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Research and Valuations

Rhyming Cycles

This article was published in the March 2016 Institutional Real Estate Letter. It discusses how investors should consider both the cyclical and secular trends affecting real estate, especially since secular trends determine the long term outperformance of real estate. The secular trends affecting U.S. real estate include its favorable demographics relative to some developed and developing countries. Another secular trend is real estate's closer, although far from perfect, correlation to other asset classes during the 2008 financial crisis. We view real estate investors need to incorporate data from the other asset classes in order to make informed real estate investment decisions in this increasingly complex investment world.

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Commercial Mortgages as a Fixed Income Alternative

This white paper appeared in the October 2015 Institutional Real Estate Letter publication. Relative to comparable public corporate bonds, commercial mortgages have higher risk-adjusted returns, a higher spread pre­mium, higher recovery rates and lower loss rates. For investors seeking long-duration assets to meet long-tail liabilities, commercial mortgages can offer better relative value than comparable fixed-income instruments with a similar duration.

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Desire Lines in Real-Time: How Non-Real Estate Data can Predict Real Estate Market Trends

This article was posted on June 19, 2015 in National Association of Real Estate Investment Managers' Viewpoints. The article explains how an expanding number of richer data sets can be harnessed to help predict commercial property performance well ahead of existing market fundamentals.
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The hybrid office

This article was published in the June 2015 issue of Institutional Real Estate Letter America. The article explains how U.S. office occupier preferences are changing, what this means for U.S. office space, and how to position real estate portfolios accordingly.
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Core reality

This article was published in the April 2014 issue of Institutional Real Estate Letter America. The article explains where MetLife Real Estate Investors believes the best core real estate investment opportunities exist in the current market.
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The danger zones

In the January 2014 issue of The Institutional Real Estate Letter - America, Richard McLemore, head of real estate research and valuations, discusses how successful management of three types of risk can help investors avoid financial catastrophe.
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