Selected work · Institutional investment
Public REIT research,
ready for investment review.
For an institutional investor, we built a system that assesses public REITs property by property, tests asset-sale scenarios and prepares the investment memo. The firm’s research approach carries forward to each new company it assesses.
- Client
- Institutional buy-side firm
- Scope
- Research and investment analysis
- In use
- Since 2025
The assignment
Carry the firm’s standards
into every assessment.
The assignment was to make the investor’s REIT diligence repeatable, from the underlying property analysis to the written investment case.
The senior portfolio manager needed to examine the assets behind the company, compare management’s outlook with its operating record and test how asset sales and debt reduction could affect value. Each conclusion needed evidence the reviewer could inspect.
We built the research system around the firm’s existing investment approach and reporting conventions. The client reviews the analysis and makes the investment decision.
The work
From the individual property
to the investment case.
The system brings public filings, appraisals, market reports and the investor’s own research into a connected analysis and memo.
- What are the assets worth?
- Property-by-property valuations. Original appraisals remain visible beside any adjustments, with the reasoning for each change.
- What supports the outlook?
- Projections grounded in the operating record, shown alongside management guidance so the reviewer can examine the difference.
- What would change the value?
- Asset-sale scenarios and their effect on debt and value, with the assumptions available for review.
An investment memo in the firm’s own conventions, with figures linked to the analysis and its original sources.
The scenarios help the investor examine what would need to happen to close a discount to net asset value. They make the assumptions open to challenge and allow the reviewer to assess the investment case.
In use
Accepted in review.
Applied to subsequent REITs.
The first research package cleared the client’s institutional review. The system has remained in use since 2025 and has been applied to subsequent REITs.
The investor can examine the memo alongside the underlying analysis, question an adjustment and follow a figure back to its source document and page. The firm owns the system and can carry its research standards into the next assignment.
“I was skeptical AI output could meet the standard this work requires. The workflow surprised me: research and assembly at a depth I could rely on, and when I questioned a figure, I could trace it to its source. We’ve kept using it on names since.”
Institutional buy-side firm
For investment teams
Build around
your investment process.
Discuss the recurring research, underwriting or investment reporting your team wants to automate. We’ll work from your standards and agree the scope together.
Discuss an engagementWe take on a small number of firms at a time and are booking engagements starting spring 2027.