• Equities
• Fixed Income
• Mortgages
• Real Estate
  • Overview
    • Strategy
      • Investment Policy
      • Highlighted Projects
    • Customized Strategies

Real Estate Equity Investment Policy

• Diversification
  The portfolio will seek to diversify by property type, investment size and geographic location.

• Leasing Risk
  The strategy will focus on those properties that have a degree of preleasing in place. However, given certain conditions, such as a constrained supply exceeded by demand, we will pursue limited speculative developments. Investment projects will include build-to-suits, expansions of existing leased properties, and, possibly, speculative developments within permitted property types.

• Investment Structures
  Investments will generally be structured either as joint ventures with experienced developers or as outright property acquisitions. Investments are generally structured as a limited liability company (LLC) or a corporate entity.

• Leverage
  From time to time, debt financing may be used as part of any real estate equity investment. Leverage is generally limited to 65% debt-to-value per project and 40% debt-to-value of portfolio (at time debt is obtained).

• Buy/Sell Decision
  The general philosophy of the strategy is to buy, develop and hold properties for not less than five years. Properties will be reviewed at least annually to determine whether they continue to meet performance expectations and whether the markets in which they operate have changed. Properties may be sold if their performance exceeds or fails to meet expectations, if acquisition assumptions on market environments have changed, and/or if the portfolio requires liquidity or needs substantial rebalancing.