Public Real Estate Analysis
What I do
It is better to be roughly right than precisely wrong.
Over the years, I’ve found that most mistakes in REIT investing stem from misunderstandings about capital structure, incentives and timing.
Much more so than math and forecasting.
I work with institutional investors and REIT management teams on the questions that might not neatly fit into a model, but end up driving real-world outcomes. That usually means slowing things down, looking at the balance sheet from a few different angles, and asking what can happen, not just what’s likely.
-
Who I work with:
- U.S. REIT portfolio managers
- Senior analysts
- CFOs
- IR teams
- Long-term capital allocators
-
What I tend to focus on:
- How leverage helps — and when it quietly hurts
- Where flexibility exists, and where it doesn’t
- Optionality embedded in assets, governance, and capital markets
- Incentives that look fine on paper but behave differently in practice
- Second-order effects that only show up over time
- Location: Working remotely from Sydney, Australia
Latest posts
From time to time, I write short notes on REIT structure, capital allocation, and market mechanics — usually prompted by something I’m seeing misread or oversimplified.
They’re practical, and they’re published when there’s something worth saying.
If you wish to receive my latest work straight in your inbox, you can subscribe through Substack.
Work with me
If you’re facing a capital structure decision, a balance sheet inflection point, or a situation where the usual REIT playbook feels incomplete, I may be able to help.
Most engagements start with a brief conversation to see whether the problem is one I’m suited to work on. If it is, we take it from there. If not, water off a duck's back.