The partners have developed a reputation of discovering and exploiting new investment ideas before they become conventional strategies. This approach, leveraging macro trends with hands-on experience, has delivered strong returns to their investors. While each of Brickman's funds has been structured with specific investment objectives, the partners realize that the ultimate investment thesis must be continuously refined and restructured as market conditions change and opportunities arise.

The firm's current investment strategy reflects the view that certain real estate assets can be purchased at a risk-adjusted return that compares favorably to alternative asset classes as well as to more opportunistic real estate investments. In other words, more conservative real estate investments with returns in the low-to-mid teens compare favorably to higher risk real estate assets with expected returns in the high teens. The firm's view is that the influx of capital into real estate has forced pricing on for opportunity transactions to increase beyond a point where returns can be made that are appropriate for the risk taken. The firm's investment focus (through Brickman Real Estate Fund II) is on office, and, to a limited extent, residential properties in markets that possess long-term positive attributes such as demand-perspective demographic trends and favorable supply conditions. Brickman is making these investments both directly and through mezzanine lending on these types of assets. Brickman seeks stable cash flow over intermediated to long-term horizons in properties where liquidity on the exit of the investment and opportunities to enhance value by applying the firm's operating expertise coexist.

The firm will continue to make a limited number of investments in opportunistic transactions that are expected to generate higher risk-adjusted returns. The profile of these opportunities are expected to be land with leasing or moderate entitlement risk, and the investments made in the form of fee ownership or debt positions.

To execute the opportunistic strategy effectively requires significant financial sophistication, substantial equity capital, and strategic operating expertise. Brickman's reputation and history of creating alignment within communities and serving tenant interests allows the firm to invest in properties that require the creative remediation of intangible and legal barriers subjected by local governments, land-lease holders, and concerned tenants.

All of Brickman's target investments have the following characteristics:

Favorable Macro Trends:
The firm seeks markets where long-term positive attributes such as job growth and demand-perspective demographic trends exist.

Limited Supply:
Brickman prefers favorable supply conditions stemming from barriers to entry and/or purchasing below replacement cost.

Liquidity:
Exit strategy is of paramount importance in any Brickman investment. The firm looks for factors such as potential purchaser profiles, investment returns for the purchaser upon a sale of an investment, as well as interest rate and refinancing risks.

Ability to Leverage Operating Expertise:
Brickman looks for opportunities where its operational expertise can be fully exploited. This philosophy extends to debt opportunities, where Brickman can recognize risk as well as opportunities that purely financially-oriented firms can not.