Accrual v. cash accounting

Cash is King

March 9, 2017

Switching to cash accounting from accrual accounting is more than an academic exercise

Read More


Mister Macho

February 23, 2017

Over espresso, boss of a private equity shop tells why he hires Ivy League MBAs, and why he is genetically wired to take risks

Read More

Urban Edge Properties


February 9, 2017

It is likely that shopping malls are here to stay. But not at their current valuation

Read More

InnSuites Hospitality Trust

A gloomy landscape

January 26, 2017

Management’s bearish outlook on the hotel industry may upset some investors

Read More

Mortgage-backed securities

2007 Memorabilia

January 12, 2017

How to win markets and influence people

Read More

Exchange traded funds

Mind the Gap

December 28, 2016

When the accounting convention underweighs earnings and overweighs assets

Read More

Universal health realty trust

A Rembrandt valuation

December 1, 2016

When a property acquisition frenzy is ill timed

Read More

Office REITs

The Good, the Bad and the Ugly

December 15, 2016

Even with a magnifying glass, it is not easy to find value in office properties

Read More

Margin of safety

Where is everybody?

November 3, 2016

It is not easy to find bargains out there. But that should not be a call to take risk

Read More

Steadfast apartment REIT

Don’t rock the boat

November 17, 2016

An offering to issue shares is attractive. As long as rates stay low

Read More

FFO v. Earnings

Procrustean bed

October 20, 2016

Funds from operations is a helpful metric to understand dividend behavior. But not all supplemental metrics are easy to gather and to analyze

Read More

Industry trends

Be here now

October 13, 2016

Researchers find that market capitalization and institutional ownership mushroomed in past few years

Read More

Colony starwood homes

Que sera, sera

October 6, 2016

A grand merger leaves shareholders happy

Read More

Simon property group

The Rear-view mirror

September 29, 2016

Five years ago was a better time to invest in shopping malls

Read More

Adjusted funds from operations

Simple but not easy

September 22, 2016

Disparate views about how to calculate the performance metric

Read More

Rexford industrial realty

Icarus' dilemma

September 15, 2016

A successful track record results in unprecedented price levels

Read More

Dow Jones U.S. Real Estate Index


September 8, 2016

Passive investing in real estate offers diversification. But it comes at a hidden cost

Read More

Altisource residential corporation

What if

September 1, 2016

Flaky management changes the business strategy

Read More


Double edged sword

August 25, 2016

If management discloses the effects of securitization versus bond financing, it will be a boon to shareholders

Read More

Catchmark timber trust

Promises, promises

August 18, 2016

EBITDA is a sinful performance metric

Read More


Castles in the sky

August 15, 2016

How depreciation expenses affect earnings

Read More

Timber REITs

Bury your head in the sand

August 11, 2016

Focusing on the wrong key performance metric may lead to unintended results

Read More

Hard money lending

Life lesson

August 8, 2016

A fund manager advises to study the past

Read More

Excess MSR


August 4, 2016

Investing in an esoteric asset class is tricky

Read More

Decision tree

Heads or tails

August 1, 2016

Using a decision tree can reduce the emotional aspect of a real estate sale

Read More

LaSalle hotel properties

Are times changin’?

July 28, 2016

When market value is unimpressed by higher earnings and improved operational efficiency

Read More

Healthcare REITs

Senior living

July 25, 2016

Demographic trends win over regulatory scrutiny in the valuation of Healthcare REITs

Read More

Brookdale senior living

Animals spirits

July 21, 2016

When operating at a loss, purchasing a competitor may not be the best course of action

Read More

Hotel REITs

A gloomy landscape

July 18, 2016

Capital markets are skeptical of the lodging industry outlook

Read More

DCT industrial trust

Let the good times roll

July 14, 2016

A threefold increase in market value results in quixotic expectations

Read More

Private equity real estate funds

Breakfast at Tiffany’s

July 11, 2015

The managing director of a private equity real estate fund talks about Trump, history and why his fund focuses on retail properties

Read More

Industrial REITs

Same same but different

July 7, 2016

Except for shared business objectives, industrial REITS are a heterogeneous collection of companies

Read More

Private equity real estate funds

Timing is everything

July 4, 2016

To align the interest between partners, economic and corporate governance terms are often negotiated. But one issue is left out

Read More

RAIT financial trust

Dazed and confused

June 30, 2016

Lacking earnings to support its ambitious scope of real estate activity, RAIT financial trust is relying on capital markets

Read More

Commercial real estate indices

When cost outweighs benefit

June 27, 2016

Indices measure the performance of real estate over time. It is questionable how accurate the indices are

Read More

Mortgage REITs

Perils of Leverage

June 23, 2016

Borrowing short term and lending long term is a tricky business model

Read More

Bluerock residential growth

Oh, Dear!

June 20, 2016

Management cost is an all-important consideration

Read More

Net asset value

Apples to oranges

June 16, 2016

Because valuing real estate at cost hides economic reality, net asset value analysis is paramount

Read More

Office REITs

Balance sheet

June 13, 2016

Descriptive analysis of Office REITs finds the higher the yield, the higher the leverage.

Read More

Funds from operations

Show me yours

June 9, 2016

Funds from operations is an industry standard to compare and evaluate REITs performance.

Read More

Real Estate Investments Trusts

An Overview

May 6, 2016

The exposure to different type of real estate investment trusts offers benefits. But there are costs

Read More

Global Trends

No Ordinary Disruption

June 2, 2016

Powerful trends are forcing industries to change. Companies should pay close attention

Read More

Net Present Value

What it’s all about

May 30, 2016

Along with a required rate of return, after-tax cash flow is the cornerstone of valuation

Read More

Internal Rate of Return

The Tower of Babel

May 26, 2016

Not having an absolute return metric is frustrating

Read More

UrbanCorp is Sinking

Oy Vey

May 22, 2016

A Canadian developer finds Israel to be a lender of last resort.

Read More

Capitalization rate

Three Methods to Calculate Capitalization Rate

April 25, 2016

Using Market extraction, band-of-investment, and the build-up methodology, will strengthen your cap rate analysis.

Read More

Cost approach

Your property's top value

May 12, 2016

Repeatedly ignored, the cost approach is not valueless.

Read More

Capitalization rate

Capitalization rate lacks details

April 29, 2016

An office building in Tigard, Oregon demonstrates that capitalization rates are insufficient to determine market value.

Read More

Real estate and the Federal Reserve

One relationship says it all 2

May 19, 2016

No meaningful relationship between NAREIT index return and interest rates fluctuations

Read More

Real estate and the Federal Reserve

One relationship says it all 1

May 16, 2016

A real estate mogul finds history a bore; and focuses on Fed actions instead.

Read More

Value charachteristics

Real Estate Bulls

May 9, 2016

Six reasons why investing in real estate makes sense.

Read More

Building types

How do different properties compare?

May 2, 2016

Real estate properties are not created equal.

Read More

Due diligience

Mind Your Gap

May 6, 2016

Due diligence uncovers facts that reshape the deal.

Read More