Investment Process

Our philosophy to investing in REITs is based on the premise that investors look to REITs as a way to get exposure to real estate with liquidity and/or to generate income with low correlation characteristics. Our job is to build portfolios that mimic the experience of owning direct real estate but through liquid securities. Specifically, we seek to identify opportunities where we feel pricing in the public markets are inefficient relative to that of the direct real estate or broader equities markets.

Investment Process

Our philosophy to investing in REITs is based on the premise that investors look to REITs as a way to get exposure to real estate with liquidity and/or to generate income with low correlation characteristics. Our job is to build portfolios that mimic the experience of owning direct real estate but through liquid securities. Specifically, we seek to identify opportunities where we feel pricing in the public markets are inefficient relative to that of the direct real estate or broader equities markets.

1

Our Sources

  • Company Meetings
  • Property Site Visits
  • SNL Financial
  • Economic Research
  • News on Transactions
  • Bloomberg
  • Conference & Investor Days
  • Property Site Visits
2

What We Understand

Strategy & Management

  • What is the company’s strategy for growth, development and investment?
  • How is the company managing its capital and debt?
  • Does management have a strong track record of execution?

Asset Properties

  • What income are the properties generating?
  • How are the properties performing?
  • What is occupancy, tenants and growth?
  • What is the quality and outlook of the properties and their locations?

Real Estate Markets

  • What are the current supply, demand, rents and vacancy conditions?
  • What trends are shaping the relevant real estate markets?
  • What is the outlook for these markets?

Macroeconomic Trends

What are the current macroeconomic conditions?

  • Monetary policy
  • Financing conditions
  • Currencies and Inflation
  • Equity Market volatility
  • Rule of law
  • Country and Politics

3

Analysis & Valuation

Net Asset Value

Determine the NAV (Net Asset Valuation) and compare against stock valuation. 

  • What are the REIT’s underlying net assets worth?
  • What could those properties be worth in the future?
  • How does our estimate of value compare with the price available in the public market?

Cash Flow

Determine the FFO (Funds From Operations) and AFFO (Adjusted Funds From Operations)

  • How much money are buildings/business operations generating?
  • Given the cash this business generates what should investors reasonably be willing to pay for it?

Total Return

Review of investment from a risk management and ESG perspective.

  • What are the major risks associated with this investment?
  • How could environmental, social and governance factors affect the company and its properties?
  • How could these risks affect property values, cash flows and future returns?
4

Superior Risk Adjusted Returns

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