NREI_INSTITUTIONAL OUTLOOK_ Penton Media November 2, 2009 If you want to view this on the web go to: http://enews.penton.com/enews/nrei/v/755 ONLINE EXCLUSIVE --CalPERS Goes On the Offensive to Combat 'Misinformation' By Ben Johnson In a radical departure from its media-shy nature, the nation's largest pension fund is launching a new online campaign to help counteract an avalanche of challenges in recent months. The California Public Employees' Retirement System (CalPERS) is often viewed as the bellwether of institutional investors, with some $200 billion in total assets under management. But steep losses over the past year have put the fund under a microscope. The value of CalPERS' commercial real estate portfolio, for example, fell 35.8% to $13.6 billion over the 12-month period that ended on June 30. To view the full article go to: http://nreionline.com/finance/news/calpers_goes_on_offensive_1102/index.html CAPITAL TRENDS --Real Estate Downturn of the Early '90s Differs From Today's Crash In Important Ways By David Lynn, Ph.D. Many market observers have pointed out similarities between the current downturn in commercial real estate and the downturn in the early 1990s. Both were preceded by an extended period of relaxed underwriting standards, excess capital chasing returns, significant cap rate compression, and steep increases in asset values. It is useful to compare and contrast key elements of the two periods in order to establish a reference point for today's investment strategies. Two key regulatory changes during the 1980s paved the way for theoverbuilding that defined the 1990s recession in commercial real estate. The 1982 tax cuts included provisions that allowed for generous depreciation allowances and tax shelters for investors. Also during the 1980s, the deregulation of the savings and loan industry allowed these institutions to expand their investments to include commercial mortgages. To view the full article go to: http://nreionline.com/finance/news/real_estate_downturn_1102/index.html INSTITUTIONAL TIDBITS --Former First Industrial Realty CEO Launches Industrial Real Estate Investment Firm Staff report Michael W. Brennan, former president and CEO of First Industrial Realty Trust (NYSE: FR), recently announced the launch of Brennan Investment Group LLC, a privately held industrial real estate investment firm based in Chicago. Brennan Investment Group will opportunistically acquire, develop and operate industrial properties in select major metropolitan markets throughout the United States. The firm's managing principals will co-invest with private and institutional capital to pursue single asset and portfolio acquisitions as well as debt acquisitions. To view the full article go to: http://nreionline.com/finance/news/former_first_industrial_realty_ceo_launches_industrial_real_estate_investment_firm/ RESEARCH --Investor Sentiment Survey, Final Chance to Win Gift Card Staff report With the lingering effects of a deep recession and credit crunch continuing to bog down the U.S. economy, investors are weighing the full impact on commercial real estate. Against this challenging economic backdrop, National Real Estate Investor, Retail Traffic and Marcus & Millichap are conducting the third quarterly Investor Sentiment study that measures confidence on a host of trends including property valuations, effective rents, acquisition and disposition strategies, as well as employment. To ensure that we provide our readers with the most timely analysis, we need your help as an industry professional and valued National Real Estate Investor subscriber. Additionally, at the end of the survey, you will have the option to enter into a drawing for one of two $100 Visa gift cards. Your answers will be kept completely confidential and used only in tabulation with others. Use the link below to access the survey. Investor Sentiment Survey (http://insidepenton.com/research/er/nrei/nreimmsept09.htm). To view the full article go to: http://nreionline.com/finance/news/iunvestor_sentiment_survey_1030/ Advertisement ---------------------------------------- Step Up Investor Confidence. Yardi Investment Management gives you the ability to centralize and automate the management of your entire real estate investment portfolio. Achieve fast, reliable analytics, reporting, and portfolio-wide transparency that instill the highest level of investor confidence. http://s8.adwatcher.net/marymc/tracker.php?t=154 ---------------------------------------- Featured Research ---------------------------------------- *Top 25 Brokerages 2009 (http://nreionline.com/research/nrei-top-25-brokerages-0401/) *Seniors Housing Research (http://nreionline.com/seniorshousing/research-offer/index.html) *Distressed Real Estate (http://nreionline.com/distressedinventory/) *2009 Real Estate Investment Outlook (http://nreionline.com/research/2009_real_estate_investment_outlook/) ---------------------------------------- Advertisement ---------------------------------------- (http://www.irem.org/sec1ins.cfm?sec=aboutirem&con=cpm_arm_aso_directory.cfm&par=) ---------------------------------------- NREI Interactive Products ---------------------------------------- John Driscoll on Principal Issues Facing Hospitals Today (http://nreionline.com/podcast/john-driscoll-principal-issues-facing-hospitals-today-100709/) John Driscoll, President of Alter+Care, discusses the principal issues facing hospitals today and the role private capital partners can play in a healthcare system's future development... WHITE PAPER Back To Basics To Stay Strong In Commercial Real Estate (http://nreionline.com/research/ge-capital-real-estate-0729/) To succeed in this real estate market, investors and managers need a new kind of toolbox... ---------------------------------------- Advertisement ---------------------------------------- Corpus Christi, Texas on Beautiful Upper Padre Island Saturday, November 21st @ 1:00 pm Selling 1600+/- Feet of Gulf Frontage (Hotel or Condo), Water Frontage (Marina Site and Multi-Family), Multi-Family on Country Club Gulf Course and Commercial http://www.theauctionway.com/auctions/index.html ---------------------------------------- ---------------------------------------- Join UCLA Extension and the Ziman Center for Real Estate at UCLA for a lively day of insight and discussion, featuring a keynote address by Ethan Penner, Executive Managing Director, CB Richard Ellis. More info at (310) 206-1409 or http://www.ulaextension.edu/finance09. ---------------------------------------- ABOUT THIS NEWSLETTER Do you have editorial comments or ideas regarding NREI Institutional e-newletter? Contact Sibley Fleming at mailto:sibley.fleming@penton.com You are subscribed to this newsletter as #email# To subscribe to this newsletter go to: http://subscribers.nreionline.com/?tc=NLSUB To unsubscribe from this newsletter go to: http://pbinews.com/webforms/newsletter/unsub/?email=#email#&lid=#list_id#&mid=#message_id# For information on advertising in this newsletter, please contact Marianne Rivera at 312-840-8466 or by email at mailto:marianne.rivera@penton.com. For questions concerning delivery of this newsletter, please contact our Customer Service Department at: US Toll Free:: 866-505-7173 International: 847-763-9504 or mailto:nreionline@pbinews.com To get this newsletter in a different format (Text or HTML), or to change your e-mail address, please go to your profile page here: http://subscribers.nreionline.com/?tc=NLSUB&email=#email# Penton Media | 249 W. 17th Street | New York, NY 10011 Copyright 2009, Penton Media. All rights reserved. This article is protected by United States copyright and other intellectual property laws and may not be reproduced, rewritten, distributed, re-disseminated, transmitted, displayed, published or broadcast, directly or indirectly, in any medium without the prior written permission of Penton Media.