REAL ESTATE QUESTIONNAIRE

Date of Response
Name of Firm
Contact
Title
Address
Telephone
Fax
E-mail
Web Site

Asset Class ...
GENERAL - All information should be provided as of the most recent quarter-end.

PEOPLE AND ORGANIZATION


1. Provide the ...
INVESTMENT PHILOSOPHY AND PROCESS


1. Provide a statement of your firm's investment philosophy.
2. Describe your firm's c...
10. What percentage of the Fund/Entity will be reserved for follow-on rounds? Do any investors have the
    right to co-in...
RESOURCES / OTHER


1.   Describe the systems and/or databases you have in place for research, deal sourcing and tracking,...
APPENDIX

1. List key executives who have responsibility for the management of the organization.

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  1. 1. REAL ESTATE QUESTIONNAIRE Date of Response Name of Firm Contact Title Address Telephone Fax E-mail Web Site Asset Class Private Real Estate Non-core Product Name Investment Vehicle (commingled fund, separate account, etc.) Style (value-added, opportunistic) COURTLAND PARTNERS, LTD.
  2. 2. GENERAL - All information should be provided as of the most recent quarter-end. PEOPLE AND ORGANIZATION 1. Provide the following information regarding the history/organization of your firm: a. Describe the ownership structure of the firm and indicate all entities that have an ownership stake in the firm (name and percentage). b. The year investment management services were initiated for institutional accounts in real estate. c. Describe the importance of the real estate strategy to you and your parent’s (if applicable) overall business strategy. d. List the total assets under management in both non-real estate and real estate products as of the most recent quarter-end and for the past three calendar years as of December 31. For each of your real estate products list the asset size as of the same time periods. 2. Describe your real estate organization and the services your firm provides including: a. Direct real estate acquisitions and management; b. Financing of real estate or privately held real estate companies; c. Managing publicly held real estate accounts. d. How do these different groups or entities interact, if at all? Are there any potential conflicts of interest because of these interactions? 3. Describe the compensation and incentive program for executives (senior management). How are executives evaluated and rewarded? What incentives are provided to attract and retain superior individuals? a. Identify the percentage of compensation which is i. base salary ii. performance bonus iii. equity incentives iv. other b. On what basis are these incentives determined? c. How does your compensation structure/levels compare with other firms in the industry? 4. Provide an organizational chart that diagrams the different functions (research, legal, etc.) dedicated to the product area. Professionals should be identified over their areas of responsibility. 5. Describe any organizational changes you expect in the future including changes in ownership, changes in staffing levels, mergers, joint ventures or other matters of importance. 6. Provide a representative client list. Please also list your ten largest clients by type (e.g. corporate pension, endowment, foundation, etc.). 7. Over the past five years, has your organization or any officer or principal been involved in any business litigation or other legal proceedings related to your investment activities? If so, provide a brief explanation and indicate the current status. COURTLAND PARTNERS, LTD.
  3. 3. INVESTMENT PHILOSOPHY AND PROCESS 1. Provide a statement of your firm's investment philosophy. 2. Describe your firm's competitive advantage in managing real estate portfolios, including whether your firm's size of assets under management is an advantage/disadvantage. 3. Discuss how the firm plans to make sure that future growth does not compromise the integrity of your existing investment process and products in the real estate area. Describe any capacity limitations. 4. What are your risk and return expectations for the portfolio? What is your holding period target? Do you have leverage guidelines in place? 5. Do you customarily make accounting adjustments in your analysis? If so, what are they? 6. What kind of inefficiencies in the direct real estate markets do you attempt to exploit? 7. Describe how potential investments are allocated among your clients and if any funds or accounts have preference or priority. a. What is the expected amount of time that you will need in order to implement a new portfolio? b. What are the requirements for exiting the portfolio? FUND/ENTITY STRATEGY 1. Explain your strategy for real estate investments. With respect to development/redevelopment investments, please describe your strategy regarding projects requiring new entitlements or public approvals? How is the strategy implemented? 2. Please describe the target markets of the Fund and why they were selected. Please explain the market fundamentals and conditions for the target markets for your Fund/Entity. 3. Do you anticipate obtaining funding and/or tax incentives from public entities? If so, please explain the types of financing and the risks associated with obtaining such funding and incentives. Specifically, describe the projected funding and/or incentives to be pursued with respect to existing or identified investments. Also, please indicate the level of public financing and incentives received in prior funds. 4. Discuss your investment strategy for international investments. What is your expected allocation by region? Please discuss the firm’s experience in the various regions where you expect to invest. 5. Please explain your expected portfolio diversification, by region, property type, capital structure, leverage amount, development phase, etc. 6. Will you invest at the entity-level and project-level? 7. Are there any investment restrictions included in the Partnership Agreement? If yes, please describe. 8. Target range of amounts for each investment, please indicate the smallest and largest targeted and/or permitted. 9. What is the targeted amount of leverage on the Fund's investments? Also, please indicate the maximum amount per investment and at the Fund level. COURTLAND PARTNERS, LTD.
  4. 4. 10. What percentage of the Fund/Entity will be reserved for follow-on rounds? Do any investors have the right to co-invest? 11. Do you anticipate having firm employees take board positions with respect to company level investments? 12. What is the estimated length of time before the Fund will be fully invested? 13. Does the Fund provide for reinvestment of realization proceeds? Please describe. 14. Will the Fund be a lead investor or co-investor? Please describe whether firm individuals or the firm provide co-investment contributions. 15. What exit strategies are anticipated for Fund investments? 16. Indicate your policy with respect to Fund distributions. Deal Originations 1. Please indicate the approximate number of opportunities reviewed each year. Please describe how deals are sourced, indicating the approximate percentage of deals negotiated directly with sellers vs. those received from brokers. 2. Please provide a list of current prospective investments, indicating the investment size, location, property type, anticipated capital structure and development component, if any, and the certainty of closing. 3. Please provide a list of investments made by the Fund to date, indicating the amount committed and funded per investment, property type and location descriptions, development/redevelopment strategy summary including the amount of capital to be invested and the expected IRR, equity multiple and the exit timeframe. Investment Decision Making, Due Diligence and Monitoring Process 1. Describe the General Partner’s investment decision process. 2. Please describe the due diligence steps taken when completing investments. 3. What are threshold investment issues? 4. Describe the General Partner’s investment monitoring experience. COURTLAND PARTNERS, LTD.
  5. 5. RESOURCES / OTHER 1. Describe the systems and/or databases you have in place for research, deal sourcing and tracking, portfolio construction, risk management, performance attribution, administration, accounting, budgeting, leasing and compliance. Were these systems developed in-house or acquired from outside vendors? 2. What expenditures are planned to acquire new systems or enhance current systems? Please detail. 3. How do you measure and monitor client service and customer satisfaction? Who are the client service officers and how do they interact with clients? 4. Describe how long you anticipate your firm to take to invest a new commitment. 5. Do you have a plan/arrangements in place for an alternative work site should your facilities become inoperative because of fire, earthquake, etc.? Describe your emergency and disaster recovery plans. 6. Provide a copy of your most recent ADV. FEES 1. Describe how fees are determined for this product. Are fees a function of the expected excess return of the strategy? 2. If the product is a commingled product describe any entry/exit fees. 3. Provide a detailed description of your fee schedule (include fees for both commingled vehicles as well as for separate accounts, if available). Are fees negotiable? INVESTMENT PERFORMANCE TRACK RECORD Complete the track record summary of investment performance for previous funds below. Please add additional columns if necessary. Fund Fund Fund Fund Years Fund Capitalized Year of Final Acquisition Total Fund Equity Gross Projected IRR Net Projected IRR Gross Projected Time Weighted Return Net Projected Time Weighted Return Projected Net Equity Multiple Actual Net Equity Multiple Since Inception % of Projected Net Return Realized Since Inception COURTLAND PARTNERS, LTD.
  6. 6. APPENDIX 1. List key executives who have responsibility for the management of the organization. Title/ Yrs Yrs @ Degrees/ Name Responsibilities Exp Firm Designations Provide biographies, on each of the persons listed above. 2. List the key investment professionals on the product profiled in this questionnaire. PORTFOLIO MANAGEMENT Title/ Yrs Yrs @ Degrees/ Name Responsibilities Exp Firm Designations RESEARCH Title/ Yrs Yrs @ Degrees/ Name Responsibilities Exp Firm Designations 3. Indicate when and why any executive or key investment professional left or joined the firm in the past three years. What were/are their job responsibilities? For personnel who have left indicate job titles and years with the firm and who replaced them. JOINED Date Name/Title Responsibilities DEPARTED Yrs @ Replaced by Date Name/Title Responsibilities Firm Reason for leaving (name/title) SUMMARY Total # Executives # Joined # Departed % Turnover COURTLAND PARTNERS, LTD.

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