Our approach to real estate investment

We believe that current income is the most attractive and enduring attribute of real estate returns and that publicly listed REITs, in particular, provide unique instruments for pursuing outsized and compounding income streams from defensively structured positions.

In contrast, we believe that property price appreciation is less compelling for stabilized real estate properties since it's dependent on macroeconomic tailwinds (such as perpetual interest rate compression, a 40-year trend from the 1980's that can't be relied upon going forward).  

As a result, we pursue a credit strategy in the publicly listed REIT arena by constructing exposures to the most attractive pieces of the REIT capital stack, including preferred shares, bonds, and synthetic mezzanine tranches.