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Typically, the longest period of the real estate investment lifecycle is the Cultivation phase which, ironically, is the phase that garners the least attention from large fund managers. Perhaps Henna’s greatest differentiator is the special attention it pays to this phase of value creation.

Much like a farmer tends to his crops in order to produce a more abundant harvest in the future, Henna continuously manages its portfolio properties in order to increase their value at disposition. Similarly, much like well watered and fertilized crops can better withstand drought and cold weather conditions; Henna believes the best defense against market downturns is to ensure its portfolio properties have been well-managed in advance.

Henna acquires, structures and manages properties to produce long-term growth, rather than vainly trying to predict market fluctuations, which smart stock market investors learned long ago doesn’t work. While other managers attempt to “bulk up” their portfolios when market prices are high and capital is plentiful, Henna instead prioritizes investment in its current portfolio during this period - improving energy efficiency, upgrading property infrastructure, replacing outdated furnishings, fixtures, and equipment, streamlining management systems, providing remedial training for employees, reviewing consulting and vendor contracts, refinancing above-market loans, and more. All of these critical asset management functions, not only create value when economic conditions are favorable, but also and perhaps more importantly, build strong foundations and competitive advantages when economic conditions sour. Further, having its administrative house in order when times are good, enables Henna to focus its efforts and capital on new acquisition and development opportunities when good deals are plentiful, market prices are attractive, capital is scarce, and other managers are out scrambling to find ways to recover value from the properties they have neglected and overpaid for when times were good.

Another benefit of maintaining a deep, capable asset management organization is that it allows Henna to acquire complex, special-situation properties that other managers with acquisition-focused organizations cannot absorb. This, in turn, allows Henna to capture the yield premiums that accompany these kinds of deals.


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