Evaluación y comparación del riesgo de tasas de interés en inmobiliarias

Abstract

Measuring and comparing interest rate risk in real estate firms

This paper aims to assess the risk exposure of a real estate company based on its hedging strategy, focusing on its current variable-rate financing agreements. The analysis evaluates the company’s financial position at the end of 2021 using three key financial ratios about credit risk and debt coverage. To quantify the company’s exposure, the duration and convexity method was applied to its variable-rate debt. This approach estimates the sensitivity of the present value of the company’s debt to changes in interest rates. Based on these findings, the impact of interest rate fluctuations on the company’s financial ratios was calculated, allowing for an evaluation of the sensitivity of its financial liabilities. The results were then compared with those of two other companies operating in the same market. Finally, considering the company’s current hedging position, the study concludes whether the company is adequately protected against interest rate risk and, if not, proposes potential strategies to minimize its risk exposure.