We typically acquire seasoned assets with legacy leases and reposition them for today’s consumer. Our strategic leasing efforts re-tenant spaces with the most relevant tenants at market rents. In dense, supply-constrained markets, we understand how to leverage pricing power to drive value.

As value investors, framing and quantifying risk underpins our approach. Our deep relationships and market analysis allow us to de-risk short term anchor tenant lease expirations. Understanding the renew/re-lease dynamic creates an arbitrage opportunity on assets with shorter WALT. As a result, we look to acquire assets with short-term anchor WALT at a discount without taking undue risk.

Everyday retail has seen little new development in over 10 years, and construction costs are forecast to continue to restrict new supply. A key theme underlying our acquisitions is buying below replacement cost. This provides protection against new competition and allows us to aggressively pursue desirable tenants.

Retailers and consumers both look for updated and contemporary shopping centers. Strategic investments in the physical plant can yield attractive returns on cost. We aesthetically enhanced facades and signage which provide further support for stronger occupancy and higher rents. Disciplined investments of additional capital are accretive to performance. Additionally, the reconfiguration of functionally obsolete spaces and the right-sizing of box spaces into smaller shops drives incremental rent.

Retail real estate has evolved, with parking needs, municipal requirements and physical layouts all changing. Many acquisitions have surplus land that has been under-utilized or overlooked. We look create additional GLA through new outparcels. We also selectively sell existing outparcels, taking advantage of the pricing arbitrage between the outparcels and the entire investment.

Through active oversight, we streamline operations, reduce controllable expenses, and directly manage capital plans and vendor relationships. Our fully integrated team enhances reporting accuracy and coordination across leasing, accounting, and asset management to drive speed, transparency, and performance.