Date post: | 27-Dec-2015 |
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Scott CrowePortfolio Manager, Resource Real Estate
Larry SullivanPresident, Passco Companies
Bill WinnPresident, VaueRock Realty Partners
Paul Dunn, ModeratorSr. Managing Director, Bluerock Capital Markets
• Firm Profiles
• Definitions:• 1031, Cap Rates, MFFO, Interval Fund
• Where to invest, avoid today
• Change in return expectations from 2006, 2010
• Cap rates in 5 years?
• Higher interest rate impact on cap rates &returns?
• NT REITs, Private Placements, Interval Funds
5www.rresecurities.com
Funds From Operations (NAREIT) Modified Funds From Operations (IPA)
Net Income FFO
Depreciation Acquisition costs
Gains on Sale
Losses on debt/hedging
FFO
Non cash lease adjustments
MFFO
MODIFIED FUNDS FROM OPERATIONS
What is an Interval Fund?
40 Act, Hybrid Mutual Fund
Purchased and Priced Daily (Electronic)
Provides Quarterly Liquidity* (Paper)
Not Subject to 15% Limitation
Allows an Individual to Invest in Unique, Illiquid Assets, While
maintaining Liquidity Options
* Liquidity provided only through quarterly repurchase offers for no less than 5% of shares at net asset value, and there is no guarantee that an investor will be able to sell all the shares that the investor desires to sell in the repurchase offer.