Realty Show
Grant’s Current Yield Podcast
Grant's Financial Publishing, INc.
4.6 • 693 Ratings
🗓️ 20 December 2017
⏱️ 24 minutes
🧾️ Download transcript
Summary
Andy McCulloch, head of Real Estate analytics at Green Street Advisors, gives Grants the lay of the land.
1:18 Does the "everything bubble" include RE?
4:44 Breaking down the #Westfield acquisition
13:02 Cheap financing in #Europe and international arbitrage
16:24 "What would #Buffett buy?" CapEx creates mispricings
21:21 Current attractive opportunities
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Transcript
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| 0:00.0 | Ladies and gentlemen, welcome to Grant's interest rate observer of the air. |
| 0:09.1 | I am Jim Grant. I'm with me today, as always, is the great Evan Lorenz deputy editor of grants |
| 0:14.2 | and Eric Whitehead at the controls. Well, this podcast is brought to you by our friends at Morty, |
| 0:19.3 | that's M-R-R-T-Y, the newest and smartest way to get a home mortgage, and it's brought to you by our friends at Morty. That's M-R-R-T-Y, the newest and smartest way to get a home mortgage. |
| 0:23.4 | And it's brought to you by e-financial careers, which is the world's leading financial services career website. |
| 0:29.0 | And joining us today is Andy McCulloch. Andy Welcome. Andy is the head of the real estate |
| 0:33.7 | analytics team at Green Street. And he's been doing this, what, since I guess three years now since 2014. Before that, Andy led coverage at Green Street. And he's been doing this, what, since, I guess, three years |
| 0:37.9 | now since 2014. Before that, Andy led coverage at Green Street of residential R-EITs and a cover |
| 0:45.3 | department's, what student housing and manufactured housing and an alumnus of, I think, almost everything |
| 0:50.0 | USC had to offer, maybe except for football or something, but he's a USC alumnus. He's a CFA |
| 0:56.3 | charter holder and also he's a counselor of real estate, which you'll tell us about in the fullness |
| 1:00.8 | of time. But Andy, welcome to our podcast, is what we call it. Well, thanks guys for having me on. |
| 1:06.2 | Happy to be here. And I am a diehard Trojan. I did get a few degrees there. I did not play football, |
| 1:10.6 | unfortunately. Okay. Andy, I want to begin by asking you this. You know, the present day levitation |
| 1:18.7 | and almost all things tradable has been called, you know, the everything bubble. And I want to ask you, |
| 1:24.2 | what about real estate? Are valuations extreme? Are they worrisome or are they not? |
| 1:31.6 | It's a good question. So I think, you know, we get the question, where are we in the cycle? |
| 1:35.7 | I think that's two questions, really, where are we in the cycle with respect to asset values? |
| 1:39.9 | And then where are we in the cycle with respect to operating fundamentals? I think, you know, |
| 1:43.7 | the asset values are capital markets phenomenon. So we are seeing record pricing, although I think |
| 1:48.3 | maybe the profits come out of the market a little bit, I think cap rates have flattened out a little |
| 1:52.7 | bit, even turned down in certain sectors. When it comes to operating fundamentals, so thinking |
... |
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