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Big Managers Ended Year in the Black

Four of the largest public investment shops posted positive gross returns on their real estate portfolios last year.


An analysis of public filings by advisory firm Hodes Weill & Associates found that returns ranged from 1% to 15%. The unexpected strong results from Apollo Global, Ares Management, Blackstone and KKR came despite each shop taking im- mediate write-downs as the pandemic struck the U.S. late in the first quarter of 2020.


Doug Weill, co-founder of the New York advisory shop, suggested that the positive annual returns are a sign of the strength of the biggest managers’ portfolios, which are weighted to industrial, life-science and other property types that outperformed during the coronavirus pandemic. “I think the managers would point to their alpha,” Weill said.


The biggest annualized return was on Ares’ $4.4 billion U.S. real estate portfolio, which was up 15% last year, compared with 16.8% in 2019.


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All U.S. regulated capital market and securities advisory services are provided by Hodes Weill Securities, LLC, a registered broker-dealer with the SEC, and a member of FINRA and SIPC, and internationally, by non-U.S. Hodes Weill affiliates.