Notes from Starboard
Overpaid or Overmarked: Entry pricing, carrying values and leverage across the Signa acquisition programme, 2013–2024
The median Signa purchase cleared the local market by 1.56×, and the audited book then ran ahead of any market-implied path we can construct, by close to three times in 2017. Negative policy rates masked the combination. By the time rates moved, the arithmetic had already broken.
Priced to Clear: Which owners will actually sell, and where the deal clears
When the marketed pipe thins, the deals are behind doors. Two decades of closed US transactions show which owners are likely to sell, and where the deals that trade actually clear.
Extend and pREITend: $351B of REIT debt is coming due. We'll tell you who's selling before the broker does.
REITs carry $351B of dated debt, and more of it falls due inside three years than at any point in thirteen years. We rebuilt the wall from the filings, built the model that flags who sells next, and ended with names to call.
Introducing Starboard Deal Sourcing: Your buy box, run against every property on record, surfacing sellers before the deals exist
The buy box that filters your inbound deals can now find deals for you.
Meditations on Moneyball: What Gets You on Base in CRE?
Commercial real estate is having its Moneyball moment. The data has been there for decades. What's been missing is the discipline to use it.
Knowledge is Power: A Context Engine Built for Commercial Real Estate
AI tools can read deals. Conviction requires your firm's context.