Real Estate AM at a BB

I was curious to know if people with direct experience working with the real estate Asset Management team at a top BB? A few questions...

1) Do BB usually invest directly into properties, evaluate potential acquisitions, and manage tenants, and hire property management firms, etc. ....or do they merely place capital into smaller firms/developers that do all that? ( I realize that some BB's probably do both, but I assume the latter is much more common??)

2) What is the work life balance like and promotional track...do most analyst get promoted to associate? Glass ceiling beyond the VP level? Hours?

3) Does CFA really matter or is it common? ...since RE valuation is whole different ball game?

4) What is the people/work atmosphere like? (competitive, nerdy, elitist, cut-throat, laid-back?)

5) Finally, it seems as though there is much variation when looking ups salaries online, since Asset Management is such a broad umbrella of things, with hedge funds and PE getting mixed in. But generally at a BB, what is the general ranges at each level if you are part of the general AM groups? (not hedge funds or specialty groups)