How do we define control over the process? By way of example, we believe it means:

• Being able to formulate effective long-term strategies and the tactical plans to implement them;
• Being aware of available exit strategies for single properties, as well as for pooled fund investments, and being able to execute those strategies to maximize value;
• Knowing when a portfolio can and should be repositioned to take advantage of market opportunities;
• Knowing the strengths and weaknesses of a particular fund or manager before making an investment and what potentially better alternatives are available in the market;
• Understanding which investment fee and cost structures are preferable and why;
• Incorporating a capital markets perspective into the investment management process, so that the investor remains aware of real estate return movements in comparison to those of other asset classes.

In any investment setting, but particularly with an asset class characterized as "illiquid" and "inefficient," control over the process depends upon superior information and an ability to act decisively. Courtland provides its clients with both.

Superior Information

In recent years, real estate investment has become increasingly complex. The alternatives available to investors now include direct and pooled accounts in equity and debt, public and private. Courtland?s databases organize and maintain a wealth of information in each of these investment areas. Moreover, our research department issues on a regular basis information requests to more than 120 real estate investment managers. The firm maintains strong working relationships with a substantial number of those managers.

Courtland utilizes its real estate resources to develop strategies for both existing investments and future investment activity. At the same time, the firm's continuous capital markets research permits it to help the client maintain perspective on real estate?s role within the total investment portfolio and its value as a diversifier. We believe that real estate must always be viewed in the context of the total portfolio and managed as one element of that portfolio.

Decision Making Ability

Information is of little value without an ability to use it decisively. Depending upon the client?s preferences, Courtland can play as significant a role in the actual investment decisionmaking process as the client chooses. At a minimum, we ensure that our clients are properly equipped to act in a timely, effective manner.

Courtland places a premium on being proactive. That means focusing on issues at a time when they can be resolved most quickly and effectively. It also means aggressively monitoring the activities and performance of the client's real estate managers. For example, we continuously track actual property or pooled fund performance against projected performance to identify potential weaknesses in the real estate portfolio, and work closely with the client's managers to address those and other issues on an ongoing basis.

Within the past six years, Courtland's professionals have consulted on more than $6.0 billion of institutional real estate assets and have engaged in all aspects of portfolio management, including:

• Portfolio evaluations for assets exceeding $2.2 billion in aggregate value;
• Strategic and investment planning on behalf of state, county, municipal, Taft-Hartley and corporate plan sponsors for investment in and commitments to real estate exceeding $3.5 billion in aggregate value;
• Manager search activity relating to more than $1.2 billion in real estate commitments for both direct and pooled investment, including real estate securities, and debt and opportunistic funds;
• Manager fee proposal evaluations relating to direct account investing in excess of $1.0 billion.