The Ledger
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Khoury: REIT Price Movements Are Now Double Long Pond's Early Years
“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.”
Khoury: Sunbelt Apartment REITs Trade at 25% Discounts to Private Value
“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…”
Khoury: Hotel REITs are poor businesses because they are price takers
“There are hotel REITs, which in our opinion are not great businesses. They're generally price takers.”
Khoury: Better Data Center Investments Are Private, Not Public
“Data centers, they're one place in real estate where the better opportunities are in the private.”
Khoury: Long Pond sizes top long positions up to 12%
“We run with 12% positions. We don't do it all the time. It's reserved for special situations.”
Long Pond's Active ETF Holds 20 to 25 Cheapest Among 80 Target Real Estate Firms
“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 …”
Khoury: Long Pond Evaluates Investments on Two-Year IRR Paradigm
“We look at everything through a two-year IRR paradigm.”
Khoury: Long Pond Rotated Into Hard-Hit Compounders Like Hyatt
“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.”
Khoury: REITs total under $1.5T; Long Pond tracks 325 companies
“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.”
Khoury: Long Pond maintains 30 longs and 30 shorts portfolio structure
“30 longs by 30 shorts, with the longs almost always being larger.”
Khoury: A 3% position is a large short at Long Pond
“For us, a short being a three percent position is a big position for us.”