US REITs: What A Difference A Manager Makes

Our funds own two US property trusts, Real Estate Capital Partners USA Property Trust (RCU) and RNY Property Trust. RCU is managed by RECap, an Australian company run by Andrew Saunders. RNY is managed by New York firm RXR Realty, owned and managed by Scott Rechler. Both own portfolios of mediocre office property in the US. Both are trading at huge discounts to NTA. One is being destroyed by management. The other is being expertly managed. One example clearly demonstrates the differences. In January 2011, a ‘non-recourse’ $44m loan was due to be repaid on one of RCU’s assets....

Our funds own two US property trusts, Real Estate Capital Partners USA Property Trust (RCU) and RNY Property Trust. RCU is managed by RECap, an Australian company run by Andrew Saunders. RNY is managed by New York firm RXR Realty, owned and managed by Scott Rechler.

Both own portfolios of mediocre office property in the US. Both are trading at huge discounts to NTA. One is being destroyed by management. The other is being expertly managed.

One example clearly demonstrates the differences.

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