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Bryan Reid
Executive Director, MSCI Research
About the Contributor
As an Executive Director in MSCI’s global real estate solutions research team, Bryan focuses on performance measurement, portfolio management and risk related research for asset owners and investment managers. Based in New York, he covers the Americas as well as global markets.
Prior to joining MSCI in 2013, Bryan started his career with the Reserve Bank of Australia and worked in the structured finance team at Moody’s Investors Service.
An economist by training, Bryan holds a BEc (1st Class Hons) from the University of New South Wales, where his thesis was on residential real-estate indexes.
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Blog posts by Bryan Reid
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Some commercial tenants have stopped paying rent amid COVID-19. Without rental income, property funds are not able to pay distributions to shareholders and borrowers cannot service their debt. We analyzed property-fund data to assess the impact on investors.
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By evaluating real estate portfolios in terms of different physical risks as well as under different transition-risk scenarios, investors may be able to build a more complete picture of their exposure.
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Real Estate Asset Selection Mattered — Especially in a Crisis
May 14, 2020 Bryan ReidAs real estate strategies become more complex and market disruption continues, attribution analysis may prove a valuable tool. We looked at asset selection’s role in driving portfolios’ relative returns during relatively calm and disruptive periods.
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How COVID-19 could impact private real estate values
Apr 20, 2020 Bryan Reid , Yang LiuReal estate has not historically been immune to growth shocks, but the impact of COVID-19 has been harder to establish than it has for public equities. Discounted-cash-flow scenarios may help investors understand the potential sensitivity of their portfolios.
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What out-of-cycle write-downs may mean for real estate yields
Apr 3, 2020 Bryan ReidAs real estate investors seek to understand how the COVID-19 crisis could affect their portfolios, several large Australian pension funds recently wrote down their property portfolios by up to 10%. What could a 10% write-down imply for yields?
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In real estate investing, capital growth has historically been responsible for most of the observed volatility in total returns. Could breaking capital growth into its components help tell a more detailed story of property portfolios’ performance?
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The opacity of real estate markets and the wide spectrum of potential outcomes makes it hard to understand performance. Running a historical “what if” analysis may help institutional investors understand how different choices could have impacted outcomes.
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Real estate has always been marked by periods of expansion and sometimes painful corrections. But all cycles are not alike.
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Income has long been an important part of real estate returns meaning yields are often heavily scrutinized by investors. However, headline yields do not factor in capital expenditure requirements which can vary significantly. Investors looking to better understand potential “free cash flow” positions of portfolios post-capex may want to adjust the yields they use to account for it.
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Office and retail investments’ historic dominance of commercial real estate portfolios is decreasing, with other property types — including logistics centers, student housing, and data centers — increasing. This evolution highlights how technology and the search for yield have led investors to diversify and seek exposure to other property types.
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Asian retail resilience: Have store hours affected performance?
Jul 9, 2019 Bryan ReidIndustrial real estate has outperformed retail assets in recent years, but the trend has been less pronounced in Asia, where store hours, among other reasons, might have led to more resilient retail performance.
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Measuring real estate capital growth isn’t rocket science, is it?
Jan 28, 2019 Bryan ReidIn September 1999, NASA’s Mars Climate Orbiter was lost, at a reported cost of USD 125 million, due to a mix-up in measurements.
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While not quite as profound as the Shakespearean original, it is still quite a tricky one for real estate investors to grapple with. Until fairly recently, it is one that has been avoided by the majority of real estate investors due to their heavy home bias. But the increasing global nature of the asset class, combined with rising currency volatility, means the question is becoming increasingly difficult to avoid.
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A decade after the global financial crisis, the era of ultra-low interest rates may be drawing to a close. Many real estate investors worry that rising rates could hurt their portfolios. However, our analysis suggests it’s the macroeconomic fundamentals driving interest rates, not the rise itself, that are most important.
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Have Big-Ticket Properties Performed Better Than Lower-Value Properties?
Aug 15, 2017 Bryan ReidIt is sometimes assumed that larger real estate assets perform differently to smaller assets thanks to reduced accessibility and competition at the top end of the market. Using MSCI’s global private real estate dataset, we find evidence to support the assertion that the size of an asset does have an impact on its performance.
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Are low yields a risk for your private real estate portfolio?
Jun 8, 2017 Bryan ReidIn a global environment of sluggish growth and low interest rates, yields on private real estate are under sustained pressure. Yields have been compressing since 2010 and are now lower than before 2007.
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