Emerging Trends in Real Estate 2012 - Urban Land Institute
Emerging Trends in Real Estate 2012 - Urban Land Institute
Emerging Trends in Real Estate 2012 - Urban Land Institute
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Chapter 2: Capital Flows<br />
Exhibit 2-13<br />
U.S. <strong>Real</strong> <strong>Estate</strong> Capital Sources<br />
U.S. <strong>Real</strong> <strong>Estate</strong> Capital<br />
$3,928.6 Billion<br />
Public Debt<br />
Private Equity<br />
Public Equity<br />
Private Debt<br />
REIT Unsecured Debt<br />
Pension Funds<br />
Commercial Mortgage Securities<br />
Public Debt<br />
Debt Capital<br />
$2,776.0 Billion<br />
Life Insurance Companies<br />
Private Debt<br />
Government Credit Agencies<br />
Mortgage REITs<br />
Public Untraded Funds<br />
Banks, S&Ls,<br />
Mutual Sav<strong>in</strong>gs Banks<br />
REITs (Equity and Hybrid)<br />
Private F<strong>in</strong>ancial<br />
Institutions (REO)<br />
Public Equity<br />
Life Insurance Companies<br />
Equity Capital<br />
$1,152.6 Billion<br />
Foreign Investors<br />
Pension Funds<br />
Private Equity<br />
Public Untraded Funds<br />
Private Investors<br />
(Larger Properties)<br />
Sources: Roulac Global Places, from various sources, <strong>in</strong>clud<strong>in</strong>g American Council of Life Insurers, CMSA/Trepp Database, Commercial Mortgage Alert, Federal Reserve Board, FannieMae.com,<br />
IREI, NAREIT, PwC, <strong>Real</strong> Capital Analytics, and Robert A. Stanger & Co.<br />
Note: Excludes corporate, nonprofit, and government equity real estate hold<strong>in</strong>gs, as well as s<strong>in</strong>gle-family and owner-occupied residences.<br />
*2011 figures are as of second quarter, or <strong>in</strong> some cases projected through second quarter.<br />
<strong>Emerg<strong>in</strong>g</strong> <strong>Trends</strong> <strong>in</strong> <strong>Real</strong> <strong>Estate</strong> ® <strong>2012</strong><br />
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