Portfolio

Portfolio is the whole book in aggregate. Where Pipeline is a list of deals, Portfolio is what those deals add up to.

Questions this page answers

• What is the book worth, and what does it earn?
• How are returns distributed, not just averaged?
• Where is exposure concentrated?

Value and income

Aggregate concluded value, aggregate NOI, weighted average cap rate, price per square foot, physical occupancy, and WALT. Weighted measures state their weighting basis, because a cap rate weighted by value and one weighted by count are different claims.

Returns

Returns are shown as distributions rather than single figures. An IRR distribution across the book tells you something an average cannot: whether the number is typical or the product of one outlier.

Data basis

Every metric discloses its own release basis and how much of it rests on preliminary data. This is the same discipline as everywhere else, and it matters more here: an aggregate is where unreleased figures are easiest to launder into an authoritative-looking total.

The page says plainly when deals in the roll-up are preliminary rather than released.

Filtering

The book can be filtered by state, so you can look at the pipeline, what is owned, what concluded, and what was archived separately or together.

Charts

Charts on this page carry accessible data tables alongside them, so the underlying values are readable without interpreting a picture.