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Robert CanterPresident-FounderPerformance Realty Solutions, LLC

Commercial property sales plunge in New York City: Why should everyone care?

January 19, 2012

Analysis of:WSJ New York Real Estate | online.wsj.com

Why should this matter? Is this a case as NYC goes, so goes the rest of the Nation?

Jack KernManaging DirectorKern Investment Research

Camden Properties Trust Lays an Egg in Texas?

July 5, 2011

Analysis of:Camden Closes $261M MF Portfolio Acquisition | www.globest.com

Camden Properties Trust NYSE:CPT) , the well respected residential REIT, run by always amiable and friendly CEO Rick Campo recently announced the purchase of eight apartment communities, totally 2,957 units. The properties, spread across 4 markets in Texas increase the firm's holdings to 69,170 units, including deliveries under construction. If the press releases are to be taken at their word, then it means the average cost per unit is a stunning $88,265, We're surprised, to say the least.

Jack KernManaging DirectorKern Investment Research

Archstone to Go, or Want to Buy Some Units?

June 21, 2011

Archstone-Smith was a very well regarded real estate investment trust right up until it went private after being acquired by Tishman Speyer and Lehman Brothers Holdings in 2007. The firm has been largely quiet since then, just managing their properties and holding on to long term entitlements. Now they are back in the news, with the prospect they might go public again, or be sold off in a free for all. With $18 to $22 billion in apartments at stake, neither choice is clear.

Jack KernManaging DirectorKern Investment Research

AVB Drops Out of the Race and Becomes a "B" Company?

April 8, 2011

There have been a number of reports highlighting Avalon Bay's newest strategy of seeking to grow through acquisition of B class assets. There is a good likelihood the strategy will be misunderstood, especially given their "mysterious new research effort." The reality is AVB may be abandoning their previously successful core strategy in an effort to become a clone of EQR. Anyone following EQR knows the mix isn't always magic.

Jack KernManaging DirectorKern Investment Research

Season Opener - RealPage 1, Yardi 1

April 1, 2011

Analysis of:RealPage Countersues Yardi | multifamilyexecutive.com

RealPage has filed a counterclaim against Yardi, alleging among other things that Yardi engaged in anti-competitive practices and mis-appropriated trade secrets. This latest round of litigation among property services giants seems to be getting more complex with each individual filing. There are some allegations that a former chief information officer took certain intellectual property secrets with him when he joined Yardi. The game begins...

Robert CanterPresident-FounderPerformance Realty Solutions, LLC

Commercial Real Estate Lenders Wants to Do What?

March 27, 2011

Analysis of:Commercial Real Estate Group Seeks Exclusion From Dodd-Frank | news.morningstar.com

"A commercial real estate trade group launched a push Wednesday 3/23 to make sure that most securities backed by commercial real estate loans are not subject to a new federal mandate requiring issuers of asset-backed securities to retain a portion of the risk on their books."

Robert CanterPresident-FounderPerformance Realty Solutions, LLC

Delusional Commercial Real Estate Predictions

March 23, 2011

Analysis of:Deal Volume to Drive U.S. Commercial Real Estate Recovery, PWC Survey Says | www.bloomberg.com

Delusional (A false belief or opinion: labored under the delusion that success was at hand) Commercial Real Estate Predictions The subject article can only be considered wishful thinking at best or a blatant disregard to the reality of the overall economic situation facing the USA and the World and its impact on commercial real estate.

Jack KernManaging DirectorKern Investment Research

RealPage and Yardi Locked in Legal Wrangle over Evergreen's Activities

February 16, 2011

The two leading companies in the property management space, RealPage and Yardi claim a majority of market share in the multifamily operating platform space. The recent filing of a lawsuit alleging that an operating subsidiary of Realpage engaged in practices that harmed Yardi has not only raised the specter of an ugly battle, but also opened the door to shine a spotlight on the real differences between the two firms. Whatever the outcome, it may well be that RealPage is the ultimate loser.

Jack KernManaging DirectorKern Investment Research

The Effects of Demographics on the Apartment Industry

February 11, 2011

Analysis of:The Effects of Demographics on the Apartment Industry | www.multihousingnews.com

Published in Multihousing News February 4th, 2011“The demographic of renters is changing in an unprecedented way, by age, family, composition, country of origin and even head of household,” says Jack Kern, managing director, Kern Investment Research LLC.The changes have been occurring even as we speak, and apartment companies have certainly already been laying the groundwork to receive the new customers. Echo Boomers, Baby Boomers, immigrants, single households, older renters are all cohorts that will be the customers of apartments. Larger apartments, smaller apartments, a greater emphasis on downtown living, are all a part of the mix.The demographic profile of the U.S. has been undergoing massive transformation within a mere 50 years, and the apartment industry has been feeling at the least the trickle-down effects. As the latest data from the census bureau indicates, the U.S. population has hit 308.7 million, an almost 10 percent increase from 281.4 million in 2000. The population is inexorable marching towards a projected half a billion by 2040. The majority of babies born in the country are now members of minorities.The biggest trend that preoccupies most apartment companies today is the entry of the Echo Boomers into the renter market. This is the cohort born between 1980 and 1995, and they number 80 million. The “best estimate” is that there are about 15 million Echo Boomers that will enter the prime renter ago of 18 to 34 this decade, according to Kern.

Robert CanterPresident-FounderPerformance Realty Solutions, LLC

CRE will be negatively impacted by slow earnings growth

January 10, 2011

Analysis of:Profits Face Headwinds | online.wsj.com

The United States Chamber of Commerce just emailed the following headline...Troubled Job Market Expected To Curtail Companies' Earnings Later This Year based upon the subject article published today in the WSJ.

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