Our experience with real estate investments spans many different product types and real estate asset classes. We have extensive experience with a range of real estate investment offerings, including:

 

• Real estate investment trusts (REITs);

 

• Real estate funds;

 

• Programs structured to qualify for like-kind exchange treatment under Section 1031 of the Internal Revenue Code, such as TICs and DSTs; and

 

• Note programs.

 

These offerings have included the full range of property types – office, industrial, retail, multifamily, healthcare – and investment strategies – core, value add, opportunistic and distressed. Our firm has reviewed hundreds of real estate offerings ranging in amount from several million dollars to several billion dollars. A due diligence review of a real estate offering typically involves:

 

• A visit to the office of the sponsor of the program to conduct interviews with management and/or a visit to a property or properties where material to the program;

 

• Review of relevant transactional documents such as leases, property management agreements, and joint venture agreements;

 

• Review of any opinion issued by legal counsel;

 

• Independent credit and market research for material tenants; and

 

• Review of financial models using market and historical data.

 

Our firm provides specialized additional services in connection with non-traded REITs.

Due diligence of oil and gas programs requires industry knowledge and experience.

We have reviewed all types of

oil and gas programs including:

 

• Drilling programs, from exploratory to developmental, shallow to deep, and onshore and offshore programs;

 

• Programs involving the acquisition and redevelopment of existing, income-producing wells;

 

• Royalty programs; and

 

• Tax advantaged programs.

 

We have reviewed programs with capital raises ranging in size from $10 million or less for a limited number of wells, up to several hundred million dollars encompassing hundreds of wells.

In connection with our review of

oil and gas programs, we typically:

 

• Conduct onsite interviews with key executives and technical staff at the office of the program sponsor;

 

• Review reserve reports, historical well data, performance of comparable wells in the area;

 

• Analyze underwriting to assess assumptions driving any financial model;

 

• Review key transactional documents, including title to land or mineral rights;

 

• Research novel drilling or redevelopment techniques anticipated to be used, as well as local geography and drilling activity; and

 

• Analyze conditions in the oil and gas market.

 

In addition, we have a relationship with an independent engineering firm that may assist us in our review of oil and gas programs. We often engage this firm to provide enhanced technical and market analysis. This firm's technical experience complements our due diligence process, and gives our clients an additional perspective on the program under review.

Evaluating a managed fund requires a fundamental understanding of capital markets, exotic trading and investment strategies as well as operations and internal controls. Review of managed funds encompasses a wide variety of products including:

 

• Hedge funds;

 

• Commodity pools;

 

• Managed futures programs;

 

• Money managers; and

 

• Fund of funds.

 

We have reviewed public and private programs with assets under management from a few million to hundreds of millions of dollars. Depending on their structure and their targeted investments, these products can be subject to very little regulation, requiring a more detailed analysis of the investment program. Key aspects of our review process include:

 

• Review of the relevant fund/manager's prior performance relative to similar investment products and/or benchmarks;

 

• Analysis of infrastructure for holding capital (margin accounts, cash management, etc.) and internal controls (separation of duties and control of funds);

 

• In a fund of funds context, analysis of manager's due diligence and ongoing monitoring of the underlying funds/managers;

 

• Review of regulatory records on relevant parties;

 

• Reference calls to vendors, service providers and other industry contacts;

 

• A visit to the office to observe operations and meet with management; and

 

• Review of all relevant operative legal documents, including detailed review and analysis of offering document disclosure.

 

Our review process of these programs provides our clients with a deeper understanding of the operations and assets of these complex investments.