NCPERS Conference 2017
|
|
- Albert Barrett
- 6 years ago
- Views:
Transcription
1 NCPERS Conference 2017 Intercontinental Real Estate Corporation 1270 Soldiers Field Road Boston, MA Tel: Fax:
2 Peter Palandjian, CEO 1. Current Market Conditions & What Lies Ahead 2. Why and How to Invest in Real Estate
3 Private Real Estate Current Market Conditions & What Lies Ahead
4 Commercial Real Estate Fundamentals Occupancies have improved substantially and rents have stabilized or are increasing in most markets. Limited construction of new buildings over the last several years has supported the recovery and will continue to do so in the next few years. Office and industrial markets have improved significantly. Retail recovery is further behind. Multifamily is starting to cool in some markets after historic renter demand over the last few years as the housing market restructured.
5 Commercial Real Estate Vacancy Rates 2016 Q4 Peak of Great Recession Equilibrium Rate Office 12.9% 16.8% 13 to 15% Industrial 8.2% 14.6% 9 to 10% Retail 10.2% 13.0% 9 to 10% Multifamily 4.9% 7.4% 5 to 6% *Equilibrium Rate is the rate which approximates a balanced leasing market in which neither landlords nor tenants hold more negotiating power. Vacancy below this rate generally implies a landlord s market and vacancy above this rate implies a tenant s market. Source: CBRE EA
6 The Outlook for Rent Growth Average Annual Rate of Growth Last 5 years Next 5 years Previous peak Peak year Office 3.2% 1.8% 11.2% 2000 Industrial 4.3% 2.1% 7.4% 1999 Retail 0.9% 1.4% 5.1% 1999 Multifamily 3.4% 1.9% 6.7% 2000 Source: CBRE EA, CoStar, REIS
7 Rent Growth Market Forecast PROPERTY TYPE Office Industrial Retail Multifamily FAVORED MARKETS Phoenix, Oakland, Pittsburgh, San Diego, Tampa, Riverside, Orange County, Portland, St. Louis, Stamford Allentown, Kansas City, Orange County, Honolulu, Greenville, Seattle, Indianapolis, San Antonio, Fort Worth, Milwaukee Columbus, Fort Worth, Atlanta, Fort Lauderdale, Nashville, Houston, West Palm Beach, Tampa, St. Louis, San Jose Sacramento, Newark, San Jose, Orlando, Oakland, Chicago, Norfolk, Ventura, Miami, Los Angeles Source: CBRE EA
8 Today s Property Type Outlook Property Type Recommendation Office Industrial Multifamily Retail Strong Buy Buy Buy Neutral
9 History of Capitalization Rates Sources: NCREIF, Real Capital Analytics, Intercontinental
10 Recent Cap Rate Movement Property Type Low Cap Rate Avg. Pre- Recession Cap Rate Avg. at Peak of Recession (Q4 2009) Q Cap Rate Average BPS Increase from Low to Peak (Q4 2009) BPS Reduction from Peak to Q Office 6.5% (Q2 07) 8.9% 6.7% +240 bps (220 bps) Industrial 6.8% (Q1 07) 8.7% 6.7% +190 bps (200 bps) Apartments 6.1% (Q4 06) 7.0% 5.6% +90 bps (140 bps) Retail 6.5% (Q2 07) 8.2% 6.5% +170 bps (170 bps) Total (All Property Types) 6.6% (Q4 07) 7.9% 6.1% +130 bps (180 bps) Source: Real Capital Analytics
11 Quarterly Volume of Property Sales Source: Real Capital Analytics
12 Loan Refinancing Demand Wave of loan maturities peaking now Distressed property sales will abate over the next few years, but opportunities remain due to: Sheer volume of refinancing demand relative to likely future origination volume Property values lower than at origination Tighter future underwriting standards vs. origination, e.g., lower loan to value, higher debt service coverage, greater amortization, etc. Source: Foresight Analytics
13 Historical NCREIF Total Returns NCREIF PROPERTY INDEX TOTAL RETURN As of 12/31/ Annualized Rate of Return (%) '79'80'81'82'83'84'85'86'87'88'89'90'91'92'93'94'95'96'97'98'99'00'01'02'03'04'05'06'07'08'09'10'11'12' Source: NCREIF
14 U.S. Stocks vs. U.S. Bonds vs. Private Real Estate Through 12/31/16 Returns are annualized Source: Segal Marco Advisors
15 Core Real Estate Has Led the Way Out of the Recession, but. What is most attractive today? Flight to Quality post recession (past 5+ years) Core real estate has enjoyed above average return over the past 3+ years (see below) As is typical out of a recession, Core-Plus has been slower to recover, but is now positioned to outperform for the near to mid-term Core-Plus funds positioned to invest new client commitments within one to two quarters providing exposure to today s attractive market characteristics Core-Only Total Return Total Return
16 Private Real Estate: Why & How to Invest in Real Estate
17 Changes in Pension Real Estate Investing 1970 s & 1980 s US Investments Only Private Equity Ownership Office & Industrial Only 20 managers controlled ~80% of capital 1990 s Private & Public Debt & Equity U.S. & Offshore Operating properties & development Traditional commercial, residential, telecom, storage, retail, hospitality, timber, etc managers 2000 and on Diversification and return strategies Reporting standards Transparency Alignment of interest Diversification Strategy Return Strategy Empowered Institutional Investors!!
18 Why Invest in Private Equity Real Estate? General Concerns Lacks efficiency typical of traditional marketable securities Long term commitments Demands active due diligence Demands active management Lacks investible benchmark Lacks standardization of reporting Higher financial leverage Limited institutional history Illiquidity
19 Why Invest in Private Equity Real Estate? Benefits Illiquidity is attractive! Diversification reduces risk Manager specialization Extreme information advantages Induces appropriate long term behavior Value orientation Margin of safety Manager s side-by-side commitment Low correlation Performance Low volatility Hedge against inflation High barriers to entry Severe supply constraint Collateral Benefits *Job Creation *Union Mandate *Local Investments *Regional Economic Stimulation *Recycling capital back to pension funds
20 How to Invest in Real Estate-Spectrum of Risk and Return RETURN Core Historic: 6-8% Enhanced Core ( Core Plus ) 9-14% (8-12%) Value Added 15-22% (12-20%) Opportunistic 25% plus (20% plus) Today: (5-8%) RISK
21 Property Case Studies 100 Franklin Street One Bulfinch Place 125 Lincoln Street 18 Independence Drive & 66 Saratoga Boulevard Clover Creek Apartments Rivers Point
22 Property Case Studies 343 Congress Street 90 Tremont Street (Hotel Nine Zero) 226 Causeway Street Before Before Before After After After
23 Property Case Studies Lake Forest Village Lake Forest, CA Park Place Palantine, IL Waterplace Providence, RI The Forum West Palm Beach, FL
24 Property Case Studies 900 Monroe Hoboken, NJ 915 North Orleans Chicago, IL Monroe Center Hoboken, NJ Regency Pines Cary, NC
25 Property Case Studies Novo Nordisk Plainsboro, NJ Before After Madison Racine Chicago, IL Before After
26 How to Invest in Real Estate Matrix of Decisions Private Equity vs. Public REITs if private: direct vs. commingled ( pooled ) vs. REITs if public REITs focused strategy vs. diversified fund strategy Open vs. Closed liquidity and term Geographic focus Regional vs. national vs. international Property type focus vs. diversified Leverage No answers, many choices Discuss with consultants and fellow trustees
27 How to Invest in Real Estate Issues to Consider Public REITs + s - s Liquid Higher volatility 90% dividend EPS pressure Correlations Private REITs + s Diversification Income - s Fee Structure Term Exit Vehicles Direct ( separate account ) Controls Buy/sell discretion Staff burden Property type Geographic focus Partner / J.V. approach Commingled ( pooled ) Manager discretion Partner / J.V. approach Term Alignment of interest Multiple properties Small dollars buys a lot of real estate (low minimums)
28 How to Invest In Real Estate Issues to Consider Own your own building? Local mandate job creation politics (housing stock, urban renewal, create tax base) Hard assets visible, bricks and mortar you can touch, pride
29 Conclusion Closing Advice Why Now Manager selection is everything Determine strategy Scrub track record Measure alignment of interest Market recovery opportunity Space markets continue to improve, providing healthy income growth Attractive basis Reasonable and achievable underwriting assumptions
30 Biography Peter Palandjian, Chairman and Chief Executive Officer, oversees the affiliated Intercontinental operating companies, with primary responsibility for strategic planning and direction of all company activities. Mr. Palandjian is a member of Intercontinental's Investment and Executive Committees. Prior to joining Intercontinental in 1993, Mr. Palandjian worked as the assistant to the CEO of Staples, Inc. and as an Associate Consultant with Bain & Company. Mr. Palandjian holds memberships with the Pension Real Estate Association (PREA) and the National Association of Real Estate Investment Managers (NAREIM). Mr. Palandjian has also been active on a number of corporate and not-for-profit boards. He has served as a board member of several institutions including: co-chair of the Board of Overseers of the Boston Symphony Orchestra; Dana Farber Cancer Institute; the International Tennis Hall of Fame; American Friends of the Yitzhak Rabin Center; the New England Chapter of the National Association of Industrial and Office Properties (NAIOP); O Neill and Associates; Leader Bank; Harvard Varsity Club; Town of Belmont (MA) Board of Retirement; Trustee Emeritus of the Fessenden School; and the Taubman Center at Harvard s Kennedy School of Government. Mr. Palandjian works on behalf of Harvard University as a volunteer undergraduate admissions interviewer. Mr. Palandjian was a two-time Harvard Captain and world ranked tennis player on the ATP tour. Mr. Palandjian earned his BA from Harvard University and his MBA from the Harvard Business School.
State of the U.S. Multifamily Market. Q Review and Forecast
State of the U.S. Multifamily Market Q1 2015 Review and Forecast Agenda Economy Leasing Fundamentals Rent and NOI Trends Single-Family Market Capital Markets Economy page 3 GDP Growth Contributions To
More informationAPARTMENT TRENDS. U.S. Economic and Multi-Family Outlook. Special Client Webcast May 31, 2006
APARTMENT TRENDS U.S. Economic and Multi-Family Outlook Special Client Webcast May 31, 2006 U.S. Apartment Market Economic and Apartment Supply-Demand Overview and Outlook U.S. Economic Conditions Ideal
More informationEconometric Advisors APARTMENT OVERVIEW AND OUTLOOK Q4 2017
Econometric Advisors APARTMENT OVERVIEW AND OUTLOOK Q4 2017 THE U.S. ECONOMY WILL REMAIN ON FIRM FOOTING IN 2018 JOB GROWTH WILL MODERATE AS LABOR MARKET TIGHTENS FURTHER STRONG CONSUMPTION, HIGHER PRIVATE
More informationCapital Market Update. February 10, 2011 Marc Louargand, Ph.D., CRE, FRICS Principal SALTASH PARTNERS LLC investing in American ingenuity
Capital Market Update February 10, 2011 Marc Louargand, Ph.D., CRE, FRICS Principal SALTASH PARTNERS LLC investing in American ingenuity A Brief Tour of the Capital Market What s happened in the past year?
More information2019 Outlook. January
2019 Outlook January 2019 0 Performance in the multifamily market remained healthy during 2018 and is expected to continue into 2019, but with more modest growth in comparison to recent years. The multifamily
More informationCycle Monitor Real Estate Market Cycles First Quarter 2018 Analysis
Black Creek Research Cycle Monitor Real Estate Market Cycles First Quarter 20 Analysis Real estate physical market cycle analysis of five property types in Metropolitan Statistical Areas (MSAs). Equilibrium
More information2015 REAL ESTATE ECONOMIC FORECAST The National Economy and What It Means For Real Estate
2015 REAL ESTATE ECONOMIC FORECAST The National Economy and What It Means For Real Estate February 5, 2015 Jeanette I. Rice Kentucky Chapter National economy in great shape for 2015 Creating excellent
More informationOffice. Office. IRR Viewpoint 2015
IRR Viewpoint 05 Above: Designed in 95 in the Art Deco style by architect Timothy Pflueger as the Pacific Telephone and Telegraph Building, 40 New Montgomery Street, San Francisco, CA has been the subject
More informationEmerging Trends in Real Estate 2014
Canada Emerging Trends in Real Estate 2014 Emerging Trends is the industry s most predictive forecast 35th annual outlook Based on over 1,000 interviews and surveys of industry leaders Sponsored by PwC
More informationCycle Monitor Real Estate Market Cycles Fourth Quarter 2017 Analysis
Black Creek Research Cycle Monitor Real Estate Market Cycles Fourth Quarter 0 Analysis Real Estate Physical Market Cycle Analysis of Property Types in Metropolitan Statistical Areas (MSAs). Many economists
More informationState of the Office Market
State of the Office Market Al Pontius Brian McAuliffe James Street Bill Rogalla Managing Director Marcus & Millichap Head of Transactions RREEF Co-Head, Dispositions Prudential Real Estate Investors Senior
More informationU.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE
AEW RESEARCH U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE Q2 2018 AEW RESEARCH U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE Q 2 2018 1 Prepared by AEW Research, June 2018 This material is intended for information
More informationCYCLE FORECAST Real Estate Market Cycles First Quarter 2018 Estimates May 2017
CYCLE FORECAST Real Estate Market Cycles First Quarter 20 Estimates May 20 So far, 20 continues along at a slow Gross Domestic Product (GDP) growth rate near 2% and employment continues to hover above
More informationStruggling to Escape the Fallout of the Great Recession MARISA Di NATALE, MANAGING DIRECTOR
Struggling to Escape the Fallout of the Great Recession MARISA Di NATALE, MANAGING DIRECTOR FROM MOODY S ECONOMY.COM Broad-Based Slowing Across the Nation Total employment excluding federal government,
More informationERRATA. To: Recipients of MG-388-RC, Estimating Terrorism Risk, RAND Corporation Publications Department. Date: December 2005
ERRATA To: Recipients of MG-388-RC, Estimating Terrorism Risk, 25 From: RAND Corporation Publications Department Date: December 25 Re: Corrected pages (pp. 23 24, Table 4.1,, Density, Density- Weighted,
More informationEmerging Trends in Real Estate 2016
Emerging Trends in Real Estate 2016 PwC ULI 12 Month Outlook on Trends 37 th Edition 1,800+ Real Estate leaders surveyed 75 Cities Profitability outlook 2010 17.7% 60.6% 21.6% Abysmal to Poor Fair Good
More informationState Of The U.S. Industrial Market: 2017 Q2
State Of The U.S. Industrial Market: 2017 Q2 Copyright 2017 CoStar Realty Information, Inc. No reproduction or distribution without permission. The following information includes projections and analyses
More informationPresented By: Doug Herzbrun Managing Director January 26, 2000
NORTHWEST CONSTRUCTION CONSUMER COUNCIL Presented By: Doug Herzbrun Managing Director January 26, 2000 U.S. Real Estate Capital Markets Overview INVESTABLE UNIVERSE $1.1 TRILLION 3 INVESTABLE UNIVERSE
More informationCAPITALIZATION RATES BY PROPERTY TYPE
RATES BY PROPERTY TYPE MID-YEAR 2014 0 RATES BY ASSET TYPE MID-YEAR 2014 O V E R V I E W Capital continues to flow steadily into the U.S. real estate market, as both domestic and foreign investors increase
More informationU.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE
AEW RESEARCH U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE Q4 2018 AEW RESEARCH U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE Q 4 2018 1 Prepared by AEW Research, March 2019 This material is intended for information
More informationCOMMERCIAL REAL ESTATE MARKET AND INDUSTRY OUTLOOK THE BIG PICTURE 2019 AND BEYOND
COMMERCIAL REAL ESTATE MARKET AND INDUSTRY OUTLOOK THE BIG PICTURE 2019 AND BEYOND 10-Year Economic Lookback 2007 The Height of the Last Cycle 25.4 Million Increase in Population Since 2007 10.4 Million
More informationWas it all for N 0 u g h t? The 00 Decade and the Year Ahead. Tony Pierson Cornerstone Real Estate Advisers LLC. Real Estate Conference
Disclaimer This presentation is not intended to be and does not constitute investment advice. This is provided as an accommodation and shall not be relied upon as investment advice. This presentation includes
More informationStrong conclusion to 2015, some caution ahead in 2016
MARKETVIEW U.S. Office, Q4 215 Strong conclusion to 215, some caution ahead in 216 Vacancy Rate 13.1% Lease Rate $29.7 PSF Net Absorption 19.4 MSF Completions 12.1 MSF *Arrows indicate change from previous
More informationafl-cio Building Investment Trust Quarterly Report 1Q13
afl-cio Building Investment Trust Quarterly Report On the cover: Dock Street Apartments, currently under construction in Minneapolis, MN. Right: Wolf Point, to be built in Chicago, IL. Contents Fund Overview...
More informationCYCLE FORECAST Real Estate Market Cycles Third Quarter 2017 Estimates November 2016
CYCLE FORECAST Real Estate Market Cycles Third Quarter 0 Estimates November 0 It is expected that 0 should have a growth trajectory higher than the past six years. Economists revised their forecasts to
More informationCBRE CAP RATE SURVEY. A CBRE Publication. First Half Click to Enter
CBRE CAP RATE SURVEY A CBRE Publication In This Issue: pg 2 pg 8 pg 17 pg 26 pg 36 pg 41 pg 44 Click to Enter United States The 10-year Treasury (UST) was measurably lower than 2% from April 2012 through
More informationData Brief. Trends in Employer-Sponsored Health Insurance Premiums and Employee Contributions in Major Metropolitan Areas,
December 2012 Data Brief Trends in Employer-Sponsored Health Insurance Premiums and Employee Contributions in Major Metropolitan Areas, 2003 2011 The mission of The Commonwealth Fund is to promote a high
More informationmultifamily market overview presented by: Kurt Shoemaker First Vice President
multifamily market overview 2019 presented by: Kurt Shoemaker First Vice President g r e a t e r d a y t o n a p a r t m e n t a s s o c i a t i o n agenda 01 02 03 04 05 06 macro-level economic indicators
More informationINDUSTRIAL REPORT VIEWPOINT 2017 / COMMERCIAL REAL ESTATE TRENDS. By: Hugh F. Kelly, PhD, CRE. irr.com. An Integra Realty Resources Publication
INDUSTRIAL REPORT VIEWPOINT 2017 / COMMERCIAL REAL ESTATE TRENDS By: Hugh F. Kelly, PhD, CRE Growing Consumption Fuels the Industrial Sector IRR research indicates that more than half of U.S. industrial
More informationMetropolitan Area Statistics (4Q 2012)
Metropolitan Area Statistics (4Q 2012) Apartment Completions 4Q 2011 4Q 2012 % Chg. Atlanta 490 288-41% Boston 678 995 47% Chicago 506 711 41% Cleveland 4 13 225% Columbus 255 322 26% Dallas-Ft. Worth
More informationThe Five Retail Trends to Watch in January 14, 2015
The Five Retail Trends to Watch in 2015 January 14, 2015 U.S. ECONOMIC TRENDS Inflation Adjusted Crude Oil Prices Fall Below Long-Term Average Price per Barrel (Nov. 2014 Dollars) $160 $120 $80 $40 $0
More informationMetro Washington, DC State of the Market
Metro Washington, DC State of the Market Q1 2016 U.S. office clock San Francisco Peninsula Silicon Valley Houston Dallas, San Francisco Austin Nashville Peaking phase Falling phase Denver, Minneapolis,
More informationUS CAPITAL MARKETS REPORT
US CAPITAL MARKETS REPORT Capitalization Rates By Property Type Fall 2016 US Capital Markets Report Capitalization Rates By Asset Type OVERVIEW Year-to-date investment sales volume lagged on a year-over-year
More informationHotel Valuation and Transaction Trends For the U.S. Lodging Industry
Hotel Valuation and Transaction Trends For the U.S. Lodging Industry Stephen Rushmore, CHA, MAI, FRICS President and Founder HVS International 372 Willis Avenue Mineola, NY 11501 516-248-8828 ext. 204
More informationEmerging Trends in Real Estate Navigating at Altitude
Emerging Trends in Real Estate 2018 Navigating at Altitude We are in a long cycle, not in boom/ bust. The key to the next few years is to expand horizons, market by market, property type by property type.
More informationEmerging Trends in Real Estate 2012
Emerging Trends in Real Estate 2012 Longest published annual real estate outlook 33rd consecutive year Most predictive industry forecast Based on surveys/interviews with 950 industry leaders Jointly published
More informationCaptain CREDIT Crunch
Captain CREDIT Crunch April 9, 2008 Presented by: Patrick Devereaux Senior Director The Times They Are A-Changin Post Credit Crunch Investment Market Fundamentals Of Commercial Real Estate Remain Strong
More informationWall Street and Commercial Real Estate
Wall Street and Commercial Real Estate Everett (Allen) Greer April 26, 2012 Los Angeles, CA City National Bank Goals of Presentation Disclaimers Market Drivers Economy, Interest Rates Financial Regulations
More informationFOR IMMEDIATE RELEASE Contact: Ann Marie Gorden/Robert Nihen
cutting through complexity News FOR IMMEDIATE RELEASE Contact: Ann Marie Gorden/Robert Nihen June 24, 2014 KPMG LLP 201-505-6288/201-307-8296 agorden@kpmg.com / rnihen@kpmg.com CINCINNATI, CLEVELAND, ATLANTA
More informationU.S. Investment Outlook
U.S. Investment Outlook Quarterly Investor Research update Q2 2015 U.S. Investment overview 37% 21% 15% 15% U.S. cities dominating global investment activity Top 20 Cities for Transactional Volumes H1
More informationEconomic Risks and Their Meaning for the Southwest STEVE COCHRANE, MANAGING DIRECTOR
Economic Risks and Their Meaning for the Southwest STEVE COCHRANE, MANAGING DIRECTOR The Europeans Are All-in Composition of the European Central Bank s balance sheet, bil 5,000 Other assets Emergency
More information50-State Property Tax Comparison Study: For Taxes Paid in Executive Summary
50-State Property Tax Comparison Study: For Taxes Paid in 2017 Executive Summary By Lincoln Institute of Land Policy and Minnesota Center for Fiscal Excellence April 2018 As the largest source of revenue
More informationHighlands Spin-Off & Student Housing Transaction Webcast. January 18, 2016
Highlands Spin-Off & Student Housing Transaction Webcast January 18, 2016 Disclaimer Forward-Looking Statements in this presentation, which are not historical facts, are forward-looking statements within
More informationU.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE
AEW RESEARCH U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE Q3 2018 1 Prepared by AEW Research, September 2018 This material is intended for information purposes only and does not constitute investment advice
More informationFinancial Strength and Operational Excellence
Financial Strength and Operational Excellence 425 Mass Washington, D.C. RiverTower New York, NY Longacre House New York, NY 1401 Joyce on Pentagon Row Arlington, VA JUNE 2010 Trump Place New York, NY 180
More informationPerspectives JAN Market Preview: Real Estate
Perspectives JAN 2019 2019 Market Preview: Real Estate NAVIGATING THROUGH A LATE MARKET CYCLE The real estate sector managed to pull off another strong year in 2018, delivering a total return of 8.35%,
More informationUS Hotel Industry Overview. Chris Crenshaw
US Hotel Industry Overview Chris Crenshaw ccrenshaw@str.com July 2014 (12 MMA): All Signs Point To A Sellers Market % Change Room Supply* 1.8 bn 0.8% Room Demand* 1.1 bn 3.4% Occupancy 63 % 2.6% A.D.R.*
More informationU.S. Economic and Medical Office Market Overview and Outlook. November, 2014
2014 U.S. Economic and Medical Office Market Overview and Outlook November, 2014 Economic & Demographic Overview U.S. GDP Growth and Health Care Spending Trends GDP Health Care Expenditures Annualized
More informationHIGH AND WIDE: INCOME INEQUALITY GAP IN THE DISTRICT ONE OF BIGGEST IN THE U.S. By Wes Rivers
An Affiliate of the Center on Budget and Policy Priorities 820 First Street NE, Suite 510 Washington, DC 20002 (202) 408-1080 Fax (202) 325-8839 www.dcfpi.org March 13, 2014 HIGH AND WIDE: INCOME INEQUALITY
More informationCAPITAL MARKETS UPDATE. Suburban Office: Is this the Next Play?
CAPITAL MARKETS UPDATE Suburban Office: Is this the Next Play? October 2016 Investment Thesis Background Suburban office product has lagged the property recovery cycle. Most of the lag is the result of
More informationCYCLE FORECAST Real Estate Market Cycles Second Quarter 2015 Estimates August 2014
CYCLE FORECAST Real Estate Market Cycles Second Quarter 0 Estimates August 0 Economic forecasts for U.S. GDP and employment growth continue to improve, but are still expected to be at growth rates slightly
More informationCCRSI RELEASE OCTOBER 2014 (With data through August 2014)
CCRSI RELEASE OCTOBER 2014 (With data through August 2014) COMMERCIAL PROPERTY PRICES SUSTAIN UPWARD CLIMB IN AUGUST IMPROVING LABOR MARKET CONDITIONS FUEL STRONG THIRD QUARTER NET ABSORPTION AND PRICE
More informationsimplifying real estate local expertise. national reach. world class.
simplifying real estate local expertise. national reach. world class. Lee & Associates Overview 100% increase in transaction volume over 5 years $7.9 billion transaction volume 2013 778 agents and growing
More informationReal Estate Investment Trusts. Taking a Public and Private Look at Real Estate Allocations
Real Estate Investment Trusts Taking a Public and Private Look at Real Estate Allocations November 2016 Company REITs: Description The Public and Private Side Overview Publicly traded REITs are unique
More informationEquity LifeStyle Properties
Equity LifeStyle Properties Colony Cove Ellenton, FL OUR STORY One of the nation s largest real estate networks with 383 properties containing over 142,000 sites in 32 states and British Columbia Unique
More informationEmerging Trends in Real Estate Sustaining Momentum but Taking Nothing for Granted
Emerging Trends in Real Estate 2015 Sustaining Momentum but Taking Nothing for Granted DALLAS November 6, 2014 36th annual outlook 1,400+ interviews and surveys of industry leaders Rewind: 2014 Emerging
More informationRegional Snapshot: The Cost of Living in Metro Atlanta
Regional Snapshot: The Cost of Living in Metro Atlanta Photo by rawpixel.com on Unsplash Atlanta Regional Commission, February 2018 For more information, contact: cdegiulio@atlantaregional.org In Summary
More informationZipRealty, Inc. Supplemental Data Reclassification of Consolidated Statement of Operations
Reclassification of Consolidated Statement of Operations Effective January 1, 2007, for income statement presentation purposes, we have reclassified sales support and marketing expenses from general and
More informationequity advisory services
CAPABILITIES equity advisory services YOUR SINGLE POINT OF CONTACT FOR THE ENTIRE CAPITAL STACK Better relationships. Better results. EQUITY VOLUME BY PROPERTY TYPE Our close relationships with debt providers
More information2014 U.S. Census (2015) Median African-American Household Income Rank, Memphis Included. Household Median Income Ranking, African American Population
2015 2015 Rankings Report Prepared by Elena Delavega, PhD, MSW Department of Social Work Benjamin L. Hooks Institute for Social Change University of Memphis 2014 U.S. Census (2015) - Rank, Memphis Included
More informationequity advisory services
CAPABILITIES equity advisory services YOUR SINGLE POINT OF CONTACT FOR THE ENTIRE CAPITAL STACK Better relationships. Better results. EQUITY VOLUME BY PROPERTY TYPE Our close relationships with debt providers
More informationTHE INSTITUTIONALISM OF THE US COMMERCIAL REAL ESTATE MARKETS. Portland State University 8th Annual Real Estate. Portland, Oregon.
THE INSTITUTIONALISM OF THE US COMMERCIAL REAL ESTATE MARKETS Portland State University 8th Annual Co e e ce Portland, Oregon Ma 31, May 31 2013 Blake Eagle Introduction What is an institutional investor?
More informationTEXAS MULTIFAMILY FOLLOW THE MONEY. THE CAPITAL MARKETS PERSPECTIVE Jeanette I. Rice, Americas Head of Investment Research February 12, 2016
TEXAS MULTIFAMILY FOLLOW THE MONEY THE CAPITAL MARKETS PERSPECTIVE Jeanette I. Rice, Americas Head of Investment Research February 12, 2016 MULTIFAMILY ON TOP OF THE MARKET 2 MONEY IS FOLLOWING MULTIFAMILY
More informationAEI Center on Housing Markets and Finance Announces Ten Best and Worst Metro Areas to Be a First Time Homebuyer
AEI Center on Housing Markets and Finance Announces Ten Best and Worst Metro Areas to Be a First Time Homebuyer Edward Pinto and Tobias Peter November 28th, 2018 New AEI study ranks 50 metros by home price
More informationSafe Harbor Caution Concerning Forward-Looking Statements Non-GAAP Financial Measures Important Information For Investors And Shareholders
February 13, 2014 Safe Harbor Caution Concerning Forward-Looking Statements Certain statements in this communication regarding the proposed acquisition of Time Warner Cable Inc. ( Time Warner Cable ) by
More informationCOMMERCIAL. first look
CCRSI RELEASE AUGUST 213 (With data through June 213) COMMERCIAL REAL ESTATE PRICES SEE MIDYEAR SURGE WITH STRONGEST QUARTER RLY INCREASE SINCE 211 RECOVERY BROADENS AS GENERAL COMMERCIAL SEGMENT EDGES
More informationWall Street and Commercial Real Estate
Wall Street and Commercial Real Estate Everett Allen Greer Director of Research December 04, 2008 Goals of Presentation Two Fundamentals of Real Estate CMBS / CDO / REIT / CDS Industries Size / Yield /
More informationPerspectives on U.S. real estate investment
Perspectives on U.S. real estate investment Looking ahead in 2017 Sean Coghlan Director, Investor Research April 7, 2017 The past year s headlines have been unsettling in impact, frequency and market reaction
More informationAre You as Diversified as You Think?
Are You as Diversified as You Think? A BERKSHIRE RESEARCH VIEWPOINT August 2017 Are You as Diversified as You Think? A BERKSHIRE RESEARCH VIEWPOINT August 2017 2 EXECUTIVE SUMMARY As the U.S. business
More informationMacroeconomic Overview: The Sunbelt Continues To Shine. Michael Cohen Director of Advisory Services Property & Portfolio Research ULI SOUTH CAROLINA
Macroeconomic Overview: The Sunbelt Continues To Shine Michael Cohen Director of Advisory Services Property & Portfolio Research Macro Trends A THREE-SPEED WORLD AND A RECESSION IN THE EUROZONE 4% Real
More informationMultifamily Investing: Expectations, Realities, Assessment of Conventional Wisdoms
REACH RESEARCH RESULTS Multifamily Investing: Expectations, Realities, Assessment of Conventional Wisdoms July 2016 James Halliwell, Managing Director Principal Real Estate Investors PROPERTY SALES VOLUME
More informationCounty of Sonoma Agenda Item Summary Report
Revision No. 20151201-1 County of Sonoma Agenda Item Summary Report Agenda Item Number: 31h (This Section for use by Clerk of the Board Only.) Clerk of the Board 575 Administration Drive Santa Rosa, CA
More informationMultifamily Debt Market
H U N T M O R T G A G E G R O U P Multifamily Debt Market Hayley Suminski Originator, Boston Office Multifamily Debt Market Asset Types 1. Conventional & Coop 2. Manufactured Housing 3. Seniors Housing
More informationROBERTA WYN, STEPHANIE TELEKI, AND E. RICHARD BROWN
Differences in Access to Health Care Among The Moderate- and Low-Income Population Across Urban Areas ROBERTA WYN, STEPHANIE TELEKI, AND E. RICHARD BROWN Urban areas in the United States vary widely in
More informationEmployee Benefits Alert
Legal & Research Group Benefits Alert Issue No. 24 October 2004 Benefits Brokerage & Consulting Services Rx Purchasing Coalition HR Consulting Data Analysis Benefits Administration Retirement Services
More informationAnalysis Based on U.S. County Business Patterns. June Part of the Kiva Visa Partnership for U.S. Small Businesses
KIVA AND VISa study of small business trouble spots Analysis Based on County Patterns June 2011 Part of the Kiva Visa Partnership for Small es research objectives research objectives In late 2010, Visa
More informationCapital Markets and Commercial Real Estate
Capital Markets and Commercial Real Estate Everett (Allen) Greer October 18, 2011 Long Island, NY Goals of Presentation Disclaimers Market Drivers Economy, Interest Rates Capital Market Trends - CMBS,
More informationThe U.S. and California Is The Recovery Here at Last? UCLA Anderson School of
The U.S. and California Is The Recovery Here at Last? Jerry Nickelsburg Senior Economist UCLA Anderson Forecast State of the County January 20, 2010 SEPTEMBER 2008 In September 2008 Financial Markets Stopped
More informationInvesting in a Volatile Market
Investing in a Volatile Market RCLCO Institutional Advisory Services March 2016 Robert Charles Lesser & Co. Real Estate Advisors rclco.com Price Index, All Equity REITs % REIT Markets are Recently Volatile:
More informationDUKE REALTY Investor Presentation October 2008
1 DUKE REALTY Investor Presentation October 2008 Forward-Looking Statement When used in this presentation, the word believes, expects, estimates and similar expressions are intended to identify forward-looking
More informationAvison Young U.S. National Industrial Capital Markets
Avison Young U.S. National Industrial Capital Markets Mid-Year 017 Spotlight - Foreign Investment in U.S. Capital Markets June 017 Erik Foster Principal, Practice Leader U.S. Industrial Capital Markets
More informationWhat Lies Ahead? Georgia State University. Wednesday, May 14, 2008
U.S. Lodging Horizon 2008 What Lies Ahead? Economic Forecasting Center Georgia State University Wednesday, May 14, 2008 Mark.Woodworth@pkfc.com com Presentation Outline I. The Economy II. Current Horizon:
More informationWall Street and Commercial Real Estate
Wall Street and Commercial Real Estate Everett Allen Greer Director of Research October 22, 28 Goals of Presentation Two Fundamentals of Real Estate CMBS / CDO / REIT Industries Size / Impact of Capital
More informationU.S. Commercial Real Estate Valuation Trends
The NAIC s Capital Markets Bureau monitors developments in the capital markets globally and analyzes their potential impact on the investment portfolios of U.S. insurance companies. A list of archived
More informationSTRONG MARKET FUNDAMENTALS SUPPORT BROAD PRICE GAINS IN MAY
CCRSI RELEASE JULY 2014 (With data through MAY 2014) STRONG MARKET FUNDAMENTALS SUPPORT BROAD PRICE GAINS IN MAY VALUE-WEIGHTED U.S. COMPOSITE PRICE INDEX APPROACHES PRERECESSION PEAK LEVELS This month's
More informationWhere are the Missing Households and When Will They Show Up?
Where are the Missing Households and When Will They Show Up? April 29 2014 Calvin Schnure Senior Economist and Vice President, Research and Industry Information National Association of Real Estate Investment
More informationComprehensive Real Estate Counseling and Valuation Services
Comprehensive Real Estate Counseling and Valuation Services Integra Realty Resources, Inc. specializes in commercial real estate consulting and valuation assignments. IRR s valuers and counselors are among
More informationMEETING OF THE WQA ADMINISTRATIVE/FINANCE COMMITTEE
MEETING OF THE WQA ADMINISTRATIVE/FINANCE COMMITTEE TO BE HELD ON TUESDAY, MARCH 12, 2013 AT 12:00 P.M. AT 1720 W. CAMERON AVE., SUITE 100, WEST COVINA, CA 91790 AGENDA WQA Committee Members: Watermaster
More informationInvestor Presentation. March 2017
Investor Presentation March 2017 1 Safe Harbor Disclosure Regarding Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities
More informationSector series: Outlook for US office - changing occupier trends
Real Estate Sector series: Outlook for US office - changing occupier trends February 2019 Executive summary Demand for office space has declined on a per capita basis over the past four cycles Technological
More informationEmerging Trends in Real Estate Navigating at Altitude
Emerging Trends in Real Estate 2018 Navigating at Altitude Emerging Trends in Real Estate 2018 Navigating at Altitude We are in a long cycle, not in boom/bust. The key to the next few years is to expand
More informationEmployee Benefits Alert
Employee Benefits Alert Issue 110 June 2007 The Massachusetts Health Care Reform Act: What s an Employer to Do? The Massachusetts Health Care Reform Act became law in April 2006; the July 1, 2007 effective
More informationU.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE
AEW RESEARCH U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE Q4 2017 AEW RESEARCH U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE Q 4 2017 1 Prepared by AEW Research, December 2017 This material is intended for
More informationEmployee Benefits Alert
Employee Benefits Alert September 2005 Issue No. 48 Health Saving Accounts: Comparability Rules The IRS and Treasury recently published proposed regulations concerning the comparability rules for employer
More informationU.S. Economic and Real Estate Overview INSIDE:
INSIDE: MEPT s Operating Portfolio Surpasses 93 Percent Leased Urban Multi-family and CBD Office Assets Drive Fund Appreciation FIRST QUARTER OCTOBER 2005 VOLUME 20, NUMBER 3 FIRST QUARTER APRIL 2013 VOLUME
More informationMetroMonitor Tracking Economic Recession and Recovery in America s 100 Largest Metropolitan Areas
MetroMonitor Tracking Economic Recession and Recovery in America s 100 Largest Metropolitan Areas Howard Wial and Richard Shearer June 2011 (Updated on June 24, 2011) With job growth slowing and housing
More informationAbout KBS. One of the Top Office Owners Globally National Real Estate Investor, 4 th Quarter 2017*
About KBS One of the Top Office Owners Globally National Real Estate Investor, 4 th Quarter 2017* All of the offerings available through KBSDirect.com made by issuers sponsored by KBS Holdings LLC. The
More informationL&B Realty Advisors, LLP Client Focused. Performance Driven. US Property Investment 5 Ws and 1 H
L&B Realty Advisors, LLP Client Focused. Performance Driven US Property Investment 5 Ws and 1 H November 2017 Presenter Biography Eric R. Smith, Executive Vice President, Business Development Mr. Smith
More informationCOMMERCIAL REAL ESTATE PRICES MIXED: GENERAL COMMERCIAL SECTOR GAINS MOMENTUM WHILE INVESTMENT GRADE SEES SEASONAL DIP
APRIL 2012 CCRSI RELEASE (With data through February 2012) COMMERCIAL REAL ESTATE PRICES MIXED: GENERAL COMMERCIAL SECTOR GAINS MOMENTUM WHILE INVESTMENT GRADE SEES SEASONAL DIP SLOW BUT STABLE PRICING
More informationInvestor/Analyst Day Orange County, California August 12, 2010
Investor/Analyst Day Investor/Analyst Day Orange County, California August 12, 2010 Keith Guericke President & CEO Essex Skyline at MacArthur Place Pool Deck 2 Forward Looking Statement SAFE HARBOR STATEMENT
More information