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 capital are still active in the market; however, the impact of the public markets and role of the debt and equity players can only fully be appreciated by understanding their capital market positions and the property types they are invested in. In this article, previous research on capital is presented and analyzed to determine which methodologies provide the best understanding of the various sources of capital and their impact on the debt and equity markets.