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A tough choice on tenant approval

Recently, I had to make a really tough call regarding a new tenant. A little background: We’re finishing up a very large re-positioning deal; We’re very close to closing the refinancing, which should return ~90% of the capital invested in the project, leaving us with a >20% / yr cash-on-cash on the capital that remains

The two key levers

Read somewhere recently that the leader of a company ought to be able to write down the company’s key strategic objectives on one piece of paper. The idea is to make sure that the preponderance of the organization’s energy is oriented in the direction of a few key goals, rather than spread across many, minor

What we want to buy

Seems like everyday, I find myself explaining to brokers what it is that I want to buy. And I also hear from brokers that they read this blog. So, at the risk of boring the hell out of my regular readers, figured I’d remind everyone what we’re looking for. We want to buy older, dilapidated

Resisting magical thinking

Doing good deals is all about resisting magical thinking. Hour after hour, you comb through possible acquisition targets, looking for the needle in the haystack that will allow you, if everything goes well, to deliver the kinds of out-sized return your investors expect. When something looks like it might work, you build a model. You

A signaling problem in real estate transactions

Have been listening to a bunch of podcasts and reading a lot of blog posts about the venture capital / start-up space. Don’t worry, I’m not changing fields… am just curious about other kinds of businesses and always looking for analogies and ways to improve what we do. Core to the whole tech world is

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