Green Street’s Disclosure / Track Record Information
Management of Conflicts of Interest: Conflicts of interest can seriously impinge the ability of analysts to do their job, and investors should demand unbiased research. In that spirit, Green Street adheres to the following policies regarding conflicts of interest:
- Green Street employees are prohibited from owning the shares of any company in our coverage universe.
- Green Street employees do not serve as officers or directors of any of our subject companies.
- Neither Green Street nor its employees/analysts receives any compensation from subject companies for inclusion in our research.
- On occasion, Green Street analysts may be contacted by companies within the firm’s coverage universe regarding potential employment opportunities. Additional disclosure will be made when appropriate.
Please also have regard to the Affiliate Disclosures listed above when considering the extent to which you place reliance on this research report and any research recommendations made herein.
Green Street, at times, assists Eastdil Secured, a real estate brokerage and investment bank, when Eastdil Secured provides investment banking services to companies in Green Street’s coverage universe. Green Street is never part of the underwriting syndicate or the selling group, but Green Street may receive compensation from Eastdil Secured for consulting services that Green Street provides to Eastdil Secured related to Eastdil Secured's investment banking services. Green Street does not control, have ownership in, or make any business or investment decisions for Eastdil Secured.
A number of companies covered by Green Street research reports pay an annual fee to receive Green Street’s research reports. Green Street may periodically solicit this business from the subject companies. In the aggregate, annual fees for GSA (US) and GSA (UK) research reports received from subject companies represent approximately 3% of each of GSA (US)’s and GSA (UK)'s respective total revenues.
Green Street publishes research reports covering issuers that may offer and sell securities in an initial or secondary offering. Broker-dealers involved with selling the issuer’s securities or their affiliates may pay compensation to GSA upon their own initiative, or at the request of Green Street's clients in the form of “soft dollars,” for receiving research reports published by Green Street.
The information contained in each report is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This report is produced solely for informational purposes and is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it is not, and it should not be construed as, advice designed to meet the particular investment needs of any investor. This report is not an offer or the solicitation of an offer to sell or buy any security.
For Green Street’s advisory customers, this research report is for informational purposes only and the firm is not responsible for implementation. Nor can the firm be liable for suitability obligations.
GSA (US) is an accredited member of the Investorside Research Association, whose mission is to increase investor and pensioner trust in the U.S. capital markets system through the promotion and use of investment research that is financially aligned with investor interests.
GSA (US) generally prohibits research analysts from sending draft research reports to subject companies. However, it should be presumed that the analyst(s) who authored each report has(/have) had discussions with the subject company to ensure factual accuracy prior to publication, and has(/have) had assistance from the company in conducting due diligence, including visits to company sites and meetings with company management and other representatives.
Affiliate Disclosures: Green Street does not directly engage in investment banking, underwriting or advisory work with any of the companies in our coverage universe. However, the following are potential conflicts regarding our affiliates that should be considered:
- Green Street has an advisory & consulting practice servicing investors seeking to acquire interests in publicly-traded companies. Green Street may provide such valuation services to prospective acquirers of companies which are the subject(s) of Green Street’s research reports.
- An affiliate of Green Street is an investment manager implementing a real estate securities strategy focused on REITs. The portfolios managed by this affiliate contain securities of issuers covered by Green Street’s research department. The affiliate is located in separate offices, employs an investment strategy based on Green Street’s published research, and does not trade with Green Street’s affiliated trading desk, Green Street Trading (GST). However, the investment management affiliate has engaged GST as a placement agent for an investment partnership it manages. The principals of Green Street Advisors, Green Street Investors and affiliates have invested in GSREF, L.P.
Issuers of this Report: US and EEA:This report has been prepared by analysts working for Green Street Advisors (GSA (US)) and/or Green Street Advisors (U.K.) Limited (GSA (UK)). GSA (US) is the parent company of GSA (UK).
This report is issued in the USA by GSA (US). GSA (UK) accepts no responsibility for each report to the extent that it is relied upon by persons based in the USA. GSA (US) is regulated by the United States Securities and Exchange Commission, and its headquarters is located at 660 Newport Center Drive, Suite 800, Newport Beach, CA 92660.
This report is issued in the European Economic Area (EEA) by GSA (UK). GSA (US) accepts no responsibility for each report to the extent that it is relied upon by persons based in the EEA. GSA (UK) is registered in England, (Company number. 6471304), and its registered office is 20 Balderton Street, 5th Floor, London W1K 6TL. GSA (UK) is authorized and regulated by the Financial Conduct Authority in the United Kingdom and is entered on the FCA’s register (no. 482269]).
References to "Green Street" in Disclosures in this section and in the Other Important Information section apply to:
GSA (US) to the extent that each report has been disseminated in the USA; or
GSA (UK) to the extent that each report has been disseminated in the EEA.
Green Street Advisors US is exempt from the requirement to hold an Australian financial services license under the Act in respect of the financial services; and is regulated by the SEC under US laws, which differ from Australian laws.
Green Street Advisors UK Ltd. is exempt from the requirement to hold an Australian financial services license under the Act in respect of the financial services; and is regulated by the FCA under UK laws, which differ from Australian laws.
Green Street reserves the right to update the disclosures and policies set out in this document at any time. We encourage a careful comparison of these disclosures and policies with those of other research providers, and welcome the opportunity to discuss them.
At any given time, Green Street publishes roughly the same number of “BUY” recommendations that it does “SELL” recommendations.
Green Street's “BUYs” have historically achieved far higher total returns than its “HOLDs”, which, in turn, have outperformed its “SELLs”
The results shown above are hypothetical; they do not represent the actual trading of securities. Actual performance will vary from the hypothetical performance shown above due to, but not limited to 1) advisory fees and other expenses that one would pay; 2) transaction costs; 3) the inability to execute trades at the last published price (the hypothetical returns assume execution at the last closing price); 4) the inability to maintain an equally-weighted portfolio in size (the returns above assume an equal weighting); and 5) market and economic factors will almost certainly cause one to invest differently than projected by the model that simulated the above returns. All returns include the reinvestment of dividends. Past performance, particularly hypothetical performance, cannot be used to predict future performance.
- (1) Results are for recommendations made by Green Street’s North American Research Team only (includes securities in the US, Canada, and Australia). Since July 5, 2017, performance is calculated whenever a recommendation is changed using the share price at the most recent market close. Previously, performance was based on recommendations provided in Green Street's "Real Estate Securities Monthly" (RESM) and assumed no change in recommendation between RESM publications. Results from January 28, 1993 through January 4, 2016 were independently verified by an international "Big 4" accounting firm. The accounting firm did not verify the stated results subsequent to January 4, 2016. As of January 4, 2016, the annualized total return of Green Street’s recommendations since January 28, 1993 was: Buy +24.0%, Hold +11.1%, Sell +0.6%, Universe +11.7%.
- (2) Beginning July 5, 2017, all companies in Green Street’s North American coverage universe are included in the performance calculation. Previously, inclusion in the calculation of total return had been based on whether the companies were listed in the primary exhibit of Green Street’s "Real Estate Securities Monthly” and had a rating other than “Not Rated”.
- (3) From 1993 until July 3, 2017, the returns for each year cover the period following the first RESM issued in the respective year through the first RESM issued in the following year and are not based on a calendar year. Subsequent to July 5, 2017, returns are based on calendar months.
Review of Recommendations:
- Green Street's research staff regularly reviews investment recommendations, and generally only publishes the result of such reviews when recommendation changes are warranted.
- The research recommendation contained in each report was first released for distribution on the date identified on the cover of each report.
- Green Street will furnish upon request available investment information supporting the recommendation(s) contained in each report.