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<br /> July 2018<br /> 866.561.5047 q www.firstam.com/ncs<br /> ©2018 First American Financial Corporation and/or its affiliates. All rights reserved. NYSE: FAF<br /> <br /> July 2018<br /> www.nreionline.com<br /> GROWING PAINS<br /> Interest in alternative commercial property types<br /> including single-family rentals and manufactured housing<br /> has grown, but how are investors adapting to changing<br /> conditions in these maturing sectors?<br /> p. 18<br /> NREI ranks the top property managers on the globe.<br /> p. 28<br /> Is it a replay of the last cyle with CMBS underwriting<br /> standards starting to slip?<br /> p. 38<br /> ARK'S<br /> GOT<br /> THIS.<br /> Every time SIORs walk into a room,<br /> their reputation precedes them.<br /> Experienced, knowledgeable and<br /> focused, SIORs represent the absolute<br /> best in commercial real estate. Access<br /> the world's most elite network and<br /> RSHQ WKH GRRU WR JDPH-FKDQJLQJ<br /> opportuniti<a title="July 2018 page 1" href="http://viewer.zmags.com/publication/e57a8c6b?page=1"> July 2018 </a> <a title="July 2018 page 2" href="http://viewer.zmags.com/publication/e57a8c6b?page=2"> </a> <a title="July 2018 page 3" href="http://viewer.zmags.com/publication/e57a8c6b?page=3"> July 2018 www.nreionline.com GROWING PAINS</a> <a title="July 2018 page 4" href="http://viewer.zmags.com/publication/e57a8c6b?page=4"> ARK'S GOT THIS. Every time SIORs walk into a room</a> <a title="July 2018 page 5" href="http://viewer.zmags.com/publication/e57a8c6b?page=5"> JULY 2018 CONTENTS 18 GROWING PAINS What's cha</a> <a title="July 2018 page 6" href="http://viewer.zmags.com/publication/e57a8c6b?page=6"> JULY 2018 CONTENTS 24 VIEWS & FEATURES 4 </a> <a title="July 2018 page 7" href="http://viewer.zmags.com/publication/e57a8c6b?page=7"> ANY SPACE. ANY PLACE. CERTAINTY IS growing </a> <a title="July 2018 page 8" href="http://viewer.zmags.com/publication/e57a8c6b?page=8"> DATAPOINTS A METER OF INDUSTRY TRENDS </a> <a title="July 2018 page 9" href="http://viewer.zmags.com/publication/e57a8c6b?page=9"> VIC FIN W wi PU M m PU Ri ric AD AC C</a> <a title="July 2018 page 10" href="http://viewer.zmags.com/publication/e57a8c6b?page=10"> FIRST WORD Dangerous Slope A f</a> <a title="July 2018 page 11" href="http://viewer.zmags.com/publication/e57a8c6b?page=11"> I N D U S T R I A L </a> <a title="July 2018 page 12" href="http://viewer.zmags.com/publication/e57a8c6b?page=12"> HOTEL Crude Talk Sam Zell, chairman of Equity Gr</a> <a title="July 2018 page 13" href="http://viewer.zmags.com/publication/e57a8c6b?page=13"> RETAIL Back to Basics Online brands are growing</a> <a title="July 2018 page 14" href="http://viewer.zmags.com/publication/e57a8c6b?page=14"> M U LT I F A M I LY Off the Market Chinese congl</a> <a title="July 2018 page 15" href="http://viewer.zmags.com/publication/e57a8c6b?page=15"> ANY SPACE. ANY PLACE. C21 COMMERCI</a> <a title="July 2018 page 16" href="http://viewer.zmags.com/publication/e57a8c6b?page=16"> SENIORS HOUSING Swift Reversal Seattle's city c</a> <a title="July 2018 page 17" href="http://viewer.zmags.com/publication/e57a8c6b?page=17"> INDUSTRIAL Reaching New Heights Multi-story war</a> <a title="July 2018 page 18" href="http://viewer.zmags.com/publication/e57a8c6b?page=18"> M U LT I F A M I LY Big Mistake An error in the </a> <a title="July 2018 page 19" href="http://viewer.zmags.com/publication/e57a8c6b?page=19"> RETAIL Adapting for the Future Drugstore chains</a> <a title="July 2018 page 20" href="http://viewer.zmags.com/publication/e57a8c6b?page=20"> INDUSTRIAL A Fresh Start The former site of the </a> <a title="July 2018 page 21" href="http://viewer.zmags.com/publication/e57a8c6b?page=21"> FINANCE Back in the Fray Banks are making it ea</a> <a title="July 2018 page 22" href="http://viewer.zmags.com/publication/e57a8c6b?page=22"> Alternative Properties </a> <a title="July 2018 page 23" href="http://viewer.zmags.com/publication/e57a8c6b?page=23"> Alternative Properties </a> <a title="July 2018 page 24" href="http://viewer.zmags.com/publication/e57a8c6b?page=24"> Alternative Properties/Hotels </a> <a title="July 2018 page 25" href="http://viewer.zmags.com/publication/e57a8c6b?page=25"> Alternative Properties/Hotels In Ma</a> <a title="July 2018 page 26" href="http://viewer.zmags.com/publication/e57a8c6b?page=26"> Alternative Properties/Student Housing </a> <a title="July 2018 page 27" href="http://viewer.zmags.com/publication/e57a8c6b?page=27"> Alternative Properties/Student Housing Te</a> <a title="July 2018 page 28" href="http://viewer.zmags.com/publication/e57a8c6b?page=28"> Alternative Properties/Single-Family Rentals </a> <a title="July 2018 page 29" href="http://viewer.zmags.com/publication/e57a8c6b?page=29"> Alternative Properties/Single-Family Rentals </a> <a title="July 2018 page 30" href="http://viewer.zmags.com/publication/e57a8c6b?page=30"> Alternative Properties/Manufactured Housing </a> <a title="July 2018 page 31" href="http://viewer.zmags.com/publication/e57a8c6b?page=31"> Alternative Properties/Manufactured Housing </a> <a title="July 2018 page 32" href="http://viewer.zmags.com/publication/e57a8c6b?page=32"> Top Property Managers 2018 Top Property Manag</a> <a title="July 2018 page 33" href="http://viewer.zmags.com/publication/e57a8c6b?page=33"> Top Property Managers 14 Exeter Property Grou</a> <a title="July 2018 page 34" href="http://viewer.zmags.com/publication/e57a8c6b?page=34"> Top Property Managers 32 First Industrial Rea</a> <a title="July 2018 page 35" href="http://viewer.zmags.com/publication/e57a8c6b?page=35"> Top Property Managers 50 Seritage Growth Prop</a> <a title="July 2018 page 36" href="http://viewer.zmags.com/publication/e57a8c6b?page=36"> Top Property Managers 58 Mid-America Real Est</a> <a title="July 2018 page 37" href="http://viewer.zmags.com/publication/e57a8c6b?page=37"> Top Property Managers 67 RiverRock Real Estat</a> <a title="July 2018 page 38" href="http://viewer.zmags.com/publication/e57a8c6b?page=38"> REITS Turning on the Flow Non-traded REITs fnall</a> <a title="July 2018 page 39" href="http://viewer.zmags.com/publication/e57a8c6b?page=39"> REITS www.nreionlin e.com NREI July 2018 SHARE t</a> <a title="July 2018 page 40" href="http://viewer.zmags.com/publication/e57a8c6b?page=40"> REITS Flow of funds Lifescylce and NAV REIT </a> <a title="July 2018 page 41" href="http://viewer.zmags.com/publication/e57a8c6b?page=41"> THEM A manually manipulated </a> <a title="July 2018 page 42" href="http://viewer.zmags.com/publication/e57a8c6b?page=42"> CMBS Warning bell</a> <a title="July 2018 page 43" href="http://viewer.zmags.com/publication/e57a8c6b?page=43"> CMBS is one, unfortunately, by-product o</a> <a title="July 2018 page 44" href="http://viewer.zmags.com/publication/e57a8c6b?page=44"> FINANCE & INVESTMENT </a> <a title="July 2018 page 45" href="http://viewer.zmags.com/publication/e57a8c6b?page=45"> FINANCE & INVESTMENT in the event of a d</a> <a title="July 2018 page 46" href="http://viewer.zmags.com/publication/e57a8c6b?page=46"> How to Order Reprints National Real Estate Inves</a> <a title="July 2018 page 47" href="http://viewer.zmags.com/publication/e57a8c6b?page=47"> VIEWPOINT Worth the Risk? Opportunity zone in</a> <a title="July 2018 page 48" href="http://viewer.zmags.com/publication/e57a8c6b?page=48"> VIEWPOINT Mixed Signals Property managers nee</a> <a title="July 2018 page 49" href="http://viewer.zmags.com/publication/e57a8c6b?page=49"> VIEWPOINT Aiming for Transperancy NIC wants t</a> <a title="July 2018 page 50" href="http://viewer.zmags.com/publication/e57a8c6b?page=50"> Sign Up For Your Free Subscription Today Pri</a> <a title="July 2018 page 51" href="http://viewer.zmags.com/publication/e57a8c6b?page=51"> VIEWPOINT Additionally, and most recen</a> <a title="July 2018 page 52" href="http://viewer.zmags.com/publication/e57a8c6b?page=52"> LAST WORD On the Agenda REITWeek attendees sha</a> <a title="July 2018 page 53" href="http://viewer.zmags.com/publication/e57a8c6b?page=53"> HIGHLY For nearly nine decades, Rockefeller Group</a> <a title="July 2018 page 54" href="http://viewer.zmags.com/publication/e57a8c6b?page=54"> </a>