The 2012 Spring Editorial Advisory Board meeting of The Institutional Real Estate Letter – North Americaconvened in mid-April in Laguna Beach, Calif., at The Montage Resort, where members gathered to discuss the challenges and opportunities in today’s institutional real estate investment marketplace. Attendees at the meeting included 33 investors (pension funds, endowments, foundations, life companies), 38 representatives from the publication’s sponsor firms (primarily investment managers), 12 consultants, eight Institutional Real Estate, Inc. staff members and three guests.

“The money” at this year’s meeting — the institutional investor members of the editorial board who collectively represent $174.9 billion in real estate assets — spoke candidly about their real estate portfolios, their outlook on market fundamentals and the industry best practices they’re trying to implement. Their comments, along with co