REIT Buy-Back is a new investment model that includes options for repurchase and/or obligations to repurchase from the original asset owner. The REIT Buy-Back will have a clear agreement regarding the future repurchase value with the asset owner. This condition makes investing in REIT Buy-Back different from traditional REITs.

Here is a comparison table highlighting the differences between REITs and REIT Buy-Backs.

[Note] *Except in cases where units are offered to institutional and special large investors, which means that REIT Buy-Backs do not need to be registered on the stock exchange, resulting in a lack of liquidity.

From the above factors, it can be seen that the returns from investing in REIT Buy-Backs will primarily depend on the terms agreed upon with the original owner, which should be clearly defined in advance. Therefore, it is crucial for investors to consider the ability to pay rent and repurchase the asset from the REIT Buy-Back in the future. This can be assessed based on the credit rating of the repurchaser and their past financial status, as well as any potential support from the parent company of the repurchaser, which may also include evaluating the financial status of the parent company.

Thus, investing in REIT Buy-Backs is somewhat similar to investing in bonds issued by the asset owner, as there is a relatively clear expected return rate and timeline for principal repayment, along with identifiable underlying assets. Additionally, if the REIT Buy-Back is offered to the general public, it will be registered on the stock exchange and have liquidity for unit trading.

Another important consideration for those investing in REIT Buy-Backs is whether the assets in which the REIT Buy-Back will invest have high potential. If the original owner is unable to repurchase or does not exercise the repurchase option, the REIT Buy-Back may need to temporarily manage the asset or sell it on the market, returning the proceeds to the unit holders. If the investment asset is a leasehold interest rather than a freehold interest, it will be even more challenging to sell at a good price.