The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 14 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Levy: Real estate value stems from operational development, not financial engineering
“These are the people who create the value. The people who build the buildings, the people who operate the buildings. Don't get me wrong. You need to be a smart investor, and you need to have the right capital structure and the right alignment, and those are al…”
Levy: An auditor's opinion could have triggered Morgan Stanley's 2008 collapse
“There were issues that if a given fund received a going concern opinion from the auditors, it could trigger the ISDAs across the entire Morgan Stanley firm and take it down.”
Levy: Private real estate credit yields mid-to-high teens unlevered returns
“The best opportunities that are being executed today are really in the private credit space. It's providing both senior loans and mezzanine loans to borrowers who can't get their traditional financing done with their banks. And that type of return is clearly a…”
Levy: Real estate distress is largely confined to office sector
“There's a distress out there, but that distress is largely the office sector. The other sectors from a fundamental supply, demand, occupancy, rental growth, they're doing just fine. Even retail.”
Levy: Crow Holdings owns zero office buildings across its 600-property portfolio
“In the business, 600 plus properties. Other than our terrific office campus in Dallas, which is a unique property, we have no office buildings in our entire portfolio.”
Levy: Morgan Stanley real estate funds dropped to 0.2x and 0.3x multiples
“I felt for the investors that one fund was a .2 multiple, another fund was a .3 multiple.”
Levy: Heavy family involvement deters outside executive talent
“And I think you also see organizations where if you have a lot of family members working in it, you may not get other people from the outside who want that opportunity in their careers to join.”
Levy: NIMBYism has created massive housing undersupply across American income brackets
“We are so underhoused in America, the amount of nimbyism that's stopping the development Of multifamily housing. We have millions of Americans who don't have places to live, particularly, just let's call it working class, let alone the disadvantaged, but even …”
Levy: There are 15 million manufactured housing pads in the US
“There are fifteen million pads, sites in America, where you might use the word trailer park, that might be a common word, but it's manufactured housing, where millions and millions of Americans live.”
Levy: Crow Holdings operates without any earnings or AUM targets
“There are no earnings targets. There are no AUM targets. We don't care. It's not relevant.”
Levy: Trammell Crow pioneered speculative industrial development in 1948
“He built a small industrial building in Dallas on Cole Street that we own today on what they call a speculative basis. He didn't have a tenant in hand. He just went out to build the building and thought they would come And they came, and that was very unique. …”
Levy: Crow Holdings allocates multi-billion pipeline via blind rotational slots
“Our development company has what I'd call a rotational structure, so we have a pipeline in any given year. Next year it'll be less than this past year, but nonetheless, a multi-billion dollar pipeline in any given year. It's a lot of capital in any given year,…”