The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. This is the official discussion thread for Yale Class of 2027 RD applicants. The record-breaking pool includes the 7,313 early action applications prospective students sent to New Haven in December. The company owns high-quality real estate and benefits from a compelling occupancy recovery story within senior housing. We remain mindful that the economic and stock market backdrop may remain challenging in the months ahead given the expectation that economic growth will slow. Transcript, Part 1 of 3. Based on research by Green Street Advisors, recent occupancy rates for several real estate categories compare favorably relative to prior periods. On February 1, high school senior Trustin Henderson received a phone call from New Haven, Connecticut. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/ 40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. Transcript, Admissions officer Ashleigh joins Hannah and Mark to talk about likely letters a recruiting tool the admissions office uses with a small group of applicants each year. Admissions Officer Moira joins Hannah and Mark to share advice on selecting recommenders and tips for educators when writing on behalf of applicants. 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. CBRE analyzed 5-year commercial real estate loans originated in 2018, 2019, and 2020 and the cumulative 2023 to 2025 debt-funding gap upon refinancing. 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. We believe Jeff has been an astute allocator of capital and has created tremendous shareholder value over the long term. The Fund is chock full of best-in-class companies that are on sale and offer prospects for strong returns in the years ahead. For our more complete thoughts on the prospects for real estate, please refer to The prospects for REITs in the public markets later in this letter. At its recent price of only $32 per share, Brookfields share price is highly discounted versus managements assessment of the companys intrinsic value of $74 per share! Transcript, The first installment in an occasional miniseries. RD Application Deadline is: January 2. The admissions officers explain how the committee considers extenuating or unique circumstances and why those circumstances will not hurt a students chances of admission. The University plans to matriculate around 1,700 students from the early action and regular decision application rounds, University spokesperson E.J. According to data provided by Green Street Advisors, expectations for commercial real estate construction (annual construction completions as a percent of existing inventory) from 2023 to 2026 are expected to be only 1.5% for apartments, 1.0% for wireless towers and hotels, 0.8% for office buildings, 0.3% for shopping centers, and 0.1% for retail malls. Toll Brothers is more insulated than its peers from elevated mortgage rates because 25% of Toll Brothers home buyers pay 100% in cash. Though the first three months of 2023 have been full of negative developments - bank failures, the likelihood of a further slowdown in bank lending, and the possibility of a sooner-than-expected economic recession - and there are valid reasons for being cautious about the 2023 outlook, our views regarding the prospects for the stock market, REITs and non-REIT real estate securities, and the Fund remain the same. Managements interests are aligned with its shareholders given that officers and directors own approximately 20% of the company. Hannah, Mark, and Jill answer some of the questions that are most frequently asked by juniors. CBRE also compared the coming debt-funding gap to that of the GFC. Baron Real Estate Income 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%. Brookfield is well positioned to increase its market share of the growing pool of alternative assets. Please read them carefully before investing. Stanford admissions decisions released at However, Trustin cautions against regarding these letters too seriously or being disappointed if the letter doesnt arrive. For these reasons, we remain positive on the outlook for Baron Real Estate Income Fund. VICI Properties Inc. is a triple net REIT that owns a large and high-quality portfolio of market-leading gaming, hospitality, and entertainment properties. Create a free account and Both Invitation Homes and American Homes 4 Rent have an opportunity to partially offset inflation given that in-place annual leases are significantly below market rents. She thinks this, as well as her other accomplishments, helped her stand out among other applicants. Factors that weighed on the companys share price performance include: (i) concerns that a more challenged economic and capital markets environment could lead to distress for some of the companys biotechnology and health care tenants; (ii) the possibility of tenant defaults; and (iii) the possibility that competitive supply will increase from the conversion of traditional office buildings to life science buildings. We believe the correction in real estate share prices in 2022 and the ongoing share price weakness for several real estate companies in the first three months of 2023 have created several compelling investment opportunities. Should economic growth continue to decelerate and perhaps lead to a recession, self-storage business fundamentals have historically held up well during economic downturns. Theres no formula or perfect essay topic, but Hannah and Mark discuss what makes an essay work for an applicant. 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. Since replacement costs tend to rise with inflation, real estate is often viewed as a partial hedge against inflation and a good store of value. Many public REITs and non-REIT real estate companies now offer compelling return prospects that, in some cases, may include a trifecta combination of growth, dividends, and an improvement in valuation. The majority of real estate distress will be limited to a manageable portion of class B and C office buildings. While most universities don't announce that they send likely letters, all Ivy League schools, including Harvard, Princeton, Yale, and University of Pennsylvania, send likely letters. It turned out to be more valueless than valuable. Following a decline in its shares of more than 30% in 2022, we believe Prologis current valuation of a 4.2% implied capitalization rate is compelling given that 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. Annual expense ratio for the Retail Shares and Institutional Shares as of December 31, 2022 was 1.32% and 0.96%, respectively, but the net annual expense ratio was 1.05% and 0.80% (net of the Advisers fee waivers), respectively. Yale has been known to send out just about 120 likely letters per year at most. Many public REITs are currently valued at significant discounts to replacement cost and estimates of net asset value. Notably, in six of the seven down years, REITs rebounded with positive performance the following year. Self-Storage REITs (14.9%): We remain optimistic about the Funds investments in self-storage REITs Public Storage Incorporated (PSA), Extra Space Storage Inc. (EXR), and CubeSmart (CUBE). This episode is an update to Episode 6: Essays: The Little Stuff, originally released in summer 2020. Jordan Fitzgerald serves as a University editor for the News. They share the wisdom of former Dean of Admissions Jeff Brenzel: Almost nothing depends on exactly which college admits you. Prologis owns a high-quality real estate portfolio that is concentrated in major global trade markets and large population centers across the Americas, Europe, and Asia. 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. Portfolio holdings are subject to change. April 16, 2023. We are impressed by the variety of students throughout the world who are seeking the opportunity to study at Yale next year, said Keith Light, associate director of admissions and director of international admissions. Admissions officer Keith adds insights about what makes applicants stand out in Yales large and diverse pool of prospective students. Web537. Transcript, Part 3 of 3. What I love about CollgeXpress is how it provides a variety of information, and as the first child attending a university next year, it has been very essential and helpful. The admissions office has employed virtual tours, online information sessions and video and poster campaigns to showcase the University. Other colleges have seen skyrocketing application numbers and correspondingly plummeting acceptance rates amid a switch to test-optional admissions as a result of the pandemic. 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). Miami, FL, $3,500 College Mix Christian College Scholarship Drawing, Four-Year Schools in Ohio with Articulation Agreements, Colleges and Universities Attended by US Presidents, 6 Creative Passion Projects That Stand Out on College Applications, Over 45 May Scholarship Opportunities to Apply For, 7 Important Financial To-Dos for First-Year College Students, Articles & Advice > College Admission > Articles. How Anthony Albanese's housing policies will push up It was a nice surprise for both Trustin and Pamand others who have received likely letters from Columbia University in the past few weeksbut on the whole, its a mostly understated phenomenon. Morningstar rankings are based on total returns and do not include sales charges. Read on to learn more. Ivy League Acceptance Rates 2022: What You're Up Dean of Undergraduate Admissions and Financial Aid Jeremiah Quinlan joins to discuss updates to the selection process, sharing what changed and what stayed the same during the Admissions Committees first meetings to select applicants to the Yale Class of 2025. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The office of undergraduate admissions will read through more than 50,000 applications to decide the class of 2026. Non-REIT Real Estate Companies (14.1%): We emphasize REITs but have the flexibility to invest in non-REIT real estate companies. Hannah and Mark talk with Dara, the director Yales interviewing program, about how interviews work and what applicants can expect. Near term, we are mindful that expense headwinds and slower top-line growth are likely to weigh on growth in 2023. While there are strains at some regional banks, the better underwriting practices and the run-up in prices over the last decade will mute the loss cycle.. [Blackstone] is targeting publicly traded real estate investment trusts (REITs), which are trading at discounts.. Every year officers read more than 35,000 applications cover to cover and collectively make admissions decisions on each one. Long term, there is a lot to like about self-storage businesses. However, the University is required to release that data as part of the Common Data Set initiative. WebEvery application to Yale includes three letters of recommendation two from classroom teachers and one from a counselor. When Do Yales Decisions Come Out? | AdmissionSight Elevated construction costs are constraining new construction. (preview: in our opinion, no! All About the College "Likely Letter" | CollegeXpress In the most recent quarter, we modestly decreased our position in Prologis, Inc., the worlds largest industrial REIT. Several prestigious colleges, including Ivy League schools likeHarvard UniversityandDartmouth College, have reported sending likely letters in past years, many of them for top athletes. Should long-term interest rates begin to decline and credit spreads compress, REIT return prospects may also benefit from an improvement in valuations as valuation multiples expand (e.g., capitalization rates compress). The officers review six common myths, covering topics that range from early action to demonstrated interest to online message boards. Four 0.25 percentage point cuts in 2024 and two 0.25 percentage point cuts in 2025. Many prestigious schools send "likely letters" to their most coveted students to entice them to enroll. 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. Below is a table showing how REITs and other real estate-related companies have often outperformed the broader market coming out of market downturns. Brookfields ownership interests in four publicly listed Brookfield companies (Brookfield Asset Management, Brookfield Infrastructure Corporation, Brookfield Renewable Corporation, and Brookfield Business Partners (BBU)) are currently valued in the public market at $32 per share or the same public price as the public share price for the entire company. 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. We believe there is a strong case to include an allocation to an actively managed public real estate strategy with a strong long-term track record in a diversified investment portfolio. An Ode to the Y: A Primer on BYU's Beloved Symbol on ), The prospects for REITs in the public markets (preview: we are bullish), Portfolio composition and key investment themes, Examples of best-in-class REITs and non-REIT real estate-related companies that are attractively valued, A review of recent activity managing the Fund, Concluding thoughts on the prospects for real estate and the Fund. Brookfield Renewable Corporation is one of the worlds leading owner and operators of clean and renewable energy solutions with 90% of the companys cash flow contracted under at least 10-year contracts with the majority having inflation protection characteristics. I was told by the admissions office that a likely letter is given to applicants that strongly embody the qualities, or perhaps just a few specific qualities, of the type of student they want to have. Buffalo, NY, Kean University Graduate College 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. We believe the companys global reach, capital, and the synergies among its businesses provide significant opportunities for growth. Yale Likely Letters | Ivy Coach College Admissions Blog I am very against the concept of worrying, he said. Admissions Officer John joins Hannah and Mark to discuss Yales evaluation process for these submissions. Ventas, Inc. was a detractor from performance during the quarter. They share insights into the offices new initial review process, which helps officers invest more time in the files that will get a full hearing in the admissions committee, and they detail the notes and ratings officers use when writing application workcards. We do not believe that a commercial real estate crisis is on the horizon. We expect Sun Communities to benefit from favorable demand/supply dynamics. Need help? Hannah and Mark discuss the last week of the committee process, known as Final Review, when loose ends are tied up and the hard reality of the selection process necessitates that some decisions change. But when do those letters come out? Real estate property owners in supply-constrained areas are often able to pass along higher operating costs by raising rents in periods of rising inflation. We continue to prioritize two high-conviction investment themes: Secular growth real estate companies: Our long-term focus is on real estate companies that benefit from secular tailwinds where cash-flow growth tends to be durable and less sensitive to a slowdown in the economy. Contact her at cpak 'at' stanforddaily.com. March Madness Scholarship Winner, Class of 2022. CEO Bruce Flatt and his deep leadership team are on our short list of most impressive management teams. For the 25-year period ended March 31, 2023, U.S. equity REITs have delivered a better cumulative return than the S&P 500 Index, fixed income alternatives, international equities, and commodities. All rights reserved, Inside the Yale Admissions Office Podcast, Advice on Putting Together Your Application, Advice for First-Generation College Applicants. Earnings multiples (Funds from Operations) declined from 24 times earnings at the beginning of 2021 to 19 times earnings as of March 31, 2023. Morningstar ranked Baron Real Estate Income Fund Institutional Share Class in the 74th, 17th, and 2nd percentiles for the 1-, 3-, and 5-year periods, respectively. * Individual weights may not sum to the displayed total due to rounding. Toll Brothers, Inc. is a leading luxury homebuilder in the U.S. with capable management and a large, valuable owned land real estate portfolio. Regarding the Funds investment in Digital Realty Trust, Inc. (DLR), we believe the companys valuation is compelling following the 43% correction in its share price in 2022 and modest decline in the first three months of 2023. Commercial and residential real estate are not overbuilt, and expectations for new supply are not concerning. The Morningstar Rating does not include any adjustment for sales loads. All deadlines are 11:59 PM (Mountain Time). Likely letters give colleges a Alexandrias real estate is attractively valued at approximately $500 per square foot versus private market transactions for life science real estate in the $1,000 to $1,500 per square foot range. Transcript, In the process of putting together their applications, students make countless choices. Brookfield has investments in publicly traded and private real estate-related businesses. Further, the price of a property can be measured in relation to the current cost of land, materials, and labor that would be required to build a replacement. We believe robust embedded growth should contribute to at least high single-digit earnings growth for the next several years. Transcript, The first-year application for fall 2023 admission includes several new questions that were written by admissions readers during the offices annual retreat. Looking for more information about college admission? 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. They discuss what each decision means (and doesnt mean) about an individual, the applicant pool, and what comes next. 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. 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. Does Yale have EA? - EducateCafe.com Business fundamentals and prospects for many REITs remain solid although slower growth is expected in 2023, The contractual nature of cash flows provides a high degree of visibility into near-term earnings growth, Balance sheets are generally in good shape, Dividend yields are well covered by cash flow and are growing for most REITs, Several REITs have inflation-protection characteristics, Owns unique and well-located real estate assets in markets with high barriers to entry combined with attractive long-term demand demographics, Enjoys strong long-term growth prospects together with a leading competitive position, Maintains a conservative and liquid balance sheet, Employs an intelligent and motivated management team that is an excellent allocator of capital and has interests aligned with shareholders, The emergence of tailwinds and headwinds in certain segments of real estate, Unusually elevated stock market volatility, Secular growth opportunity for alternative assets. 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. We are bullish about the prospects for the Funds non-REIT real estate investments. But, he reiterated, if you did apply as a STEM major and didn't receive [a likely letter], don't fret. Until admission decisions are released later in the spring, the vast majority of applicants to this type of college wont know if theyve been acceptedand thats okay! Per Ivy League regulations, colleges are The Fund invests in debt securities which are affected by changes in prevailing interest rates and the perceived credit quality of the issuer. Transcript, Selective colleges offer a variety of early admissions programs, including early action, restrictive early action, early decision, and early decision round 2. In the first quarter, we acquired shares in Toll Brothers, Inc., the leading luxury homebuilder in the U.S. Although most successful applicants do not submit supplementary materials, the officers share how evaluators rate submissions and who can benefit from including an arts or STEM supplement with the application. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the companys balance sheet. As shares have become more attractively valued with growth headwinds better understood and a potential monetization event of its India business, we have been looking opportunistically to re-acquire shares given the compelling absolute and relative multi-year growth prospects that are highly visible and supported by long-term customer contracts. Brookfields financial and operating capabilities are, at times, the tie breaker that results in the company being chosen to participate in complex transactions across multiple geographies that require a heavy operating component. Self-storage facilities do not tend to require significant ongoing capital expenditures. Does not involve the biggest banks. Here's What You Can Do, Important College Admission Deadlines Students Can Still Meet This Year, Top College and Financial Aid Application Terms You Need to Know, Important College Admission Terms: Schools, People, Applications, and Deadlines, Our Best Advice for Tackling Your College Applications, Minority Introduction to Engineering and Science. 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. EVs to Capture One-Fifth of Global Market This Year The public market is currently ascribing zero value to Brookfields non-public investments, which we believe are also worth at least $32 per share. We believe the favorable arbitrage between public and private real estate valuations bodes well for the return prospects of public real estate companies in the next few years. 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. For example, 7- to 10-year BBB bonds increased from 2.8% early in 2022 to 5.5% in March of 2023. The percentage of members of the class whose parents went to Princeton (legacies) fell to 10% for the Class of 2025. Hannah and Mark cover the basics of applying through either program and share the offices approach to reviewing these applications. Regarding the office sector, if a debt-funding gap exists, some office landlords may choose to add more equity and/or other financing sources (mezzanine debt) to pay off the existing loan. We believe senior housing operating fundamentals have bottomed. 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. And that would have led to some likely consequences, at In our opinion, a further pullback in credit is likely to result in a similar outcomes to those that the Feds interest rate increases were intended to achieve that is, slower economic growth, more job losses, and lower inflation. 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). Therefore, they want to notify the student very early in the admissions process that, assuming the student maintains the same academic performance, admission will be granted.Another senior, Pam, was also shocked by her phone call from Yale. There was a nice piece on Yale likely letters in The Yale Daily News yesterday. Today, the lack of overbuilding of real estate and the lack of new construction activity planned in the next few years should help to mitigate any weakness in real estate fundamentals should economic conditions deteriorate. The 20212022 cycle yielded seven percent more applications than the year prior and 42 percent more than AvalonBay and Equity Residential are blue-chip apartment landlords with apartment assets generally located in high barrier-to-entry markets with strong long-term demographic growth potential. Even now, it feels surreal. We remain optimistic about the prospects for each company. Overall, we view CBREs key commercial real estate findings as much better than feared: Despite our expectation for a more restrictive real estate lending environment and moderating growth, we remain optimistic about the prospects for most commercial real estate categories and believe the likelihood of a commercial real estate crisis is low. The problem is not as widespread. Lubbock, TX, Canisius College Public real estate securities are currently highly discounted relative to private real estate alternatives. Prologis has an unmatched global platform, strong competitive advantages (scale, data, and technology), and attractive embedded growth prospects. by Faith Harron CollegeXpress Student Writer. Retail real estate is expected to have a modest debt refinancing gap of only $3 billion. Heres what a Yale likely letter looks like! : r - Reddit 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. Life Science REITs (0.5%): Though we remain bullish on the long-term prospects for Alexandria Real Estate Equities, Inc. (ARE), the life science industry leader and sole publicly traded life science pure play REIT, we decreased our investment in the company in the most recent quarter due to: (i) concerns that a more challenged economic and capital markets environment could lead to distress for some of the companys biotechnology and health care tenants; (ii) the possibility of tenant defaults; and (iii) the possibility that competitive supply will increase from the conversion of traditional office buildings to life science buildings. Throughout the whirlwind month, admissions officers, current students, faculty, and campus partners make countless connections with newly admitted students and their families. Yale In the most recent quarter, we acquired additional shares of Brookfield Corporation, a leading global owner and operator of real assets. Prologis has an unmatched global platform, strong competitive advantages (scale, data, and technology), and attractive embedded growth prospects.
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