Real Assets Adviser

December 1, 2019: Vol. 6, Number 11

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From the Current Issue

Senior housing sector sees record demand

Senior housing in the United States is being built at a record pace and demand is growing, but occupancy levels are still below normal levels due to the significant amount of supply added over the past few years.

Add water: Report says offshore wind power could meet global demand

The International Energy Agency (IEA) says offshore wind power has the capacity to meet all of the world’s electricity demand and is set to be a “game changer” for energy systems, says a Financial Times’ report, but that will require doubling the pace of expansion to meet the world’s climate targets.

Raising a business family: Transferring leadership from one generation to the next is perhaps the greatest challenge

As a financial adviser, clients often come to me and say: “My children do not know what is required to build the wealth they were born into.” Rather than diving into financial strategies, my first reaction is to ask the client what values they hold for themselves and their children. Have they written them down? Do the parents exemplify these values in both word and deed? What about the children themselves, have their individual values been listened to and observed as well?

Gender forward: A profile of Michelle Mathieu, CIO of Fulcrum Capital

The professional turning point in Michelle Mathieu’s career came in March 2007 while attending a keynote address by T. Boone Pickens at the New York Athletic Club. Pickens was talking about oil prices, which were going crazy at the time, to a group composed almost entirely of men. Mathieu, who was CIO of a trust company at the time, had flown from her native Seattle to New York City to attend the strategy and research conference, geared toward institutional investment managers. She was sitting at a table with a group of big-city men donned in slick, dark suits listening to them banter with one another. It was then an epiphany struck with “crystal clarity.”

Opportunity zones gaining momentum after slow start

Positive and negative assessments of investments in designated opportunity zones have been proliferating since those zones were created as part of the Tax Cut and Jobs Act of 2017. The main argument in favor of investment in low-income communities that have earned that designation, according to the act, is they protect investors from taxation. Another is that creating opportunity zones encourages investment in neighborhoods that have potential for growth, but would not ordinarily get consideration from investors.

Last Word: The continuing case for apartment rentals

Apartments have been the darling of real estate capital markets for the past seven or eight years. This deep into an outstanding run, some investors have begun to worry if the clock is approaching midnight for Cinderella. However, an examination of underlying demand dynamics suggests the United States will require an extraordinary number of rental units over the next five to 10 years, even beyond. If supply remains in check, the following long-term lifestyle and demographic trends should allow apartments to remain the belle of the ball for some time to come.

Gender forward: A profile of Michelle Mathieu, CIO of Fulcrum Capital

The professional turning point in Michelle Mathieu’s career came in March 2007 while attending a keynote address by T. Boone Pickens at the New York Athletic Club. Pickens was talking about oil prices, which were going crazy at the time, to a group composed almost entirely of men. Mathieu, who was CIO of a trust company at the time, had flown from her native Seattle to New York City to attend the strategy and research conference, geared toward institutional investment managers. She was sitting at a table with a group of big-city men donned in slick, dark suits listening to them banter with one another. It was then an epiphany struck with “crystal clarity.”

5 Questions: Electric vehicles and the end of gasoline stations

There has been much speculation about the way electric and autonomous vehicles will change urban planning and reshape city real estate markets. Mark Dunec, a managing director in the real estate solutions practice at FTI Consulting, argues that electric vehicles will inevitably bring about the end of gasoline stations and change the financials of those pieces of real estate as property holders seek to repurpose them.

Forecast 2020: The economic caution flag is out

If you liked 2019, then settle back and enjoy 2020. Despite being hit by volatility from all sides — politics, stock prices, trade wars, weather patterns, energy supplies, the price of avocados — the 2019 economic climate was relatively calm, especially for real assets. Gross domestic product (GDP) continued to grow, albeit at a snail’s pace. Consumer confidence remained strong. Unemployment was at its lowest in the past 50 years. Jobs were added at a good clip. And numbers released in early November show these trends are continuing, though possibly at a bit slower pace. There is, therefore, no obvious reason to believe we won’t continue to see a slowly expanding economy, happy consumers and employed workers in the new year.

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