Investment Philosophy
At the heart of everything that GPM does is the conviction that the process must begin with receiving good value for the dollars invested. GPM strives to build profits, not monuments.
Three core principles guide the GPM team:
- Acquire or develop assets at reasonable cost
- Apply intense, creative management and leasing
- Maximize returns through timely sales
By taking advantage of an open, flexible approach, GPM has always been able to use its intimate knowledge of local markets and sectors to capture transitory market inefficiencies or dislocations.
Risk management flows naturally from a focus on income producing property, thorough due diligence, leasing to quality tenants and limited use of debt financing.
Asset Selection Criteria
GPM is not formula driven. Investments are selected based upon cash flow and value, and, in particular, the growth potential of both. Key selection criteria include:
- Discount to replacement cost
- Solid income characteristics
- Favorable asset cost base
- Minimal functional / economic obsolescence
- Contract rates at or below market levels
- Careful evaluation of tenant credit
- Good market demand for vacant space
- Well-balanced lease maturities
- Favorable economic / demographic growth
- Proven market liquidity
