Real Estate Fund Management Non Listed Funds And The Risk Reward Space
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Real Estate Fund Management Non Listed Funds And The Risk Reward Space
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Author : Tim Schabsky
language : en
Publisher: GRIN Verlag
Release Date : 2013-08-12
Real Estate Fund Management Non Listed Funds And The Risk Reward Space written by Tim Schabsky and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-12 with Business & Economics categories.
Seminar paper from the year 2013 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, Cass Business School, language: English, abstract: This essay examines the ability of investors to take desired positions in the risk-reward space by building a portfolio of non-listed funds of different investment styles. The question is examined from the viewpoint of a major institutional investor not subject to meaningful capital constraints. While it is acknowledged that there might be significant practical barriers when implementing the desired portfolio strategy, the essay focuses on the basic theoretical viability. The latest research on non-listed property fund performance was drawn upon. Furthermore, data from the Association of Real Estate Funds (AREV), the European Association for Investors in Non-Listed Real Estate Vehicles (INREV) and the Investment Property Databank (IPD) was used for illustrative purposes. To begin with, a brief introduction to non-listed funds and the concept of risk and reward is given. Subsequently, the methodologies applied by AREF and INREV to classify non-listed property funds are illustrated. Thereafter, the historic performance achieved by different styles is discussed. Then, factors determining the INREV style classifications are compared with the performance drivers identified by recent research. The findings are summarized in the last section.
The Handbook Of Real Estate Portfolio Management
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Author : Joseph L. Pagliari
language : en
Publisher: McGraw-Hill
Release Date : 1995
The Handbook Of Real Estate Portfolio Management written by Joseph L. Pagliari and has been published by McGraw-Hill this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.
Spurred by the passage of ERISA in 1974, the ownership and management of commercial real estate has shifted from deal-driven entrepreneurs to strategic institutional investors. This shift, which shows little sign of abatement, has revolutionized the real estate industry, as pension funds, insurance companies, and other institutional investors continue to dominate real estate investment activities - and realize the risk-return enhancing characteristics of mixed-asset portfolios.
The Complete Guide To Investing In Reits Real Estate Investment Trusts
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Author : Mark Gordon
language : en
Publisher: Atlantic Publishing Company
Release Date : 2008
The Complete Guide To Investing In Reits Real Estate Investment Trusts written by Mark Gordon and has been published by Atlantic Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
Currently, there are nearly 200 publicly traded real estate investment trusts (more commonly referred to as REITs) in operation in the United Sates with a combined $500 billion in assets. An estimated two-thirds of REITS are traded on national stock exchanges. A REIT is a real estate company that offers its shares to the public. By doing so, a REIT stock becomes like any other stock that represents the holder s ownership in a business. However, REITs have two distinct features: REITs manage groups of income-producing properties and must distribute 90 percent of profits as dividends. The Complete Guide to Investing in REITs will teach you everything you need to know about REITs and how you can earn high rates of return. In this book, you will learn about publicly and privately held REITs, Net Asset Value (NAV), Adjusted Funds From Operations (AFFO), Cash Available for Distribution (CAD), the benefits associated with REITS, dividend reinvestment programs (DRiPs), capitalization rate, equitization, leverage, positive spread investing, securitization, and straight-lining. You will also learn about equity, mortgage, and hybrid REITs and the more specific types, including residential, office, industrial, and retail. The Complete Guide to Investing in REITs will walk you through finding the appropriate REIT for you. This book will also teach you how to manage your REIT, how to limit your personal risk, how to understand REIT performance, and how to analyze REITs. By reading this book, you will know and understand the pitfalls of investing in REITs, you will know how REITs behave as an investment class and how to best integrate them into your portfolio, and you will know what economic issues affect real estate and the effects these have on REITs. This book is not merely for the novice investor who wants to learn everything possible about real estate investment trusts; professional investors, financial planners, and investment advisors will also find valuable information in this book. Ultimately, The Complete Guide to Investing in REITs will help you stabilize and grow your portfolio and earn high rates of return by providing you with vital information and practical guidance. Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president's garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice. Every book has resources, contact information, and web sites of the products or companies discussed.
Asset Management Handbook For Real Estate Portfolios
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Author : R. M. Santucci
language : en
Publisher: Xlibris Corporation
Release Date : 2013-10
Asset Management Handbook For Real Estate Portfolios written by R. M. Santucci and has been published by Xlibris Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10 with Reference categories.
The Asset Management Handbook is divided into three phases. Chapters 1 through 3 are conceptual introductions. Chapters 4, 5, 6 and 7 get into the "meat" of the policies and techniques of evaluating the capital needs of your property over the next 40 years. Chapters 8 and 9 help you identify which properties are doing well and which are the most threatened. What action should you take? What are the standard preservation and rejuvenation options available to a real estate portfolio manager? What is Asset Management? People are more accustomed to thinking about asset management of money or stocks or a package of annuity and savings accounts. Real estate asset management is a slower, longer term process. The properties in your portfolio, especially in affordable housing, have life cycles of 30, 40 or infinite time periods. Most nonprofit owners are not interested in selling to capture any appreciation on their properties. Their goal is to provide housing for the foreseeable future as long as the asset can perform. Many nonprofits and mid size property owners do not have a dedicated asset manager. It is extraordinarily important that someone take on that long-term analysis, be it for 10%, 25% or 50% of a full time employee. The next step is to benchmark your properties. How are you doing compared to the world? Not just on straight bottom line consideration, but how about in human services? Have you saved sufficient money to replace the roof or add the sprinklers that will be required at the next renovation? The Asset Management Handbook provides well-established objective criteria for 25 different variables. We've seen participants in the asset management practicum expand that up to 40 variables to analyze on an annual basis. We'll see how benchmarking and risk ranking of your portfolio are essential first steps in establishing its viability and needs. Capital Needs and Their Funds. In this "meat" of the manual, we walk you through essential policies that define how your properties will operate over the long term. We show how policies made by lenders, bankers and other short term partners can be self destructive and damaging to property owners holding for the long term. First example of the dichotomy, the lender is suggesting the reserve is sufficient when two years after their loan matures, the property will require $4 million of replacement expenditures. This is fine for investment property held for resale. You just flip it and get down the road. Most affordable housing owners do not consider selling the property as a positive outcome. Even if you've never performed a property inspection before, the Handbook offers you easy methods of counting and sorting components into well established remaining economic lives Then it is on to the massive spreadsheet that calculates the future need and the various waves in which it will appear. Exterior paint first, then roofs, windows and doors, and kitchens and baths follow and then it starts all over again. Most capital needs assessments performed by third parties make financial assumptions that are untenable. Their interest rates on earnings are overstated and their inflation rate on the components are generally understated leaving you with significant shortfalls, even if you have escrowed according to directions. We will keep you out of that trap, showing you the realistic funds that are required and the time periods when the inevitable refinancing windows will occur. Risk and Solutions. In the final section, we evaluate your primary risks. Which properties should you address first? Which properties have the strength and energy to function on their own? Then what should you do about it? Refinance? Renegotiate? Value engineer? Raise rents? In the foot race, the runner is always caught by the tsunami of required replacements. It is just a fact of the business that every 20 to 30 years you've got to re-invest a significant amount of money
The Endowment Model Of Investing
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Author : Martin L. Leibowitz
language : en
Publisher: Wiley
Release Date : 2010-02-25
The Endowment Model Of Investing written by Martin L. Leibowitz and has been published by Wiley this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-25 with Business & Economics categories.
A cutting-edge look at the endowment model of investing Many larger endowments and foundations have adopted a broadly diversified asset allocation strategy with only a small amount of traditional U.S. equities and bonds. This technique, known as the "endowment model of investing," has demonstrated consistent long-term performance and attracted the attention of numerous institutional and individual investors. With The Endowment Model of Investing Leibowitz, Bova, and Hammond take a closer look at the endowment model with customary research sophistication and attention to detail. Throughout the book, they examine how the model provides truly outstanding real returns, while keeping a close eye on the risks associated with this method of investing. Along the way, the authors offer practical advice on incorporating the endowment model into your own investment endeavors and reveal what it takes to make this method work in the real world. Details the growing debate about the endowment model of investing and discusses how to use it successfully Written by an authority on endowment investing and non-traditional asset allocation strategies Offers expert insights on understanding risk and return in non traditional asset allocation If you want to gain a better grasp of one of the most successful forms of investing, then The Endowment Model of Investing is a book you need to read.
Global Property Investment
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Author : Andrew E. Baum
language : en
Publisher: John Wiley & Sons
Release Date : 2012-01-17
Global Property Investment written by Andrew E. Baum and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-17 with Business & Economics categories.
Developments in the sophistication of global real estate markets mean that global real estate investment is now being executed professionally. Thanks to academic enquiry, professional analysis and entrepreneurial activity, backed by the globalisation of all investment activity, there is now an available body of material which forms the basis of this scholarly but practical summary of the new state of this art. The measurement, benchmarking, forecasting and quantitative management techniques applied to property investments are now compatible with those used in other asset classes, and advances in property research have at last put the ongoing debate about the role of real estate onto a footing of solid evidence. The truly global scope and authorship of this book is unique, and both authors here are singularly well qualified to summarise the impact and likely future of global innovations in property research and fund management. Between them, they have experienced three real estate crashes, and have observed at first hand the creation of the real estate debt and equity instruments that led to the global crisis of 2008-9. Global Property Investment: strategies, structure, decisions offers a unique perspective of the international real estate investment industry with: a close focus on solutions to real life investment problems no excessive theoretical padding a target of both students and professionals highly qualified dual-nationality authorship With many cases, problems and solutions presented throughout the book, and a companion website used for deeper analysis and slides presentations (see below), this is a key text for higher-level real estate students on BSc, MSc, MPhil and MBA courses worldwide as well as for practising property professionals worldwide in fund management, investment and asset management, banking and real estate advisory firms.
The Intelligent Reit Investor
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Author : Stephanie Krewson-Kelly
language : en
Publisher: John Wiley & Sons
Release Date : 2016-08-10
The Intelligent Reit Investor written by Stephanie Krewson-Kelly and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-10 with Business & Economics categories.
The go-to guide for smart REIT investing The Intelligent REIT Investor is the definitive guide to real estate investment trusts, providing a clear, concise resource for individual investors, financial planners, and analysts—anyone who prioritizes dividend income and risk management as major components to wealth-building. The REIT industry experienced a watershed event when Standard & Poors created a new Global Industry Classification Standard (GICS) sector called Real Estate. Publicly traded equity REITs have been removed from Financials, where they have been classified since their creation in 1960, and have begun trading as their own S&P Sector. This separation from banks and financial institutions has attracted new investors, but REITs require an industry-specific knowledge that is neither intuitive nor readily accessible to newcomers—until now. Using straightforward language and simple example to illustrate important concepts, this book will enable any reader to quickly learn and understand the lexicon and valuation techniques used in REIT investing, providing a wealth of practical resources that streamline the learning process. The discussion explains terminology, metrics, and other key points, while examples illustrate the calculations used to evaluate opportunities. A comprehensive list of publicly-traded REITs provides key reference, giving you access to an important resource most investors and stockbrokers lack. REITs are companies that own or finance commercial rental properties, such as malls and apartment buildings. Despite historically high total returns relative to other investments, such as the Nasdaq or S&P 500 index, most investors are unfamiliar with the REIT industry, and wary of investing without adequate background. This book gets you up to speed on the essentials of REIT investing so you can make more informed—and profitable—decisions. Understand REITs processes, mechanisms, and industry Calculate key metrics to identify suitable companies Access historical performance tables and industry-specific terminology Identify publicly-traded REITs quickly and easily REITs have consistently outperformed many more widely known investments. Over the past 15-year period, for example, REITs returned an average of 11% per year, better than all other asset classes. Since 2009, REITs have enjoyed positive returns; large cap stocks and cash are the only other classes that paralleled that record. Even in 2015, a 'year of fear' related to rising rates, REITs returned 2.4%, beating most all other asset classes. REITs have a long history (over fifty years) of performance, and have entered the big leagues. If you feel like you've been missing out, don't keep missing out. Prepare yourself, and your portfolio, to benefit from the demand for REITs that have followed the creation of a Real Estate GICS sector. The Intelligent REIT Investor gives you the information you need to invest wisely and manage your real estate risk effectively. By maintaining a tactical exposure in the brick and mortar asset class, investors should benefit from the information contained in The Intelligent REIT Investor. Join the REIT world and look forward to owning stocks that will help you to sleep well at night.
Real Estate Portfolio Management
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Author : Brian R. Bruce
language : en
Publisher: Irwin Professional Publishing
Release Date : 1991
Real Estate Portfolio Management written by Brian R. Bruce and has been published by Irwin Professional Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Business & Economics categories.
Commercial Real Estate Investment
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Author : Andrew Baum
language : en
Publisher: Taylor & Francis
Release Date : 2009-10-26
Commercial Real Estate Investment written by Andrew Baum and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-26 with Technology & Engineering categories.
* Author of high repute, both in academia and business * Clearly written, accessible and completely revised for investors, managers, advisors and students * Highly topical in today’s challenging market conditions This book uniquely combines academic literature and practical experience to provide a straightforward and integrated view on global real estate investment for pension funds, other institutions and professionals, particularly in the UK. The book is divided into three sections. Part One describes the market, the industry and the investment vehicles available, as well as a performance history of UK real estate as an asset class. Part Two discusses the property investment process and the tools required to develop excellence in executing that process. Part Three provides material for debate about the likely changes over the short and medium term. Designed for practitioners facing the tough global market challenges, this book provides a fascinating read for fund managers, investors, banking staff, property advisors and students.
Investing In Reits
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Author :
language : en
Publisher:
Release Date : 2012
Investing In Reits written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Real estate investment trusts categories.
"The consistency of REITs' earnings and their high dividend yields, together with the low correlation of REIT stock prices with prices of other asset classes, make real estate investment trusts a unique opportunity for investors. Drawing on more than thirty years of successful investing experience with REITs, Ralph L. Block has created the ultimate REIT guide. This fully updated fourth edition explains the ins and outs of this attractive asset class for investors, as well as financial planners and investment advisers, to find what they need to know. The new edition covers the changes in the real estate market and how the volatility of commercial real estate prices can affect REITs. This new edition offers the following: How to spot blue-chip REITs and control investment risk How REITs compare with other investments How to build a diversified REIT portfolio, directly or with REIT mutual funds Understanding the risk-and-reward dynamics of commercial real estate How to invest in non-US REITs Important new developments and strategies in the REIT industry "--Provided by publisher.