Jll Meeting~14 Jan 2009

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Portfolio of works undertaken at NYU Schack Institute of Real Estate

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Jll Meeting~14 Jan 2009

  1. 1. PROJECT: Continuing Care Community Seattle , Washington. Economic Feasibility Assessment <ul><li>Salient Features: </li></ul><ul><li>US witnessing growing Baby Boomer generation ( 1940 – 1964) </li></ul><ul><li>Seattle virtually untouched by housing recession with net immigration, GDP growth, & pay hikes </li></ul><ul><li>Project will induce job growth, senior immigration to city, asset appreciation with time, highest & best use </li></ul><ul><li>Lessons Learnt: </li></ul><ul><li>Consideration of market timing, pre-sales projections, purchasing power of clientele, </li></ul>Fall 2007, MSRE 09 REI - NYU
  2. 2. PROJECT: 329 Tenth Avenue (29 th Street) , Market Analysis & Project Proposition <ul><li>Salient Features: </li></ul><ul><li>~7000 sft, grandfathered property on edge of Hudson Yards Special District & Highline Construction with current $7 psf rent, projected to increase to $17 psf post development of district </li></ul><ul><li>Financially feasible once property value appreciates, as current rents are low </li></ul><ul><li>Lessons Learnt: </li></ul><ul><li>Consideration of market timing, inside information of Hudson Yard + Highline development timelines are important for investment decision </li></ul>Spring 2008, MSRE 09 REI - NYU
  3. 3. PROJECT: Bowleys Lane - Brownfield Remediation, Development, & Marketing <ul><li>Salient Features: </li></ul><ul><li>600,000 sft of Retail cum Light Industrial (with community component) development on 82 acres of Baltimore city Landfill </li></ul><ul><li>Lessons Learnt: </li></ul><ul><li>Benefits to five constituencies – Developer, Investor / Lender, End User, State, and Community </li></ul>Spring 2008, MSRE 09 REI - NYU
  4. 4. PROJECT: Realty Income - -Analysis & Future Projections of Net Lease Retail REIT <ul><li>Salient Features: </li></ul><ul><li>Stock Overview, Business Model, Asset Portfolio, Geographical distribution, Corporate Governance, Analyst coverage, Current Capital Structure, Status of Debt / Stock etc </li></ul><ul><li>Diversified portfolio, Reserve capital, High investor confidence amongst peers are some of the Strengths </li></ul><ul><li>Retail asset class is cyclical, sustaining Dividend growth is testing for CFO </li></ul><ul><li>Lessons Learnt: </li></ul><ul><li>Recessionary environment, high leverage, portfolio risk can have severe impact on REIT’s investor confidence and stock price growth </li></ul>Fall 2008, MSRE 09 REI - NYU
  5. 5. PROJECT: Health Care REIT - Capital Structure Analysis, Financing Options & Strategy Formulation for long-term growth Fall 2008, MSRE 09 REI - NYU <ul><li>Salient Features: </li></ul><ul><li>Stock Overview, Business Model, Asset Portfolio, Geographical distribution, Corporate Governance, Analyst coverage, Current Capital Structure, Status of Debt / Stock, Comparatives, </li></ul><ul><li>Financial Ratios & Interpretations, Blended WACC, Additional Funds Needed (AFN) for growth, Alternate Financings options, Recommendations </li></ul><ul><li>Lessons Learnt: </li></ul><ul><li>Lower stock valuations and high leverage alongwith frozen bond + weak stock markets are unfavorable for REIT M&A </li></ul>
  6. 6. PROJECT: 171-175 Thomson Street - 29 unit, 1900’s walk-up apartment in West Village, New York City Fall 2007, MSRE 09 REI - NYU <ul><li>Salient Features: </li></ul><ul><li>Location apt for Yuppies clientele & close to amenities </li></ul><ul><li>Appraisal done using Cost, Income Capitalization, and Sales Comparison Approach </li></ul><ul><li>Information of comparables, property title records </li></ul><ul><li>Lessons Learnt: </li></ul><ul><li>Lower stock valuations and high leverage alongwith frozen bond + weak stock markets are unfavorable for REIT M&A </li></ul>

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