Cohen Assessment Management – Organizational Investment Overview

Cohen Asset Management continually evaluates markets using the following approaches:

Macroeconomic Analysis

Bradley S Cohen through the research providers of Cohen Asset Management studies long-term economic and demographic trends, with particular focus on the growth in population and employment that over time creates increasing demand for land and buildings which facilitates rental increases. While short-term economic dislocations are extremely hard to predict, long term demographic trends tend to continue regardless of short term fluctuations in the economy. Cohen’s Target Markets have been chosen with these trends in mind, and are all large metropolitan areas with large and growing tenant bases.

Sub-market Analysis

Using macroeconomic analysis as a backdrop, Cohen studies the existing real estate Target Markets, on a submarket-by-submarket basis, focusing on supply and demand trends. Cohen studies vacancy, absorption, construction and rent statistics, to name a few, from multiple sources including proprietary information provided by CBRE’s Econometric Advisors formerly Torto Wheaton, Cohen’s own transaction database and local appraisers, brokers and property owners. Cohen believes that detailed comparable rent data are the most difficult and most important piece of market information to obtain. This information is typically not published and is acquired from direct leasing experience and strong relationships with local contacts willing to share accurate, up-to-date leasing information with Cohen.

Market Segmentation Analysis

The responsibilities of Cohen’s acquisition team consist of key investment personnel that source acquisition opportunities and negotiate and structure transactions in Cohen’s Target Markets. The acquisition team works under the supervision of the Chief Investment Officer (the “CIO”) in evaluating and selecting opportunities within the Target Markets. Cohen’s focus is primarily on functional, high quality net leased industrial properties to the extent those assets are consistent with the investment’s philosophy and objectives.

Describe the process you use to identify attractive properties, and what characteristics you look for in a specific property under consideration.

Asset/Property acquisition analysis will be based on four aspects of purchase opportunities: 1) cash flow projections, 2) asset quality, 3) tenant credit, and 4) market dynamics.

What are your primary sources of deal flow?

Brad S Cohen and Cohen Asset Management’s ability to source value-added investment opportunities is based on the reputation of Cohen Asset Management’s strong brand and the depth of its relationships that have been nurtured over the past several decades. Purchase opportunities are found using a variety of techniques. The acquisition team frequently learns of investment offerings as they are emerging, and well before they get to the market. The acquisitions group is constantly reviewing property offerings, speaking with investment bankers, owners, investors and lenders with significant real estate holdings and aggressively seeks product. Bradley S Cohen has established a deep and diverse network of relationships within the industrial real estate sector and the more general real estate industry as a whole. As a nationally recognized investor in the industrial real estate sector, Cohen leverages its local and national relationships to learn of investment offerings as they are emerging and often well before they get to market. Bradley Cohen routinely cultivates relationships with key real estate professionals in its markets, including brokers, pension fund advisors, bankers and lawyers.

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