Big Managers Post 2nd-Quarter Gains

Four of the biggest public real estate managers reported positive gross returns in the second quarter. Results ranged from 1.4% to 4.4%, according to a review by Hodes Weill & Associates. The results were unexpected given the crushing impact of the coronavirus pandemic on property trades and downward pressure on valuations. Plus, the four firms – Apollo Global, Ares Management, Blackstone and KKR – all reported first-quarter write-downs of 1% to 8.8%. Still, Blackstone president Jon Gray, in his firm's second quarter earnings call, said the first-quarter write-downs ’s second quarter earnings call, said the first-quarter write-downs across real estate vehicles were “temporary, reflecting a

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All U.S. regulated capital market and securities advisory services are provided by Hodes Weill Securities, LLC, a registered broker-dealer with the SEC, and a member of FINRA and SIPC, and internationally, by non-U.S. Hodes Weill affiliates.