Green Street Advisors

The Transportation Revolution

Prepared for the 2017 ULI Fall Meeting

The coming revolution in transportation will be a game-changer for real estate. Ride-hailing (e.g., Uber) and driverless vehicles will combine to dramatically reduce transportation costs and time. A decline of vehicle ownership could cut parking needs in half within three decades. The 75 billion square feet of parking space to be eliminated is more than the U.S. apartment, office, mall, strip center, and industrial sectors combined. The impact on land values will be broadly deflationary.

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Heard on the Beach: Valuation Reality Check

Published July 31, 2017 from the Heard on the Beach series

Low interest rates and heavy foreign capital flows have caused NAV signals to be harder to interpret in recent years. An IRR approach to valuing each REITs property portfolio helps to spot instances where private-market pricing and, therefore, NAV may be amiss.

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Considerations in Monetizing Retail Real Estate

A version of this article, from Green Street's Advisory & Consulting group, originally appeared in National Real Estate Investor, August 17, 2017. This is not a research report.

It is no secret that brick-and-mortar retailers are facing unprecedented headwinds. Given the increasingly competitive retail environment, retail C-suite executives would be well served to shift their thinking and begin viewing real estate as a financial asset rather than just an operating location.

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Alexa…Buy Whole Foods

The full version of this strip center report published on June 21, 2017

Amazon (AMZN), the leading online retailer in the world, recently agreed to acquire organic grocer Whole Foods (WFM) for ~$14 billion. The deal is not final, but if it goes through, it will be the largest acquisition that the online retail…logistics…technology…movie/TV series-making company has made to date. Amazon has generally had the Midas touch. But the bet it is making on Whole Foods is a big one and the risks should not be dismissed.

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A Debate Over REIT Corporate Governance

This transcript was published alongside a webinar on March 14, 2017

Who should be in control of key outcomes for REITs – the shareholders or the Boards?  Corporate Governance is a very important issue for all REIT market participants. Watch this 30-minute webinar with Jim Sullivan, President of Green Street’s Advisory Group, and Yoel Kranz, Partner at Goodwin, as they debate REIT Corporate Governance “best practices."

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Heard on the Beach: Alternative Facts

Published February 27, 2017 from the Heard on the Beach series

Compelling new evidence shows that once returns of private real estate funds are adjusted for reporting lags, they line up very closely with REIT returns. Indeed, the only real difference between the two is that REITs have delivered better returns. The evidence suggests that investors who avoid listed REITs and choose the more expensive option are likely to underperform.

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