Omaha School Employees’ Retirement System
Overview of Almanac Realty Securities VII, L.P.
March 2015
Disclosure
This document is confidential and is intended solely for the information of the person to which it has been delivered by Almanac Realty
Investors, LLC ("Almanac"). It is not to be reproduced or transmitted, in whole or in part, by any means, to third parties, or to be used for
any purpose other than monitoring or evaluating an investment in the Funds, without the prior written consent of Almanac.
Notwithstanding the foregoing, each intended recipient of this document (and each of the employees, representatives or other agents of
such recipient) may disclose to any and all persons, without limitation of any kind, (i) the tax treatment and tax structure of the
transactions contemplated by these materials and (ii) all materials of any kind (including opinions or other tax analyses) that are provided
to such recipient relating to such tax treatment and tax structure. For this purpose, the tax treatment of a transaction is the purported or
claimed U.S. Federal income tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to
understanding the purported or claimed U.S. Federal income tax treatment of the transaction.
The information contained herein is provided for informational purposes only, is not complete, and does not contain certain material
information about the Almanac Realty Securities IV, L.P., Almanac Realty Securities V, L.P., Almanac Realty Securities VI, L.P. (the
“Funds”), including important disclosures relating to conflicts of interest and risk factors associated with an investment in the Funds, and
is subject to change without notice. This document is not intended to be, nor should it be construed or used as an offer to sell, or a
solicitation of any offer to buy, interests in the Funds. No offer or solicitation may be made prior to the delivery of a definitive private
placement offering memorandum (the "Memorandum"). In the event of any conflict between information contained herein and
information contained in the Memorandum, the information in the Memorandum will control and supersede the information contained
herein. The information contained herein does not take into account the particular investment objectives or financial circumstances of any
specific person who may receive it. The information herein is not intended to provide, and should not be relied upon for, accounting,
legal or tax advice or investment recommendations. You should make an independent investigation of the investment described herein,
including consulting your tax, legal, accounting or other advisors about the matters discussed herein.
The interests in the Funds are suitable investments only for sophisticated investors (i) who do not require immediate liquidity for their
investments, (ii) for whom an investment in the Funds does not constitute a complete investment program and (iii) who fully understand,
are willing to assume and who have the financial resources necessary to withstand, the risks involved in the Funds’ specialized investment
program and to bear the potential loss of their entire investment in the Funds.
i
Disclosure
Investments in the Funds are speculative and involve a high degree of risk. The interests in the Funds are subject to restrictions on
transferability and resale and may not be transferred or resold except as permitted under the Amended and Restated Limited Partnership
Agreement of the Funds and under the Securities Act of 1933, as amended, and applicable laws of any country, state or other jurisdiction,
pursuant to registration or exemption therefrom. Investors should be aware that they may be required to bear the financial risks of their
investment for an indefinite period of time. Investment in the interests will involve significant risks due, among other things, to the nature
of the Fund’s investments, and there will be no public market for the interests. There can be no assurance that the targeted returns will be
achieved and past investment performance of Almanac may not be indicative of future performance.
Almanac believes the information contained in this document to be reliable but does not warrant its accuracy or completeness. The
estimates, investment strategies, and views expressed in this document are based upon current market conditions and/or data and
information provided by unaffiliated third parties and are subject to change without notice. Certain economic and market information
contained herein has been obtained from published sources prepared by other parties. While such sources are believed to be reliable,
neither the Funds, Almanac, nor their respective affiliates assume any responsibility for the accuracy or completeness of such information.
Neither delivery of this document nor any statement herein should be taken to imply that any information contained herein is correct as of
any time subsequent to the date hereof.
No guarantee or representation is made that the Funds’ investment program, including, without limitation, the Funds’ investment
objectives, diversification strategies, or risk monitoring goals, will be successful, and investment results may vary substantially over time.
Investment losses may occur from time to time. Nothing herein is intended to imply that the Funds’ investment methodology may be
considered "conservative", "safe", "risk free" or "risk averse". PAST PERFORMANCE IS NOT INDICATIVE NOR A GUARANTEE OF
FUTURE RESULTS. NO ASSURANCE CAN BE MADE THAT PROFITS WILL BE ACHIEVED OR THAT SUBSTANTIAL LOSSES WILL
NOT BE INCURRED.
ii
Agenda
Pages
Disclosure
i-ii
Executive Summary
1
Team
2
Historical Performance
3
Investment Program
4-6
Summary of Terms
7
Appendices
Biographies
9-14
iii
Almanac Executive Summary
Almanac Realty Investors (“ARI”)
 Real estate investment manager founded in 1981 as Rothschild Realty
 Fully independent and partner owned since 2007, doing business as Rothschild Realty
Managers
 Name changed to Almanac Realty Investors, LLC in 2011
 RAUM of $2.0 billion as of September 30, 2014
 Preeminent entity-level real estate investment manager
Almanac Realty Securities (“ARS”)
 Discretionary fund series (ARS I-VI), formerly known as Five Arrows Realty Securities
 Focused investment mandate: private placements of growth capital into private and
public real estate companies
 18 years; six funds; over $2.9 billion committed for investments across 33 companies
 Superior absolute, relative and risk-adjusted returns across funds
 13.1% net returns since inception (1996): roughly half from current income, half from
appreciation
1
Almanac Team Members
Matthew
W. Kaplan
D. Pike
Aloian
John D.
McGurk
Andrew M.
Silberstein
Managing
Partner
1990
Partner
1988
Partner
1981
Partner
2009
Henry C.
Herms
Chief
Financial
Officer
2012
Justin J.
Hakimian
Josh K.
Overbay
Scott J.
Peters
Managing
Director
2005
Director
2014
Director
2007
David K.
Haltiner
Kenny K.
Moon
Joseph M.
Sacchetti
Madeline
K. Chiavini
Susan R.
Hui
Scott H.
Malamut
Michael H.
O’Neill
Jason A.
Dumont
Michael A.
Mitchell
Mary Beth
McCormick
Simon R.C.
Wadsworth
Vice
President
2008
Vice
President
2009
Controller
2012
Associate
2013
Associate
2013
Associate
2012
Associate
2014
Accountant
2012
Accountant
2013
Senior
Advisor
2009
Senior
Advisor
2012
Note: Years correspond to date hired.
2
Almanac Realty Securities Funds Performance
As of September 30, 2014 - Estimated Fair Value
% of
Partner
Capital
Fund Net Fund Net
Fund (Investment Period)
ARS I (1996- 1998)
ARS II (1998-1999)
ARS III (1999-2001)
ARS IV (2004-2007)
ARS V (2007-2011)
ARS VI (2011-2015)
Total
2
IRRs
15.9%
14.3%
9.7%
9.4%
12.2%
14.8%
13.1%
2
Index Comparison1
Citi BB
3
Multiples Realized
2.2x
80.0%
1.5x
100.0%
1.4x
74.2%
1.5x
75.1%
1.4x
34.0%
1.2x
0.0%
1.5x
46.1%
4
RMS
9.3%
14.9%
15.5%
6.7%
10.6%
10.2%
11.1%
5
NCREIF
9.8%
10.5%
10.3%
7.1%
9.8%
10.1%
9.6%
S&P 500
6.7%
0.0%
3.7%
7.1%
14.0%
19.2%
7.1%
6
Bond7
7.6%
6.4%
7.5%
7.8%
8.4%
6.1%
7.5%
Realizations of $1.5 billion out of $2.7 billion invested in ARS I-VI8
Sources: Factset, IREI, Bloomberg
1. Returns are calculated for each index starting from the date each Almanac investment is made and ending with the earlier of the investment exit or 9/30/2014. Weighted
by the size of each Almanac investment.
2. The returns reflect investment management fees and carried interest paid/accrued.
3. Represents the percentage of partner capital invested into portfolio companies of the referenced Almanac fund that has either been returned or that was not recovered at
the time of disposition as of September 30, 2014.
4. MSCI US REIT Index, calculated by Morgan Stanley Capital International, Inc. The index is calculated with dividends reinvested on a daily basis and is designed to
measure the performance of equity REIT securities. All index members are real estate equity securities from the MSCI US Investable Market 2500 Index.
5. NCREIF Property Index, published and distributed by the National Council of Real Estate Investment Fiduciaries. The NCREIF Property Index consists of both equity and
leveraged properties, but the leveraged properties are reported on an unleveraged basis, so the index is completely unleveraged.
6. Standard and Poor’s 500 Index. The S&P 500 is an index consisting of 500 stocks chosen for market size, liquidity and industry grouping, among other factors, which is
meant to reflect the risk/return characteristics of the large-cap universe.
7. Citigroup Investment-Grade Bond Index for BB-rated bonds. This is a total return index.
8. Includes co-investment amounts.
3
Investment Approach
 Definition of success is the same for ARS and the entrepreneurs
Create an Entity
That Aligns
Interests
 Management typically has a significant amount of their personal wealth invested
in the entity
 Transparency of management activity and reporting
 Participation by ARI in major real estate, capital and organizational decisions
 Governance primarily through Board of Directors
Price Discipline
 Deal pricing based upon net asset value and projected unlevered real estate
returns
 Little regard for value of intangibles, cap rate compression/multiple expansion
 Quality management teams with proven track records
Invest Growth
Capital in HighQuality Real
Estate Companies
 Focused on generating recurring real estate cash flow
 Demonstrated competitive advantages within a real estate niche
 Require more efficient access to capital to pursue property acquisitions,
redevelopment, and/or developments
 Benefit from ARI’s real estate, capital markets and corporate management skills
4
Investment Objectives
■ Deliver superior absolute, relative and risk adjusted returns
■ Target a net annual return of 12% or more and net investment multiple of 1.5x-1.75x1
■ Derive approximately half of the total returns from current yield distributed quarterly
■ Generate capital gains by growing a company’s equity value through acquiring, developing
and/or repositioning real estate assets
■ Protect capital through some or all of the following:

Conservative leverage levels – typically no leverage at fund level

Cash flow generation – typically 6%-9% gross current yield

Unsecured debt or preferred equity structures

Active governance and control provisions

Senior management has significant equity / “skin in the game”

Mitigated or no J-curve
1. There can be no assurance that the Fund will achieve its stated target returns. The target returns set forth herein have been established based on assumptions with
respect to market conditions and the expected structure of each of the Fund's investments and take into consideration the investment experience of managing
principals of the Manager in making investments utilizing investment strategies similar to those contemplated by the Fund. The Fund's target returns are based
upon assumptions regarding future events and situations, however, investment conditions are dynamic and may change during the term of the Fund. As a result,
the assumptions used to establish the Fund's target returns may prove not to be accurate or not to materialize. Accordingly, the target returns set forth herein should
not be used as a primary basis for an investor's decision to invest in the Fund.
5
ARS V & VI Investment Portfolios
Origination
Company (Ticker)
Total
Date
Product Type
Geography
Vanta Properties (T. Wall)
Nov-07
Office / Land
Madison, WI
Open Market
Nov-08
Various
Various
17.8
Mixed
Shaner Mortgage
Aug-09
Hospitality Mortgage REIT
National
29.6
Common
BSR Trust (Summit)
Mar-10
Multi-family
Southeast
100.0
Convertible Debt
RXR Realty
Apr-10
Office
NYC Metropolitan
175.0
Convertible Debt
Welsh Property Trust
Nov-10
Industrial
Midwest
190.0
Convertible Debt
Westcore Properties
Jul-11
Office / Industrial
West Coast
197.7
Common, Unsecured Debt
Aug-11
Multi-family
California
100.0
Convertible Debt
Dec-11
NNN Industrial/R&D/Office
West Coast
150.0
Convertible Debt
Commitment
Type of Security
ARS V
JH Real Estate
1
$
100.6
Convertible Debt, Unsecured Debt
ARS VI
Drawbridge Realty Trust
1
1
Nolan Real Estate
RAIT Financial Trust (NYSE: RAS)
Jul-12
Multi-family
Midwest
85.0
Convertible Debt
Oct-12
Mortgage REIT
National
100.0
Preferred Stock, Warrants, SARs
Shaner Hospitality Finance
Jun-13
Hospitality
National
50.0
Debt, Common
Winter Properties
Mar-14
Mixed Use
NYC Metropolitan
200.0
Debt, Warrants, Common
HRI Properties
Apr-14
Hosp./Multi-family/Com.
South
100.0
Convertible Debt
As of 9/30/14
Note: Shading represents Almanac’s capital has been returned through realization.
1.
Fully realized subsequent to 9/30/2014.
6
Summary of Key Terms
The Partnership:
Almanac Realty Securities, VII, L.P.
General Partner:
Almanac Realty Partners VII, LLC
Manager:
Target Fund Size:
Almanac Commitment:
Investment Period
Term:
Management Fee:
Almanac Realty Investors, LLC
$1,000,000,000
The greater of 1% of the aggregate capital commitments and $10 million
Four years from the date of the Final Closing date
Ten years from the Final Closing date, subject to three one-year extension options
1.25% per annum of the total commitments beginning on the Final Closing date, through the earlier
of (a) the third anniversary of the Final Closing date and (b) the date on which the commitments
have been fully invested, called for, committed or reserved. Thereafter, 1.25% per annum of the
invested commitments
 9% per annum preferred return on all capital contributions
Distributions
 100% return of all capital contributions
 50% catch up
 Thereafter, 80% to the Limited Partners and 20% to the General Partner
7
Appendix
Almanac Professional Biographies
Matthew W. Kaplan
(212) 403-3515
[email protected]
Managing Partner
Matthew W. Kaplan, 51, Managing Partner. Mr. Kaplan joined the Manager in 1992 and is currently responsible for overseeing the
activities of the Manager and is the Portfolio Manager of the ARS Fund Series. From 1990 to 1992, he served in the Corporate
Finance Department of Rothschild Inc. Mr. Kaplan is a director of Allegro Holdings, Westcore Properties, and Winter Properties.
Mr. Kaplan has been a director of Ambassador Apartments Inc., CNL Financial Services, CNL Hospitality Properties, Encore
Hospitality, National RV Communities, Parkway Properties Inc., RXR Realty, T. Wall Holdings, and WNY Group. Mr. Kaplan is a
member of NAREIT’s Real Estate Investment Advisory Council and has been a member of the Urban Land Institute and of the
Institutional Investor Council to the National Association of Real Estate Investment Trusts Board of Governors. From 1988 to
1990, he was a management consultant at Touche Ross & Co. Mr. Kaplan graduated cum laude from Washington University in
1984 and received an MBA from The Wharton School in 1988.
John D. McGurk
(212) 403-3510
[email protected]
Partner
John D. McGurk, 71, Partner. Mr. McGurk founded Rothschild Realty Inc., the predecessor to the Manager, in 1981. He is a
director of Advance Realty Group, Allegro Holdings, Denholtz Holdings, JH Real Estate, Merritt Properties, Shaner Hotel
Holdings, T. Wall Holdings, and Welsh Property Trust. He is a member of the National Association of Real Estate Investment
Managers, the Urban Land Institute, Pension Real Estate Association, and the Real Estate Board of New York. He graduated from
Loyola University in 1965 and received an MBA from the University of Southern California in 1971.
D. Pike Aloian
(212) 403-3517
[email protected]
Partner
D. Pike Aloian, 60, Partner. Mr. Aloian joined the Manager in 1988 and is responsible for the origination, economic analysis, closing
and on-going review of the Manager’s investments. From 1980-1988, he was a vice president at The Harlan Company, where he
was responsible for property acquisition, development and financing. Mr. Aloian is a director of Advance Realty Group, BSR
Trust (formerly known as Summit Housing Partners), Denholtz Holdings, Drawbridge Realty Trust, EastGroup Properties,
Merritt Properties, and Shaner Hotel Holdings. He has also served as an adjunct professor of the Columbia University Graduate
School of Business. Mr. Aloian graduated from Harvard College in 1976 and received an MBA from Columbia University in 1980.
9
Almanac Professional Biographies
Andrew M. Silberstein
(212) 403-3511
[email protected]
Partner
Andrew M. Silberstein, 47, Partner. Mr. Silberstein joined the Manager in 2009 and is responsible for the origination, structuring,
and management of the Manager’s investments. From 2004 through 2008, he served as the Chief Investment Officer and Chief
Operating Officer for Stoltz Real Estate and during the same period established AMS Real Estate Partners. From 1994 through
2004, Mr. Silberstein worked in real estate investment banking and private equity, first at Bear Stearns and then Morgan Stanley.
He has been a member of NAREIT, the Urban Land Institute, ICSC and the Real Estate Roundtable, and the board of directors of
RXR Realty, and he is currently a director of NRES Holdings, Westcore Properties, Winter Properties, RAIT (NYSE:RAS), and
WPT Industrial Real Estate (TSX:WIR). Mr. Silberstein graduated from Yale University in 1989 and received an M.B.A. in 1995
from New York University Stern School of Business where he was a Glucksman Fellow.
Henry C. Herms
(212) 403-5413
[email protected]
Chief Financial Officer
Henry C. Herms, 47, Chief Financial Officer. Mr. Herms joined the Manager in 2012 and is responsible for financial and investor
reporting, tax compliance, internal accounting, monitoring regulatory compliance and filings, and treasury management. From
1997 to 2012, he was employed by Lazard Frères & Co., where he served as the Controller and Treasurer for the manager of a
series of real estate private equity and mezzanine debt funds. From 1989 to 1997, he was employed by Arthur Andersen LLP,
where as an Experienced Manager he was responsible for audit and consulting engagements for organizations in the real estate,
hospitality and construction industries. Mr. Herms graduated from Adelphi University in 1989 with a Bachelor of Business
Administration in Accounting, magna cum laude. He is a CPA licensed in the state of New York, and a Chartered Global
Management Accountant. He is a member of the American Institute of Certified Public Accountants and NAREIT.
Justin J. Hakimian
(212) 403-3839
[email protected]
Managing Director
Justin J. Hakimian, 35, Managing Director. Mr. Hakimian joined the Manager in 2005 and is responsible for the origination,
economic analysis, transaction execution, and ongoing review of the Manager’s investments. From July 2001 to April 2005, he was
an Associate in the Equity Research department at Morgan Stanley, with coverage of oil & gas companies. He currently serves on
the Boards of Directors of Drawbridge Realty Trust, HRIP Holdings, JH Real Estate and T. Wall Properties. Mr. Hakimian
graduated from the University at Albany in May 2001 with a Bachelor of Science in Finance.
10
Almanac Professional Biographies
Josh K. Overbay
(212) 403-5480
[email protected]
Director
Josh K. Overbay, 34, Director. Mr. Overbay joined the Manager in 2014 and is responsible for leading the firm’s capital raising and
investor relations activities. From 2010 to 2014, he was a Director at Lazard Frères in the Private Fund Advisory Group, with
specific responsibility for advising and raising capital for real estate private equity fund managers. From 2007 to 2010, he was a
Vice President of Perseus Realty Partners, a Washington, DC, based real estate private equity firm, where he led the firm’s global
capital raising and investor relations activities. Previously, he worked in financial services public policy roles at the U.S. Chamber
of Commerce. Mr. Overbay graduated from Roanoke College in 2002, received a Masters in Legislative Affairs and Public Policy
from The George Washington University in 2007, and a Masters in Real Estate from Georgetown University in 2010.
Scott J. Peters
(703) 437-5837
[email protected]
Director
Scott J. Peters, 54, Director. Mr. Peters is responsible for overseeing the due diligence on potential investee companies and assists
management teams of investees in the preparation of financial statements and management reports. Mr. Peters possesses more
than 28 years of commercial real estate financial and operational experience. Prior to joining the Manager, Mr. Peters held the
position of Executive Vice President of Asset Management for Combined Properties, Inc. Previously, he was the Executive Vice
President and Chief Operating Officer of Charter Oak Group, Ltd., a subsidiary of Rothschild Realty Inc. from 2000 to 2004.
Concurrently, he was the Chief Financial Officer of Charter Oak Group from 1990 to 2004. He is a Certified Public Accountant
and graduated from the University of Wisconsin in 1982 with a Bachelor of Business Administration.
David K. Haltiner
(212) 403-3658
[email protected]
Vice President
David K. Haltiner, 30, Vice President. Mr. Haltiner joined the Manager in 2008 and is responsible for securities and sector analysis,
valuation, and transaction execution. He currently serves as a director of Winter Properties. From February 2007 to April 2008, he
was an Analyst in the Real Estate Finance and Securitization Group of Credit Suisse. Mr. Haltiner graduated from the University
of Georgia in December 2006 with a Bachelor of Business Administration in Finance.
11
Almanac Professional Biographies
Kenny K. Moon
(212) 403-3582
[email protected]
Vice President
Kenny K. Moon, 31, Vice President. Mr. Moon joined the Manager in 2009 and is responsible for securities and sector analysis,
valuation, and transaction execution. He currently serves as a director of HRIP Holdings. Previously, he was an Associate in the
Corporate Acquisitions Group at ING Clarion Partners. From July 2006 to February 2008, he was an Analyst in the Real Estate
Investment Banking Group at Citigroup. Mr. Moon graduated from the University of California, Berkeley in May 2005 with a
Bachelor of Science in Business Administration.
Madeline K. Chiavini
(212) 403- 3539
[email protected]
Associate
Madeline K. Chiavini, 26, Associate. Ms. Chiavini joined the Manager in 2013 and is responsible for securities and sector analysis,
valuation, and transaction execution. From August 2012 to September 2013, she was an Analyst in the Industrials Investment
Banking Group at Macquarie Capital. Ms. Chiavini graduated from The University of Notre Dame in May 2010 with a Bachelor of
Arts in the Program of Liberal Studies and Economics, received a Master of Science in Commerce from the University of Virginia
in August 2011 and a Masters in Finance from Claremont McKenna College in May 2012.
Susan R. Hui
(212) 403-3502
[email protected]
Associate
Susan R. Hui, 28, Associate. Ms. Hui joined the Manager in 2013 and is responsible for securities and sector analysis, valuation,
and transaction execution. From July 2011 to April 2013, she was an Associate, and from July 2008 to June 2011, she was an
Analyst in the Corporate and Investment Banking’s Real Estate Credit Risk Management Group at J.P. Morgan, responsible for the
origination, analysis, underwriting, transaction execution, and relationship management of real estate, gaming and lodging, and
homebuilder clients’ corporate loans. Ms. Hui graduated from University of Texas at Austin in May 2008 with a Bachelor of
Business Administration in Finance and Business Honors.
Scott H. Malamut
(212) 403-3660
[email protected]
Associate
Scott H. Malamut, 28, Associate. Mr. Malamut joined the Manager in 2012 and is responsible for securities and sector analysis,
valuation, and transaction execution. From July 2009 to July 2012, he was an Analyst in the Global Real Estate Investment
Banking Group at Barclays. Mr. Malamut graduated from Cornell University in May 2009 with a Bachelor of Arts in Economics.
12
Almanac Professional Biographies
Michael H. O’Neill
(212) 403-3581
[email protected]
Associate
Michael H. O’Neill, 27, Associate. Mr. O’Neill joined the Manager in 2014 and is responsible for securities and sector analysis,
valuation, and transaction execution. From July 2013 to August 2014, he was an Analyst in the Real Estate & Lodging Investment
Banking group at Citi. Prior to joining Citi’s Real Estate & Lodging team, he was an Analyst in Citi’s Treasury and Trade
Solutions. Mr. O’Neill graduated Phi Beta Kappa and with distinction from Krannert School of Management at Purdue University
in May 2010 with a Bachelor of Science in Honors Economics.
Joseph M. Sacchetti
(212) 403-5402
[email protected]
Controller
Joseph M. Sacchetti, 34, Controller. Mr. Sacchetti joined the Manager in 2012 and is responsible for the financial accounting and
reporting of the ARS Fund Series and for the Manager, including the analysis of fund performance, investor reporting, tax
compliance and treasury reporting. Previously, he held the position of Fund Controller for The Hampshire Companies, a fully
integrated real estate investment firm. From 2003 to 2011, he was employed by Lazard Frères & Co. as an Accounting Manager
for the manager of a series of real estate private equity funds, where he worked closely with Mr. Herms. Mr. Sacchetti graduated
from the University of Notre Dame in 2002 with a Bachelor of Science degree. He is a CPA licensed in the state of New York, and
is a member of the American Institute of Certified Public Accountants and NAREIT.
Jason Dumont
(212) 403-3831
[email protected]
Accountant
Jason Dumont, 29, Accountant. Mr. Dumont joined the Manager in 2012 and works closely with the Controller and the finance team
in connection with the preparation of quarterly and annual investor reports for the ARS Fund Series and the Manager. From 2009
to 2012, he was employed within the finance department of a charitable research organization. Mr. Dumont graduated from St.
Francis College in 2009 with a Bachelor of Science in Accounting, magna cum laude, and Master of Science in Accounting. He
recently became a Certified Public Accountant licensed in the state of New York.
13
Almanac Professional Biographies
Mike Mitchell
(212) 403-3512
[email protected]
Accountant
Mike Mitchell, 23, Accountant. Mr. Mitchell joined the Manager in 2013 and works closely with the Controller and the finance team
in connection with the preparation of quarterly and annual investor reports for the ARS Fund Series and the Manager. Mr.
Mitchell graduated from Pepperdine University in 2013 with a Bachelor of Science in Accounting.
Mary Beth McCormick
(614) 599-1100
[email protected]
Senior Advisor
Mary Beth McCormick, 57, Senior Advisor. Ms. McCormick joined the Manager in 2010 and is responsible for sourcing and
analyzing potential real estate investment opportunities, providing guidance and consultative services to our investee companies
and representing the Manager on the board of directors BSR Trust (formerly Summit Housing Partners). From 1989 to 2005, Ms.
McCormick was with the Ohio Public Employees Retirement System, where she served as Assistant Investment Officer – Real
Estate from 1995 to 2005. She has served as a Director and Chair of the Pension Real Estate Association, Council Vice Chair for the
Urban Land Institute, Chair of the Portfolio Management Committee of the National Council of Real Estate Investment
Fiduciaries, and on the Board of Governors of National Association of Real Estate Investment Managers. She has served as a
Director of EastGroup Properties since 2005 and served as a Director for Mid-America Apartment Communities from 2006 to
2010, as well as a Director of RXR Realty. Ms. McCormick received a Bachelor’s Degree in 1979 and an MBA in 1985 from The
Ohio State University.
Simon Wadsworth
(901) 871-9798
[email protected]
Senior Advisor
Simon Wadsworth, 67, Senior Advisor. Mr. Wadsworth joined the Manager in 2012 and is responsible for representing the Manager
on the Board of Directors of HRIP Holdings and NRES Holdings. He served for 16 years as Chief Financial Officer for MidAmerica Apartment Communities, a Real Estate Investment Trust with multifamily investments across the U.S. Sunbelt. Upon
retirement as CFO, Mr. Wadsworth served as Special Advisor to the Chairman from 2010 to 2012. He was also a Director of the
company during his entire tenure there, from 1994 to 2012. Mr. Wadsworth is the author of “REIT Cash is King,” which focuses
on investing in REIT Preferred Securities. Mr. Wadsworth received a Bachelor’s Degree from Cambridge University in England in
1968 and an MBA from Harvard Graduate School of Business Administration in 1973.
14