For performance information current to the most recent month end, visit www.BaronFunds.com or call 1-800-99BARON. Office owners are expected to have a debt refinancing gap of $53 billion (in our opinion, this amount is not alarming). Management sees a path to growing the companys senior housing cash flow by more than 60% over the next few years, with further upside through enhanced asset management. Its also a way to boost yield.. In the last few months, there have been several sensationalized news articles and television reports predicting a forthcoming commercial real estate crisis. 1394. Commercial construction activity is also quite subdued relative to the early 1990s, when a CRE bust led to a wave of losses. 12:41 am, Jan 26, 2022. That was actually the case at Yale. Create a free account and * Individual weights may not sum to the displayed total due to rounding. Triple Net REITs (3.9%): We remain optimistic about our triple net gaming REIT investments in VICI Properties Inc. (VICI) and Gaming and Leisure Properties, Inc. (GLPI). Top net purchases for the quarter ended March 31, 2023. While none of these choices will make or break an application, the officers explain why certain choices are more or less beneficial during the review process. This limited inventory combined with strong demand is leading to robust rent growth. Yale Likely Letter: What to Know | AdmissionSight Pexels. We expect Brookfield Infrastructures earnings (funds from operations) to grow by more than 10%, yet its shares are valued at only 10.8 times earnings. This occurred in the 1980s and precipitated the recession in the 1990s and a severe correction in real estate occupancy and rents. She previously edited for WKND and wrote about admissions, financial aid & alumni. Transcript, Selective colleges offer a variety of early admissions programs, including early action, restrictive early action, early decision, and early decision round 2. Single-Family Rental REITs (3.7%): We remain optimistic about the Funds investments in single-family rental REITs Invitation Homes Inc. (INVH) and American Homes 4 Rent (AMH). Data Center REITs (8.9%): We remain bullish on the prospects for data center REITs such as Equinix, Inc. (EQIX) because we believe demand prospects are improving (e.g., bookings of new leases and rent pricing), construction is moderating due to higher costs, and valuations are discounted relative to recent data center acquisitions. College and University Directory Data provided by the Integrated Postsecondary Education Data System (IPEDS) from National Center for Education Statistics (NCES). CollegeXpress helped me by providing me with many scholarship opportunities and information about universities I want to attend. The Baron Real Estate Income Fund received 4 Stars, 5 Stars, and 5 Stars, respectively. The Morningstar Ratings are based on the Morningstar Risk-Adjusted Return measures. In a March 2023 report, Green Street Advisors, a highly regarded third-party real estate research firm, said the following regarding the relative valuations of public REITs versus private real estate: Listed REITs trade at a sizable discount to the private market.. According to CBRE, the sharp rise in interest rates and more restrictive lending conditions may result in a debt-funding gap for certain real estate borrowers when refinancing debt. The 4.35% acceptance rate for the class for 2027 is the lowest in recent history, down from 4.46% for the class of 2026, 4.62 for the class of 2025, 6.54% for the class of 2024 and 5.91 for the class of 2023. Brookfields management team, who in our opinion, is credible and conservative, believes the company is worth $74/share today - more than double its recent price of only $32/share! REITs, for example, have leverage ratios (net debt divided by cash flow) of only 5.5 times, on average, versus a peak of more than 8.5 times during 2008-2009. Thank you so much for this valuable information about these opportunities. Demand for affordable outdoor vacations also remains strong. However, there is now a much stronger feeling of acute determination to absolutely and fully utilize this opportunity I've been given., The likely letter often functions as a marketing tool and a way for Ivy Leagues and similar institutions to compete with one another for what they believe are the best applicantshowever subjectively that best may be defined. In this mini-episode, the offices director of recruitment explains why some regular decision applicants receive a likely letter and addresses some common misconceptions. The company, with its well-capitalized balance sheet and deep and experienced management team, is well-positioned to capitalize on several years of infrastructure investment opportunities around the world, which should enhance future growth. Your current browser isn't compatible with SoundCloud. Don't worry about it. Rising construction costs are limiting the supply of single-family rental homes in the U.S. housing market. Ever since the March 2023 collapse of Silicon Valley Bank, Signature Bank, and Credit Suisse, news reports predicting an impending commercial real estate crisis have been rampant. The consistent increases in applications are a positive sign that our pivot to a virtual outreach strategy has been successful, Dunn told the News. Explore all our articles and advicenow! Following a decline in its shares of 33% in 2022, we believe Prologis current implied capitalization rate of 4.2% is compelling. Hannah and Mark cover the basics of applying through either program and share the offices approach to reviewing these applications. The likelihood of a widespread commercial real estate crisis is low. In the first quarter of 2023, we increased our exposure to multi-family REITs AvalonBay Communities, Inc. and Equity Residential. Past performance is no guarantee of future results, Annualized for periods ended March 31, 2023. Worrying will not change anythingonly action will. Transcript, Part 3 of 3. The heavy concentration of expected debt-funding gaps in the office sector differentiates the current funding gap from the GFC when large funding gaps were prevalent across all major commercial real estate sectors (office, retail, multi-family, and industrial). But Dunn also credited current students as the offices most valuable asset in outreach. We believe the Fund - with the demonstrated merits of our actively managed REIT and income-oriented investment approach - is a compelling real estate mutual fund choice. Buffalo, NY, Kean University Graduate College The portfolio manager defines Best-in-class as well-managed, competitively advantaged, faster growing companies with higher margins and returns on invested capital and lower leverage that are leaders in their respective markets. Most colleges ask applicants to respond to several shorter questions that are unique to their school. Athens, OH, The University of Chicago We agree with Lloyd Blankfein, former CEO of Goldman Sachs, who said the following on CNBC on March 22, 2023, when comparing todays bank challenges to the challenges that occurred during the GFC: Its a lot different. Global sales of electric vehicles hit 10 million in 2022 and are set to reach 14 million this year, according to a report from the International Energy Agency. Ivy League Acceptance Rates 2022: What You're Up The companys high leverage, approximately 6.9 times net debt to cash flow, will limit the companys ability for share repurchases and external growth opportunities. We agree with the perspective of Bridgewater Associates, LP, a highly respected money manager founded by Ray Dalio, who said the following on March 30, 2023: We dont think commercial real estate (CRE) is a systematic risk, in large part because the sector lacks the problems that existed in (mostly residential) real estate in the late 2000s: bad lending standards, lots of leverage, and a supply glut following a construction boom. Welltower largely owns and operates senior housing and medical office buildings in the U.S. and internationally. Hannah and Mark discuss what officers look for when reviewing responses to Yale-specific questions. Operating expertise: Brookfield has a team of more than 100,000 operating employees in over 30 countries a key differentiator versus many of its asset management peers. We do not believe that a commercial real estate crisis is on the horizon. Alexandria Real Estate Equities, Inc. is the leading landlord and developer for the life science industry. Ivy League schools Union, NJ, Caldwell University In our opinion, forecasts of widespread distress in commercial real estate are unduly alarming, sensationalized, and unlikely to materialize. Please read them carefully before investing. Yale We expect commercial real estate challenges to be largely isolated to class B and C office real estate, and, to a lesser extent, retail real estate. Yale admissions officers always look forward to April, when their focus shifts from selecting students to working closely with admitted students deciding where to matriculate. : r - Reddit We believe our corporate relationships and access to management are critical elements that contribute to competitive advantages for our real estate team versus many of our peers. Health Care REITs (9.3%): We are optimistic about our health care REIT investments in Welltower Inc. (WELL) and Ventas, Inc. (VTR). Management maintains a strong and liquid balance sheet with staggered debt maturities. Real estate debt profiles - the amount of debt relative to cash flow, the mix of fixed versus floating rate debt, annual debt maturity schedules - are in most cases manageable. Equinix, Inc.s shares performed well in the quarter after the company reported quarterly results and full-year 2023 guidance above expectations and provided a robust demand outlook amid weaker broader macroeconomic conditions. Transcript, The transfer and nontraditional students programs make up a small but important part of the admissions offices work to create a diverse undergraduate community. Admissions officer Keith adds insights about what makes applicants stand out in Yales large and diverse pool of prospective students. Lubbock, TX, Canisius College In our opinion, the issues that weighed on REIT performance during the GFC are not in place today. Ultimately, we continue to believe that many of the 2022 headwinds (higher interest rates and multi-decade high inflation) and tailwinds (economic growth) are likely to reverse course. The University plans to matriculate around 1,700 students from the early action and regular decision application rounds, University spokesperson E.J. During the quarter, we reduced our position in American Tower Corp., a global operator of over 200,000 wireless towers. Hannah and Mark explain the differences among these programs and share insights on how the Yale admissions office approaches its single-choice early action program. (Source: Green Street Advisors). We have structured the Fund to capitalize on compelling investment themes. The rapid transition to a world of computer screen meetings and conferencing should also benefit data centers due to the need to store a greater library of data to conduct and support these virtual online meetings. Excellent management team with interests aligned with shareholders. Camryn Pak is a news managing editor. Since 2018, Stanford has not publicly announced its acceptance rate, so it is unlikely they will do so today. Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. Hannah, Mark, and Jill review and debunk six more persistent myths about the admissions process. It notifies the school's top choice prospects in the regular applicant pool that an acceptance letter is likely to be coming in the future. As of 3/31/2023, the Morningstar Real Estate Category consisted of 257, 233, and 209 share classes for the 1-, 3-, and 5-year periods. For juniors feeling overwhelmed or anxious, and for those who dont know where to start the application process, the officers provide reassurance and advice. Transcript, The second installment in an occasional miniseries. Admissions Officer Moira joins Hannah and Mark to share advice on selecting recommenders and tips for educators when writing on behalf of applicants. The prospectus and summary prospectus contain this and other information about the Funds. Transcript, As they begin putting together college applications, high school seniors around the world will encounter unforeseen issues that can provoke concern and anxiety. We believe several best-in-class public REITs and non-REIT real estate-related companies are on sale relative to history and relative to private real estate alternatives. Mark and Hannah interview QuestBridge Founder and CEO Ana McCullough about the organizations strategy for matching top low-income students with full-need scholarships at top schools. They share the wisdom of former Dean of Admissions Jeff Brenzel: Almost nothing depends on exactly which college admits you. Inside the Yale Admissions Office Podcast According to Preqin Pro, more than $400 billion of capital has been raised by private equity sources to invest in real estate. We suspect the spillover effect from recent bank challenges will do some of the work for the Federal Reserve in combating inflation as credit availability is likely to contract, unemployment increases, and economic growth further moderates. Christian worship event Rekindle brings together local and international attendees, Lupe Fiasco named Saybrook Associate Fellow, 202 York Street, New Haven, CT 06511 | (203) 432-2400, Yale accepted 4.62 percent of 46,905 applicants. We expect both companies to benefit from homeownership affordability challenges and are positioned to provide partial inflation protection due to leases that can be reset at higher rents, in some cases, annually. Doing what you like. At its recent price, the company pays a modest dividend of 1.5%. This allowed Equinix to be a standout within the broader technology space when many companies were reducing their growth outlooks and noting weakening demand. Cheney, WA, Ohio University Transcript, The highly selective admissions process can be daunting and feel discouraging, especially for students who fear that some aspect of their personal circumstances will put them at a disadvantage. We believe that real estate merger and acquisition activity will re-emerge when the debt markets stabilize, and economic prospects improve. Admissions officer Reed joins to share the admissions offices process of writing and reviewing those questions at the end of each admissions cycle. 2023 THE STANFORD DAILY PUBLISHING CORPORATION, Privacy Policy Accessibility Advertise, Donate and support The Daily when you shop on Amazon. We believe Jeff has been an astute allocator of capital and has created tremendous shareholder value over the long term. Before he picked up, he expected to be notified about missing application materials from Yale Universitythe school was in that city, after allbut the message proved to be something much more welcome. They include: Brookfield Corporation, Brookfield Renewable Corporation (BEPC), Brookfield Infrastructure Corporation (BIPC), Brookfield Asset Management Ltd. (BAM, BAM:CA), Toll Brothers, Inc. (TOL), and Cellnex Telecom, S.A. (OTCPK:CLNXF, OTCPK:CLLNY). We remain optimistic about the prospects for each company. Some leases include annual fixed upward lease rent escalators. The company owns high-quality real estate and benefits from a compelling occupancy recovery story within senior housing. Transcript, Podcast listeners have continued to send fantastic questions and topic suggestions to the Inside the Yale Admissions Office email account. Toll Brothers is more insulated than its peers from elevated mortgage rates because 25% of Toll Brothers home buyers pay 100% in cash. A few days later, an email was sent to me with a list of schools offering the course; amongst them was the University of the People, the school I got admitted to. Ventas, Inc. was a detractor from performance during the quarter. Transcript, As part of the whole-person review process, the Yale Admissions Committee consider each applicants engagement with extracurricular activities pursuits and commitments outside of typical academic work. She is a senior in Trumbull College majoring in American history. Expectations for construction activity are modest due to elevated land, material, and labor costs and expectations for a slowdown in economic growth. The Fund currently has investments in 11 REIT categories. While we modestly reduced our position towards the end of the first quarter, we believe the companys senior housing operations will continue to inflect positively in the years to come given the favorable supply/demand backdrop and increasing growth of the 80-plus-year-old population. Transcript, With decision day approaching, Hannah and Mark share advice for understanding and processing each type of decision: denied, admitted, and placed on the wait list. What are College Likely Letters and How Institutional investors are consolidating the number of asset managers they invest with. The admissions office has employed virtual tours, online information sessions and video and poster campaigns to showcase the University. Chicago, IL, Texas Tech University Other prestigious liberal arts colleges and colleges like Duke, Stanford, and University of Chicago also send likely letters. Long term, there is a lot to like about self-storage businesses. college decisions Heres what a Yale likely letter looks like! : r - Reddit Performance listed in the above table is net of annual operating expenses. CollegeXpress has helped me tackle college expenses, which will allow me to put more of my time and effort into my studies without the need of worrying as much about finances. Last year, Stanfords acceptance rate was 5.19%, a slight increase from its record-low 4.34% acceptance rate in 2019. Please download one of our supported browsers. Given the broadly favorable relationship between demand and supply of commercial and residential real estate, we expect declines in commercial occupancy and rents and most residential home prices, should a recession unfold, to be modest and short-lived. 47115. Those students will be joined by the 378 frosh who elected to take a gap year for the 2020-21 academic year, meaning that the Class of 2025 is expected to be around 400 students larger than usual. Miranda told The Daily in January. We believe its valuation is unsustainably cheap and we remain bullish about Brookfields long-term prospects. She thinks this, as well as her other accomplishments, helped her stand out among other applicants. Although our offices will close at 6:00 PM, the application will still be available online through 11:59 PM (Mountain Time). Admissions Officers Hannah and Mark share the complex and dynamic work happening inside the Yale Office of Undergraduate Admissions. I got an email this morning from my regional admissions officer asking to set a call, and then the call explained that I should expect an Please refer to Is a commercial real estate crisis on the horizon? later in this letter for our more complete thoughts on this topic. You may obtain them from the Funds distributor, Baron Capital, Inc., by calling 1-800-99BARON or visiting www.BaronFunds.com. WebEvery application to Yale includes three letters of recommendation two from classroom teachers and one from a counselor. Join the CollegeXpress community! However, financing costs increased sharply last year. Which, of course, was much more systemic at the time.. Not many students know about likely letters, and not many are recipients either. Various measures of REIT valuations improved from 2022 into early 2023. Likely Letters The company is the only industrial REIT with an A credit rating. (preview: in our opinion, no! While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The dearth of new real estate construction compares favorably versus past real estate cycles when the overbuilding of commercial and residential real estate contributed to a deterioration in real estate business prospects. Notably, in six of the seven down years, REITs rebounded with positive performance the following year. Welltower is employing a proprietary data analytics platform and has recruited senior executives from the multi-family industry to drive operating margins and occupancy beyond historical industry standards. I couldnt be more grateful to everyone at CollegeXpress! If you have an ad-blocker enabled you may be blocked from proceeding. Real estate continues to offer diversification benefits. At its public market implied valuation of only $450,000 per apartment, its shares are valued at more than a 25% discount to private market values. Trustin certainly knew that much. I somehow managed to affirm that sentiment, and about half an hour later I had composed myself enough to produce intelligible sentences and to call back.. Self-storage facilities do not tend to require significant ongoing capital expenditures. As shares are becoming more attractively valued with growth headwinds better understood, we may look to opportunistically re-acquire shares given the compelling absolute and relative multi-year growth prospects that are visible and supported by long-term customer contracts. We tend to limit these to no more than 20% to 25% of the Funds net assets. Rejected From Your Favorite Colleges? With this information, we'll do our best to display content relevant to your interests. Yale Likely Letters | Ivy Coach College Admissions Blog Toll Brothers is more insulated than its peers from elevated mortgage rates because approximately 25% of Toll home buyers pay 100% in cash. For these reasons, we remain positive on the outlook for Baron Real Estate Income Fund. Dear Baron Real Estate Income Fund Shareholder: Baron Real Estate Income Fund (MUTF:BRIFX, MUTF:BRIIX, MUTF:BRIUX) (the Fund) increased 4.73% (Institutional Shares) in the first quarter of 2023, outperforming the MSCI US REIT Index (the REIT Index), which increased 2.39%. We remain optimistic about the prospects for the Fund because we believe we have assembled a portfolio of best-in-class competitively advantaged REITs and non-REIT real estate-related companies with compelling long-term growth and share price appreciation potential. In the first quarter, we maintained our active approach managing the Fund due to: We believe our action steps continue to position the Fund for strong long-term performance. I wrote about how much I love listening to Phil Ochs's music, he said. The performance data quoted represents past performance. At Yale, opting to apply through early action does not give an applicant any advantage, but the officers explain why an early program may be the right choice for some students at some colleges. Despite that, the admissions committee at Yale still admitted a typical number of students during its early and regular decision processes for the 2020-21 application cycle. Interestingly, this decision led to the 2025 graduating class to become the largest class in Yale history since just after the second world war. The director of admissions specifically mentioned this and invited me to YES [Yale Engineering and Science] weekend for engineering and science admitted students., Trustin, also a member of MITES, said his college interview went extremely well, and he made sure to write his essays about topics he was passionate aboutregardless of whether they were perhaps conventional topics. The companys rents on its in-place leases are more than 65% below current market rents, thus providing a strong runway for growth in the next three to five years. The companys value proposition of providing mission-critical infrastructure to a highly diversified customer base yields pricing power and must have versus nice to have infrastructure deployments. The officers share how effective letters can bolster and enhance an application, and they express their gratitude to the educators who write for their students. Toll Brothers, Inc. is a leading luxury homebuilder in the U.S. with capable management and a large, valuable owned land real estate portfolio. I am very against the concept of worrying, he said. Current and future portfolio holdings are subject to risk. The current constrained financing environment, with underlying property loans coming due, should provide an active external growth pipeline of assets that were acquired during a period of low-interest rates. It was an admission representative from Yale, and they were calling to inform Trustin that he would likely be admitted to the prestigious school. The company is the only industrial REIT with an A credit rating. We believe robust embedded growth should contribute to at least high single-digit earnings growth for the next several years. Manufactured Housing REITs (2.0%): We remain bullish regarding the prospects for our investments in manufactured housing REITs Sun Communities, Inc. (SUI) and Equity Lifestyle Properties, Inc. (ELS). The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable). We send these likely letters only to those

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