{"product_id":"real-estate-rules-isbn-9781394324859","title":"Real Estate Rules","description":"\u003cp\u003e\u003cb\u003eThe incisive guide of how to effectively invest in real estate and REITs \u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eReal Estate Rules: The Investor's Guide to Picking Winners, Avoiding Losers in Listed Property,\u003c\/i\u003e celebrated real estate investor Harm Meijer delivers a startlingly insightful and eye-opening roadmap to successful property investment. This book explains the golden rules of investing in European real estate companies, including Real Estate Investment Trusts (REITs). It's full of real-world examples and anecdotes drawn from the author's long and storied career in the industry. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eReal Estate Rules\u003c\/i\u003e contains: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eRobust tools for making informed investment decisions and staying clear of the \"vicious downward spiral of doom\"\u003c\/li\u003e \u003cli\u003eUnderstanding market cycles and mastering the art of acting contrarian during downturns to maximize your investment\u003c\/li\u003e \u003cli\u003eHow macro drivers, central bank moves and government stimuli can be game changers for real estate markets\u003c\/li\u003e \u003cli\u003eTechniques for assessing the management's value creation and its alignment with shareholders\u003c\/li\u003e \u003cli\u003eInsights to ensure a solid capital structure and avoid leverage traps in downturns\u003c\/li\u003e \u003cli\u003eAdvice on how to navigate the European stock markets with its unique challenges for Real Estate Investment Trusts\u003c\/li\u003e \u003cli\u003eReal-world case studies illustrating these principles in action, highlighting key lessons for investors\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eYou'll also learn why acting on conviction, thorough research, strong relationships, and most importantly, trust are key to achieving lasting success. \u003c\/p\u003e\u003cp\u003ePerfect for Real Estate Investment Trust investors, people interested in investing directly in individual properties, and other market participants, \u003ci\u003eReal Estate Rules\u003c\/i\u003e is also a must-read for anyone involved in the real estate industry looking for an insightful investor perspective on the sector. \u003c\/p\u003e\u003cp\u003eForeword xiii \u003c\/p\u003e \u003cp\u003ePreface xix \u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction – A Sector Not to Be Ignored 1\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eReal Estate Is an Important Asset Class 1 \u003c\/p\u003e \u003cp\u003eTwo Undesirable Features of Real Estate 5 \u003c\/p\u003e \u003cp\u003eListed Real Estate Has Attractive Features 6 \u003c\/p\u003e \u003cp\u003eBut Listed Real Estate Is Not Always Preferred (Although It Should Be!) 8 \u003c\/p\u003e \u003cp\u003eListed Real Estate Is a Great Hunting Ground and Poised for Growth 9 \u003c\/p\u003e \u003cp\u003eBook Organisation 11 \u003c\/p\u003e \u003cp\u003eNotes 12 \u003c\/p\u003e \u003cp\u003eThe 20 Golden Rules of Real Estate 13 \u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I Real Estate 15\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 High Yield for a Reason 17\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eHow Is the Yield Exactly Calculated? Is It ‘Dressed Up’? 18 \u003c\/p\u003e \u003cp\u003eIs It a Good Asset? 19 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Look for a Rent Compounding Machine with Minimum Capex 21\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eReal Estate with Strong Supply\/Demand Dynamics 22 \u003c\/p\u003e \u003cp\u003eAbility to Capture Rental Growth Potential 29 \u003c\/p\u003e \u003cp\u003eMinimum Capital Expenditure and Incentives 33 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Scan for Value Add Potential 35\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eRefurbishment, Extension and Alternative Use 35 \u003c\/p\u003e \u003cp\u003eCluster or Platform Creation 36 \u003c\/p\u003e \u003cp\u003eDevelopment 36 \u003c\/p\u003e \u003cp\u003eAcquisitions and Disposals 37 \u003c\/p\u003e \u003cp\u003eServices 37 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Real Estate Is Cyclical 39\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eWarning Signs 40 \u003c\/p\u003e \u003cp\u003eTaking the Contrarian Side 44 \u003c\/p\u003e \u003cp\u003eNote 45 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Expected Returns Should Beat Cost of Capital 47\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eYield and Price per Square Metre 48 \u003c\/p\u003e \u003cp\u003eExpected Return 48 \u003c\/p\u003e \u003cp\u003eBeat the Cost of Capital 49 \u003c\/p\u003e \u003cp\u003eConservative Underwriting 51 \u003c\/p\u003e \u003cp\u003eAct! 52 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Central Bank and Government Stimuli (or Lack of) Can Be Game Changers 55\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eCentral Banks Tend to Get Their Way 58 \u003c\/p\u003e \u003cp\u003eEngineered Volatility, but … 58 \u003c\/p\u003e \u003cp\u003eBail Out if ‘Majority Is in Trouble’ 59 \u003c\/p\u003e \u003cp\u003eStimulus or Restrictive Policy Will End One Day 59 \u003c\/p\u003e \u003cp\u003eArbitrage Opportunities Opening Up 59 \u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Capital Structure 61\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Prudent Use of Financial Leverage: Don’t Get Caught Out by Downturns 63\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eCapital Markets Do Not Reward High Leverage, the Opposite! 64 \u003c\/p\u003e \u003cp\u003eLoose or No Covenants 65 \u003c\/p\u003e \u003cp\u003eCan Absorb a Value Decline of at Least 40% 65 \u003c\/p\u003e \u003cp\u003eNo Endless Leverage on Valuation Gains 66 \u003c\/p\u003e \u003cp\u003eIncreasingly Difficult to Degear above 50% LTV 67 \u003c\/p\u003e \u003cp\u003eNote 69 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Don’t Assume That Financing Will Always Be Available 71\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eSufficient Cash Flow 72 \u003c\/p\u003e \u003cp\u003eSpread in Maturities and Lenders 72 \u003c\/p\u003e \u003cp\u003eEquity Should Be Raised When Conditions Are Favourable 72 \u003c\/p\u003e \u003cp\u003eAlternative Financing 73 \u003c\/p\u003e \u003cp\u003eGood Relationships with Debt Providers 73 \u003c\/p\u003e \u003cp\u003eRights Issues Value Destructive in Downturns 74 \u003c\/p\u003e \u003cp\u003eNotes 78 \u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III Management 79\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Continuous Value Creation Is Key 81\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eValue Creation Leads to Superior Shareholder Value 81 \u003c\/p\u003e \u003cp\u003eOptimising Total Returns from the Real Estate (ROIC) 83 \u003c\/p\u003e \u003cp\u003eOptimising the Capital Structure (WACC) 84 \u003c\/p\u003e \u003cp\u003eCœur Défense – An Example of Strong Value Creation 85 \u003c\/p\u003e \u003cp\u003eM\u0026amp;A Can Add Value, But Frequently It Has Not 90 \u003c\/p\u003e \u003cp\u003eNotes 97 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Radical Action Needed in Case of Shareholder Value Destruction 99\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eChange Management, Board and\/or Governance 100 \u003c\/p\u003e \u003cp\u003eReturn of Capital 100 \u003c\/p\u003e \u003cp\u003eCircle Property Trust: Liquidating Itself 101 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Overconfidence Leads to Downfall 103\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eCapital \u0026amp; Regional – The Remarkable Example of Overconfidence 104 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Corporate Governance Should Be Top Nudge 107\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eRisk Management 109 \u003c\/p\u003e \u003cp\u003eTransparency 110 \u003c\/p\u003e \u003cp\u003eGovernance Dynamics 110 \u003c\/p\u003e \u003cp\u003eRemuneration 111 \u003c\/p\u003e \u003cp\u003eCompounding Goodwill 115 \u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV Investing in Listed Real Estate 117\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Scrutinise Property Investment Vehicles 119\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eFirst Impressions Can Be Misleading 119 \u003c\/p\u003e \u003cp\u003eFocus on Cash Flow 122 \u003c\/p\u003e \u003cp\u003eMosaic Theory 125 \u003c\/p\u003e \u003cp\u003eNotes 126 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Significant Upside Based on Multicriteria Valuations 127\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eHistorical Performance Analysis 127 \u003c\/p\u003e \u003cp\u003eSix Basic Valuation Metrics 128 \u003c\/p\u003e \u003cp\u003eModelling 131 \u003c\/p\u003e \u003cp\u003eInvest with Margin for Error 134 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 Focus on (Upcoming) Value Creators, Be Careful with Destroyers 137\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eIntroducing a Framework: Get on the Right Highway! 138 \u003c\/p\u003e \u003cp\u003e(a) Firing on All Cylinders 139 \u003c\/p\u003e \u003cp\u003e(b) Potentials 144 \u003c\/p\u003e \u003cp\u003e(c) Stuck 144 \u003c\/p\u003e \u003cp\u003e(d) Fighting for Survival 146 \u003c\/p\u003e \u003cp\u003eThe Accelerator Effect 147 \u003c\/p\u003e \u003cp\u003eNote 150 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Look for Maximum Pessimism and Maximum Optimism 151 \u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 Ensure Management, the Board and Other Shareholders Are Aligned with Investment Objectives 155\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eManagement and Board Alignment 156 \u003c\/p\u003e \u003cp\u003eInvestigate the Shareholder Base 159 \u003c\/p\u003e \u003cp\u003eNote 160 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18 Be Aware of Self-Liquidating Companies 161\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eUnsustainable Dividends 161 \u003c\/p\u003e \u003cp\u003eSustainable Dividend Policy 162 \u003c\/p\u003e \u003cp\u003eintu Properties Plc – In Denial 163 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19 When Trust Is Gone, There Is No Limit to Downside 177\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eSpotting Red Flags 177 \u003c\/p\u003e \u003cp\u003eThe Downfall of \u003ci\u003eS\u003c\/i\u003eBB 178 \u003c\/p\u003e \u003cp\u003eAdler Group: Everything That Possibly Could Go Wrong Went Wrong 181 \u003c\/p\u003e \u003cp\u003eNote 192 \u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 20 Understand the Stock Market (Rules) 193\u003c\/b\u003e \u003c\/p\u003e \u003cp\u003eHave a Conviction, Listen to the Models 193 \u003c\/p\u003e \u003cp\u003eBe Proactive 194 \u003c\/p\u003e \u003cp\u003eAnalysts Not Good at Spotting ‘Turning’ Points 194 \u003c\/p\u003e \u003cp\u003eWhen Management Teams Are Upset … 194 \u003c\/p\u003e \u003cp\u003eEvery Day Is a New Day 195 \u003c\/p\u003e \u003cp\u003eHave a Wish List 195 \u003c\/p\u003e \u003cp\u003eThe World Wants to Move Forward 196 \u003c\/p\u003e \u003cp\u003eCan Management (and You!) Present a Convincing Business Case with Numbers in One Minute? 196 \u003c\/p\u003e \u003cp\u003eKitchen Sinking and Conservative Guidance 196 \u003c\/p\u003e \u003cp\u003eThe Market Is Lazy and Does Not Reward Complex Companies and Long-Term Developments 197 \u003c\/p\u003e \u003cp\u003eDon’t Be Too Eager Picking Up Stocks in a Downturn 197 \u003c\/p\u003e \u003cp\u003eWatch Out for the Wallstreet Crowd! 197 \u003c\/p\u003e \u003cp\u003eThe Psychology of Numbers and Patterns 198 \u003c\/p\u003e \u003cp\u003eActivism or Company Repositioning Takes Time 199 \u003c\/p\u003e \u003cp\u003eExploiting the Reversal Patterns for Similar Companies 199 \u003c\/p\u003e \u003cp\u003eBenefit from Benchmark Investors 200 \u003c\/p\u003e \u003cp\u003eMonitor Insider Trading and Shareholder Notifications 201 \u003c\/p\u003e \u003cp\u003eAcknowledgements 203 \u003c\/p\u003e \u003cp\u003eAppendix I: Some Terminology 207 \u003c\/p\u003e \u003cp\u003eAppendix II: Six Basic Valuation Metrics Explained 211 \u003c\/p\u003e \u003cp\u003eAppendix III: The Great Financial Crisis (GFC) 215 \u003c\/p\u003e \u003cp\u003e2004 – Cheap Credit 217 \u003c\/p\u003e \u003cp\u003e2005 – Securitisation 217 \u003c\/p\u003e \u003cp\u003e2006 – Strong Valuation Growth 218 \u003c\/p\u003e \u003cp\u003e2007 – Credit Crisis 219 \u003c\/p\u003e \u003cp\u003e2008 – Lehman Collapse 219 \u003c\/p\u003e \u003cp\u003e2009 – Balance Sheet Revival (Rights Issues) 220 \u003c\/p\u003e \u003cp\u003e2010 – Economic Uncertainty 221 \u003c\/p\u003e \u003cp\u003e2011 – Wait and See Attitude 222 \u003c\/p\u003e \u003cp\u003e2012 – Slow Recovery 223 \u003c\/p\u003e \u003cp\u003eAbout the Author 225 \u003c\/p\u003e \u003cp\u003eIndex 227\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eHARM MEIJER\u003c\/b\u003e is a Founding Partner of the real estate fund manager ICAMAP, with a strong track record in listed real estate. Before ICAMAP, he worked as a real estate analyst at ­JP Morgan, during which time he was ranked number one six times by \u003ci\u003eInstitutional Investor\u003c\/i\u003e and five times by Extel. He has also held board memberships, contributed to EPRA, and is a frequent industry speaker.    \u003c\/p\u003e\u003cp\u003e\u003cb\u003eEUROPE’S REAL ESTATE MARKETS\u003c\/b\u003e are packed with opportunity for those able to successfully navigate the particularities and peculiarities of its public and private markets. But many well-intentioned investors get tripped up on the complex challenges involved in the sector. \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eReal Estate Rules: The Investor’s Guide to Picking Winners and Avoiding ­Losers in Listed Property\u003c\/i\u003e, veteran real estate investor Harm Meijer delivers an intensely practical and eye-opening guide to successful property investment in Europe. The author walks you through the golden rules of investing in European real estate companies, including Real Estate Investment Trusts (REITs), relying on dozens of real-world examples and anecdotes drawn from Meijer’s long and storied career in the industry. \u003c\/p\u003e\u003cp\u003eThe book includes robust tools for making informed investment decisions and staying clear of the “vicious downward spiral of doom” while explaining how to understand market cycles and use a contrarian mindset during downturns to maximize your investment returns. You’ll learn about how macro drivers, central bank moves, and government stimuli can be game changers for real estate markets. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eReal Estate Rules\u003c\/i\u003e explains valuable techniques for assessing the managerial contribution to value creation in a REIT and how to judge the management team’s alignment with shareholder expectations and goals. It also offers key insights into creating solid capital structures and ways to avoid leverage traps during down markets. \u003c\/p\u003e\u003cp\u003ePerfect for REIT investors, people interested in investing directly in individual properties, and other market participants, \u003ci\u003eReal Estate Rules\u003c\/i\u003e is also a must-read for everyone in the real estate industry seeking an insightful and deeply researched investor perspective on the sector.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003e\u003ci\u003e\u003csmall\u003ePRAISE FOR\u003c\/small\u003e\u003c\/i\u003e REAL ESTATE RULES\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“A must-read for investors seeking a comprehensive and insightful guide to investing in real estate and listed property companies. All the ingredients are gathered in this book: 20 key rules, real-life case studies, professional objectivity, all this in an engaging writing style from one of the best professionals in the field.”\u003cbr\u003e \u003cb\u003e—DOMINIQUE MOERENHOUT,\u003c\/b\u003e CEO, European Public Real Estate Association \u003c\/p\u003e\u003cp\u003e“Harm sat in the first desk outside my office at JPMorgan’s research floor back in the mid-2000s. A shrewd real estate investor, a money maker, a team leader, and more importantly a remarkable human being. His book is a must read for practitioners and non-practitioners that are looking for an edge in the colourful world of Real Estate investments.”\u003cbr\u003e \u003cb\u003e—JOSE M. LINARES,\u003c\/b\u003e CEO, Corporate \u0026amp; Investment Bank – Grupo Santander \u003c\/p\u003e\u003cp\u003e“One of the best analysts in European listed property offers a front row seat in a spectacular world with big egos, unfathomable wealth and (near) death experiences. If there is one person who could write this account it is Harm.”\u003cbr\u003e \u003cb\u003e—DIRK PHILIPPA,\u003c\/b\u003e Former Head of Global Real Estate Equities at Fidelity International \u003c\/p\u003e\u003cp\u003e\u003cb\u003eAN INCISIVE GUIDE ON EFFECTIVE INVESTMENT IN EUROPEAN REAL ESTATE AND REITS\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003ci\u003eReal Estate Rules: The Investor’s Guide to Picking Winners and Avoiding Losers in Listed Property \u003c\/i\u003eis an insightful and hands-on roadmap to successful European property investing. Author and property investor Harm Meijer demonstrates how to successfully analyse, assess, and invest in European Real Estate Investment Trusts (REITs)—or in individual properties—for the long term. \u003c\/p\u003e\u003cp\u003eYou’ll discover a comprehensive set of tools you can use immediately to make informed investment decisions and steer clear of major pitfalls and common mistakes. From understanding market cycles and mastering a contrarian mindset during downturns to taking advantage of macro drivers, central bank decisions, and government stimuli, this book explains the steps you’ll need to implement to build a portfolio of high-performing real estate investments.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989922070757,"sku":"NP9781394324859","price":39.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781394324859.jpg?v=1761785917","url":"https:\/\/k12savings.com\/products\/real-estate-rules-isbn-9781394324859","provider":"K12savings","version":"1.0","type":"link"}