{ "item_title" : "The Real Estate Asset Manager", "item_author" : [" Julian R. Sterling "], "item_description" : "Between the day a fund buys a building and the day it sells it, a promise has to be kept.The investment committee approved a return. The model assumed a rent, a lease length, a capital budget and an exit. None of that happens by itself. Someone has to make it happen, quarter after quarter, in a building occupied by real tenants with their own plans. That person is the asset manager.There are excellent books about valuing a property, structuring a transaction and the mechanics of a lease. Very little is written about the long middle - the years of holding, when value is either created or quietly lost.The whole discipline, in one volume: Taking the asset - verifying the rent roll line by line, meeting occupiers before you need anything, rebuilding the plan rather than inheriting the acquisition modelThe asset business plan - a falsifiable thesis, two or three quantified actions, a named exit and a named buyerThe rent roll as a legal record - break conditions, review mechanisms, service charge caps and covenant, the fields most summaries omitUnderwriting the hold on today's realisable value rather than yesterday's purchase priceLeasing and the arithmetic of vacancy - the cost asset managers consistently leave diffuseNegotiating the clauses a valuer rewards - term, break conditions, indexation, repairing obligation, securityTenant credit and concentration, and what to do when an occupier is in difficultyThe service charge recovery rate - and why only part of the shortfall is temporaryCapital that creates value and capital that does not; building performance as a valuation problem with a deadlineRepositioning - including the option of selling to someone who repositions for a livingValuation, reporting, and the conversation when something has gone wrongThe hold-refurbish-sell arbitrage that ends every hold periodEighteen chapters, a worked year on a small portfolio followed month by month with the decisions in the order they arrive, and five appendices: a business plan template, a hold-sell decision framework, a monthly asset dashboard, interview questions with guidance, and a glossary.Who it is for: analysts and associates in asset management; transaction professionals moving into the hold phase; fund controllers and portfolio managers; and the investors, valuers, lenders and operational due diligence teams who assess the work from outside.Disclaimer: this book is for information and educational purposes. It is not legal, tax or investment advice, and all examples are fictional.", "item_img_path" : "https://covers1.booksamillion.com/covers/bam/9/79/819/304/9798193049500_b.jpg", "price_data" : { "retail_price" : "24.99", "online_price" : "24.99", "our_price" : "24.99", "club_price" : "24.99", "savings_pct" : "0", "savings_amt" : "0.00", "club_savings_pct" : "0", "club_savings_amt" : "0.00", "discount_pct" : "10", "store_price" : "" } }

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