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Janine Shea

Strategies for Unemployed Architects | Recession & Recovery | Architectural Record - 0 views

  • finessing her resume and portfolio, scouring the Web for job openings, networking at full-throttle. She even printed her own business cards.
  • letter of recommendation
  • assemble their portfolio and resume immediately. The longer one waits, the more difficult the task becomes. “Do it the minute you get laid off
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  • a standout resume is vital.
  • “You need to separate yourself from the pack.”
  • Job hunters should also reach out to everyone they know—friends, former coworkers, old classmates, consultants, contractors.
  • spending up to 10 hours a day hunting for a position
  • The occasional job opening she does spot typically requires five-plus years of experience. “Getting a job is harder and harder,” she says. “There are fewer and fewer jobs.”
Janine Shea

How the Experts Would Fix Cities (part 1) - Businessweek - 0 views

  • What role are public-private partnerships going to have in funding development in cities? Is that just happy talk or is there reality to it? Hsu-Chen: It’s very real talk. And we’re getting smarter and better at it. Right now a lot of the incentives the city offers are around getting the right density at transit nodes. Kate and I worked together on a project just a couple years ago—Kate in the private sector, I in the public—to deliver a new state-of-the-art skyscraper right across the street from Pennsylvania Station.
  • The world has become increasingly urban—more than 50 percent of the globe’s population now live in cities. How can we make them more sustainable, efficient, and prosperous?
  • We don’t have a strong central government. We have a federal system.
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  • In Europe you have a strong central government that can come in and work with the private sector to deliver something locally. Here it’s up to the municipalities to figure out how to use those public-private partnerships at the local level to deliver the types of benefits that Edith was talking about.
    • Janine Shea
       
      Work with cities and investors to facilitate public-private partnerships at the LOCAL LEVEL
  • At a time when some technologists talk about telecommuting, what makes you so sure that cities will continue to grow at the kind of pace that we’re talking about? Hoornweg: Well, people want to be with other people. Entrepreneurs want to be with other entrepreneurs. The idea that they could live anywhere is very much available to them. But they’re not choosing to.Ascher: It’s not just on a neighborhood level. It’s also on a business level. You want to interact with your business counterparts face to face. The physicality of a city is still so important.
  • Generally, cities are very good at talking to each other. Mayors talk to mayors. City officials talk to city officials. The lessons that are starting to really take root are that there’s safety in numbers.
  • We’ve also gravitated toward the idea that economic development is really the result of creating a city where people want to live. It’s the attraction of human capital. If you can attract highly educated people from other parts of the country and keep your own best and brightest, chances are the job creators are going to be successful. And people no longer chase jobs. Jobs chase people.
    • Janine Shea
       
      Corroborates Richard Florida's research - Rise of the Creative Class
  • What kind of people are going to live in these cities that will be growing so quickly the next couple decades? Will retirees want to be in them? Families? Or will they have to flee because they won’t be able to afford them? Hoornweg: All of the above. With good city management, a city is attractive to everybody. There are really interesting studies coming out of the Santa Fe institution that basically say that if there were no externalities for traffic or whatever, the human population would like to live in one city, because we really like being with each other.
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    Corroborates 'Rise of the Creative Class'!   Public-private partnerships at the LOCAL level
Janine Shea

Creative class - Wikipedia, the free encyclopedia - 0 views

  • It is composed of scientists and engineers, university professors, poets and architects, and also includes "people in design, education, arts, music and entertainment, whose economic function is to create new ideas, new technology and/or creative content”
    • Janine Shea
       
      Customer segmentation variables
    • Janine Shea
       
      Demographic - Occupation, Education, Location, Income, Social class Psychographic (LIFESTYLE) - Activities, Interests, Opinions (AIO Survey), Values, Attitudes Behavioral (towards PRODUCTS) - Benefits sought, Usage rate, Brand loyalty, Readiness to buy
  • Employers see creativity as a channel for self-expression and job satisfaction in their employees. About 38.3 million Americans and 30 percent of the American workforce identify themselves with the Creative Class.
  • cities which attract and retain creative residents prosper, while those that do not stagnate. This research has gained traction in the business community, as well as among politicians and urban planners. Florida and other Creative Class theorists have been invited to meetings of the National Conference of Mayors and numerous economic development committees, such the Denver mayor's Task Force on Creative Spaces and Michigan governor Jennifer Granholm's Cool Cities Initiative.[1]
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  • members of the Creative Class value meritocracy, diversity and individuality, and look for these characteristics when they relocat
  • For a city to attract the Creative Class, he argues, it must possess "the three 'T's": Talent (a highly talented/educated/skilled population), Tolerance (a diverse community, which has a 'live and let live' ethos), and Technology (the technological infrastructure necessary to fuel an entrepreneurial culture)
  • “the Creative Class share of the workforce; innovation, measured as patents per capita; high tech industry, using the Milken Institute's widely accepted Tech Pole Index…; and diversity, measured by the Gay Index, a reasonable proxy for an area’s openness"
  • Creative workers are looking for cultural, social, and technological climates in which they feel they can best "be themselves".
  • active participation in a variety of experiential activities.
  • Street Level Culture
  • hard to draw the line between participant and observer, or between creativity and its creators”
  • interest in being participants and not spectators
    • Janine Shea
       
      Don't be a tourist. Find the local in you.
  • Super-Creative Core: This group comprises about 12 percent of all U.S. jobs. It includes a wide range of occupations (e.g. science, engineering, education, computer programming, research), with arts, design, and media workers forming a small subset. Florida considers those belonging to this group to “fully engage in the creative process” (2002, p. 69). The Super-Creative Core is considered innovative, creating commercial products and consumer goods. The primary job function of its members is to be creative and innovative. “Along with problem solving, their work may entail problem finding”
  • 40 million workers—30 percent of the U.S. workforce
  • knowledge-based workers
  • Florida argues that the Creative Class is socially relevant because of its members' ability to spur regional economic growth through innovation (2002).
  • these usually require a high degree of formal education
Janine Shea

Jumpstart Our Business Startups Act: Frequently Asked Questions About Crowdfunding Inte... - 0 views

  • How do I register with the SEC as a funding portal? Answer: The SEC must adopt rules governing funding portals before permitting anyone to register with the SEC as a funding portal. These rules will address the form and process needed to register with the SEC as a funding portal.
  • The JOBS Act requires these intermediaries to, among other things: provide disclosures that the SEC determines appropriate by rule, including regarding the risks of the transaction and investor education materials  ensure that each investor: (1) reviews investor education materials; (2) positively affirms that the investor understands that the investor is risking the loss of the entire investment, and that the investor could bear such a loss; and (3) answers questions that demonstrate that the investor understands the level of risk generally applicable to investments in startups, emerging businesses, and small issuers and the risk of illiquidity;  take steps to protect the privacy of information collected from investors;  take such measures to reduce the risk of fraud with respect to such transactions, as established by the SEC, by rule, including obtaining a background and securities enforcement regulatory history check on each officer, director, and person holding more than 20 percent of the outstanding equity of every issuer whose securities are offered by such person;  make available to investors and the SEC, at least 21 days before any sale, any disclosures provided by the issuer;  ensure that all offering proceeds are only provided to the issuer when the aggregate capital raised from all investors is equal to or greater than a target offering amount, and allow all investors to cancel their commitments to invest;   make efforts to ensure that no investor in a 12-month period has purchased crowdfunded securities that, in the aggregate, from all issuers, exceed the investment limits set forth in section Title III of the JOBS Act; and any other requirements that the SEC determines are appropriate.
Janine Shea

The Most Overlooked b2b Funding: Customer Funded Development | Tech Wildcatters - 0 views

    • Janine Shea
       
      How effective has the Urban Investment Group been since active?  Good business flow? Meeting target returns, objectives?  How do they currently source their investments - are they satisfied with these solutions?
  • how do you keep the IP? First of all, this only works when you’re developing IP that is not in one of the sponsoring company’s lines of business.
  • In the case of adding to their product mix, licensing and royalty deals can be made to keep the IP in your company. You may even offer to pay back the development costs as you grow your company. However, if you’re building something that the sponsor will use in operations, it’s unlikely they want to be out there selling it, so act under the assumption that they don’t want to own the IP. It’s all in the contract, so get a good lawyer. NEVER do this part yourself.
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  • Who is your decision maker? Who is your champion?
  • Is this a product they could sell or is it for operations?
    • Janine Shea
       
      Operations
  • In CFD, more so that any type of sale, you are not selling a product. Because nothing is built yet (or at least finished), you’re selling your ability to solve a problem for a group of individuals. Those individuals are probably looking at that problem a lot differently than you are, and through the lens of many conflicting or ambiguous goals. Rather than speculate and depend on your own understanding of the problem, you have to get into their heads. In short, you have to ask AND listen. They will tell you. But you will miss it if you’re not open to it. In the words of one of the world’s great innovators, Steve Jobs, you have to go in with a Beginner’s Mind.
  • The easiest way to get a customer to pay for development is to know that they’re facing some major change or challenge, and they have no other choice but to find a solution.
Janine Shea

Since the interest graph is so hot, why not take a dip 'At The Pool' [invites] - The Ne... - 0 views

  • I realized the Internet does a great job at connecting us with our friends and family, but a terrible job at introducing us to new people and getting us offline.
  • It’s incredibly difficult and frustrating trying to find like-minded people nearby.
  • When you look at what people are searching for, they’re searching for people close by who share their interests.
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  • Through interests, pools, and activities on our site, we’re able to connect people in a very strong way, around the interests that actually matter to them.
  • The Facebook connection is important for a number of reasons. First, it allows us to validate a member’s age (must be over 18 to use the site). Second, it allows us to explore and map around mutual friends, which is important when fostering new relationships. And third, it makes the profile creation process easier by pulling photos and information.
  • The goal with At The Pool is to bridge the online-offline gap and get people meeting up in the real world.
Janine Shea

Metrics for Responsible Property Investing: Developing and Maintaining a High Performan... - 0 views

  • To date, however, the industry has yet todevelop standards to evaluate ESG datathat compare to its traditional evaluation o portolio perormance.
  •   5 Responsible Property Investment [RPI] is anemerging investment strategy and disciplineconcerned with integrating environmental,social, and governance [ESG] data intoinvestment decision-making
  • Real estate investment plays a undamentalrole in determining how society usesresources, how the built environmentshapes social lie, how economic activitycan be sustainable over time. As an assetclass, real estate oers especially tangibledemonstrations o the importance o ESGanalysis in creating value or investors andsociety alike. We believe that a robustmetrics system can help shape the marketto better create sustainable outcomes or allstakeholders
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  •   6 Institutional real estate is in the midst o a major downturn
  • growing awareness among investorsthat environmental and social analysis canenhance their ability to assess building andportolio perormance over the long term.
  • Energyuseingreenbuildingis29to50 percent less than non-green counterparts. •Greenbuildingsuseanestimated40 percent less water. •Carbondioxideemissionsingreen buildings are reduced by 33 to 39percent. •Solidwasteattributabletogreenbuildings is reduced by 70 percent
  • In practice, these issues havebeen treated as vital by many investors – RPIoers a means to bring them together into acoherent ramework
  • SmartGrowth
  • SocialEquityandCommunity Development
  • UrbanRevitalization
  • size o the US commercial real estate marketat $5 trillion, with approximately $2.5 trillionin assets owned by institutional investors.
  • EnergyConservation
  • EnvironmentalProtection
  • WorkerWell-Being
  • HealthandSafety
  • LocalCitizenship
  • CorporateCitizenship
  • Figure 2: “Market standard” fund performance characteristics
  • The increased global and 2.2  Impacts o Sustainability on Institutional Real Estate Table 1: Sustainability Impacts on Real Estate social awareness about sustainability ingeneral has sharply impacted institutional realestate in several interrelated ways,
  • Global Reporting Initiativeand Principles or Responsible Investing
  • Ideally, a unied approach could also be takento visualizing, analyzing, and managing thedata obtained or individual metrics, buildingupon the action items mentioned aboveto create a dashboard or monitoring andimproving portolio perormance in the contexto RPI and investor and stakeholder interests.
  • The eld o RPI lacks a powerul, standardizedset o portolio-level metrics which isrecognized and used by investors andmanagers across the real estate industry,thereby dening and giving credibility to thepractice o RPI
  • CBRE Standardso Sustainability
  • we have developed a seto 26 quantitative metrics that can helpinvestors to nd, create and articulate valuethrough improving the economic, social, andenvironmental prole o their investments.
  • Thesemetrics were selected or their ability to allowreal estate proessionals to better addressrisks and identiy opportunities or long-termvalue creation.
  • Table 2: Proposed RPI Metrics
  • Measuring the walkscore or a property isa simple as putting in the address into thewalkscore calculator (www.walkscore.com)
  • the premiums suggesthigher rents, occupancy and general marketdemand or walkable properties.
  • By trackingthe ability o properties to create jobs andprovide services or underserved areas,investors can lower risks associated withregulation and community opposition as wellas setting an example o social sustainability
  • Buildings – even green buildings – oten lacka close connection to their surrounding areaand community. Developing CommunityEngagement plans on a site-by-site basisallows projects to be sensitive to the needso the citizens and areas in which they areconstructed
  • ensures that negative impacts and publicopposition to projects will be minimized.
  • These plans should also include provisionsor the public use o private space, which haswell-documented success in San Franciscoand other cities. Across a portolio, investingin projects that positively contribute to thecommunity in which they are anchoredcreates a positive image, minimizes, risk, andimproves social sustainability
  • Table 3: Portfolio Characterization
  • Several categories contain RPI metricswhich investment managers could directlytie to value either through their indication o decreased operating expenses or indirectlyaid in obtaining higher rents, lower vacancy orselling the property at a higher price. Othercategories do not link directly to asset value,rather allow the investor to property determinethe correct ESG measures which must bein place in order to achieve maximum RPIbenets
  • Prudent portolio managers will look toenter into portolio wide contracts orcommissioning, eciency, renewables, andother measures to improve perormance,and use RPI metrics to track the value o improvements portolio wide
  • Environmental metrics are perceived as havingmore direct links to value, however socialmetrics are seen as helpul in characterizingprogress on advancing the social agenda o the und, while maintaining nancial returns
  • Environmental metrics are more malleablethan social metrics—in other words, mostenvironmental metrics can be improved overtime across the portolio, whereas socialmetrics are oten determined at the point o acquisition, and remain static (walkability, CBDproperties, etc.)
  • To ensure ease o collection and interpretationo the additional data, systems should be putinto place to ensure the metrics are trackedat each property and easily aggregated to theportolio level.
  • Portolio managers, property managers,and stakeholders will be able to engage ina dialogue regarding value created acrossthe triple bottom line through responsibleinvestment practices
  • The scope o RPI is broad. It includes, orexample, “deep green” projects that ocuson poor communities or environmentallyragile areas, energy ecient buildings thatoer clear nancial advantages throughreduced operating costs, aordable housingprojects that draw upon local tax credits,and now carbon reduction projects thathedge risk and result in renewable energycerticates.
  • There are many useul sotware tools on themarket- rom EnergyStar Portolio Manager(mentioned previously) to proprietary systemssuch as Tririga (www.tririga.com). Tririgacombines portolio management tools withportal views or property managers, andacilities management unctionality. Thishelps to integrate goals and establishcommon metrics rom asset to asset
  • In a changing and volatileinvestment environment, there is a uniqueand urgent need to better understandthe benets o making a commitment toresponsible property investing. The potentialor improvements at the portolio level isgreat, with benets accruing to investors,the industry, and society as a whole, and thepotential or these considerations to improvethe industry as a whole is even greater.
  • •Long-termvaluecreationthrough increases in assessed value o property •Greatlyreducedoperatingcostsbydriving environmental metrics •Minimizationofriskinseveralkeyareas during acquisition •Improvedpublicimageandinvestor condence •Improvedrelationshipbetweeninvestors and asset managers •Increasedvisibilityandtransparency•Demonstrationofvaluesinpractice
  •   26  The benets o committing to RPI arepotentially signicant, but a lack o uniormmetrics which can be adopted industry-wide has hindered the potential impact o RPI on the real estate sector.
Janine Shea

FTSE Group, USGBC, NAREIT Develop Investable Green Property Indexes - 1 views

  • “To date, no comparable benchmark has been available. We’ve already received expressions of interest from many large asset owners concerned about their exposure to a rapidly changing sector directly affected by the transition to the low carbon economy.”
  • The new indexes will be a milestone for real estate investment worldwide and will enable more real estate investors and managers to integrate sustainability factors into their strategies – both as benchmarks and as the basis for investment products.”  Rick Fedrizzi, President, CEO & Founding Chair, USGBC said, “Green building is a win-win, offering both environmental and economic opportunity. Greater building efficiency can meet 85% of future demand for energy in the United States and a commitment to green building has the potential to generate 2.5 million jobs. The sector has seen incredible growth and is projected to add $554 billion to the U.S. economy each year. This partnership creates significant investment opportunities for those ready to participate in this growing market.”
Janine Shea

The 15 Best Facebook Pages You've Ever Seen - 0 views

  • Threadless also carries over important functionality from its core website, allowing users to vote for t-shirt designs and enter design contests. Threadless does a great job of creating a fantastic user experience that doesn't require the user to leave Facebook
  • The company also shares a ton of great images on its wall that generate a huge amount of engagement.
  • It uses social proof and data from Facebook to actually show why people like the Bing page
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  • They have a like gate with a very compelling call-to-action. They also have a customer photo generator application that allows users to customize their Facebook profile picture with their favorite NHL team.
  • Zappos has an amazing like gate that sits next to a featured photo submitted by one of its fans. Users can also easily join the company's VIP program from the page.
  • Beyond an awesome gift card app, Starbucks uses its page to run contests for seasonal products and also offers a slick store locator application.
  • The Burt's Bees Facebook Page uses a customer tab to aggregate the global online word-of-mouth buzz about its products in an interesting and unique way.
  • Sometimes the best way to build a community is through a shared cause.
  • interesting and engaging content. It shares a TON of great videos that are both educational and entertaining.
Janine Shea

'Crowdfunding' Rules Are Unlikely to Meet Deadline - NYTimes.com - 0 views

    • Janine Shea
       
      Deposits huh...?
  • Under Title III, companies wishing to sell stock to the public will have to provide information to investors and the S.E.C., including financial disclosures that grow more extensive as the size of the offerings increases. They will be allowed to sell stock only through an intermediary: either a broker-dealer or a specialized crowdfunding Web site, or portal. The intermediaries will have to take steps to ensure that small investors are protected, even from themselves. The law limits how much a person can invest in crowdfunding in a year, depending on income and net worth.
  • protection measures could, if fully adopted, make crowdfunding prohibitively expensive.
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  • The industry is likewise taking aim at a requirement that issuers raising more than $500,000 provide investors with audited financial statements.
  • intermediaries
  • The crowdfunding provision, Title III of the Jumpstart Our Business Startups Act, creates an exception to the general rule that before a company can sell its stock to the public, it must register with the S.E.C., a process of disclosure requiring elaborate and expensive assistance from lawyers, accountants and investment bankers that most small companies cannot afford. Instead, businesses seeking less than $1 million will be able to raise capital online from small investors in a streamlined process.
  • And with the departure of the S.E.C. chairwoman, Mary L. Schapiro, and three of her top deputies — including two who manage the offices writing the regulations — some in the nascent equity crowdfunding industry worry that it could be 2014 before their line of business becomes legal.
  • deposits on a product.)
ccfath

Crowdfunding for Small Business Is Still an Unclear Path - NYTimes.com - 0 views

  • That big issue caused Mr. Caldbeck to leave his job to start CircleUp, a company that aims to connect up-and-coming consumer products companies with investors.
  • crowdfunding is a way for capital-starved entrepreneurs to receive financing that neither big investors nor lenders are willing or able to provide. To others, it represents a potential minefield that could help bad businesses get off the ground before they eventually fail, and in some cases could even ensnare unsophisticated investors in outright fraud.
  • SoMoLend, which lends money to small, Main Street-type businesses that typically wouldn’t interest private investors.
Janine Shea

Project for Public Spaces | Eleven Principles for Creating Great Community Places - 0 views

  • 11 key elements in transforming public spaces into vibrant community places,
  • identify the talents and assets within the community.
  • will help to create a sense of community ownership in the project that can be of great benefit to both the project sponsor and the community.
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  • Partners are critical to the future success and image of a public space improvement project.
  • They can be local institutions, museums, schools and others.
  • The vision needs to come out of each individual community.
  • The best spaces experiment with short term improvements that can be tested and refined over many years! Elements such as seating, outdoor cafes, public art, striping of crosswalks and pedestrian havens, community gardens
  • encountering obstacles, because no one in either the public or private sectors has the job or responsibility to “create places.”
  • Starting with small scale community-nurturing improvements can demonstrate the importance of “places” and help to overcome obstacles.
Janine Shea

A Chicago Park Learns from New York's High Line - Next City - 0 views

  • corporations like Boeing and Exelon have added $12 million in donations.
    • Janine Shea
       
      CORPORATE DONATIONS
  • The High Line has reportedly spurred more than $2 billion in area investment. Though it cost the city $112 million, the park is expected to bring in an estimated $900 million in additional tax revenues over two decades.
  • already New York City’s second-most popular attraction, pulling in nearly 4.5 million visitors in 2012, and ranks among the most influential public works projects of the past half-century, altering our thinking about public space and urban revival.
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  • Funded by a $467,000 grant from New York Gov. Andrew Cuomo, the Trust for Public Land
  • Parks are suddenly big business.
  • d Friends of the High Line,
  • reliance on non-municipal funding
  • property values along the park doubled within two years.
  • Since the city rezoned the area in 2005 to encourage development, nearly 30 new building projects have accounted for more than $2 billion in private investment, adding some 12,000 jobs, 2,500 residential units, 1,000 hotel rooms and nearly half a million square feet of new office and gallery space
  • Aping the High Line, then, is not merely about sustainable reuse or new park construction. It’s about sparking investment and increasing a city’s ability to attract new residents.
  • “Cities have really become aware that they are competing with each other for the businesses and well-educated mobile citizens that make cities work,”
  • choose green, walkable cities with great neighborhoods, great parks, good cultural institutions. I think the reason cities are investing in these opportunities is that they are really trying to position themselves to attract these people.”
Janine Shea

The New Face of Tax-Deferred Real Estate Investing | Investing News | Print Financial &... - 0 views

  • 1031 exchanges," after Section 1031 of the Internal Revenue Code
  • With this verdict, the court created a powerful wealth-building tool for real estate investors. No longer limited to transactions between two parties, investors could defer capital gains taxes on real estate sales as long as the proceeds were used toward the purchase of like-kind or "replacement" properties.
  • disallowed deductions for passive losses and eliminated accelerated depreciation. These restrictions made it unpopular for real estate investors to hold on to losing assets. As a result, 1031 exchanges into better quality properties emerged as one of the few tax-friendly options left for real property investors.
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  • allowed tax-deferred exchanges for "tenancy in common" or "TIC" property transactions. Now 1031 exchanges were permitted not just for single-owner properties but also for multiowner, professionally managed real estate assets.
  • Between 2003 and 2008, Section 1031 investors poured more than $12.5 billion into various multiowner TIC properties ranging from shopping centers, office buildings, industrial buildings, apartments, and free-standing assets
  • With no available liquidity to fund like-kind property purchases, the 1031 market came to a screeching halt.
  • Delaware Statutory Trusts
  • DST deals are simpler for investors to understand, more nimble at critical life-cycle junctures, better suited to satisfy investor diversification needs, and, perhaps most importantly when it comes to putting a deal together, much easier for lenders to trust.
  • Centralized Management: In contrast to TIC, the DST structure puts all decision making in the hands of a trustee, centralizing the decision-making process. Furthermore, DSTs protect individual investors from personal liability and reduce deal documentation to a single agreement -- a trust agreement.
  • Smaller Investment Minimums: Although a TIC deal is limited to 35 investors, DST programs have no such mandated ceiling, with the only practical limit being that anything more than 2,000 investors triggers Securities and Exchange Commision reporting under the 2012 JOBS Act. As a result, TIC deals often have large minimum investments, whereas investors can buy into DST programs with smaller outlays.
  • Diversified Investments: Although TICs are constrained in the value of real estate that can be purchased by up to 35 investors, the pool of assets in a DST structure can be much larger. With more money available for investment, DSTs can afford to diversify assets.
  • Summing Up the DST Benefits: Simply put, an investor looking to do a like-kind property exchange gets a wealth of benefits under the DST structure. He enjoys the traditional tax deferral allowed under 1031 exchanges. Additionally, by executing a single trust document and for a comparatively small investment, he owns a piece of a diversified portfolio of real estate managed by a professional. And he is protected from personal liability.
  • For one thing, it mandates the unanimous consent of all owners for decisions such as property sales, refinancing and leases -- a management headache when there are many investors.
  • Similar to a public REIT, assets in a DST vehicle are not aggregated by blind pool methodology as they are in a non-listed REIT, but instead are specifically identified by a sponsor, and disclosed to all prospective investors.
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