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Bryan Reid

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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  1. BLOG

    Measuring Climate Risk in Real Estate Portfolios 

    Jul 8, 2020 Bryan Reid

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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.

  2. BLOG

    Real Estate Asset Selection Mattered — Especially in a Crisis 

    May 14, 2020 Bryan Reid

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    As 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.

  3. BLOG

    How COVID-19 could impact private real estate values 

    Apr 20, 2020 Bryan Reid , Yang Liu

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    Real 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.

  4. BLOG

    What out-of-cycle write-downs may mean for real estate yields 

    Apr 3, 2020 Bryan Reid

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    As 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?

  5. BLOG

    What’s driven capital growth in real estate portfolios? 

    Feb 6, 2020 Bryan Reid

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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?

  6. BLOG

    Exploring the ‘what ifs?’ in real estate 

    Oct 29, 2019 Bryan Reid

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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.

  7. BLOG

    What’s the downside in real estate? 

    Oct 4, 2019 Bryan Reid

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    Real estate has always been marked by periods of expansion and sometimes painful corrections. But all cycles are not alike.

  8. BLOG

    Real estate may be yielding less than you thought 

    Sep 12, 2019 Bryan Reid

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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.

  9. BLOG

    The changing face of real estate portfolios 

    Aug 14, 2019 Bryan Reid

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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.

  10. BLOG

    Asian retail resilience: Have store hours affected performance? 

    Jul 9, 2019 Bryan Reid

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    Industrial 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.

  11. BLOG

    Measuring real estate capital growth isn’t rocket science, is it? 

    Jan 28, 2019 Bryan Reid

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    In September 1999, NASA’s Mars Climate Orbiter was lost, at a reported cost of USD 125 million, due to a mix-up in measurements.

  12. BLOG

    Global real estate: To hedge, or not to hedge 

    Sep 12, 2018 Will Robson , Bryan Reid

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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.

  13. BLOG

    For real estate, all rate rises are not created equal 

    Apr 25, 2018 Bryan Reid

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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.

  14. BLOG

    Have Big-Ticket Properties Performed Better Than Lower-Value Properties? 

    Aug 15, 2017 Bryan Reid

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    It 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.

  15. BLOG

    Are low yields a risk for your private real estate portfolio? 

    Jun 8, 2017 Bryan Reid

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    In 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.

  16. BLOG

    Has foreign capital changed the face of Australian real estate? 

    May 10, 2017 Bryan Reid

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    In recent years, Australian commercial real estate has attracted considerable attention from international investors, changing the dynamics of what was historically a domestically dominated market.

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