Family Office Real Estate (Juli 2015)

7/25/2019 Family Office Real Estate (Juli 2015)

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www.FamilyOffices.com [email protected]

1 Family Offices and Real Estate | The Family Office Club (212) 729-5067

Family Offices &

Real Estate ReportAn Educational Guide to Family Offices Investing in Real Estate

Brought to you by the

Family Office Club
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Introduction

At the Family Office Club, we meet with hundreds of family offices and familyadvisors every year to discuss their wealth management approach, what theirclientsneeds are, and where there are still inefficiencies in the marketplace. In

these conversations and interviews, we see a wide array of investment structures,asset classes, and allocation strategies.

One asset class that is perhaps the most ubiquitous in the portfolios of familyoffices and their ultra-wealthy clients is real estate. Of course, real estate is a broadterm that comprises both personal assets as well as real estate assets held forinvestment purposes. In both personal and investment holdings families may investthrough any number of structures, be it a publicly-traded REIT, a directly-ownedportfolio of apartment buildings, or another vehicle that fits the needs of the family.As we will share in this white paper, just over three fourths of respondents to ourFamily Office Benchmarking Survey reported allocating at least 1% to real estate

and hard assets. This illustrates how common real estate is in family officeinvestment portfolios.

In this educational white paper, we are going to explore how and why familyoffices invest in real estate, what their preferred structures are, and how differentfamily offices allocate to this asset class.

Real Estate Investments

It is helpful to review the main types of real estate investments before we

delve into a few areas in more detail.

Residential

Residential real estate is a form of real estate that most readers are familiarwith because everyone has purchased a house, rented an apartment, or had someinteraction with residential real estate. Tenants of residential properties pay to beable to live in the property and property owners collect rents as part of the leaseagreements with tenants. Residential properties include single-family homes, multi-family homes, apartment buildings, condominiums, luxury properties, and othervariations.

Many affluent families hold several residential properties for personal useand for investment and diversification purposes. We have seen some familiespurchasing several properties and even packages of hundreds of single familyhomes. In other words, instead of buying, say, a 30-unit apartment complex, afamily may instead buy a portfolio of 30 single family homes and employ a propertymanager to produce desired gains from the rent income and appreciation.


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Commercial

Commercial real estate refers to those real estate properties that are used bybusinesses. While individuals and families are the typical tenants of residential realestate properties, businesses occupy commercial properties. These businesses

range from a Bank of America branch office to a private law office and the tenantbusinesses abide by leases and pay for use of the property, just like any otherresident. These leases are more complex than the leases one might have on a condoor apartment and the agreements can vary to include obligations for the tenant topay for some or all of the following: property taxes, rent, insurance, requiredmaintenance and up-keep, or other expenses that would otherwise be covered bythe property owner.

Industrial

The last type of real estate to cover here is industrial real estate. Industrialproperties are used for manufacturing, production, assembly, storage, and relatedactivities. Some large institutional investors own industrial properties and lease theproperty (usually under long-term agreements) to businesses that will use it formanufacturing and production.

Out of these three typesresidential, commercial, and industrialresidential properties are fairly common among family offices because this assettype is broad, encompassing properties like large apartment buildings, condos, andmulti-million dollar houses. There are a number of families in our network that owncommercial real estate holdings, but the complexities of operating the business,servicing clients, collecting rents, and making sure that the building maintains fulloccupancy can present challenges.

If these real estate holdings are primarily investments, rather thanproperties for use by the family or for the family offices operating businesses, then

the goal is a positive return on investment. For a real estate property, this is mostcommonly achieved when the propertys value appreciates. Although the recent

bursting of the real estate bubble has made some investors question the idea thatreal estate investments are a sound long-term investment, traditionally real estatehas been a source of steady gains that at least keep pace with inflation and holdtangible value. One simple explanation for why family offices like to hold real estate

is that at the end of the day, even if inflation jumps up or the stock market crashes,your property still has some value.

If the real estate property does not appreciate or even loses value, there isstill an opportunity to notch a return on investment by renting out the property tobusinesses or residents. In the wake of the financial crisis and real estate meltdown,for example, many investors cushioned the blow to property valuations by rentingout properties. This is especially attractive if the property is purchased with a loan


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and thus the owner will have to make the monthly payments regardless of whetherthe housing market collapses or the macroeconomic picture changes. Renting outthe property or otherwise monetizing the real estate can help the investor meet loanrequirements and, ideally, realize returns on the investment. The income andappreciation qualities make real estate a mandatory allocation in many family office

portfolios.

Real Estate Investment Structures

As we touched on above, there are a number of different real estate propertytypes and there are also many different structures by which investors allocate toreal estate. We will briefly explore a few of these structures here.

Real Estate Investment Trusts (REITs)

One way in which family offices allocate to real estate is through what isknown as a Real Estate Investment Trust or a REIT. A real estate investment trust(REIT) is an investment company that invests in properties or mortgages andtypically provides an income component. REITs trade on exchanges like stocks andbonds, making these securities an easily accessible and liquid avenue for investingin real estate.

REITs must pass through a significant portion of their income as a dividendin order to qualify for special tax treatment. Publicly traded REITs normally investin commercial real estate, such as apartments, hotels, shopping malls, officecomplexes, and storage units. REITs are a way to invest in real estate without

directly investing in private real estate and managing property. The tax benefits ofthis structure are often the most important aspect for investors considering a REITcompared to other real estate investment structures.

Real Estate Investment Firms

Similar to REITs, a real estate investment group allows a family office orother investor to invest their money with a firm that will then use that capital tomake investments in real estate, manage properties, and attempt to produce gainsfor the investor(s).

Private Real Estate Funds

There are many different private real estate funds that are structured as alimited liability corporation or limited partnership and investors in the fund commitcapital that is deployed to purchase various real estate properties and securities.


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Key Considerations for Family Offices Investing in Real Estate

Now that we have looked at the common forms and structures by whichfamily offices invest in real estate, we will examine the different motivations behindfamily office investments in this asset class.

Diversification

Following the modern trend of diversified asset allocation, many familiesview real estate and hard assets as an essential component of a balanced investmentportfolio. Modern Portfolio Theory (MPT) has had a dramatic influence oninstitutional investor allocation strategy since its architect Harry Markowitzintroduced the concept in the 1950s. An adaptation of MPT, the Yale Model, was

pioneered by the Yale endowments chief investment officer, David Swensen. TheYale Model was adopted and emulated by many institutional investors who saw the

merits of deploying a capital away from traditional asset classes such as stocks andbonds, in favor of alternative investments including hedge funds, private equity, andreal estate.

Although there has been notable critiques of this model, it is clear that theemphasis on diversification and alternative investments outside of purely stocksand bonds has become a standard for many institutional investors including familyoffices. Real estate can offer unique investment attributes that we will discussbelow and that has made real estate, in many different forms and structures, aconsistent element of many family office portfolios.1

Operating Cash Flow

Family offices, like many large investors, prize cash flows and incomestreams in their investments. Depending on the structure of the real estateinvestment, a family office may be able to own a property, investment product, orportfolio of properties that provide it with cash flow. Family offices often cite theopportunity to earn income on top of asset appreciation as a primary reason forowning apartment complexes, hotels, and commercial buildings.

Of course, with owning these types of investments directly, the family officehas to take on management responsibilities such as hiring and supervising a staff,

administration and maintenance, liability, service to tenants and clients, andessentially operating a business. Many families prefer to gain exposure to realestate (without owning real estate directly) through various investment vehiclesincluding limited partnership funds, Real Estate Investment Trusts (REITs),

1Ferri, Rick. The Curse of the Yale Model. April 16, 2012.http://www.forbes.com/sites/rickferri/2012/04/16/the-curse-of-the-yale-model/


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mortgage securities, royalty trusts, mortgage investment corporations (MICs), andother real estate-related vehicles.

Long-Term Appreciation

Family offices are unique from many other types of investors in an importantway: family offices tend to have a long-term investment horizon. A single familyoffice does not have to distribute returns to investors like a LP fund and itsinvestment team often take future generations into consideration. There isperceived to be less pressure on family offices to achieve short-term gains if there isan opportunity for greater benefit over a longer investing period.

For example, a private equity real estate fund will be expected to distributecapital to investors within a few years of initial investment following the typical J-Curve model. The fund may own several excellent assets that are producing steadyreturns and the GP expects the assets to continue to appreciate. However, investors

are paying annual management fees and agreed to lock up their capital with theexpectation of receiving outsized returns that justify the fees and illiquidity of thefund. A family office, on the other hand, may be content holding those same assetsand reaping the steady gains while the assets appreciate in value and perhaps abuyer materializes ten years down the road with an exceptional offer.

None of this is to say that the family office is guaranteed better performancebecause of this long time horizonindeed the family office could sell at any timeand could perform worse than a fundbut the long-term mindset does offer familyoffices added flexibility and a broader mandate than some other investors. Realestate typically follows a longer investing cycle than many other assets, such aspublic equities or fund investments, and thus the long-term investing view can fitnicely with real estate and hard assets.

Less Volatile Asset Class

Compared to public equities, which have seen an unprecedented rise involatility in the 21stcentury and especially during and after the financial crisis, realestate is a fairly stable asset class. The Volatility Index (VIX) has become a highly-followed indicator of volatility and as you can see in the chart below, the VIX wentthrough a remarkable period of activity from 2007 to 2012.


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2

Although volatility has fallen from a historic high in the midst of the financial

crisis, investors are highly sensitive to huge price swings in assets brought on byunpredictable events in Europe like the Greek debt crisis, slowdown in China,plummeting oil prices, and similar market-shaking events. With the notableexception of the recent housing collapse, real estate is perceived by many familyoffices that we know as an asset class with huge daily swings in pricing and extremevolatility.

Direct Control

A broader shift in family office investing preferences has been the increaseddesire to directly control various investments in the portfolio. After years of lettingthe general partners fees cut into fund allocation returns, some institutionalinvestors are increasingly looking to direct investments. Direct investments allowthe investor to exercise complete control over the investment and manage all of thedeal processes internally while keeping all of the profits. For smaller deals, directinvesting is an effective way to buy a stake in a company, purchase real estateproperties, and make allocations toward unique opportunities.

Of course, a direct investment is not exactly a revolutionary concept; familyoffices have been investing directly for centuries. But the financial crisis and thelosses on many investments have led some institutional investors to look for returns

internally, rather than relying on a third party manager and surrendering a fifth ofthe profits to that fund sponsor. Furthermore, the nature of the housing collapse

2Volatility S&P 500 (^VIX) Index from the Chicago Board Options Exchange viaYahoo! Finance, as of 3:31pm EDT, July 17, 2015.http://finance.yahoo.com/echarts?s=%5EVIX+Interactive#{"range":"max","allowChartStacking":true}
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and the staggering decline of real estate-linked investments has reminded investorsthat they need to have better transparency and understanding of their investments.Family offices, especially single family offices, are allocating more capital towardsdirect investing today than ever before. The ability to directly control real tangibleassets, further influence an industry they already understand, and avoid fund

management fees is driving interest in this area.

In the past, a family office might have relied on external fund managers for itsequity holdings, real estate allocations, fund investments, and other parts of theportfolio. Now, family offices are increasingly working to cut out external funds,especially when doing so makes sense in order to keep investments in-house andrely on the familys own investment team. The mass layoffs in the financial services

industry supplied ample talent to family offices looking to develop their in-houseinvesting capabilities. Many $1 billion+ single and multi-family offices now employinvesting professionals in multiple cities around the world with expertise that rivalsthat of professionals employed by leading banks and investment firms. The direct

investment trend is an important change in how family offices deploy capital andapproach real estate investing.

Inflation Hedge

The current investing environment of historically low interest rates in theUnited States and many other countries recovering from the economic recession hasdriven many investors to seek inflation hedges. Gold, foreign currencies, land,timber, real estate, and other hard assets with intrinsic value have become astandard component of many investors portfolios.

Many of the family offices in our network view real estate as an excellent wayto ride the tide of rising asset prices and enjoy the income benefit of owningmultifamily housing, commercial buildings, and hotels.

Limited Downside

Related the previous section on inflation hedging, family offices may allocateto real estate because, in the event of a market correction in equities or again inhousing, their downside is limited. Barring a fire or disaster destroying theproperty (which would certainly be insured) the chance of a complete decimation of

the investments value is remote.

In recent years we have seen hedge funds blow up losing all or most of

their investors capital, storied firms like Lehman Brothers and AIG fail, assetsbecome worthless, and companies with seemingly strong balance sheets suffercatastrophic losses that require multi-billion dollar bailouts and effectivelyliquidating shareholder value. Even in 2015, we have witnessed Greece, a sovereign


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country and member of the European Union, have to request a third bailout amidpolitical instability, frozen banks, and a rapidly declining economy.

In the midst of all this volatility, investors would be forgiven for seekingcomfort in investments with intrinsic value and at least a limited downside. Real

estate and real asset investments provide family offices with a modicum of comfortcompared with other asset classes that have failed to provide investors with theanticipated downside protection.

Attractive Real Estate Investments

There are dozens of types of real estate investments, but the two of the mostpopular in my experience with families are apartment buildings and hotels. Thereason that many families prefer these investments is the income componentgenerated by tenant rents (in the case of apartment buildings) and room rentals (in

the case of hotels). The potential to earn steady, consistent income by owning andmanaging these properties is extremely attractive to wealthy families with a long-term investing mindset.

Each familys investment mandate varies but typically these families are

content to hold properties through real estate cycles and do not attempt to time themarket opportunistically with quick buy-and-flip type real estate investments. Ofcourse, single family offices try to avoid overpaying and may sell if marketvaluations are inflated, but hotels and apartment buildings are major, long-termcommitments and families do not enter these investments looking to make a quickbuck through a prompt exit.

Hotels as Operating Businesses

A hotel property is a unique real estate investment in that it is part propertyinvestment and part operating business. Hotels require a strong management teamdevoted to keeping expenses down and producing steady profits, while keeping inmind variables such as competing hotels, surrounding business activity, guestsatisfaction, and other important components of operating a successful hotel. Onecannot simply buy the hotel and assume it will succeed long-term; like any business,it is a constant improvement in management and business growth. Every year,

hundreds of hotels fail and fall into bankruptcy, even hotels with capablemanagement teams and prime locations, so there is no guarantee of success andsteady incomeeven for a stable industry like hotel and rental propertymanagement. Still, many families we meet from Los Angeles to Singapore haveinterest in these types of income-generating properties because a successful hotel orrental property can be exceptional investments for well-capitalized investors withlong investment horizons.


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We are sent hotel investment opportunities seemingly every week and onekey takeaway is that there is often a trade-off between optimal location, theresulting implied risk, and optimal pricing. Of course, this is not an earth-shatteringrevelation; it is fairly obvious that a great location for a hotel will command agreater price and attract rival bidders. When family offices speak about owning or

investing in hotels they are often focused more on metropolitan locations anddisinterested in allocating to a suburban market or even a city-center location if itisnt in a high-demand market like London, New York City, Miami, or other topdestinations.

This tends to frustrate independent sponsors, real estate developers, andothers looking to acquire or develop hotels with family office capital. Family officesmay be willing to pay top dollar for a hotel in a prime location because they are surethat the occupancy rate will be sufficiently high to mitigate risk of bankruptcy anddistress. This means they may pay more to buy the hotel and make most of theirreturn by holding the property long term and accumulating income from the hotel

business. Real estate professionals are typically more focused on buying low andmaking their ROI at the exit (typically a sale to a strategic buyer or investor group).This means that they are more willing to develop a hotel or buy a hotel in a growingmarket, even if it is not a top location at the moment. These investors, in contrast tofamily offices, are comfortable to putting in substantial investment in the first fewyears to build or remake a hotel because the ultimate payoff is expected to comefrom a future sale.

There is nothing right or wrong about either approach because the strategyis relative to the investors own objectives. Family offices are typically more riskaverse than a seasoned real estate professional or fund which wants to borrow and

build or do a leveraged buyout of an undervalued market. If the family office cansell the hotel at a high multiple, theyre likely to at least entertain the offer but

family offices are usually less eager to sell than a limited partnership fund or a realestate group that wants to lock in the gains through a sale.

Apartment Investments

Apartment properties are similar to hotels in that they require an activeproperty management team and frequent renovations, maintenance, and businessdevelopment. Investors willing to commit to that level of involvement in a realestate investment are rewarded with the chance to earn rental income while thepropertys market value (hopefully) appreciates.

An apartment building in a growing market can quickly see a substantial risein market value. For example, in Portland, Oregon, a consistently cited top 10 rentalmarket cityand where the Family Office Club maintains an officerents havesteadily increased. The rise in rents has come as both mid-sized local businessesand large multi-national corporations, like Nike, Inc. and the Intel Corporation,


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decided to expand hiring and open new facilities in the area. A decision by Intel toopen one of the largest plants in the world in Hillsboro, a suburb of Portland, isexpected to lead to more jobs, greater demand for housing, and rising rents forexisting properties in the area.3 A savvy family can develop an apartment rentalproperty in a growing area and wait for the property to appreciate and rents to rise

over several years.

A real estate fund or private equity real estate fund may look to acquireproperties with a shorter time horizon than a family office, because the former isexpected to return capital to outside investors while the latter is investing its owncapital. The fund will seek to exit by selling all or part of the property to anotherbuyer or real estate management company, in order to distribute returns to limitedpartners. Single family offices and ultra-high net worth families, on the other hand,can hold properties through the entire investment cycle and continue to manage theproperties and collect steady income for years. This is a big strategic advantage foraffluent families and single family offices in the real estate property market and a

core driver of family investment activity in the sector.

We asked a few family offices what their views were on apartment buildingsare multifamily real estate in general. Rohan Gupta, managing director of the GuptaFamily Office, expressed optimism on multifamily real estate. "Our family office andmy company, Stuho, are both very bullish on multifamily and student housing inparticular because the asset class has shown tremendous resilience during thedownturn and has largely outperformed through the current recovery period.Simply put, we believe housing supply is still several years away from meeting thecurrent housing demand."

Trophy Assets and Cross-Purpose Properties

We have met with several wealthy families who have seemingly overpaid forvarious assets, particularly real estate properties, in order to secure a trophy. Bythis we mean that the family may pay a premium for a property that has uniquesocial or prestige benefits, such as the Empire State Building in New York or theRaffles Hotel in Singapore.

A single family office that purchases one of these trophy assets will takeadvantage of the branding and prestige benefits in hosting business meetings, socialgatherings, and other events at their property. Most real estate developers wouldappreciate the trophy aspect, but they might not be willing to spend to the samedegree that a single family office would in some cases. Of course, a single familyoffice will not simply buy an overpriced asset only for such intangible benefits, but

3Theen, Andrew, and Mike Rogoway. "Intel's Rapid Growth Brings Gains -- and Strains -- inHillsboro."http://www.oregonlive.com/silicon-forest/index.ssf/2012/10/intels_mammoth_hillsboro_growt.htmlThe Oregonian, 27 Oct.2012.
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the team may adopt a longer time horizon for the investment with theunderstanding that the short-term benefits will be largely the trophy aspect,branding, and other less tangible assets.

A panel of family office executives answers questions from the audience at one of our

family office conference recently at the beautiful Raffles Hotel in Singapore. The

Raffles is known around the world and is a great example of a trophy real estate

asset that many family offices would value ownership of for many reasons, prestige

being one powerful factor.

Another reason that a family may make a significant real estate purchase is toutilize the property for other purposes, beyond leasing the space or building a

profitable development. A sub-$1 billion single family office that we work withowns a sizeable business park just outside of the city center. The single family officeuses that space primarily for its large investment operation, foundationheadquarters, and a few other offices that house business partners, legal counsel,and other relevant personnel. This cross-purpose property allows the family tooversee the whole family office operation within a couple blocks area. Newpartners, business divisions, and strategic relationships can take advantage of theoffice space and form a closer partnership with the family. This family has theoption to rent multiple floors in the financial district and spread their businessesaround the city in different office spaces, but by purchasing this cross-purpose realestate, the family is managing its operations more easily and taking advantage of

unique advantages from this asset.

If a family can use the property as a business asset, much like one would aprivate jet, then it might be worth acquiring the asset outright, even at a premium.It is important to consider the long-term benefits, whether it is the trophy aspect oranother use of the real estate, when evaluating real estate investments.


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Mistakes that Family Offices May Make in Real Estate Investing

1.) Ignoring Tax Consequences

It is very important to consider the long and short-term tax consequences ofyour real estate investments. You may be able to invest in a more tax efficient wayby using a fund structure or alternative vehicle for your real estate investment.Foreign real estate investments can be especially hazardous in terms of taxliabilities and potential penalties, so it is important to consider your options if youdecide to expand your real estate portfolio overseas. I know of many investors,particularly Asian families, that are actively buying U.S. real estate properties andthey are especially sensitive to local tax regulations like the Foreign Investment inReal Property Tax Act of 1980, for example.

2.) Lack of Diversification

The housing meltdown and financial crisis exposed a number of investorswho had an extreme exposure to a particular property market or type of real estate.Investors who exclusively held Las Vegas real estate properties, for example, wereparticularly hurt when Nevada real estate valuation crashed. Different real estatemarkets recovered at different times and Nevada was one of the hardest hit and theslowest to recover. Investors with a balanced portfolio of different asset allocationsand real estate holdings in different cities and markets are less likely to fall victim tothe collapse of one citys overheated property market. Las Vegas suffered fromextreme drops in valuations and mass foreclosures, which made it difficult for aproperty owner with a portfolio over-weighted toward Nevada real estate to

refinance all of its properties and write off losses if the entire portfolio was sinking.

3.) Running Before You Walk

It can be tempting to dive into the deep end of real estate, especially whenfinancing is readily available and the opportunities seem particularly exciting.However, I would caution that single family offices should remember to walk beforeyou run and not commit yourself to these long-term investments if you do not havethe experience to manage the properties, structure the deals, and make sure thatyou meet the demands of real estate investing.

One way to walk before you running is to invest through a co-investmentstructure, club deal private investment fund, or otherwise leverage the expertise ofexperienced real estate investors. This might be a safer, less time-intensive way toinvest in real estate, but if you still prefer to make real estate investments directlythrough your family office, you can hopefully learn the real estate investing gamethrough the experience without having to go it alone on your first deal. You canpartner with experienced real estate investors and other family offices with a strong


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real estate team to help you ease yourself into real estate, rather than biting offexpensive, time-intensive, and complex real estate investments yourself.

Continuing the Conversation

The Family Office Club is hosting a conference dedicated to family office realestate investments on August 7th, 2015 with multiple investor-led panels, in-depthpresentations, and private networking sessions. If you would like to continue theconversation on how family offices and institutional investors allocate capital to realestate, join us for this full-day event. To register, visitour websiteor call our teamat (212) 729-5067.

If you have comments, questions, or feedback on this white paper, pleasecontact us. We will continue to provide free resources like these to members of theFamily Office Club so join today if you are not already a member at

FamilyOffices.com/Association.

Richard C. WilsonFounder & CEOThe Family Office ClubKey Biscayne FLhttp://FamilyOffices.com

Theodore OBrienManaging DirectorThe Family Office ClubNew York, NYhttp://FamilyOffices.com

Phone: (212) 729-5067 | Email:[email protected] | Website: FamilyOffices.com
http://www.familyoffices.com/http://www.familyoffices.com/http://www.familyoffices.com/realhttp://www.familyoffices.com/realhttp://www.familyoffices.com/realhttp://familyoffices.com/http://familyoffices.com/http://familyoffices.com/http://familyoffices.com/mailto:[email protected]:[email protected]:[email protected]://familyoffices.com/http://familyoffices.com/http://www.familyoffices.com/realhttp://www.familyoffices.com/


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Family Office Club

Register Today >>August 7th, 2015 | New York Marriott East Side

THE REAL ESTATEALLOCATOR SUMMIT

Reserve Your Seat Today for this Family Office Conference

This full-day conference is dedicated to family offices and institutional investors, discussing how they acquire properties

directly, what they look for in real estate funds, the deal structures they prefer, and how they view the market going forward.

Many of our attendees enjoy benefits including: family office peer networking, building relationships, and discussing businessopportunities. The Real Estate Allocator Summit is a great way to meet face-to-face with families allocating to real estate fundsand investors managing properties and investing billions into the real estate market

View the full agenda here:http://WilsonConferences.com/Real-Estate-Investor-Summit.pdf

Registration:Online athttp://WilsonConferences.com/Realby calling (212) 729-50677

More than 25Family Office & Real Estate Executives Speakers Including:
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Family Office Real Estate (Juli 2015)

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