U.S. Real Estate Securities Strategy
U.S. Real Estate Securities Strategy

U.S. Real Estate Securities Strategy


The Morgan Stanley U.S. Real Estate Securities Strategy seeks to provide above-average current income and long-term capital appreciation by investing in publicly traded U.S. real estate securities, to achieve core real estate exposure. To help achieve its objective, the strategy combines bottom-up and top-down analyses.

Investment Approach

The investment philosophy of the Global Listed Real Assets team is based on the premise that the performance of real estate securities will be most highly correlated with the underlying value of their assets. In aiming to achieve core real estate exposure in a cost-effective manner, the team invests in the equity securities of publicly listed U.S. real estate companies that it views as offering the best value relative to their underlying assets and growth prospects.

Deep Understanding of the Real Estate Asset Class

The team trusts their proprietary research to unearth subtle differences between various real estate markets with the aim of providing clients with exposure to the asset class at the most favorable relative valuations.

Long-standing Tenure of Investment Team

Comprised of long-tenured and highly experienced investment professionals, the team offers investors the benefit of their shared experience and track record as a team dedicated to real estate securities investing.

A Well-Defined Value-Orientated Investment Process

Since inception, the team has consistently implemented a well-defined investment process that is geared toward providing our clients with diversified exposure to the real estate asset class in a cost-efficient manner, and at the most favorable relative valuations.

Proprietary Research Models

With extensive experience and expertise in both the public and private real estate markets, the team maintains proprietary NAV models for every company in the investable universe; results (implied cap rates, implied price per square foot, NAV premium/discount) are triangulated versus private market real estate valuations.

Investment Process
Bottom-up value-driven approach for stock selection driven by proprietary NAV models
Top-down analysis seeks diversified major market segment exposure with an overweighting to segments with stocks we believe offer the best relative valuations