Estates
The word is meant literally. Estates: land and income-producing property held as long-term principal investments.
What we acquire
We acquire and hold income-producing real estate and land in select markets, investing our own capital as principal. We buy to hold: the horizon is long, the pace is unhurried, and our analysis rests on the income a property produces. We are focused on U.S. markets.
Our own capital
We act exclusively with our own capital. From time to time we invest alongside like-minded principals who make their own independent decisions.
What we look for
Four tests, applied before any acquisition. All four must be answered well.
Location: ground whose relevance does not depend on the current cycle, in regions where population and business are growing and people have reason to stay.
Durable income: tenants and uses that hold through cycles, not only in good years.
Substance: real buildings, real land, sound title, honest condition. Worth that lies in the asset, not in the story told about it.
Holding period: assets we would be content to own indefinitely, and that are better held than sold.
What we do not do
“The essence of strategy is choosing what not to do.”
We do not …
- raise, pool, solicit or manage third-party capital,
- offer or sell interests in our holdings,
- buy to sell: we acquire to hold, and we think in decades, not quarters,
- speculate on land or property without income, or without a clear path to income,
- act as a broker, agent or property manager for others,
- take on ground-up development,
- provide estate planning, trust or legal services.
Nothing on this website is an offer to sell or a solicitation of an offer to buy any security or interest in any entity. Full text under Legal & Disclosures.