Listed real estate securities offer investors the following attractive attributes:

• Superior absolute and risk-adjusted returns
• High levels of current income
• Governance and transparency
• Low correlation to other investment alternatives
• Diversification by property type and geography

Although the global commercial real estate market has a value of approximately $30 trillion, only about 10% is held by publicly-traded companies. These companies now represent a myriad of sectors that include conventional property types such as office, multi-family, and industrial, but have grown to include other assets such as data centers, towers, and storage facilities.

At Sugi, we employ a rigorous top-down and bottom-up investment approach using our decades of experience. Our goal is to generate attractive absolute and relative returns over a cycle while seeking to quantify and limit downside risk. We seek to invest in stocks:

• That are trading materially below NAV, with a pathway to erase that discount
• That are trading at material discounts to intrinsic value
• Where Sugi can engage with management/boards to enhance shareholder value