Advisory & Consulting

Strategic advice for commercial real estate investors and operators to enhance value for stakeholders

Insightful, strategic real estate expertise

Green Street's Advisory group provides customized solutions for operators and investors around the world to enhance their decision-making process. The group's independence, coupled with its deep knowledge built from a strong history analyzing capital markets and real estate across property sectors, provides clients with tailored solutions that address their specific needs.

Strategic Advisory & Best Practices

Maximize value while managing risk and conflicts of interest

REIT IPO Advisory

Advising REIT IPOs for over 20 years

Advising REIT IPOs worldwide for over 20 years

REIT Conversions & Real Estate Monetization Alternatives

Explore strategies for real estate monetization

Company & Portfolio Valuation

Providing insight into real estate values

Transaction Advisory

Advised over $40 billion in transactions

Advised over $40 billion in transactions around the globe

Cross-Border Advisory

Unique global perspective

Advising a wide range of leading real estate players

Clients have included private real estate companies, publicly traded and non-traded REITs, C-corps, operating companies, hedge funds, pension funds, family offices, and more.

Board Services

Advisor to Special Committee
Industrial REIT

IPO Advisory

$690 Million IPO
First REIT IPO in India

Company Positioning

Global property owner

Strategic Advisory

Fortune 500 Retailer
Retail

Activist Situations

OpCo/PropCo
Darden Restaurants

IPO Advisory

$725 Million IPO
Cold Storage

Portfolio Valuation

Private REIT
Retail

Portfolio Valuation

Private REIT
Industrial

Meet our team of Commercial Real Estate Advisors

Our Advisory group has over 100 years of industry experience. We capitalize on the expertise of Green Street's esteemed team of research professionals and have a wealth of knowledge and practical experience from working with high-profile real estate market participants.

Green Street Advisory and Consulting is a state registered investment adviser regulated by the California Department of Financial Protection and Innovation. Services are only offered to clients or perspective clients where Green Street and its advisory representatives are properly licensed or exempt from licensure. Please note, Green Street's US Research, Data, and Analytics products along with its global news publications are not provided as an investment advisor nor in the capacity of a fiduciary. The firm maintains information barriers to ensure the independence of its non-regulated businesses from the regulated services provided by Green Street.

*Europe team members are employees of Green Street Advisors (UK) Limited, an affiliate of Green Street and regulated through the Financial Conduct Authority. All Acts performed in the United States are supervised by
Green Street US.

Dirk Aulabaugh

EVP, Global Head of Advisory Services

Andrew Spindler

Senior Vice President, Advisory & Consulting

Andrew Simmons

Managing Director, Advisory & Consulting (UK)

Tyler Blue

Senior Vice President, Advisory & Consulting

Lillian Xia

Vice President, Advisory & Consulting

Jake Bracken

Vice President, Advisory & Consulting

Samuel Charlton

Vice President, Advisory & Consulting (UK)

Michael Finn

Senior Associate, Advisory & Consulting (UK)

Gin Chong

Senior Associate, Advisory & Consulting (UK)

Arsalan Obaidullah

Vice President, Advisory & Consulting (UK)

Sage Hale

Senior Associate, Advisory & Consulting

Frank Bazzano

Vice President, Advisory & Consulting

Nathan Siino

Senior Vice President, Advisory & Consulting

Bayle Smith

Senior Vice President, Advisory & Consulting

Pierre Rigaud

Senior Vice President, Advisory & Consulting

Jesse Freitag-Akselrod

Managing Director, Advisory & Consulting (UK)

Featured Insights

We help world class companies in the commercial real estate and REIT industry overcome business challenges and capitalize on investment opportunities.

Advisory & Consulting Group

U.S. Farmland Sector Primer: Investment Merits

U.S. Farmland is one of the largest commercial real estate sectors and remains under allocated among institutional investors. The sector has delivered steady returns through economic cycles thanks to a favorable supply/demand dynamic that is unique in the real estate industry. Download this primer authored by Green Street’s Advisory Group for an overview of the U.S. Farmland sector and an in-depth analysis of its investment merits, including a framework on how to approach, benchmark and value the sector’s unique investment attributes against other real estate asset classes.

Dirk Aulabaugh

Green Street Says Non-Traditional Sectors Still Offer Risk Premium

In this 3-minute clip, Dirk Aulabaugh, Managing Director of Green Street’s Advisory Group, discusses non-traditional sector outperformance and the risk premium they offer compared to major sectors. Dirk shares that institutional investors are searching for yield and his team is witnessing an increasing focus on these non-traditional sectors all over the globe. Green Street expects continued divergence of traditional and non-traditional sector yields.

Dirk Aulabaugh & Nathan Siino

Cannabis-Related Real Estate: The Next Emerging Property Sector?

Green Street’s Advisory Group opines on momentum and “the first mover advantage” in non-traditional sectors. This article includes analysis of the first REIT owning cannabis-related industrial assets and perspective on the regulatory risk and opportunity for this type of real estate.

Jim Sullivan, Pierre Rigaud & Mitchell Carter

Gaming REITs: Sector Primer

Gaming REITs are structured much like triple-net (NNN) REITs and constitute a relatively new property sector. Discounted valuations relative to NNN REITs are the result of investors still assessing the “real” risks versus the “perceived” risks in the gaming REIT space. The three US-listed gaming REITs engaged Green Street’s Advisory & Consulting Group to produce a primer intended to educate the market and facilitate a dialogue on the merits of the gaming REIT sector.

Jim Sullivan

Video: Jim Sullivan on the Signals from the Listed Real Estate Market

Jim Sullivan, President of Green Street's Advisory & Consulting group, discusses the reasons why all real estate investors should look to the public market for signals on operating fundamentals and valuations.

Phillip Owens

Video: Best Practices for Small Companies Competing for Capital

Green Street’s Advisory Group undertook a study of small and mid-sized REITs to identify key trends among the most successful companies and compare them to their larger REIT peers. “We found that the smaller REITs had higher highs and lower lows, so it’s a volatility issue not an underperformance issue,” Phil Owens says.

Jim Sullivan & Otto Aletter

White Paper: 2017 Mall Tenant Turnover Analysis

Although department store struggles continue to dominate headlines, they provide only a small portion of a mall’s net operating income (NOI) because many anchor tenants own their stores or pay little-to-no rent. In-line tenants on the other hand, have an outsized impact on mall NOI, and their performance offers a preferred indicator of mall health.

Jim Sullivan

Jim Sullivan Discusses Retail on the Adventures in Finance Podcast

Jim Sullivan discusses the impact of retail woes on private and public real estate markets, and implications for investors. We are in the midst of a transition that is creating damage for some and huge opportunity for others. Brick-and-mortar owners need to be flexible and nimble.

Phillip Owens

Webinar: Pillars of U.S. REIT Best Practices

Small and mid-sized REITs often face unique challenges as they compete for investor interest versus their larger REIT peers. What are some feasible, actionable ways to address these challenges, and what opportunities exist for these often-overlooked companies to rise above the rest?

Jim Sullivan

Considerations in Monetizing Retail Real Estate

It is no secret that brick-and-mortar retailers are facing unprecedented headwinds. Given the increasingly competitive retail environment, retail C-suite executives would be well served to shift their thinking and begin viewing real estate as a financial asset rather than just an operating location.

Jim Sullivan

Video: Retail Headwinds & Tailwinds

Jim Sullivan opines on the headwinds in the retail sector, but also sheds light on the tailwinds that tend to be overlooked. Jim shares insight into how Green Street’s Advisory Group is helping retailers and CMBS investors tackle challenges in the space. With mall REITs trading at such steep discounts to NAV, “Is the public market appropriately evaluating the headwinds and the tailwinds, or is it overblown by media headlines?”

Yoel Kranz, Jim Sullivan & Dirk Aulabaugh

A Debate Over REIT Corporate Governance

Who should be in control of key outcomes for REITs – the shareholders or the Boards? Corporate Governance is a very important issue for all REIT market participants. Watch this 30-minute webinar with Jim Sullivan, President of Green Street’s Advisory Group, and Yoel Kranz, Partner at Goodwin, as they debate REIT Corporate Governance “best practices."

Jim Sullivan

Are REITs Headed to China?

Jim Sullivan, President of Green Street’s Advisory Group, recently traveled to China for two REIT-related conferences. China currently does not have a REIT regime. One of the key takeaways from Jim in this special article: “The creation of a REIT structure in China could lower the cost of capital for real estate companies in the market while also providing an efficient and liquid investment vehicle for institutional and retail investors.”

Justin Brown

Green Street Sees Potential for Increased REIT M&A Activity

The REIT industry is well-suited for M&A and current market conditions suggest the environment today is more conducive to combinations than at any point since 2008. Justin Brown of Green Street's Advisory & Consulting group highlights the potential catalysts for deal-making, and how companies can best position themselves to take advantage of new trends.

Jim Sullivan

The REIT Industry: Growing Leaps and Bounds

Much of the rapid growth in the REIT industry in recent years is from REIT conversions, where C-corps that control substantial amounts of real estate choosing to convert into REITs. These REIT conversions are occurring in property types that are less familiar to real estate investors – timber land, data centers, prisons, casinos, cell towers, and billboards.

Advisory & Consulting Group

Darden Real Estate Primer

A sophisticated hedge fund client believed the value of Darden Restaurants, Inc's (NYSE: DRI) real estate holdings was not fully reflected in the company’s share price. The client retained Green Street to provide an independent opinion of the real estate value of nearly 2,000 owned and leased properties.

Advisory & Consulting Group

General Growth Properties: A Case Study in Balance Sheet Distress

Equity value exists even under a bankruptcy scenario. A look at how one of the largest and most successful mall owners fell into bankruptcy and emerged just over one year later.

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Learn about our Services

To inquire about becoming a client, or if you have any questions about any of our products and services, please contact Sales at +1 (949) 640-8780 or follow the link below and complete our online form.

To become a client or learn more about how our service offerings can benefit you, please call our sales team at +44 (0)20 3793 7000 or follow the link below and complete our online form.

*Please note that we only accept as clients entities or persons who can be classified as professional clients or eligible counterparties under the FCA rules.