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Alternative Investments (Private Real Estate Investments (Real Estate…
Alternative Investments
Private Real Estate Investments
Real Estate Investment: Basic Forms
(Private, Equity)
Direct investment in real estate
(Private, Debt)
Mortgages
(Publicly traded, Equity)
Shares of real estate operating companies and shares of REITs
(publicly traded, debt)
mortgage-backed securities (residential and commercial)
Real Estate: Characteristics and Classifications
Characteristics
Heterogeneity and fixed location
High unit value
Management intensive
High transaction costs
Depreciation
Need for debt capital
Illiquidity
Price determination
Classifications
residential properties
single-family houses
multi-family properties
apartments
Non-residential properties
commercial properties other than multi-family properties
office
industrial
warehouse
retail
hospitality
other
farmland
timberland
Private Market Real Estate Equity Investments
Benefits of equity real estate investment
Current income
Price appreciation
Inflation hedge
Diversification
Tax benefits
Risk Factors
Business conditions
Long lead time for new development
Cost and availability of capital
Unexpected inflation
Demographics
Lack of liquidity
Environmental
Availability of information
Management
Leverage
Other risk factors
unobserved physical defects in the property
natural disaster
acts of terrorism
Real Estate Risk and Return Relative to Stocks and Bonds
Pupblicly Traded Real Estate Securities
Private Equity Valuation
Commodities and Commodity Derivatives: An Introduction