The Equities division at Howard & Mills Inc. is committed to providing high-risk adjusted returns to a select group of investors. The firm focuses on undervalued assets with repositioning “upside” potential in markets that target high cap rate investments with stable income streams.

Investment Overview:

• “Value-Added” properties
• Strong emphasis on “Risk-Adjusted-Return”
• Total individual property capitalization $15 to $40 Million per property; multi-property portfolios up to $200 Million
• Mid to high teens leveraged returns targeted
• Discount to replacement cost pricing preferred
• Intermediate hold: four to seven years; convert value-added properties to core, then exit
• High leverage: 40% - 65% depending on asset
• Focus on quality locations with supply constraints
• Markets: primary and secondary; MSA’s greater than 500,000

Investment Structure:

• Acquire on a direct equity basis with in-house property management and leasing
• Provide joint venture equity to owners/developers to facilitate an acquisition or value-added business plan
• Re-capitalize existing structure investments

Retail:

• 50,000 to 1,000,000 plus square feet
• Prefer food/drug anchored
• Will consider “power centers,” “value-oriented” centers and regional mall opportunities; properties needing significant renovation or “repositioning”