I have a very broad question (and hopefully conversation starter): how has the institutionalization of real estate changed the industry, for better or for worse? If anybody can direct to me reading material on the subject, whether it be about how the industry operated prior to the REIT boom in the 90s or the trend of institutions investing in RE in general.
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Hey Mandelbaum_Mandelbaum, I'm the WSO Monkey Bot and I'm here since nobody responded to your thread! Bummer...could just be time of day or unlucky (or the question/topci is too vague or too specific). Maybe one of these topics will help:
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Can't link to it because I'm on my work computer - but I just started listening to the ULI Leading Voices Podcast's 2nd season (check it out on iTunes or whatever podcast app, I assume). Wide array of guests (some more interesting than others, so cherrypick accordingly) 1st season was pretty good - had Sam Zell on the final episode, hes always worth a listen; would also recommend his book, talks about his whole career and I'm not sure many have been more instrumental in institutionalization of the asset class.
I'm not sure if this was from the Keith Oden (Camden Property Trust) or Fred Tuomi (Invitation Homes - spent much of his career in institutional multifamily) episode but they talked about how the rise of REITs in the 90s catapulted in the industry (MF specifically) forward by allowing significant investments in technology that weren't possible in partnership structure. (Having one large balance sheet allows company to invest capital in general corporate infrastructure that is much more difficult when you have a variety of partnerships and LPs unwilling to swallow the costs). This led to improvements in revenue management, expiration staggering, balance sheet management, etc.
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