Research Affinity Group
Mike Acton, AEW Capital Management, L.P.
Paige Mueller, RCLCO Real Estate Advisors
The Research Affinity Group provides a forum for the presentation, debate, and discussion of research-related
topics that impact the institutional real estate investment community. The group comprises individuals rep-
resenting a broad spectrum of the institutional investment community, including investment managers and
advisors, data and service providers, plan sponsors, consultants, and academics.
Each meeting typically focuses on a specific topic, and the discussion is facilitated with a presentation by an
invited expert. In the past, the group has addressed a wide variety of both real estate market fundamental and
capital topics, including the future of the CMBS market, global investment data and investment challenges, and
the future of the US rental and single-family housing markets. Presentations have been educational, interactive,
The most recent meeting in Los Angeles (October 2014) highlighted two very different topics. In the first
session, given the proximity of the meeting to the November elections, we enjoyed a discussion with Andy
Laperriere from Cornerstone Macro on the outlook for the midterm elections and the possible economic and
policy implications from a change in the composition of the US House and Senate.
The second portion of our session was titled “Single Property REITs and Crowdfunding—Small Markets or
Capital Market Disruptors?” We were fortunate to have two speakers to address new avenues for capital sourcing: Paul Frischer (President, E TRE Financial—Exchange Traded Real Estate) and Rishi Thakar (VP of Investments,
Realty Mogul). Thakar shared with us some examples of crowdfunded real estate investments that were recently completed, and Frischer discussed the possibility of and implications for the development of single-property REITs.
Following the presentations, the group typically engages in moderated discussion and debate of topics
raised in the presentation and other current related economic, capital market, and real estate issues that are and
will have an impact on real estate investment performance and strategies.
The group leaders look forward to working with the affinity group members to continue to deliver interesting
and relevant programs in an environment that fosters collegial discussion and debate and incorporates a broad
spectrum of perspectives.