Fund Focus
Beam believes that some
of the retail REITs have been
undervalued, citing Taubman
Centers (NYSE: TCO) as a
prime example.
“Not everyone appreciates
the quality of Taubman’s assets,
which are not humdrum retail
sites,” Beam says. “We love to
invest in special things, what
Warren Buffett might call ‘For-
tresses of Value’—properties and
companies that cannot easily be
replaced. But we will invest in
anything with the right overall
risk-and-return profile.”
when, he says, vacancies in some
cases were as high as 25 percent
and some landlords had 110 per-
cent LTV financing. REITs were
a very small part of the real estate
market at that time.
owners of troubled assets, if they
could just get the banks to shake
them loose,” Beam says. “They
have the operating platforms
and the financial wherewithal to
work with them.”
Overall, Beam thinks the next
five years will be good ones for
“Given what we have been
through, first with the dot.com
meltdown and then this recent
crisis, I think people will appre-
ciate the opportunity to invest
in REITs,” Beam says. F
coming out of the crisis
Beam got his start working with
real estate syndications during the
previous real estate market crisis
in the late 1980s and early 1990s,
Michele Lerner is a regular contributor to REIT magazine.
I represent a few
investors from
Korea (Private and
Institutional) from
$40M to $200M.
Preferred California
Retails/Multi-Family.
Any company
interested in Korea
REIT operations?
Sam Yi
One Properties
P 213-252-9100
C 213-675-7872
E samyi957@hotmail.com
DRE License No. Calif. DRE#00808681
Join us at
REIT World
NAREIT’s Annual Convention for All Things REIT
20
10
November 15-17 • New York, NY • Waldorf=Astoria Hotel
®
to Celebrate Fifty Years of REITs
Providing Dividends & Diversification to Investors for Fifty Years REI Ts 0 5 @
(Pictured left to right): Bryce Blair, Don Wood, Debra Cafaro, W. Edward Walter
www.REIT.com
To learn more about REITWorld 2010 and opportunities to be involved,
contact Chris Flood, VP, Business Development
at cflood@nareit.com or Jeff Henriksen, VP, Marketing at jhenriksen@nareit.com
