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  • Four Quadrants of Real Estate Investing: Equity Debt

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    invmgt
    35 просмотров5 страниц
    The document outlines the four quadrants of real estate investing: private equity, private debt, public equity (REITs), and public debt (CMBs). It then compares private and public real estate, noting that private real estate involves direct ownership through various entities with limited liquidity and appraisal-based pricing, while public real estate involves investing in publicly-traded REITs with daily market pricing and potential short-term volatility unrelated to underlying asset performance. Charts show that while REIT returns can differ from private real estate in the short-term, they tend to track over the long-run.

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    Оригинальное название

    Four Quadrants

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    The document outlines the four quadrants of real estate investing: private equity, private debt, public equity (REITs), and public debt (CMBs). It then compares private and public real estate, noting that private real estate involves direct ownership through various entities with limited liquidity and appraisal-based pricing, while public real estate involves investing in publicly-traded REITs with daily market pricing and potential short-term volatility unrelated to underlying asset performance. Charts show that while REIT returns can differ from private real estate in the short-term, they tend to track over the long-run.

    Авторское право:

    Attribution Non-Commercial (BY-NC)
    Скачайте в формате PPT, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    35 просмотров5 страниц

    Four Quadrants of Real Estate Investing: Equity Debt

    Загружено:

    invmgt
    The document outlines the four quadrants of real estate investing: private equity, private debt, public equity (REITs), and public debt (CMBs). It then compares private and public real estate, noting that private real estate involves direct ownership through various entities with limited liquidity and appraisal-based pricing, while public real estate involves investing in publicly-traded REITs with daily market pricing and potential short-term volatility unrelated to underlying asset performance. Charts show that while REIT returns can differ from private real estate in the short-term, they tend to track over the long-run.

    Авторское право:

    Attribution Non-Commercial (BY-NC)
    Скачайте в формате PPT, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 5

    Four Quadrants of Real Estate Investing

    EQUITY DEBT

    Direct Investment in
    Direct Investment
    PRIVATE Real Estate
    In Equity Real Estate
    Mortgages

    Publicly Traded
    Real Estate
    Mortgage Backed
    PUBLIC Investment Trusts
    Securities
    (REITs)
    (CMBs)

    1
    Private vs. Public Real Estate

    Private Real Estate:

     Direct ownership of real estate through a corporation, LLC, trust, REIT, or


    partnership
     May be held as a separate account or be commingled among several institutional
    investors
     Returns reflect performance of the underlying assets

    2
    Private vs. Public Real Estate

    Public Real Estate:

     A publicly-traded company which owns real estate


     Many investors which are institutional/individual — taxable/non-taxable
     Can be REIT or REOC
     May act more like a small cap stock than real estate in the short term
     Short to medium term returns reflect factors other than underlying assets

    3
    Private vs. Public Real Estate

    Private Real Estate Public Real Estate

     Limited liquidity  Public market liquidity


     Private market / appraisal biased pricing  Daily market pricing
     No immediate impact of stock market on  Short term volatility resulting
    pricing of real estate from extraneous market
    conditions
     Investment manager
     Board of Directors
     Diversification
     Diversification
     Private information
     Public information

    4
    Public vs. Private Real Estate

    REIT returns vs. Private Real Estate Returns


    Quarterly returns 1997-2007

    20.0
    15.0
    10.0
    Total Return (%)

    5.0
    0.0
    -5.0
    -10.0
    -15.0
    -20.0
    Q1 1999

    Q1 2000

    Q1 2001

    Q1 2002
    Q1 1997

    Q1 1998

    Q1 2003

    Q1 2004

    Q1 2005

    Q1 2006

    Q1 2007
    NCREIF Property Index NAREIT Equity REIT Index

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