Courtland Partners, Ltd. provides services that are tailored to its client's specific needs, whether those needs relate to one investment or an entire portfolio of investments. We take the time to understand the client's objectives and possess the depth of experience to devise the most effective means of meeting those objectives. The firm's services extend to all phases of the real estate investment/ownership cycle but fall principally into the following:
Global Due Diligence Process
Real Asset Consulting Focus: Timber, Agriculture and Infrastructure
Policy and Strategy
Workouts and Monitoring
- Courtland hosts over 400 manager meetings and calls per year
- Professionals participate in major industry conferences
- Real estate market fundamentals and market cycle analyses
- Investment metrics (e.g., standard deviation of prior returns, attribution analysis)
- Property type, sector and geographic data
- Capital flows and real estate pricing information
Manager Meetings/Conference Calls
- Consultant decision to complete full due diligence and determine fit within client Implementation Plan
- Historical track record information
Due Diligence Report Investment Committee
- Comprised of Steven Novick, Michael Murphy, Andrew Mitro, and Tom Hester and the individual supporting/sponsoring the due diligence effort.
We believe that a key competitive advantage Courtland offers is a unique, global approach to the institutional real estate markets. Courtland professionals were recommending international real estate allocations to firm clients long before it became commonplace for pension funds and other institutional investors to do so, and long before other consulting firms began to focus on markets outside of the United States. While this investment field has become much more crowded in recent years, Courtland consistently has been able to provide our clients with strong international returns.
Courtland's most important distinguishing feature is that the firm has continued to have an exclusive focus on real asset investment consulting. We do not have a practice largely focused on servicing general consulting clients. We also are not providing fund-of-funds or co-investment fund products. Our practice is focused exclusively on real estate consulting (and also infrastructure, timber, and agriculture when included in a client's mandate).
Courtland develops an investment policy and strategy document to outline a client's goals and objectives. Courtland believes that there are a number of critical issues to be addressed in an investment policy and with the overall structure of the portfolio. The most crucial issues are to identify how real estate fits within the overall plan objectives. Based upon this review, we can then help develop the investment criteria and objectives needed to implement the policy. These steps include the following:
Asset Allocation Model Review
- We evaluate the most recent asset allocation model, specifically reviewing the risk and return assumptions selected for the real estate allocation
- Through interactive discussions with the client's staff, we ascertain the global objectives of the
real estate allocation.
- It is important to develop and update a model of our client's real estate allocation, which reflects the current net asset value of funded investments, the anticipated manager calls for capital and the anticipated manager distributions due to sales or re-financings. This information is presented in a way that depicts the risk/return exposures by manager over time.
- Courtland works with the client to develop strategies setting forth desired investment activity given current market conditions and consistent with established policy guidelines. The guidelines are used to establish reasonable levels of diversification to reduce portfolio risk. Regional and property type exposures are important risk factors to be evaluated and modeled. Also, other guidelines relating to development exposure, life cycle, and leverage are important in measuring and limiting risk.
Courtland takes a client-specific approach with regard to which mix of investments is most appropriate. Once the strategic plan is implemented, Courtland closely monitors the portfolio status on a quarterly basis.
- Courtland's independent fiduciary services are structured to accommodate a client's specific objectives. We address projects as broad as investment planning and portfolio evaluation and as narrow as pooled fund reviews and property-level transactions.
- Acquisition due diligence includes core investment in office, retail, multi-family and industrial properties, as well as alternative or non-core investment in areas such as distressed property redevelopment, single-family housing development, golf course/resort communities and economically-targeted investments.
- Courtland uses the input of third-party experts.
- Calculate investment performance internally on a quarterly basis
- Customize reports based on clients unique needs and preferences
Industry Standard Performance Calculations
- Time-weighted returns and IRR calculations
- Returns (total and by fund)
- Compared to benchmarks
- Core, value and opportunistic exposures
- Investment commitments
- Diversification/strategy guidelines
- Leverage (investment and portfolio)
- Manager concentrations
Annual Investment Strategy and Market Review
- Portfolio model based on projected future contributions and distributions
- Estimate diversification exposures (e.g., geographic, property type, development, etc.)
Courtland will complete the following activities as a retainer consultant, but has also completed each step as an individual special project.
- Real Estate Policy
- Prepare Annual Strategic Plan/ Portfolio Model
- Conduct Manager Searches
- Detailed Manager Due Diligence
- Present Reports and Recommendations
- Negotiate Terms and Agreements – Execute Documents
- Monitor Investment Performance – Develop Customized Performance Reports