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Active Private Equity Real Estate Strategy
“David Lynn’s collection of articles on real estate markets are applied research at its best. The analysis is thorough, concise, and to-the-point. The book leaves you with a richer understanding of real estate market dynamics. It is a must-read for serious real estate analysts.” —Peter Linneman, Principal, Linneman Associates (www.linnemanassociates.com), and Albert Sussman Professor of Real Estate, Finance, and Public Policy at the Wharton School of Business (www.wharton.upenn.edu) “This is a fascinating look between the ears of one of the largest global real estate investment management organizations, providing a timely and incredibly comprehensive view of how these institutions fashion investment strategy. A must-read for both students and practitioners attempting to understand the nature of today’s commercial real estate investment markets and how large institutions like ING approach those markets for the benefit of their institutional investor clients.” —Geoffrey Dohrmann, President and CEO, Institutional Real Estate, Inc. “David Lynn provides an analytical road map for private equity real estate investors, charting strategies in the next market cycle. Lynn’s methodology shows why he is recognized as one of the top forecasters in the industry. He covers all the markets and property sectors with a treasure trove of data to make sense of future trends. This book offers a big picture view with the detailed perspective investors crave.” —Jonathan D. Miller, Partner, Miller Ryan LLC, and author of Emerging Trends in Real Estate and the blog TrendCzar™ (in conjunction with GlobeSt.com)
David J. Lynn (Author)
9780470485026, Wiley
Hardback, published 4 September 2009
304 pages
23.6 x 16 x 2.5 cm, 0.494 kg
Proven private equity real estate investing strategies The subprime fallout and credit crisis have triggered a major transition in U.S. real estate. With tightening lending and underwriting standards, speculative investments and construction projects are likely to limited, resulting in constrained supply and healthier fundamentals over the long term. Looking forward, market participants anticipate that the coming years will be fraught with challenges as well as opportunities. Active Private Equity Real Estate Strategy is a collection of abridged market analyses, forecasts, and strategy papers from the ING Clarion Partners' Research & Investment Strategy (RIS) group. Divided into two comprehensive parts, this practical guide provides you with an informative overview of real estate markets, forecasts, and recent trends in part one, and presents specific active strategies in private equity real estate investing in part two. Written with both the individual and institutional real estate investor in mind, this book offers specific private equity strategies for investing in real estate during volatile times.
Preface ix Disclaimer xiii Acknowledgments xv About the Authors xvii PART ONE Market Analysis and Forecasts 1 CHAPTER 1 Overview of the U.S. Real Estate Market 3 CHAPTER 2 Forecasting the U.S. Market 19 CHAPTER 3 Recession Simulation and Its Effects on Real Estate 25 CHAPTER 4 Subprime Fallout: The Impact on Commercial Real Estate 41 CHAPTER 5 Capital Markets: Dramatic Shifts and Opportunities 47 CHAPTER 6 The Bid-Ask Problem and Game Theory 53 PART TWO Active Strategies 67 CHAPTER 7 Residential Land Investment 69 CHAPTER 8 The U.S. Hotel Market and Strategy 103 CHAPTER 9 Global Gateway Industrial Market Investment 125 CHAPTER 10 The Opportunity in Senior Housing 159 CHAPTER 11 Active Portfolio Management Using Modern Portfolio Theory 187 CHAPTER 12 Derivatives in Private Equity Real Estate 217 CHAPTER 13 Opportunities in Infrastructure Investment 239 APPENDIX A Typical Land Development Pro Forma Analysis—Three Scenarios 247 APPENDIX B U.S. Hotel Chain Scales 253 APPENDIX C Modern Portfolio Theory in Real Estate Portfolio Analytics 257 APPENDIX D Commercial Real Estate Indexes 259 APPENDIX E Example NPI Forecast Methodology 263 Selected Bibliography 265 Index 267
Tim Wang and David Lynn
David Lynn
Tim Wang, Alison Sauer, and David Lynn
Tim Wang and David Lynn
David Lynn and Tim Wang
Jeff Organisciak, Tim Wang, and David Lynn
Bohdy Hedgcock and David Lynn
Tim Wang, Matson Holbrook, and David Lynn
Bohdy Hedgcock and David Lynn
Tim Wang and David Lynn
David Lynn and Yusheng Hao
Jeff Organisciak, Tim Wang, and David Lynn
David Lynn and Matson Holbrook
Subject Areas: Finance & accounting [KF]
