Pension Funds: Why Real Estate?
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- Marybeth Shona Harris
- 5 years ago
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1 Pension Funds: Why Real Estate? Proven performance of real estate over the past decade across all property types Need for higher yields due to aging baby-boomer population Worldwide appeal due to greater information and research, plus increased transparency Portfolio diversification and appreciation potential Consistent cash flow Source: Reznick Group
2 Private Equity Funds Fund Type Yield Expectations Core 7-10% Core-Plus 10-13% Value-Added 14-17% Real Estate Hedge Funds 12-15% Mezzanine Debt 15-18% Opportunistic 17-20% Sources: Ernst & Young, Reznick Group
3 Blackstone Currently raising in excess of $10 billion for a new opportunistic fund on the heels of raising $5 billion in In, acquired Carr America for $ 5.6 billion (equity and dept assumed) In, acquired Trizec Properties (with Brookfield Properties) for $8.9 billion In the past three years, has gobbled up more than $20 billion worth of hotel companies including MeriStar Hospitality, Wyndham International, La Quinta, Extended Stay and Boca Resorts Last month, acquired EOP for $39 billion (equity and dept assumed) and simultaneously sold off over $21 billion of the EOP portfolio Just recently, they filed to go public and sell a 10% stake in its management partnership, for $4 billion. Source: Reznick Group
4 An Interesting Perspective : A record 20 public REIT M&A deals totaling $34 billion and early : The total price paid for all eight REIT privatizations in (a record year) plus the Trizec Properties and Carr America transactions (closed in ) was slightly over $38 billion Last month: Blackstone acquired Equity Office Properties for $39 billion (equity and assumed dept) Prior to the EOP acquisition, the largest REIT M&A transaction on record was the General Growth acquiring Rouse Co. for $12.6 billion in Source: Reznick Group
5 Private Equity Funds Privatizing REITs Private Equity Fund Perspective: Larger targets; less competition Arbitrage between the value of a REIT s asset and its stock price Possible development pipelines for a value-added or opportunistic play REIT Management Perspective: Favorable time to sell high demand, high prices High Cost of compliance (Sarbanes-Oxley) Increased operating flexibility Ability to leverage up certain assets Source: Reznick Group
6 Other Significant Trends REITs Launching Private Equity Funds Prologis raised $1.85 billion from a global institutional client base AMB launched a $2.2 billion fund in Japan Globalization of Funds Opportunistic funds are seeking opportunities in Mexico, Latin America, India, Japan and China, where they can get better yields than in the U.S. Funds Going Public KKR raised money in a REIT IPO JER also created a REIT Fund sponsors like Blackstone and Fortress are going public at record multiples International REIT Acquisitions More than 20 countries have thus far passed their own REIT legislation Many funds are privatizing REITs outside the U.S. Source: Reznick Group
7 U.S. Real Estate Returns Average Annual Return, 1997 thru Percent Source: CBRE U.S. Govt. Bonds NASDAQ S&P 500 Russell 2000 NCREIF (Private Real Estate) NAREIT (Public Real Estate)
8 Real Estate Investment Trusts Sector Net Acquisition of Financial Assets US$ Billions Source: Global Insight
9 Biggest REITs Before the Big Buyout* REIT/ Major Properties Prop. Type Recent Price Dividend Yield Net Assets (US$ Bill.) Simon Property Group Shopping Malls $ % $26.7 Vornado Realty Offices $ % $20.3 Equity Office Properties** Offices $ % $19.5 General Growth Properties Shopping Malls $ % $16.9 Equity Residential Apartments $ % $16.4 *Data as of Jan 30, 07 **Before Acquisition Sources: Forbes, Green Street Advisors
10 Small Size REITs Likely Targets for Takeover, According to Forbes* Recent Dividend Net Assets REIT/ Major Properties Prop. Type Price Yield (US$ Bill.) Home Properties Apartments $ % $3.0 Colonial Properties Apartments $ % $2.9 Maguire Properties Offices $ % $2.5 Sunstone Hotel Investors Hotels $ % $1.9 Felcor Lodging Hotels $ % $1.6 *Data as of Jan 30, 07 Sources: Forbes, Green Street Advisors
11 Overall Capitalization Rates By Property Type Rate Industrial Suburban Retail CBD Office Apartment Source: CBRE
12 U.S. Vacancy Rates Industrial vs. Office Space Percent Vacant Industrial Office Sources: CB Commercial, Economy.com
13 U.S. Vacancy Rates Office Space Markets Percent Vacant Downtown Metropolitan Suburban Sources: CB Commercial, Economy.com
14 Industrial Space Demand Absorption vs. Availability SF (Millions) Rate Absorption - L Availability Rate - R Sources: CBRE
15 Office Space Demand Absorption vs. Vacancy SF (Millions) 100 Rate Absorption - L Vacancy Rate - R Sources: CBRE
16 Interest Rates Fed Funds Rate and 10-year Government Bond Percent 8 6 Fed Funds Rate 10-year Government Bond Source: Global Insight
17 Yield Curve 10-year Government Bond Minus Fed Funds Rate Percent Source: Global Insight
18 Corporate Spread Moody s Corporate Aaa Minus 10-year Treasury Bond Percent Source: Global Insight
19 Mortgage Rates United States Rate Year Fixed 15-Year Fixed 1-Year ARM Sources: Freddie Mac, Economy.com
20 1-Month LIBOR London Interbank Offered Rate Rate Sources: Freddie Mac, Economy.com
21 Foreign Purchases of U.S. Securities Net Foreign Purchases US$ Billions Source: Global Insight
22 S&P 500 Yield Dividend / Price Ratio Ratio Source: Global Insight
23 Construction Put in Place Private Residential vs. Private Nonresidential Percent Change, Year Ago Residential Construction Nonresidential Construction Sources: U.S. Census, Economy.com
24 Travel Expenditures Resident and International Travel for United States Percent Change, Year Ago U.S. Resident Travel International Travel Sources: TIA, Economy.com
25 Hotel Occupancy Rate Las Vegas Percent Sources: Las Vegas Convention & Visitors Authority, Economy.com
26 Unsold Inventory Index California Months Supply Sources: CAR, Economy.com
27 Sources: Wall Street Journal
28 Sources: Wall Street Journal
29 Highest Share of Subprime Loans Subprimes as a Percentage of All Loans Metro Percent McAllen, TX 26.8 Memphis, TN 24.0 Sharon, PA 23.1 Miami, FL 23.0 Richmond, VA 22.3 Brownsville, TX 21.6 Merced, CA 21.6 Sumter, SC 20.7 Bakersfield, CA 20.2 Jackson, TN 20.2 Sources: CNN Money, First American Loan Performance
30 Highest Share of Subprime Loans at Least 60 Days Late Percentage of Delinquent Subprime Loans Metro Percent Cleveland, OH 24.9 Detroit, MI 24.6 Jackson, MS 22.7 Jackson, MI 22.0 Youngstown, OH 21.8 Flint, MI 20.7 South Bend, IN 20.3 New Orleans, LA 20.1 Kankakee, IL 20.1 Akron, OK 19.7 Sources: CNN Money, First American Loan Performance
31 Single-Family Housing Starts United States, SAAR Millions Sources: U.S. Census, Economy.com
32 Multi-Family Housing Starts United States, SAAR Thousands Sources: U.S. Census, Economy.com
33 Existing Single-Family Home Sales United States, SAAR Millions Sources: NAR, Economy.com
34 Existing Condo & Co-op Sales United States, SAAR Thousands Sources: NAR, Economy.com
35 Existing Median Home Price Single Family Homes, United States US$ Thousands Home Price (L) % Change, Year Ago (R) Percent Change, Year Ago Sources: NAR, Economy.com
36 Real GDP Growth United States, 2000 Prices Percent Change, Year Ago Sources: Global Insight
37 U.S. Employment Picture Unemployment Rate & Employment Growth Percent Unemployment Rate - L Civilian Employment - R Percent Change, Year Ago Source: Global Insight
38 Recent Transactions. Hospitality Real Estate Lightstone to buy Extended Stay Hotels from Blackstone for $8 billion One of the biggest deals in noncasino hotel deals Blackstone took Extended Stay private back May (paying $1.99 bill. + $1.13 bill. in debt ) Source: Wall Street Journal, April 18, 2007
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