What is it that investors hope to achieve by placing capital in closed-end real estate funds? Most would say it is to generate attractive risk-adjusted returns, but relative to what? In general, closed-end funds are measured by an internal rate of return (IRR) against an absolute target over the lifetime of each fund. This choice […]

So far, 2022 has been an extremely challenging time to manage an investment portfolio — any investment portfolio. One lesson from the succession of crises of the last 10 years is that investment managers need to accept that we live in a world of heightened uncertainty, compounded by the ever-increasing frequency of global crises. Thus […]

While the level of environmental, social and governance (ESG) integration into institutional real estate investment platforms has increased considerably during the past decade, the need — and appetite — for further evolution persists. At this juncture in the ESG lifecycle, the key to maintaining momentum is identifying and implementing standards to assess and manage progress. […]

People keep asking me when I plan to retire. And some people evidently have been telling other people in our industry that I’m already all but retired, which was what prompted my move to Florida. What prompted my move to Florida was my disappointment over the direction in which the state of California was heading […]

The quarterly total return of the NCREIF Property Index (NPI) was 0.57 percent for the third quarter, which is down from 3.24 percent in the second quarter. The quarterly return consisted of 0.93 percent from income and –0.37 percent from appreciation — the first negative appreciation return since second quarter 2020. Appreciation is after the […]

Fundraising volume in 2022 has been relatively mediocre through the first nine months of the year, but that could change if the fourth quarter delivers some potential blockbuster closings. During third quarter 2022, 28 private equity real estate funds announced final closings, raising an aggregate of $21.2 billion, according to Institutional Real Estate, Inc.’s IREI.Q […]

Supply chain problems are affecting multifamily operations across the board. According to Drew Gravina, senior vice president of facilities at Morgan Properties, the issues range from standard apartment turnover activities to value-add upgrades to resident work orders to contracted services. “Nothing has been spared,” he says. The challenges are seen in both ground-up development and […]

Institutional investors from the United States and United Kingdom believe growing pressure from investors for new solutions will have the biggest impact on innovation in the alternative asset management industry, according to a new report from financial services group Ocorian. The study found advances in technology and data analytics were ranked by U.S. and U.K. […]

GRESB, the global ESG benchmark for real estate and infrastructure investments, has released the results of its 2022 Assessments. “Looking at this year’s benchmark, the industry’s embrace of ESG continues to be reflected in our strong participation numbers and increased data coverage, signaling that real assets investors and managers alike remain steadfast in their commitment […]