Green Street Advisors

Green Street’s Disclosure Information

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.
  • Green Street does not commit capital or make markets in any securities.
  • Neither Green Street nor its employees/analysts receives any compensation from subject companies for inclusion in our research.
  • Green Street does not directly engage in investment banking or underwriting work with any subject companies.

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.

A number of companies covered by Green Street research reports pay an annual fee to receive Green Street's research reports. Green Street does not 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 less than 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 this 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.

Data displayed in the Data Tools products incorporates live data which may deviate from data published in the weeklies and monthlies.

Green Street Advisors 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.

Green Street generally prohibits research analysts from sending draft research reports with any unpublished commentary to subject companies. However, it should be presumed that the analyst(s) who authored this 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.

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 is affiliated with, and at times assists, Eastdil Secured, a real estate brokerage and investment bank, when Eastil Secured provides investment banking services to companies in Green Street's coverage universe. Green Street is never part of the underwriting syndicate, selling group or marketing effort but Green Street may receive compensation from Eastdil Secured for consulting services that Green Street provides to Eastil Secured related to Eastil Secured's investment banking services. Green Street does not control, have ownership in, or make any business or investment decisions for, Eastdil Secured.
  • Green Street has an advisory 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. Green Street may receive fees that are contingent upon the successful completion of a transaction or other fees for its work on behalf of prospective acquirers.
  • An affiliate of Green Street is the investment manager of an equity securities portfolio on behalf of a single client. The portfolio contains securities of issuers covered by Green Street's research department. The affiliate is located in a separate office, employs an investment strategy based on Green Street's published research, and does not trade with Green Street's trading desk.

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)), both of which are subsidiaries of Green Street Holdings, Inc.

This report is issued in the USA by GSA (US). GSA (UK) accepts no responsibility for this report to the extent that it is relied upon by persons based in the USA. GSA (US) is regulated by FINRA and 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 this 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 Services Authority in the United Kingdom and is entered on the FSA'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 this report has been disseminated in the USA; or
GSA (UK) to the extent that this 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 FSA under UK laws, which differ from Australian laws.

While minimization of potential conflicts will remain a very important priority for us, we reserve the right to change any of these policies at any time. We encourage a careful comparison of these policies with those of other research providers, and welcome the opportunity to discuss them.

Complaints Handling Policy Summary

  1. Policy Statement (Applicable to All Clients and Prospective Clients)

    Green Street Advisors (UK) Ltd (“GSA”) takes all client complaints very seriously and strives to:
    • Investigate each complaint promptly;
    • Assess each complaint effectively, diligently and independently with respect to subject matter, whether it should be upheld and what remedial action or redress may be appropriate;
    • Offer redress or remedial action when appropriate;
    • Explain to the complainant promptly and, in a way that is fair, clear and not misleading, its assessment of the complaint, its decision on it and any offer of remedial action or redress; and
    • Comply promptly with any offer of remedial action or redress accepted by the complainant.
    GSA will endeavor to resolve all complaints within four (4) weeks and to keep complainants periodically updated on the progress of their complaints.
  2. How Clients Can Make a Complaint
    • By Email:
      Please note that in order to ensure that your complaint is flagged and given the required attention, we kindly ask you to state “COMPLAINT” in the subject header field of the email and specifying “Attn: GSA Compliance Officer” at
    • By Letter addressed to:

      Complaints Handling, Compliance Department
      Green Street Advisors (UK) Ltd
      20 Balderton Street, 5th Floor
      London W1K 6TL
      United Kingdom
    • By Calling GSA at:

      +44 (0) 203 793 7000

      Please note that this method is discouraged as in most cases we will need specific details in order to investigate your complaint. Whilst you can lodge your complaint via phone, we will need you to provide follow-up details by one of the methods described above.
  3. If you are still not satisfied

    Should you remain dissatisfied with our final response, you have the right to have your complaint reviewed independently by the UK Financial Ombudsman Service (“FOS”). You can contact them using the below details:

    The Financial Ombudsman Service
    South Quay Plaza
    183 Marsh Wall
    London E14 9SR
    Tel: 0800 023 4567 or +44 (0) 300 123 9 123. If calling from abroad: +44 20 7964 0500.

    Please note that the FOS can only consider your complaint if:

    • We have sent you a final response with which you remain dissatisfied; and
    • You refer the complaint to the FOS within six (6) months of the date of our final response to you.