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Reit Capital Structure: The Value Of Getting It Right, Eva Steiner 2017 Cornell University School of Hotel Administration

Reit Capital Structure: The Value Of Getting It Right, Eva Steiner

Eva Steiner

An analysis of the capital structure of commercial real estate investment trusts finds that the strongest REITs overall tend to employ lower leverage and longer debt maturity, maintain larger proportions of fixed-rate debt, rely less on secured debt, have a greater line of credit capacity but use it less, and hold smaller cash reserves. The REITs’ strength is measured by Tobin’s q, which expresses the ratio of the market value of assets relative to their book value. The study examines yearly data for the years 1993 through 2013 for 137 REITs based in the United States and the years ...


Reit Capital Structure: The Value Of Getting It Right, Eva Steiner 2017 Cornell University School of Hotel Administration

Reit Capital Structure: The Value Of Getting It Right, Eva Steiner

Center for Hospitality Research Publications

An analysis of the capital structure of commercial real estate investment trusts finds that the strongest REITs overall tend to employ lower leverage and longer debt maturity, maintain larger proportions of fixed-rate debt, rely less on secured debt, have a greater line of credit capacity but use it less, and hold smaller cash reserves. The REITs’ strength is measured by Tobin’s q, which expresses the ratio of the market value of assets relative to their book value. The study examines yearly data for the years 1993 through 2013 for 137 REITs based in the United States and the years ...


Capital Expenditures, Asset Dispositions, And The Real Estate Cycle, Brent W. Ambrose, Eva Steiner 2017 The Pennsylvania State University

Capital Expenditures, Asset Dispositions, And The Real Estate Cycle, Brent W. Ambrose, Eva Steiner

Eva Steiner

Recent empirical research provides evidence on the asset disposition choices of individual and institutional real estate investors that is consistent with the `disposition effect'. We propose a value-add investment strategy as an alternative rational explanation for the observed patterns in disposition choices. The main value-add mechanism in real estate investment is capital expenditures. However, capital expenditure investment is a real option whose exercise depends on its moneyness, which is a function of the economic environment. Therefore, we study the links between economic conditions, building-level capital expenditures, and subsequent transactions throughout the real estate cycle. We present empirical evidence consistent with ...


Editorial Board, 2017 Cornell University School of Hotel Administration

Editorial Board

Cornell Real Estate Review

No abstract provided.


Cover, 2017 Cornell University School of Hotel Administration

Cover

Cornell Real Estate Review

No abstract provided.


Letter From The Editors, Matthew Farrell, Matthew Green, Robert Lathan, Harrison Willis 2017 Cornell University

Letter From The Editors, Matthew Farrell, Matthew Green, Robert Lathan, Harrison Willis

Cornell Real Estate Review

The Editorial Board of the Cornell Real Estate Review is pleased to present Volume 15 (2017). The Review strives to be a forum to advance discussions regarding topics in real estate and showcase the talents of students from the spectrum of academic disciplines at Cornell that make up the diverse range of subjects in the Real Estate Industry.


Table Of Contents, 2017 Cornell University School of Hotel Administration

Table Of Contents

Cornell Real Estate Review

No abstract provided.


Alumni Highlight: Dylan Fonseca, Harrison Willis 2017 Cornell University

Alumni Highlight: Dylan Fonseca, Harrison Willis

Cornell Real Estate Review

We are pleased to recognize Dylan Fonseca as a Cornell alumnus. Dylan Fonseca (MBA ‘12) is a founding member of Fondo Atlas, an owner and operator of real estate in Florida focused on direct asset level investments in retail and residential properties. Fondo Atlas focuses on strategic acquisitions and best-in-class financial reporting to its investors. Since their first acquisition in Q1 2015, Fonseca and his partners have grown the fund to control 300,000 square feet of retail space valued in excess of $70 million.


Alumni Highlight: Sandeep Chadha, Tiya Jain 2017 Cornell University

Alumni Highlight: Sandeep Chadha, Tiya Jain

Cornell Real Estate Review

Sandeep Chadha is a Partner at Milestone Capital Advisors (AUM $800 million) and has 14-plus years of experience in fund raising, investments, asset management and divestments. As a part of senior management at Milestone, he oversees the private REIT portfolio including investments and asset management. Sandeep is responsible for setting up a domestic private REIT focused on investments in commercial assets. His past assignments include managing 25 million square feet of commercial real estate for Unitech and asset management of assets for Everstone Capital and IL&FS Milestone Realty.


2017 Argus University Challenge, The Editors 2017 Cornell Real Estate Review

2017 Argus University Challenge, The Editors

Cornell Real Estate Review

The Baker Program in Real Estate continued its success in national real estate case competitions over the past year with a second place finish in the 2017 ARGUS University Challenge. This was Cornell’s first time placing in the ARGUS competition in its six years of existence. Cornell’s team included two second-year students (Yang Yang and Yufei Wang), as well as three first-year students (Paul Heydweiller, Julin Yong, and Alejandro Santander). Professor Crocker H. Liu served as the team’s faculty advisor.


Cornell Real Estate Women (Crew), The Editors 2017 Cornell Real Estate Review

Cornell Real Estate Women (Crew), The Editors

Cornell Real Estate Review

The Baker Program in Real Estate is proud to announce the formation of Cornell Real Estate Women (CREW) during the 2016-2017 academic year. CREW is Cornell University’s primary graduate and professional student organization dedicated to the promotion and advancement of women in real estate. The organization was founded with three primary goals: (1) to support members by providing ample opportunities to network and engage with female real estate executives; (2) to attract female speakers for the Baker Program’s Distinguished Speaker Series and other similar events; and (3) to increase the visibility of women in the Baker Program in ...


Intercontinental Trek: South Korea, The Editors 2017 Cornell Real Estate Review

Intercontinental Trek: South Korea, The Editors

Cornell Real Estate Review

With an exciting revised curriculum highlighting the importance of the global economy in real estate, second year Baker students participated in the first intercontinental real estate trek from December 19-22, 2016. For this inaugural intercontinental trek, students visited Seoul, South Korea. On the evening of December 18, 2016, Baker students were hosted by the Alumni Association of the Baker Program in Real Estate - Seoul, South Korea chapter at Spark Plus Yeoksam. The keynote speakers from the organization included Chaewook Im ‘05, Executive VP of Genstar, and Sungmok Ryu ’01, CEO of Hwasung ENC, who spoke of their fondness for the ...


2017-2018 Treks: Dubai, Seattle, The Editors 2017 Cornell Real Estate Review

2017-2018 Treks: Dubai, Seattle, The Editors

Cornell Real Estate Review

As it has been discussed and proven, real estate continues to be more than just numbers and financial statements. It involves people, places, and relationships. With that continued understanding, the Baker Program In Real Estate, which functions jointly between Cornell’s School of Hotel Administration, Art, Architecture, and Planning, and the Samuel Curtis Johnson Graduate School of Management will further its mission to provide graduate candidates focused in the commercial business of real estate, the best holistic education available by embarking on Inter-Session trips during the 2017-2018 Academic Year. As second year students prepare for their future careers, they will ...


2017 Real Estate Industry Leader Award, The Editors 2017 Cornell Real Estate Review

2017 Real Estate Industry Leader Award, The Editors

Cornell Real Estate Review

Cornell University and the Baker Program in Real Estate are pleased to announce the recipient of the 2017 Real Estate Industry Leader Award: Jonathan Rose, Founder and President of Jonathan Rose Companies. Rose’s visionary leadership in the areas of sustainability and affordable housing have made him an icon in the real estate industry, and it is our privilege to recognize him with this award.


Balancing Competing Corporate Objectives: The Case Of Texmark Real Estate Company, Morgan Zollinger, Ravikanth Pamidimukkala 2017 Cornell University

Balancing Competing Corporate Objectives: The Case Of Texmark Real Estate Company, Morgan Zollinger, Ravikanth Pamidimukkala

Cornell Real Estate Review

As William Sullivan walked to his car to begin the commute home after a long day at work, he considered the different options before him. As the CEO of the Texmark Real Estate Company (TexREC), Sullivan was concerned about the future of the company he had been leading for four years now. During this time, TexREC had enjoyed considerable success, nearly doubling the value of assets under management to $7.5 billion; however, the rapid growth also meant new challenges for the company. Sullivan was focused on finding new lines of business and untapped markets with the potential for high ...


34th Annual Cornell Real Estate Conference Recap, Matthew Green, Jennifer Spritzer, Ershad Chagani, Sean Mashian 2017 Cornell University

34th Annual Cornell Real Estate Conference Recap, Matthew Green, Jennifer Spritzer, Ershad Chagani, Sean Mashian

Cornell Real Estate Review

Every October, the Cornell Real Estate Conference draws together the real estate community of Cornell and other significant industry individuals to meet and discuss current issues in real estate. In 2016, the theme of the conference was Disruption in Real Estate. The central discussion was simple: as with many industries, the pace of change in real estate is accelerating. New technologies have affected every sector of real estate including property management, data analytics and investment sourcing.


Announcing The 35th Annual Cornell Real Estate Conference, 2017 Cornell University School of Hotel Administration

Announcing The 35th Annual Cornell Real Estate Conference

Cornell Real Estate Review

No abstract provided.


Survey Highlights: 2016 Institutional Real Estate Allocations Monitor, The Editors 2017 Cornell Real Estate Review

Survey Highlights: 2016 Institutional Real Estate Allocations Monitor, The Editors

Cornell Real Estate Review

Cornell University’s Baker Program in Real Estate and Hodes Weill & Associates are pleased to present the findings of the fourth annual Institutional Real Estate Allocations Monitor (the “2016 Allocations Monitor”). The 2016 Allocations Monitor focuses on the role of real estate in institutional portfolios, and the impact of institutional allocation trends on the investment management industry. Founded in 2013, the Allocations Monitor is a comprehensive annual assessment of institutions’ allocations to, and objectives in, real estate investments. This report analyzes trends in institutional portfolios and allocations by region, type and size of institution.


Brexit: Its Passing And Reverberations, Robert Lathan, Matthew Green, Ershad Chagani 2017 Cornell University

Brexit: Its Passing And Reverberations, Robert Lathan, Matthew Green, Ershad Chagani

Cornell Real Estate Review

The most significant financial and economic news story in 2016 was the June 23 decision of the British public to terminate the U.K.’s membership in the European Union. Polls and bookmakers in the days leading up to the vote had constantly maintained that, while the vote would be close, a “Brexit” was unlikely. As we now know, that position proved false. Financial markets around the world reacted quickly and sharply to the unexpected news.


The Impact Of 3d Printing On Real Estate, Sean Mashian 2017 Cornell University

The Impact Of 3d Printing On Real Estate, Sean Mashian

Cornell Real Estate Review

One of the most intriguing, and possibly disruptive, technologies now emerging is 3D printing. While still expensive and relatively unpolished, this new method of manufacturing products - from medical devices to airplanes - could be on a path to revolutionize retail, shipping, and the general need for space. Currently, 3D printing is most often used in the real estate industry as a way of creating scale models for new developments. As the technology grows and becomes more commonplace, there may be huge changes coming to real estate from this emerging technology.


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