Resources
Additional key resources below can be used to supplement knowledge of the industry and current market landscape
Top Real Estate Conferences
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Private Equity International (PEI) - Private Equity Real Estate (PERE) Events: specializes in hosting industry-leading events for global private real estate professionals. The conferences connect decision-makers virtually and in-person across global financial hubs to drive the asset class forward.
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SuperReturn: provides the leading private equity and venture capital events across the globe, featuring the biggest players in the industry.
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Information Management Network (IMN): global organizer of institutional finance, investment and real estate conferences.
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National Association for Industrial and Office Parks (NAIOP): connect commercial real estate development industry professionals with opportunities to meet with their peers, network with leading experts and gain new concepts and strategies to achieve financially successful projects.
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Society of Industrial and Office Realtors (SIOR): designed to help connect, build strong relationships and facilitate business deals, all while enhancing knowledge of the latest trends in industrial and office commercial real estate.
Top Real Estate Books
The Real Estate Game: The Intelligent Guide To Decisionmaking And Investment
by William Poorvu
​Investing in Real Estate Private Equity: An Insider’s Guide to Real Estate Partnerships, Funds, Joint Ventures & Crowdfunding
by Sean Cook
Billion Dollar Portfolio: How to Create a Real Estate Empire
by Brent Sprenkle
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Am I Being Too Subtle?: Straight Talk From a Business Rebel
by Sam Zell
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Prudential Financial
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Swiss Life Proprietary Insurance Asset Management
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Temasek Holdings
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APG - All Pensions Group
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Aviva Investors
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China Investment Corporation
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ABP
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Abrdn
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Ivanhoé Cambridge
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California State Teachers' Retirement System (CalSTRS)
Top Real Estate LPs
Key Real Estate Terms
Lease-Up
This is the phase of a projects time line when the building has been completed and the leasing team is actively filling units with tenants to reach stabilization.
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Stabilization
At this point a project has been completed and leased-up to a certain occupancy threshold, typically 90% or greater.
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Loan to Cost (LTC)
This ratio compares the amount of debt on a project to the total cost of the project. It is expressed as a percentage computed by dividing the total debt (or leverage) by the total project costs. For example, a $10 million project with $6.5 million in debt is said to have an LTC of 65%.
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Loan to Value (LTV)
Similar to LTC, the LTV is a leverage ratio, but instead of comparing against total project costs, it is compared against he project's market value. For example, a development deal may have an LTC of 65% as noted in the example above, but upon completion the market value of the property is $12.5 million, and the stabilized LTV is only 52%.
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Debt Service Coverage Ratio (DSCR)
This is a common ratio lenders use to look at the safety of the owner covering debt payments. It is computed by dividing the property's net operating income (NOI) by the debt service required to be paid.
Net Operating Income (NOI)
This is the asset's operating profit, which is computed by subtracting all operating expenses from operating revenues. This figure excludes interest, taxes, depreciation, and capital expenditures.
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Cash-on-Cash
This is an investor metric, which is computed by taking the property's annual before-tax cash flow and dividing it by the total cash invested.
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Capitalization (Cap) Rate
This is one of the most common equations in real estate investing. It is the rate of return a property will generate in the first year of ownership. It is computed by dividing the property's NOI by the property's value. For example, a property generating $1 million in NOI that was purchased for $15.5 million has a cap rate of 6.45%. The cap rate can also be used to determine the value of a property by dividing the NOI by a market determined cap rate.​
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Return on Cost
Similar to the cap rate, the return on cost is the forecasted rate of return on a project. It is computed by dividing the underwritten NOI by the projects total costs.
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Triple-Net (NNN) Lease
A triple net lease is common in large commercial lease agreements. It requires the tenant to pay all expenses in addition to rent and utilities including (1) taxes, (2) insurance, and (3) maintenance.
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