working ca pital and the variance in the period 2001-2004 are illustrated in table 4.3 below. Reflecting on the data in table 4.3, the profitability and solvability of hospitals are increasing, whereas working capital is steadily decreasing. The variance of changes in profitability and solvability is small; the variance of changes in working capital is larger and steadily increasing. Real estate investments in the old system In the old building construction regime, hospitals were required to get a license in case of building and renovation projects. Hospitals financed projects that were not included in the building construction regime by using their built up drawing rights for midlife renovation. Though the hospital was compensated for capital costs in its budget, these costs increased with the compensation for interest and depreciation payments after completion of a building project. The interest compensation in the budget would subsequently decrease because of debt repayment; the de preciation compensation would end when the final depreciation payment was paid. In the new system, hospitals have to bear the risks of real estate investments themselves. According to the government, this results in more customer focus, more effective management of the estimated 6 mln mÂÂ ² of hospital floor space, and innovative real estate management. Regime change Table 4.4 below illustrates the (anticipated) effects of the transition from the old system to the new system on the amount of exploitation costs Dutch hospitals are/were compensated for in their budgets by the government. Clearly, there is an increasing trend visible in the 5 year government forecast for both new buildings and maintenance renovation at the end of 2003 (table 4.4a); apparently the government expected hospitals to spend more on new building and maintenance renovation up until 2009, possibly to benefit from the old system regulations prior to the upcoming regime change. However, the govern ment has subsequently readjusted its forecast with actual numbers for 2004, 2005, and 2006, which appear much lower than the numbers forecasted initially, especially with regard to midlife renovation (see the %-change with respect to 2003). Next, table 4.4b shows the new forecast for the period 2007-2011. The effect of the regime change is clearly visible here: the exploitation costs hospitals were compensated for in the old system have virtually dissolved with regards to new buildings and appear quite low for midlife renovation (apart from a sudden surge in 2010 and 2011). Finally, table 4.4c shows the government expects the regime change to have taken full effect for midlife renovation in 2012, as exploitation cost compensation equals zero. Real estate investments in the new system In the new system, the construction budget is integrated into the hospital tariff. Assuming an average for the buildings lifecycle costs, these costs are integrated into the government-regulated s egment (DBC-A) of healthcare tariffs, the so-called normatieve huisvestingscomponent (standardized real estate component, nhc). A net present value based on 190 % of the replacement value is averaged out over a 40 year period (Windhorst, 2006). This corresponds to the average investment pattern of an average hospital. The hospital is free to negotiate the tariffs in the market segment (DBC-B) with health insurers, including real estate costs. Thus, the hospitals should ensure real estate costs are sufficiently compensated for in the tariff negotiation. However, the new real estate financing system is not feasible for all hospitals and could even drive them into financial difficulties. The possible negative side-effects are explained below. Don’t waste time! Our writers will create an original "Real estate investments" essay for you Create order Real estate investments normatieve huisvestingscomponent The extent to which hospitals are able to cope with the new system strongly depends on the lifetime of its real estate. For example, hospitals with comparatively old buildings will be able to benefit from the new system as their fixed building costs are below the nhc. As a result, they can save up additional funds for some time. However, new hospitals that have recently completed or started real estate investments will experience financial difficulties, as their fixed building costs exceed the nhc. Theoretically, this implies new-built hospitals lose around 10% of their equity in the first 10 years of their lifecycle. This is a cause for concern as many hospitals already suffer from a low solvability. Reallocation-effect In the old system, the determination of the capacity of the current hospital buildings was based on the capacity required at the time of building. Based on an estimate of the healthcare service area, hospitals were allocated floor space. Over time buildings appeared to be either too small or too large, and the estimates did not correspond to the real numbers. For example, hospitals in expanding urban areas such as Almere, Zoetermeer and Purmerend have too little capacity whereas hospitals in the large cities often have too much capacity. Furthermore, the average size of new hospitals is smaller, since the average amount of patient days has decreased. Today, real estate financing is based on the production profile of hospitals. The floor space areas calculated in the past are now unrelated to financing. This results in another problem for many hospitals, as their abundant real estate will be difficult to put to alternative use because of its high asset specificity. Furthermore, the abundant real estate is usually scattered over the building and most parties are not interested in locations in the vicinity of hospital functions. Conclusion The new system brings a number of real estate investment issues to the surface. These include book value problems and hidden reserves, a weak financial position, budget effects, real estate investmentsnormatieve huisvestingscomponent (nhc), and the reallocation effect. Book value problems and hidden reserves Because many hospital buildings are of a considerable age, their book value is usually higher than their actual market value. Hospital real estate is highly asset specific and is sensitive to fast aging because of ongoing technological change. The hospital sector is confronted with book value problems because buildings are depreciated (over 50 years) based on historic cost. However, hospitals also possess hidden reserves which increase the value of their real estate. This is because land is not estimated at market value on their balance sheet. Weak financial positions In 2005 19 out of the 26 financially weak and high insolvency risk participants in the Waarborgfonds were hospitals. Additionally, many hospitals experienced negative operating results. The higher risk exposure and increased investment responsibility in the new system can lead to an aggrevation of this situation. Real estate investments normatieve huisvestiginscomponent Hospitals with comparatively old buildings will be able to benefit from the new system as their building costs are below the normatieve huisvestingscomponent. However, new hospitals that have recently completed or started real estate investments will experience financial difficulties, as their fixed building costs exceed the normatieve huisvestingscomponent. This implies new-built hospitals lose around 10% of their equity in the first 10 years of their lifecycle and is a cause for concern as many hospitals already suffer from a low solvability. Reallocation effect In the old system, the determination of the capacity of the current hospital buildings was based on the capacity required at the time of building. Today, real estate financing is based on the production profile of hospitals. This results in another problem for many hospitals, as their abundant real estate will be difficult to put to alternative use because of its high asset specificity.

Thursday, December 19, 2019

Ethical Dilemma About The Time My Boss Stole From Me Essay

Ethical Dilemma is A difficult situation in which an individual is unable to make a decision, due to moral conflicts. Picking one solution would cause undermining another. My ethical dilemma was about the time my boss stole from me. In October 2015 I began working for a pluming company as their executive assistant handling both accounting, human resources and marketing. This company was led by both husband and wife team. In this job I became friends with my employers attending family functions and aiding each other if need be an example money for new tires, baby sitting. On January, 2015 I was asked to create a YouTube account as a marketing strategy due to both husband and wife knew I have my own YouTube account. This video would show the possible new hires what this company seeks from potential hires. In being asked to create a video I had to create the script, bring my own lighting, and hit key points of topic. The entire video was shot, edited, recorded and written by me. On January 10, 2015 I had finished the video and on Sunday I sent the video to my employers for review if it met their standers it would be uploaded Monday morning. Later in the day my employer texted me that this video was approved and will procced to uploading on their YouTube channel. On Monday January 11, 2015 I was unable to attend work due to my father had a massive stroke and I notify both bosses that I will be unable to get into work and to check if there is anything pending tasks on my desk.Show MoreRelatedMoral Compass And Personal Values1760 Words   |  8 Pagesand personal integrity are both values. As Keshen (2010) argues, values stem from beliefs which can be decomposed to what morality is and how moral certainty is decided. Such beliefs are confined by wisdom traditions and people apply these traditions in ingenious and imaginative ways to rationalize different or new conditions. 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Wednesday, December 11, 2019

A Brave New World And 1984 Dissimilar Essay Example For Students

A Brave New World And 1984 Dissimilar Essay A Brave New World and 1984 Dissimilar Although many similarities exist between Aldous Huxleys A Brave New World and George Orwells 1984, the works books though they deal with similar topics, are more dissimilar than alike. A Brave New World is a novel about the struggle of Bernard Marx, who rejects the tenants of his society when he discovers that he is not truly happy. 1984 is the story of Winston who finds forbidden love within the hypocrisy of his society. In both cases, the main character is in quiet rebellion against his government which is eventually found to be in vain. Huxley wrote A Brave New World in the third person so that the reader could be allotted a more comprehensive view of the activities he presents. His characters are shallow and cartoon-like Astrachan in order to better reflect the society in which they are entrapped. In this society traditional notions of love and what ideally should come out of it have long been disregarded and are now despised, Mother, monogamy, romance. High spurts the fountain; fierce and foamy the wild jet. The urge has but a single outlet. Huxley 41 The comparison to a wild jet is intended to demonstrate the inherent dangers in these activities. Many of the Brave New Worlds social norms are intended to save its citizens from anything unpleasant through depriving them of the opportunity to miss anything overly pleasant. The society values, ACOMMUNITY, IDENTITY, STABILITY, Huxley 1 supersede all else in a collective effort. Soma, the magical ultimate drug is what keeps the population from revolting. What you need is a gramme of soma All the advantages of Christianity and alcohol; none of their defects. The drug is at the forefront of their daily lives providing freedom from lifes every ill. The word comes from the Sanskrit language of ancient India. It means both an intoxicating drink used in the old Vedic religious rituals there and the plant from whose juice the drink was made- a plant whose true identity we dont know. Astrachan The drug is used as a form of recreation, like sex, and its use is encouraged at any opportunity, especially when great emotions begin to arise. They are conditioned to accept this to calm and pacify them should they begin to feel anything too intensely. The conditioning also provides them with their place and prevents them from participating in social activities which they neednt take part in. Smith Class consciousness which Americans are so reluctant to acknowledge is taught through hypnopÃÆ'Â ¦dia the repetition of phrases during sleep akin to post hypnotic suggestion for all social classes: These names are letters in the Greek alphabet, familiar to Huxleys original English readers because in English schools they are used as grades- like our As, Bs, etc. with Alpha plus the best and Epsilon minus the worst. In Brave New World, each names a class or caste. Alphas and Betas remain individuals; only Gammas, Deltas, and Epsilons are bokanovskified. Astrachan The conditioning is begun at an extremely young age and is by modern real-world standards cruel, AThe screaming of the babies suddenly changed its tone. There was something desperate, almost insane, about the sharp spasmodic yelps to which they now gave utterance. Huxley 20 The childrens Pavlovian conditioning with electric shocks is later compared to the wax seals which used to grace the seams of letters Astrachan, Not so much like drops of water, though water, it is true, can wear holes in the hardest granite; rather, drops of liquid sealing-wax, drops that adhere, incrust, incorporate themselves with what they fall on, till finally the rock is all one scarlet blob. .uf37e724bb1815995a799b915eb831bc1 , .uf37e724bb1815995a799b915eb831bc1 .postImageUrl , .uf37e724bb1815995a799b915eb831bc1 .centered-text-area { min-height: 80px; position: relative; } .uf37e724bb1815995a799b915eb831bc1 , .uf37e724bb1815995a799b915eb831bc1:hover , .uf37e724bb1815995a799b915eb831bc1:visited , .uf37e724bb1815995a799b915eb831bc1:active { border:0!important; } .uf37e724bb1815995a799b915eb831bc1 .clearfix:after { content: ""; display: table; clear: both; } .uf37e724bb1815995a799b915eb831bc1 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uf37e724bb1815995a799b915eb831bc1:active , .uf37e724bb1815995a799b915eb831bc1:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uf37e724bb1815995a799b915eb831bc1 .centered-text-area { width: 100%; position: relative ; } .uf37e724bb1815995a799b915eb831bc1 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uf37e724bb1815995a799b915eb831bc1 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uf37e724bb1815995a799b915eb831bc1 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uf37e724bb1815995a799b915eb831bc1:hover .ctaButton { background-color: #34495E!important; } .uf37e724bb1815995a799b915eb831bc1 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uf37e724bb1815995a799b915eb831bc1 .uf37e724bb1815995a799b915eb831bc1-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uf37e724bb1815995a799b915eb831bc1:after { content: ""; display: block; clear: both; } READ: Language contrasts EssayThe entire society is conditioned to shrink away from intense emotion, engage in casual sex, and take their pacifying Soma. In 1984, a first-person book partly narrated by the main characters internal dialogue, the great party leader is Big Brother, a fictional character who is somewhat more imposing than Ford, of Huxleys book, named after the industrialist Henry Ford Astrachan. The main character Winston fears Big Brother and is much more aware of his situation than any of the characters in A Brave New World who are constantly pacified by soma. In A Brave New World history is ignored completely whereas in 1984 it is literally rewritten in order to suit the present. The role of science in both books is extensive and complicated. 1984s telescreens cannot be turned off, as A Brave New World has feelies, an advancement on talkies which added sound, feelies add tactile senses to a movie as well. Science and human progress is not acknowledged in A Brave New World Smith excepting when it increases consumption, whereas it is twisted with ironic titles in 1984, They were homes of the four Ministries between which the entire apparatus of government was divided: the Ministry of Truth, which concerned itself with news, entertainment, education, and the fine arts; the Ministry of Peace, which concerned itself with war; the Ministry of Love, which maintained law and order; and the Ministry of Plenty, which was responsible for economic affairs. Their names in Newspeak: Minitrue, Minipax, Miniluv, and Miniplenty. Orwell 8 The God Ford of A Brave New World encourages production and consumption of shallow objects to complement the shallow minds of its citizens. 1984 was written as a warning against the results of having a totalitarian state. Winston bears the blunt of his mistakes, the crime of individuality and dissention. A Brave New World is as much a satire on the reality of today the reality of Huxleys day as it is a novel about the future. ANeil Postman arned Awhen a population becomes distracted by trivia, when cultural life is defined a s a perpetual round of entertainments, when serious public conversation becomes a form of baby talk, a people become an audience and their public business a vaudeville act, then a nation finds itself at risk; cultural death is a clear possibility. Kruk Huxley seems to feel that society is progressing toward a materialistic and superficial end, in which all things of real value, including the relationships which make people human, will be quashed. The two works vary greatly, A Brave New World is the Huxleys expression of fear that mankind will create a utopia by way of foregoing all that makes life worthwhile. Orwells work rings more sharply of secret police paranoia. Indeed, Winston is taken to room 101, while Bernard is merely transferred to an uncomfortable location. The hypocrisy is much more evident within A Brave New World as well, owing to the controllers having had a son. Both books forewarn of a day when humankind might fall slave to its own concept of how others should act. The two books ask not whether societies with stability, pacification, and uniformity can be created, but whether or not they are worth creating. It is so often that one wants something and in wanting romanticizes it, thus bringing disappointment when the end is finally obtained. They serve as a reminder that it is necessary to have pain to compare with joy, defeat to compare with victory, and problems in order to have solutions. Both books end on negative notes; Bernard is exiled to work in Iceland and Winston is subjected to psychological treatment and then killed.

Tuesday, December 3, 2019

Roanoke Essays - Roanoke Island, African-American Historic Places

Roanoke The very first effort to colonize The New World was attempted by the English in the late sixteenth century, at Roanoke Island. Beginning in the year of 1584 efforts were made to explore the east coast of The New World and find land that would be habitably for future colonists. It was in 1587 that a permanent colony was finally established. However, this accomplishment for the colonists and for England was learned to be one of the greatest American mysteries when the colony was discovered abandoned in 1590. There are theories on what could of happened to the men, women and children who called this land their home but no one knows for sure. Roanoke Island is an island just off the coast of present day North Carolina. The Albemarle Sound, Croatoan Sound, Roanoke Sound, and the Pamlico Sound are four bodies of water that surround this island. The Atlantic Ocean is less than ten miles away from Roanoke on it's eastern coast, and direct contact with the ocean is connected by a strip of land called Bodie Island, which is part of the Outer Banks. The western coast of the Island is also less than ten miles from the mainland of North Carolina. In the late 16th century Queen Elizabeth encouraged exploration and settlement of new lands by issuing charters for exploration, and it was during this time period when the English discovered Roanoke Island. However it was not until March 25, 1584 when the significant history of Roanoke was made with the re-issuing of the charter to Sir Walter Raleigh. It was the responsibility of Raleigh to make the necessary provisions to complete the journeys to the New World and accomplish the goals of the charter. So Raleigh began hiring ship captains and their crews who were worthy seamen and could succumb to the new environment on the ship and on their new homeland. He would recruit possible colonists who had a dream of leaving their homeland in pursuit of a new land and who could also adapt and help build this new colony. He would need to purchase food and other supplies that would last them their voyage over the Atlantic and until they could manage their own crops. And the most difficult was finding those who would invest capital in the missions. Although Raleigh named the land he found Virginia, the queen would not give him the financial assistance that he needed for his mission. There were a total of four expeditions, under the Raleigh charter. The first and second expeditions took place from 1584 to 1586. The accomplishments of these missions included producing contact and establishing friendly relations with a native tribe called the Croatoan, the fortification of the island, and searching for an appropriate place for a permanent settlement. It is during the second expedition that Raleigh decided to leave behind some of the colonists, while the ships returned to England for supplies. They left a few more than one hundred men to continue the search for a permanent settlement sight, and to keep an English hold on the island. This effort failed due to the lack of supplies, weather conditions, and the strained relations with the Croatoans and other more violent native tribes. These men who were left also did not have the skills of building, cooking, and hunting their own food therefore survival on this new land was a struggle. The situation becomes extremely d esperate for the men when they resort to their dogs as a source of food. Some claim they even dug up the newly deceased as a source of food. Luckily for the colonists, a ship came to their rescue and took all but fifteen of the men back to England. The mystery of Roanoke begins with the third expedition of 1587. John White was named governor of the colonist, which would now include women children. The permanent structure of this mission was due in part by the involvement of entire families. To further insure success, the colonist themselves were the investors. The third expedition comprising of almost one hundred twenty men, women and children ready for colonization, arrived on the island in the spring of 1587. Their intent was to locate