LDR Capital Management invests in the publicly-listed preferred shares of REITs. Our investment objectives are capital preservation, providing a high quality, consistent income stream, and the generation of attractive risk adjusted returns.

LDR CAPITAL INVESTMENT PROCESS

The core of our strategy is to pursue investments in high-quality, attractively valued securities and to reduce risk by focusing on credit quality, duration and cash management.  We often trade against retail-driven fund flows, raising cash levels when securities are overvalued and deploying cash when markets are depressed.

BOTTOM-UP SECURITY ANALYSIS

SECURITIES SELECTION

BOTTOM-UP SECURITY ANALYSIS

A
COMPANY ANALYSIS
  • Management Integrity
  • Real Estate Quality
  • Historical track-record
  • Governance issues
B
Financial Analysis
  • First-loss analysis
  • Preferred dividend coverage
  • Preferred position in capital stack
A
SECURITIES PRICING
  • Price to par
  • Accrued dividends
  • Duration Analysis
  • Yield and prospective IRR
B
SECURITIES FEATURES
  • Call date
  • Dividend features
  • Convertibility
  • Frequency of dividend distribution
  • Sector analysis and sizing
  • Individual company exposure
  • Individual security exposure
  • Position size and liquidity
  • 75-85 positions provide opportunity
    for Alpha generation and lower Beta