Investment Philosophy
We invest in what's real
Our focus is on publicly traded real estate investment trusts (REITs) — an asset class backed by tangible, income-producing properties across the economy. We view REITs not just as securities, but as operating companies with enduring real asset value and access to deep, liquid capital markets.
Quality and Resilience
We prioritize businesses with experienced management teams, competitive advantages, and long-term alignment with shareholders. - Strong balance sheets and capital discipline - Superior underlying real estate fundamentals - Attractive and durable dividend yields
A Bottom-Up Approach with a Top-Down Lens
Our investment process is fundamentally driven. We perform detailed underwriting on each company we own — from property-level data to capital allocation frameworks. But we also remain macro-aware, integrating insights from interest rate policy, capital flows, demographic trends, and real estate cycles.
Independent Thinking, Long-Term Horizon
We are active managers. We believe in doing our own work, forming independent views, and taking advantage of dislocations when public markets misprice real estate risk. We don’t chase benchmarks or short-term sentiment. Our goal is to compound capital over time — tax-efficiently and with a margin of safety.