our process

How we invest

What Real Estate Do We Want To Own?

Sector Selection

Real Estate is cyclical.
Indexes don't get that. We track supply & demand and avoid bad business models (office).

Stock Selection

Sector leaders with unfair advantages (tenant pricing power)

or

Mispriced REITs (vs. private market values) or their preferred shares.

Monitor & Rebalance

If the facts change we adjust accordingly. If not, we're happy to hold compounding machines forever.