Long Pond Capital

“What we've done is we've taken the data that we have over the last 15 years of analyzing these companies, and we've said, there are 80 high-quality real estate companies. These are secular winners, compounders like Hilton. That will be the investable universe …”

“We look at everything through a two-year IRR paradigm.”

“In the case of Liberation Day, A lot of what we did was sell stocks that were down a little to buy stocks that were down a lot that had these compounding characteristics like Hyatt.”

“When we launched the fund, the first three years of the fund's existence versus the last three years of the fund's existence, the average move in the REIT space is literally two X today than it was then.”

“REITs are just under a trillion and a half, and the non-REIT side is actually larger than that. The companies are generally much bigger. In aggregate, we cover about 325 companies in our coverage model.”

“And the Sunbelt apartment REITs, which in aggregate are the largest exposure of the fund today, we're buying these companies at six and a half to seven percent implied cap rates, while the private market is close to five, five and a quarter, in 25, 30% discoun…”

“30 longs by 30 shorts, with the longs almost always being larger.”

“There are hotel REITs, which in our opinion are not great businesses. They're generally price takers.”

“We run with 12% positions. We don't do it all the time. It's reserved for special situations.”

“For us, a short being a three percent position is a big position for us.”

“It's about a 50% overlap at any given point in time.”

“We don't really have exposure today in the long side.”

“Data centers, they're one place in real estate where the better opportunities are in the private.”