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When Main Street Meets Wall Street: The History and Development of the REIT and CMBS Markets

Author: Institutional Real Estate, Inc.
Year: Copyright 2011
List Price
$99.00
IREI Subscriber Price
$89.10

A look at the history and development of the REIT and CMBS markets, the advantages and disadvantages of the public marketplace, and the prospects for the future of real estate securitization.


Table of Contents

Real Estate Investment Trusts 2
  What Is a REIT? 2
  Types of REITs 2
  What Qualifies as a REIT? 2
Going Public     3
  The Rationale 3
  Advantages and Disadvantages 3
  Operations   3
  Board of Directors and Staff 4
History of the REIT Market 4
  Taking It to the People 4
  Let Bygones Be Bygones 5
  1993-1995: Beginning of the Modern REIT Era 6
  1996-1997: High-Performance Vehicle 7
  1998-1999:Choppy Waters 7
  2000-2001: Smooth Sailing 8
  2002: Staying Afloat 9
  2003-2004: A Viable Asset Class 9
  2005: Eye of the Storm 10
  2006: Gaining Ground 10
  2007: Undervalued 10
  2008: Uncertain Times 11
  2009: Landing on Their Feet 11
  2010: 50 Years Strong 12
REITs as an Investment Vehicle 12
  Ownership   12
  Benefits   13
  Long-term Performance 13
The Future     14
  Room to Grow 14
  Primed for Growth 14
REIT Directory   16
Commercial Mortgage-Backed Securities 22
  What are CMBS? 22
  Advantages of CMBS 22
  Ratings   22
  Credit Enhancement 23
  Loan Structure 24
  The CMBS Conduit 25
History of the CMBS Market 25
  In the Beginning 25
  The Early 1990s 26
  Breaking Through 26
  Rolling in the Dough 26
  Crashing to Earth 27
The Future     27
  Back to Basics 27
  Market Drivers 27
Glossary of Terms   30
About Institutional Real Estate, Inc. 38