Institutional Real Estate, Inc.

NAREIM Dialogues Spring 2018

The Institutional Real Estate Inc Sponsorship brochure, Connected-Investor Focused, We connect people, data and insights, sponsorship, events, IREI Products

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Page 36 of 51

NAREIM DIALOGUES SPRING 2018 35 Waypoint leverages its vertically-integrated platform to acquire and develop rental housing properties across the U.S. 21,000+ units nationwide ATLANTA | BOCA RATON | CHICAGO | DALLAS | DENVER | STAMFORD Multifamily | Student Housing | Senior Housing These policies empowered management to identify and document support for key inputs and assumptions, which hadn't always been readily available from third-party sources. Next Steps When developing or updating a set of operating guidelines, management can benefit from first looking at current best practices or obtaining a template or redacted set of guidelines from another advisory firm. Whatever stage a firm is in with its operating guidelines, the process and end results can yield valuable insights into improving current operations, establishing a strategy for growth, and attracting new capital. COMMERCIAL REAL ESTATE FIRM USING PRIVATE EQUITY An owner of industrial, flex, and office properties had successfully created two private funds. Prior to launching a third fund, the owner realized she needed to boost processes because of inefficiencies around financial reporting—including internal valuation processes and internal appraisal reviews. New operating guidelines served to incorporate commonly accepted best practices for a fair value reporting framework as well as document internal valuations. Creating these guidelines prior to a pending system implementation ultimately enabled a smoother integration. MEDICAL OFFICE PRIVATE-EQUITY FUND A company was launching its first fund— in acquisitions and redevelopment—and realized it needed to update and expand its internal systems. The effort to develop operating guidelines focused on several objectives, including the need to identify staff for certain functions and provide them with the tools to assist with valuation and reporting. The company also implemented new employee training and hiring in acquisition and asset management functions, which incorporated fair value exercises, such as appraisal reviews. " Times of change often shine a light on the investment managers that have strong policies in place, which have been implemented in a way that helps prepare for change."

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