Approach
Cohesive, Experienced Team
At Westport, the Management Team will continue to apply the core principles that have proven historically successful. The team seeks to generate consistent returns regardless of the prevailing investment environment.
The Westport professional who acquires an asset retains primary responsibility for its performance, calling upon the in-depth expertise of team members as the investment is brought through the value creation process. To enhance our specialized services, we have developed relationships with domestic and international real estate owners, operators and managers who have intimate knowledge of local markets and provide additional specialized operational expertise.
Conservative, Yet Flexible Investment Philosophy
Within the framework of a core set of values, we are flexible enough to take advantage of changing market conditions. This fundamentally conservative approach emphasizes preservation of capital, downside protection and current cash flow. Rigorous underwriting, due diligence, investment review, and proactive asset management are combined in an effort to maximize value for and mitigate risk to the Funds.
“Roll up the Shirtsleeves” Approach to Creating Value
We perform independent analyses and do not rely on third parties. In real property investments, we proactively manage and reposition assets, investing capital where prudent to make improvements, and aggressively implement business plans to increase revenue and reduce expenses. We apply the same approach to our financial asset investments, performing as much asset-level underwriting as possible, while taking into account company-specific and market factors. In distressed situations, we seek to be as senior as possible in the capital structure and to exert significant influence in the workout process.
Investment Diversification
We take a four dimensional approach to diversification:
Capital Structure
We invest throughout the capital structure, seeking to find the point where the risk-return profile is maximized, keeping in mind our absolute return targets. Our Property Funds generally own properties directly, while our Strategies Funds invest in a wide variety of mortgage instruments, bank debt (syndicated and bilateral), secured and unsecured corporate debt, mezzanine loans, structured finance instruments and equity and debt securities issued by companies with significant real estate investments or exposure.
Life Cycle
Our prior experience allows us to generate profits anywhere in the life of an asset–new development, redevelopment, and change-of-use. Where prudent, we enter into joint venture relationships with partners who bring specific, relevant experience to the equation. Creativity and flexibility are key to maximizing value.
Product Type
We have significant experience across the spectrum of asset classes–office, retail, single and multi-family, industrial, healthcare, hospitality and gaming. Our investment experience includes the ownership of both real property and operating company investments in these sectors.
Geography
The Team has successfully invested across the United States and in Canada, Mexico, Europe and Asia. International investments are generally made with local country partners. We believe strongly that international investment must come with a premium to returns available in the United States, reflecting the additional political and economic risks entailed in investment overseas. We perform significant country and local market due diligence ourselves, not relying on “remote control” investing.