Green Street’s Disclosure Information
Management of Conflicts of Interest
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 actively trading 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.
- Neither Green Street no its employees/analysts receive any compensation from subject companies for inclusion in our research.
- On occasion, Green Street analysts may be contacted by companies within the firm’s coverage universe regarding potential employment opportunities. Additional disclosure will be made when appropriate.
- Green Street’s Advisory business services investors seeking to acquire interests in publicly traded companies. Green Street may provide valuation services to prospective acquirers of companies which are the subject(s) of Green Street’s research reports
Green Street US Advisory is regulated by the California Department of Financial Protection and Innovation, and its headquarters is located at 100 Bayview Circle, Suite 400, Newport Beach, CA 92660. Services are only offered to clients or perspective clients where Green Street and its advisory representatives are properly licensed or exempt from licensure. Please note, Green Street’s US Research, Data, and Analytics products along with its global news publications are not provided as an investment advisor nor in the capacity of a fiduciary. The firm maintains information barriers to ensure the independence of its non-regulated businesses from the regulated services provided by Green Street.
Green Street US Advisory, at times, assists Eastdil Secured, a real estate brokerage and investment bank, when Eastdil Secured provides investment banking services to companies in Green Street’s coverage universe. Green Street is never part of the underwriting syndicate or the selling group, but Green Street may receive compensation from Eastdil Secured for consulting services that Green Street provides to Eastdil Secured related to Eastdil Secured's investment banking services. Green Street does not control, have ownership in, or make any business or investment decisions for, Eastdil Secured.
Research Report Disclosure
Green Street Research, Data and Analytics products do NOT constitute investment advice, nor are they provided in the capacity of a fiduciary.
The information contained in research reports 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. Reports are 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. Reports are not an offer or the solicitation of an offer to sell or buy any security.
Issuers of Reports US and EEA: Reports have been prepared by analysts working for Green Street (Green Street US) and/or Green Street (UK) Ltd (Green Street UK).
Reports issued in the US by Green Street US: Green Street UK accepts no responsibility for this report to the extent that it is read by persons based in the US.
A number of companies covered by Green Street research reports pay an annual fee to receive Green Street’s research reports. Green Street may periodically solicit this business from the subject companies. In the aggregate, annual fees for Green Street US and Green Street UK research reports received from subject companies represent approximately 3% of each of Green Street US and Green Street UK respective total revenues.
Green Street publishes research reports covering issuers that may offer and sell securities in an initial or secondary offering.
Green Street US generally prohibits research analysts from sending draft research reports 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.
Reports issued in the European Economic Area (EEA) by Green Street UK: Green Street US accepts no responsibility for this report to the extent that it is read by persons based in the EEA. Green Street Advisors (UK) Ltd is registered in England, (Company number. 6471304), and its registered office is 6th Floor, 30 Panton Street, London SW1Y 4AJ. Green Street Advisors (UK) Ltd is authorized and regulated by the Financial Conduct Authority in the United Kingdom (FRN 482269).
Green Street US is the parent company of Green Street UK.
Green Street US relies on the Limited Connection Relief for services provided to our clients located in Australia.
Green Street UK 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 FCA under UK laws, which differ from Australian laws.
Swiss recipients: the funds, the REITs, the investment companies, and any collective investment schemes referred to in these reports may not have been registered with the Swiss Financial Market Supervisory Authority (FINMA) and no Swiss representative or paying agent has been appointed. Reports provided in Switzerland are for the use of the addressees only and may not be distributed, copied, reproduced, or passed on to any third parties.
Review of Recommendations
- Unless otherwise indicated, Green Street reviews all recommendations on at least a monthly basis.
- The research recommendation contained in this report was first released for distribution on the date identified on the cover of this report.
- Green Street will furnish upon request available information supporting the recommendation(s) contained in this report.
Protection of Proprietary Rights: To the extent that this report is issued by Green Street US, this material is the proprietary and confidential information of Green Street and is protected by copyright. To the extent that this report is issued by Green Street UK, this material is the proprietary and confidential information of Green Street (UK) Ltd and is protected by copyright.
Reports may be used solely for reference for internal business purposes. Reports may not be reproduced, re-distributed, sold, lent, licensed, or otherwise transferred without the prior consent of Green Street. All other rights with respect to research reports are reserved by Green Street.
EEA Recipients: For use only by Professional Clients and Eligible Counterparties: Green Street UK is authorized by the Financial Conduct Authority of the United Kingdom to issue reports to "Professional Clients" and "Eligible Counterparties" only and is not authorized to issue reports to "Retail Clients", as defined by the rules of the Financial Conduct Authority. Reports are provided in the United Kingdom for the use of the addressees only and is intended for use only by a person or entity that qualifies as a "Professional Client" or an "Eligible Counterparty". Consequently, reports are intended for use only by persons having professional experience in matters relating to investments. Reports are not intended for use by any other person. In particular, reports are intended only for use by persons who have received written notice from Green Street UK that he/she/it has been classified, for the purpose of receiving services from Green Street UK, as either a "Professional Client" or an "Eligible Counterparty". Any other person who receives reports should not act on the contents of a given report.
Green Street reserves the right to update the disclosures and policies set out in this document at any time.
Track Record Disclosure
At any given time, Green Street publishes roughly the same number of “BUY” recommendations that it does “SELL” recommendations.
Green Street's “BUYs” have historically achieved far higher total returns than its “HOLDs”, which, in turn, have outperformed its “SELLs”
The results shown above are hypothetical; they do not represent the actual trading of securities. Green Street does not provide research recommendations in its capacity as an investment adviser, does not act as a fiduciary to clients with respect to research recommendations, does not tailor recommendations to any investment objective or risk profile of any individual investor, and does not manage securities portfolios for any client. No investor should rely on research recommendations as investment advice. Actual performance of any investor’s portfolio will vary from the hypothetical performance shown above due to, but not limited to 1) advisory fees and other expenses that one would pay to an investment adviser; 2) transaction costs; 3) the inability to execute trades at the last published price (the hypothetical returns assume execution at the last closing price); 4) the inability to maintain an equally-weighted portfolio in size (the returns above assume an equal weighting); and 5) the extent to which an investor incorporated other investments into a securities portfolio. Additionally, market and economic factors will almost certainly cause an investor to invest differently than projected by the model that simulated the above returns. All returns include the reinvestment of dividends. Past performance, particularly hypothetical performance, cannot be used to predict future performance. Investing involves risk and possible loss of principal capital.
- (1) Hypothetical performance is based on research reports made by Green Street’s North American Research Team only (includes securities in the US, Canada, and Australia). Since July 5, 2017, performance is calculated whenever a recommendation is changed using the share price at the most recent market close. Previously, performance was based on recommendations provided in Green Street's "Real Estate Securities Monthly" (RESM) and assumed no change in recommendation between RESM publications.
- (2) Beginning July 5, 2017, all companies in Green Street’s North American coverage universe are included in the performance calculation. Previously, inclusion in the calculation of total return had been based on whether the companies were listed in the primary exhibit of Green Street’s "Real Estate Securities Monthly" and had a rating other than "Not Rated".
- (3) From 1993 until July 3, 2017, the returns for each year cover the period following the first RESM issued in the respective year through the first RESM issued in the following year and are not based on a calendar year. Subsequent to July 5, 2017, returns are based on calendar months.
“Buy” = Most attractively valued stocks. “Hold” = Fairly valued stocks. “Sell” = Least attractively valued stocks. “Not Rated” companies are covered by the firm’s research department but are not rated due to fundamental attributes related to business prospects and balance sheets that are deemed to make the securities more option-like than equity-like.
Green Street will furnish upon request available information regarding the recommendation.