Urban Real Estate Markets in Russia: The Current Stage

Summer 1998, Vol 23, No 2 Abstract: The article reviews major processes and trends in Russian urban real estate markets from 1993 to 1997. It reports on the scope of real estate privatization and the specifics of markets for residential, commercial, and industrial properties. It also discusses the role of local authorities as “actors” in the… Read more

The REIT Engine: Is Growth in FFO Sustainable?

Summer 1998, Vol 23, No 2 Abstract: The stock price of a REIT, both its level and its growth, is driven by FFO (Funds From Operation). Thus, analysts and investors are concerned about the sustainability of current FFO growth rates. A thorough look at the REIT business model reveals at least eight strategies for fueling future… Read more

Real Estate Capital Markets: A New Paradigm?

December 1997, Vol 22, No 3 Abstract: Has there been a fundamental change in the real estate capital cycle? The author thinks not, but only after analyzing the impact of securitization, consolidation, technology, globalization, and the like. After surveying the state of the real estate capital markets, the author concludes that the trend toward public markets… Read more

Real Estate Capital Flows: The Money Trail

December 1997, Vol 22, No 3 Abstract: The real estate industry continues to mature after one of the most secular market corrections of this century. This correction forced us to adjust the way we approach real estate investments and therefore gain a more astute understanding of the capital flows into the industry. The traditional sources of… Read more

Western Real Estate Advisors Case Study: REIT Roll-Up

December 1997, Vol 22, No 3 Abstract: This case is based on a series of roll-up proposals that have been offered institutional investors over the last year. As with most good cases, there is no single, preferred solution to Western’s quandary. Western clearly has opened a Pandora’s Box by announcing the roll-up and must now move… Read more

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Real Estate Capital Markets Trends & Applications

December 1997, Vol 22, No 3 Abstract: Despite the explosion in the availability of real estate capital markets information, the real estate capital markets are poorly defined, and few standard definitions and measurement techniques have been introduced. This manuscript identifies the types of real estate capital markets information available and introduces strategic-based frameworks that link specific information needs to specific decisions.... Read More