The systematic acquisition of real estate properties over time is unquestionably
one of the surest means of accumulating wealth. While building a
respectable real estate portfolio is a process that can take months, or even
years, the patient and diligent investor enjoys a high probability of earning
above-average returns for his or her efforts. Careful analysis, however, is
required for each and every property considered. Proper analysis is not limited
to a simple review of the property’s condition and location. To be successful
in this business requires a more exhaustive approach....
On behalf of its clients, PGGM Investments manages
several real estate investment portfolios structured
around listed real estate and private real estate.
PGGM Investments recognizes the impact real estate
has on the environment as well as on societal
systems, for instance with regard to CO2 emissions.
This document addresses PGGM Investments’ policy
on integrating material environmental, social and
governance (ESG) issues into our real estate
investments. The scope of this policy covers both
the listed and the private real estate portfolios.
Property transactions data for private real estate portfolio managers are obtained from the
National Council of Real Estate Investment Fiduciaries (NCREIF), which collects transaction-level
data for for private entities (primarily pension funds). For a private pension fund, having one’s
properties be part of NCREIF’s portfolio is generally considered highly desirable, in that this gives
the fund prestige.
The starting point for this document was a review of literature
on the creative sector and community change guided by Mark
Stern and Susan Seifert from SIAP. Next, staff from TRF
interviewed people involved in community development and
cultural activity in Philadelphia and Baltimore, two cities that
exemplify the plight of post-industrial urban centers. We then
examined the arts and culture-related investments within TRF’s
portfolio and reflected on how those investments relate to TRF’s
model of investor-driven change. ...
Several filers cited subjects for providing misleading information about real estate
securities or securitized commercial mortgages. One filer cited a former Chief
Executive Officer (CEO) for failing to disclose investment risks in certain CDOs,
CMOs and trust preferred securities. The CEO had managed the investment
portfolio, supposedly with a “very high” rate of return, and received large bonus
payments. Later, the filer determined the CEO had misled bank management about
In this study, we make use of a complete dataset of property trades by institutional-grade
REITs who are legally mandated to report such trades to the SEC in their 10-K and 10-Q reports,
thus providing both complete trading information and eliminating selection bias. We augment
this information with a dataset of property trades made by portfolio managers of private entities,
such as commingled real-estate funds, who have legally committed to disclose this information to
a private data collector under a strict non-disclosure agreement.
The view that a midwife is the expert in normal pregnancy is not new
but the context within which midwifery is practised has changed over
the years. From the early 1960s the most usual place to give birth
moved from being a woman’s home to hospital settings and the
majority of women now give birth in hospital. In recent years larger
tertiary maternity units have been developed, housing a range of
specialised services, and there has also been an increase in the number
of midwife-led units.
The issue of the equilibrium level of credit in the economy is addressed in the liter-
ature from di®erent perspectives. Several papers use theoretical models to analyze the
equilibrium level of credit over business cycles by identifying phases of credit rationing
or credit booms (Kiyotaki and Moore, 1997; Azariadis and Smith, 1998; Lorenzoni,
2008). In the similar spirit, DSGE models have been used recently to analyze the
asymmetry in the behavior of borrowers and lenders in reaction to structural, and in
particular ¯nancial shocks (Iacoviello, 2005; Gerali et al., 2010)....
An investor is a party that makes an investment into one or more categories of assets --- equity, debt securities, real estate, currency, commodity, derivatives such as put and call options, etc. --- with the objective of making a profit. Inviduals Organizations: Financial entities including Brokerages, Banks, Funds…
Since real estate — like the stock market — tends to ride out its up and downs well, providing
good long-term results, record numbers of people have been buying second properties as
investments. Purchases have risen 25% over the last five years to $50 billion and are expected
to reach $150 billion by 2005. In fact, forecasters expect Americans to purchase 3.6 million
second homes over the next 10 years.
The process of bank deleveraging is expected to increase in 2012 with
a pipeline of opportunities, such as large loan portfolios, continuing
to materialize. With bank capital structures supported through
unconventional means, it may require a further uncontrolled external
shock to significantly accelerate the deleveraging process. Opportunities
for investors will, however, continue to emerge with capital strategy
expected to be a key driver of an increase in transaction activity.
Equity issues, as well as international economic competitive-
ness considerations, may require that certain measures be
anchored in regional or international agreements, while other
policies can be implemented unilaterally. As a result, a key
issue is the extent to which any particular measure might
require or benefit from “common action” and what form such
action might take.
It is not easy to give a clear definition of real assets. The equivalent German
term Sachwert refers only to the reproduction value (replacement cost) of a
good. In an investment concept, a real asset is defined as a good that is
independent from variations in the value of money.
This definition alone
provides sufficient motive for the integration of real assets in portfolios. In times
of high inflation, real assets should protect financial resources against loss of
It is by no means clear what goods should be included in the real assets group.
Real assets definitely play a significant part in the portfolios of both private and
institutional investors. The magnitude of the capital and current investments in
real assets can, however, be only roughly estimated as investors – as described
– can choose different forms of investment, the market volume of which is often
not transparent. The purpose of the investment is also not always clear. For
instance, an owner-occupied property is certainly a real asset investment.
However, the house owner does not necessarily purchase or build a home with
the aim of making a profit.
In view of risks described and the generally rather complex trends of the
relevant markets, a well-informed investor is a prerequisite for an investment in
real assets. For example, the selection and management of a real asset portfolio
necessitates extensive knowledge of the markets concerned and, in some
circumstances, operative capabilities. From the investor’s point of view, lack of
expertise is often a barrier to the choice of appropriate investments.
Using the property transaction data, we compute manager-specific characteristic timing and
characteristic selectivity measures. We use property portfolio index returns at a CBSA level, a state
level, a divisional level, a regional level and at the whole national level. The resulting characteristic
timing and characteristic selectivity measures suggest that the vast majority of both public REIT
and private portfolio managers possess little or even negative ability to successfully time their
investments vis a vis the market regardless of the level of benchmark specialization.
The contribution of our paper to the existing literature is threefold. First, our work contributes
to the large literature exploring the generation of abnormal returns by portfolio managers. In
exploring beyond the abilities of mutual fund managers to generate trading profits in public markets,
our work contributes to an emerging literature that attempts to generate a systematic view of how
potential trading profits are made in alternative asset markets (see e.g.
“ as a founding member of Greenprint,
RREEF Real Estate has and continues
to play a leadership role in defining the
metrics that Greenprint will collect in
future reporting rounds, and how the
reporting process can be increasingly
automated, transparent, and
compatible with the established set of
portfolio management tools widely used
in the commercial real estate industry.”
“ We believe that sustainability,
environmental quality, and resource
consumption present risks that should
be managed by the same structure and
process as are other risks. as a leader in
the real estate industry, we are dedicated
to increasing building performance
throughout our portfolio of properties.”