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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



Drawing attention: The strong performance of the U.S. market has attracted investors' notice, but risks remain

Author: Suzanne Franks

It’s not even close: Today, the world’s most powerful economy belongs to the United States. While the nation’s recovery from the 2008 financial crisis isn’t complete, much of the lost ground has been recovered.

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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



Retail turnover: The uneven economic recovery has altered the landscape for retail

Author: Alex Frew McMillan

We all need to eat, and we all need to stay clothed. To the uninitiated, retail real estate seems like an easy defensive play, relatively resistant in any downturn. It is anything but, however, and the Great Recession has laid bare the shortcomings of any managers who thought they could simply buy and hold.

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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



History lesson: Past real estate cycles have important takeaways for today's investors

Author: Blake Eagle

No different from other economic sectors, commercial real estate markets are cyclical — tracking the broader economy, albeit on a lag basis. Economic cycles affect the supply and demand for both the use of commercial real estate (the space market) and for investment in real estate (the asset or capital market).

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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



PACE financing: A primer for real estate investment management professionals

Author: Robert Johnson Jr.

Property assessed clean energy, or PACE, is a new financing mechanism that works like a special assessment district bond, but one that benefits only a specific property. Using PACE, cities and counties promote on-site renewable-energy projects, energy-efficiency upgrades and, in some places, water-efficiency upgrades.

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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



Pulling levers: In competitive real estate capital markets, investors face a challenge

Author: Timothy Bellman

Quantitative easing by the European Central Bank is likely to have global capital market implications, including real estate. We now are contemplating a period in which real estate yields/cap rates may well trend even lower in many markets in the short term. Important changes to the macroeconomic and financial outlooks have emerged over the past six months.

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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



Time-weights for no one: Investors' focus should be on current income, not unrealized gains

Author: Roy Schneiderman

I once heard someone say, “You can’t pay pension benefits with unrealized gains.” But the current market’s focus on benchmarking and, by extension, time-weighted returns may be driving attention to unrealized gains when it would be better to focus on cash to pay benefits.

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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



A call to action: One person's endeavor to help in Nepal

Author: Geoffrey Dohrmann

For the past 14 years, Barbara Cambon and her daughter, Megan, have been spending a good deal of their time in the tiny Himalayan country of Nepal. Barbara and Megan were visiting Nepal when the earthquakes struck at the end of April, and experienced firsthand the devastation, death and destruction these events have wrought on the Nepalese. And, of course, despite the fact you aren’t seeing much anymore on the front page of your newspaper, it’s not yet over for the people of Nepal.

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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



U.S. hotel market sparks big deals

Author: Andrea Waitrovich

U.S. hotels are hot properties this year, with another luxury hotel changing hands recently. Host Hotels & Resorts has acquired the 643-room Phoenician resort in Scottsdale, Ariz., for $400 million.

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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



Pension funds issue RFPs, hire consultants

Author: Zoe Wolff and Andrea Waitrovich

A number of U.S. public pension funds have made decisions regarding their real estate and investment consultants.

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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



CalPERS to decrease number of external managers

Author: Zoe Wolff

The California Public Employees’ Retirement System will be reducing the number of its outside money managers by about 50 percent over the next five years, from 212 to 100.

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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



Property prices go peak to trough to peak again

Author: Loretta Clodfelter

Commercial real estate prices have bounced back following the global financial crisis. According to the Moody’s/RCA Commercial Property Price Indices National All-Property Composite Index, real estate prices are now 10 percent higher than the pre-crisis peak in November 2007.

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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



West Coast properties attract Asian investors

Author: Andrea Waitrovich

Hong Kong–based Gaw Capital Partners is one of a number of investment managers helping Asian investors satisfy their growing appetite for U.S. property. A group led by Gaw Capital has agreed to purchase the 1.52 million-square-foot Columbia Center in Seattle from Beacon Capital Partners.

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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



First quarter sees highest fundraising volume since Q3 2008

Author: Denise DeChaine

A total of 24 private equity real estate funds recorded final closings during first quarter 2015, according to Institutional Real Estate FundTracker.

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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



Improving economy boosts U.S. industrial sector

Author: Loretta Clodfelter

As the U.S. economy has improved during the past few years, so has the industrial sector — the warehouses where so much economic activity is housed.

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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



Data Bank: $46b projected to flow to real estate

U.S. investors are projected to commit $46 billion in new capital this year, slightly below the previous year’s projection, according to the 2015 Institutional Real Estate Trends report, an annual investor survey conducted by Kingsley Associates and Institutional Real Estate, Inc.

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Institutional Real Estate Americas

July 1, 2015: Vol. 27, Number 7



PACE models in practice

Author: Robert Johnson Jr.

Across the United States, PACE program design and administration vary widely. All programs involve a public-private partnership.

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