For managers of real estate investment portfolios, much is riding on capital plans: resource allocation, risk mitigation, long-term planning, deal evaluation, and all manner of decision-making. Used correctly, a capital plan is a roadmap that allows investment managers to align asset management strategies with the long-term objectives of the fund and its investors. Unfortunately, the criticality of capital planning means a flawed capital plan can seriously undermine fund objectives, from cash flow to sustainability metrics. Stakes this high warrant an examination of the capital planning process: what makes a solid, effective capital plan? And how can managers deploy their plans with maximum impact? Partner’s Bob Geiger discusses the five fundamental concepts of effective capital planning and implementation in this issue of NAREIM Dialogues.