Heather Gillers

speaker

548 appearances 11 recordings 1 series first heard Nov 2018 last heard Oct 2021

Heather Gillers’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Some States Have Stopped Paying Retiree Health Benefits · 2 May 2019 podcast

states and cities generally follow when they report their finances every year. matched

And a little more than 10 years ago, the governmental accounting standards board said, you have to add up how much these are going to cost. matched

These benefits are going to cost over time. matched

You can't just say we're paying X this year. matched

You have to start thinking about how much are you going to owe, you know, next year and the year after. matched

Then they made another change last year where cities and states generally matched

had to start reporting those liabilities much more prominently. matched

They had to start reporting them on their actual balance sheets, not just sticking them in a footnote somewhere on their annual report. matched

And as that started happening, you started to hear a lot more public conversations about these numbers. matched

Thanks for having me. matched

WSJ Your Money Briefing · Pensions Taking on Riskiest Real Estate Bets · 28 Nov 2018 podcast

Thanks for having me.

We cited in our story some research from CEM Benchmarking that showed a lot of detail, more detail than we're usually able to see in terms of how pensions invest in real estate and what types of real estates they invest in.

This data showed that over the 10-year period from 2006 to 2016, investment in opportunistic real estate increased sixfold.

It's six times higher than it was in 2006.

Opportunistic real estate typically means building a building from scratch or taking a really troubled building and overhauling it.

You might turn sort of decrepit multifamily rental apartments into condos, but basically

you're putting in a pretty significant investment before you get any income out of it.

A more typical traditional real estate investment, sometimes called a core real estate investment, would throw off income because rent would be collected from the tenants or maybe parking fees if it were a parking structure.

So the day the pension fund buys it, it's throwing off a steady stream of income.

Hard to go wrong.

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