Skin in the Game: How New Risk-Retention Rules Affect the CMBS Market

Prior to the Global Financial Crisis, issuers of commercial mortgage-backed securities (CMBS) passed 100% of the risk to bondholders. After the GFC, the Dodd-Frank Act instituted new rules requiring that any institution securitizing a pool of commercial mortgages retain at least 5% of the bond…

Pandemic Reshapes the Outlook for Farmland Investments

View Newsletter There may never be another global event akin to the COVID-19 pandemic in our lifetimes that more clearly tests the investment thesis for farmland as a component of a diversified institutional investment portfolio. Investors make strategic allocations to farmland for its diversification potential, low correlation to more traditional asset classes, and inflation-hedging properties. […]

Private RE Returns Positive; Global REITs Underperform

View Newsletter Private real estate results positive due to income Initial impact of pandemic reflected in 1Q20 results Positive return due to income Industrial real estate performed well. Retail depreciation accelerated this quarter. The dispersion of returns by manager within the NCREIF ODCE Index was due not only to the composition of underlying portfolios but […]