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ForRealEstate

Hasthereeverbeenamoreinterestingtimeinrealestatefinance?

Happiertimes,yes,moreprofitabletimes,definitelyyes.Butmoreinteresting?

TheyearleadinguptoSeptember2008sawthecreationofrealestatefinancestructuresofbreathtakingcomplexity.sincethantimeintherealestatefinanceindustryhavebeeninvolvedmainlyintryingtounderstandwhatwentwrong,andtodeterminewhetherthecollapse,wasinanymaterialwaytheresultofflawsinthesecomplexrealestatefinancestructures.orwasitjustafunctionofexternaleconomicpressuresandthecyclicalnatureofrealestate.whilethejuryisstillout.Theanswerseemstobethatthestructuresdidnotcausetherealestaterecession,butthroughtheiropaquenaturetheymayhavemadetherecessionworse,bothbydelayingtherecognitionoftheunderlingfragilityofthemarketandbymakingtheproblems,oncerecognized,evenmoredifficulttoresolve.

Onethingissure:

manypeople,whetherlegislators,regulators,lawyers,accountants,bankersorthosewhoraiseandconsumerealestatecapitalarenowworkingveryhardtoaddress

（1）howtoresolvedistressedrealestatecapitalstructures,and

（2）howtoimprovethestructuresandformofdeliveryofrealestatecapitaltothemarketinthefuture.Changebeingconsiderednowwillaffecttherealestatemarketsthroughthenextgeneration.Followingareafewexamples.

RESTORINGAMERICANFINANCIALSTABILITYACT

Aslwritethis,theUSisbeginningitsfinaldebateoftheRESTORINGAMERICANFINANCIALSTABILITYACT<

RAFS>

andappearstobebuildingmomentumforadoptioninsomeform,whichwouldthenrequirereconciliationwiththeequivalentHouseversion.Ifadoptedinanythinglikeitscurrentformitwillcutabroadswathofchangeacrosscurrentbusiness.Practicesbyprovidersofrealestatecapitalofallshapesandsizes.itwillgivetheFederalReserveBanknewpowersoverfinancialinstitutionsbutinturnimposemorecongressionaloversightoftheFed.

Lawyersrecognizethatoftenthemostcompellinglitigationcasesleadtotheworstprecedent:

judicialover-reachinginthefaceofegregiousfacts.WillthatbethecasewiththeRAFSandtheresultingregulations?

Willwespendthenext20yearsbackingawayfromthereformsadoptedinthisatmosphereofcrisis?

Thiswillallplayoutoverthecomingmonthsandyears,wewillkeepaneyeontheprocessinthiscolumn,andaswithallsubjectscoveredinthiscolumn,wewouldwelcomehearingyourperspectiveonthis.

CALPERSANDPLACEMENTAGENTS

Muchoftherealestateinvestmentmomentumovertheyear2005through2007wasfueledbyincreasedassetallocationwithinpublicemployeepensionfounds,attractedbyseeminglyhighreturns.Oneexampleofthiswasa$14billionnetincreaseincommercialrealestateinvestment9bytheCaliforniaPublicEmployeesRetirementSystem（CalPERS）asthemarketboomedin2005and2006.Notonlywasthenetexposureincreased,but,asdetailedina"

RealEstateProgramReview"

datedApril19,2010,bytheRealEstateUnitOftheCalPERSInvestmentOffice,"

newinvestmentdisproportionallymadetohighriskinvestments"

.inaMemorandumaccompanyingtheProgramReviewTheRealEstateConsultanttotheCalPERS,Boardalsonotedawidevarietyoffactorsthatapparentlycontributedtothe48.2percentdeclineinNetAssetsatFairMarketValuefromJune30,2008throughJune30,2009,intheCalPERSrealestateportfolio,asfollows:

（1）Higheramountsofleverage,whichloweredincomereturnsandincreasedexposuretochangesintheassetvalue;

（2）Recoursedebt,whichexposedCalPERStorisksbeyondthespecificassets;

（3）Looserprogramguidelinesgaveinvestmentstrategies;

（4Shiftingcommitmentsfromstabilizedcoreinvestmenttonon-stabilizedopportunisticinvestments,whichnowcomprisemorethan40percentofthecurrentholdingsintheportfolio;

（5）Adramaticincreaseinthenumberofmanagerrelationshipsandcommingledinvestmentvehiclesprovidedlesscontrol,poorergovernanceandhinderedstaff'

sabilitytoresolveproblemsandliquidateasset;

（6）vintageyearconcentrationwithover$27billionofequitycommitmentsmadein2005and2006,inpartdrivenbysuccessfulmarkettimingdispositionsrealizedbycorepartner.

InterestinglyneithertheRealEstateProgramReviewnorthePCAMemorandumcitetheundueinfluenceof"

placementagents"

generallythirdpartyconsultantswithdifferingdegreesofprofessionalandcompetence,politicalorboardconnections,andcompensationarrangementswhoundoubtedlycontributedtothe"

increaseinthenumberofmanagerrelationships"

"

looserprogramguidelines,"

and"

largeconcentratedinvestments."

However,theCalifornialegislaturedidtakenoteofthepotentialfoeabuse.OnOctober11,2009,Gover