Capital Discipline

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Long Duration and Capital Durability in Real Estate Development

Long Duration and Capital Durability in Real Estate Development Introduction One of the defining characteristics of real estate development is time. Unlike many other investment activities, development projects frequently unfold over extended periods. From land acquisition through entitlement, construction, and stabilization, it is common for projects to take five to…
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Stress-Tested Investing for Institutional Real Estate Capital

Stress-Tested Investing for Institutional Capital Introduction Real estate development underwriting typically begins with a financial model. These models project development costs, financing structures, lease-up timelines, and long-term operating income. However, financial models rely on assumptions about future conditions. The further those assumptions extend into the future, the less certain they…