In the 1990’s, we primarily purchased value-add properties from distressed sellers.
In 2001 and 2002, Brookwood refrained from deploying capital due to inopportune market conditions.
Between 2002 and 2005, as rental rates in commercial properties increased nationally, we acquired properties in major markets with improving fundamentals, profiting from the increase in net operating income.
As one of the first real estate firms to recognize that the historic run-up in asset prices that began in 2003 was unsustainable, between 2005 and 2008 Brookwood sold every remaining real estate asset acquired prior to 2005.
From 2005 to 2007, we shifted our investment strategy and focused on properties with solid-credit tenants under long-term leases, using long-term debt financing to ensure the stability of the properties over the anticipated downturn in the cycle.
From July of 2007 until December of 2009, we once again refrained from acquiring any commercial assets due to inopportune market conditions.
From 2008 to 2010, we pursued opportunistic investments in undervalued residential and commercial real estate in specifically targeted regions of the U.S.
To take advantage of the impending recovery in the commercial real estate markets, we now are targeting investments in value-add properties in selected regions of the U.S. where we anticipate that we can obtain attractive risk-adjusted returns.