1
 For the real estate industry, a watchword for the 1990s will be buy, more than build.
5009
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2
 That's the word expected 
5001
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to be on the lips of the more than 3,000 developers, pension-fund advisers and real estate financiers 
5002
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4
slated to attend a four-day conference,
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 beginning here today, 
4
elaboration-additional-e

6
sponsored by the Urban Land Institute.
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7
 The ULI is a non-profit research and education group 
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based in Washington, D.C.,
7
elaboration-object-attribute-e

9
 with 14,000 members nationwide. 
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Same-Unit

10
 With the market overbuilt, builders are finding limited opportunities and increased risks.
5012
List

11
 Developers and money managers are looking for bargains among the thousands of financially troubled properties around the country.
5012
List

12
 Real estate professionals now often bill themselves as turnaround experts and workout specialists.
5012
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13
 Conference attendees are expected to be buzzing about the workings of the recently formed Resolution Trust Corp., a federal agency 
5014
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14
charged with disposing of an estimated $200 billion of real estate 
5015
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15
dumped in government hands by insolvent savings and loans.
14
elaboration-object-attribute-e

16
 Developers are also eyeing the real estate portfolios of major corporations.
5019
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17
 Some plan to pursue foreign development ventures, mostly in Europe.
5019
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18
 And other developers may shift from commercial to residential development in the U.S.
5019
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19
 There aren't as many economically viable alternatives for real estate developers in this country as 10 years ago, 
5020
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says Charles Shaw, a Chicago-based real estate developer.
19
attribution

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 So developers are saying 
22
attribution

22
they will look into distressed properties.
5021
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23
 They'll go into someone else's pasture 
5025
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24
as long as it's greener than the one 
5024
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25
they're in now.
24
elaboration-object-attribute-e

26
 Developers are also forming more joint ventures with pension funds and insurance companies 
5027
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27
that can finance big projects. 
26
elaboration-object-attribute-e

28
The builders are more willing to give up some equity 
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29
and rely on management and consulting fees 
5029
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30
to stay afloat in the soft market.
5029
purpose

31
 Developers are teaming up with institutions 
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32
often acting as project managers, 
31
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33
says Smedes York, ULI president and president of York Properties Inc., of Raleigh, N.C. 
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attribution

34
They are growing more pragmatic about their role. 
5032
interpretation-s

35
 Real estate firms are also using their alliances with financial institutions 
5036
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36
to amass acquisition funds.
35
purpose

37
 Why should you beat your brains out fighting the environmentalists, the neighborhood groups, dealing with traffic mitigation, sewers and fighting city hall, 
5037
Sequence

38
then try to convince a lender to lend you money in an overbuilt market 
5037
Sequence

39
when you can get pension fund money,
5038
Sequence

40
 buy a portfolio, 
5038
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41
sell off pieces off it 
5038
Sequence

42
and play your own game?
5038
Sequence

43
 says Jack Rodman, managing partner of the Los Angeles office of Kenneth Leventhal Inc. a national accounting firm.
5059
attribution

44
 But experts say 
5044
attribution

45
that 
5043
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46
when it comes to distressed properties, 
45
circumstance-e

47
finding diamonds in the rough isn't easy.
5044
Same-Unit

48
 The level of interest in the RTC's properties has been greater than expected,
5046
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49
 and has come from larger companies than initially anticipated, 
5046
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50
says Stan Ross, Leventhal's co-managing partner.
5046
attribution

51
 And 
5051
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52
to succeed in the turnaround business, 
5058
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53
he says, 
52
attribution

54
developers may have to put in a lot of money and time.
5060
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55
 Finding pension funds and other sources willing to invest is a high priority.
5061
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56
 Quips David Shulman, director of real estate research for Salomon Brothers Inc.: 
57
attribution

57
A theme of the Urban Land conference will be `take a pension fund manager to lunch. ' 
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elaboration-additional

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explanation-argumentative

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condition

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explanation-argumentative

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circumstance

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rhetorical-question

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evidence

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purpose-e

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elaboration-additional

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interpretation-s

