What's wrong with the structure of today's real estate companies?

Article Abstract:

Real estate companies can take various organizational and legal forms, but most real estate firms have a similar management structure. Under that structure, responsibilities are assigned to four major departments: acquisitions, finance, administration, and property management. It is argued that the property management department's functions should be split into separate departments for income, expenses, capital improvements and investment.

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Hedging interest rate risk on variable rate debt

Article Abstract:

Various methods that property owners can use to hedge against variable-rate-mortgage interest-rate increases are explored. Hedging involves the use of futures or options on futures to offset the risk inherent in a cash position. Interest rate swaps provide a means of trading a held interest rate exposure for a different exposure. The advantages and disadvantages of futures, options on futures and interest rate swaps are discussed.

Analysis, Options (Finance), Interest rate swaps, Interest rate futures

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Don't confuse a ground lease with a ground lease

Article Abstract:

Unsubordinated development-oriented ground leases differ significantly from other ground leases. For example, unsubordinated ground leases, unlike subordinated ground leases, do not obligate landlords to mortgage their fee-simple estates in order to secure tenants' mortgage loans. Landlords and tenants, when developing a ground lease, should never use a previously executed ground lease of a different type as a model.

Interpretation and construction, Leases

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