• Diversity in Commercial Real Estate
• Total Return Focused
• Generate Income

INVESTMENT PHILOSOPHY

• Total Return Focus
• Long-Term Investor
• Quality Focus

INVESTMENT PROCESS

• Bottom-Up Selection
• Fundamental Analysis
• Steady Performers
• Analyzing Property Fundamentals
• Focus on Top 40 List
• Earnings Models Driven

RESEARCH PROCESS

• Fundamental Analysis
• Bottom-up Selection
• Return on Capital
• Core Earnings Growth
• Expected Return Calculation
• Earnings Growth Factors
• Earnings Revision
• Fundamental Momentum
• Dividend Growth
• Property Rent Growth
• Property Occupancy Levels

PORTFOLIO CONSTRUCTION

• Diversified
• Real Estate
• Benchmark Aware
• Concentrated Portfolio
• Alpha through Security Selection instead of Sector Allocation
• Benchmark Aware
• Strict Sell Discipline

RISK CONTROL

• Risk Reward Analysis
• Constant Reviews
• Risk|Reward Ratio Focused
• Position Size
• Frequent Management Contacts

INVESTMENT FOCUS

• ESG
• Real Estate
• Healthcare REITs
• REITs
• Residential REITs
• Office REITs
• Retail REITs