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Strategic Advisory

Definitive leaders in real estate
research for over 30 years


Maximize value, understand risk, manage conflicts of interest

Green Street works with management teams and boards of directors to create public and private market strategies that maximize value, enhance competitive positioning, and deliver on investor expectations. We provide insight and guidance on analyzing, structuring, and executing company-level transitions. Our ability to speak the language of both the public and private real estate markets is a key strength.

Our Strategic Advisory Services have addressed:

  • Evaluation of strategic alternatives
  • REIT conversions
  • Privatizations
  • Mergers and acquisitions
  • Sector allocation and market strategies

Strategic Advisory - Non-traded REIT Case Study


The Client

Board of directors of a non-traded REIT

Property Sector: Office


Deal Size

Portfolio Size

$250 million to $3.2 billion

$3.2 billion

Situation

As a large, non-traded REIT approached the end of its expected holding period, the board of directors sought independent advice on the firm’s liquidity options as part of its fiduciary duty to shareholders. In particular, the board sought to understand the impact each strategic alternative would have on total returns with a thorough evaluation of the risk factors associated with each liquidity scenario.

Our solution

Results

Green Street identified potential private and public market alternatives including a portfolio sale, the transition to an open-end fund structure, execution of a follow-on offering, and public listings in the U.S. and Canada. For each scenario, the Advisory & Consulting Group provided its perspective on the potential benefits, conflicts, feasibility, and share price impact, leading to a recommendation that would provide liquidity, while maximizing the REIT’s value as an ongoing entity. The analysis included a thorough evaluation of the company’s operating portfolio in comparison to its public peers with insight into its competitive position in key markets and the timing and expectations for future value creation. Green Street also provided a detailed roadmap of each strategic option including timelines, lessons from historical experience, and sensitivity analyses.

The non-traded REIT is following Green Street’s strategic advice with the aim of unlocking as much as a 20% increase in share value. The Advisory & Consulting Group is working on similar assignments for other non-traded REITs.