Heitman, LLC

About Heitman, LLC

Founded in 1966, Heitman LLC is a global real estate investment management firm with over A$49 billion in assets under management as of 30 June 2016.  Heitman’s real estate investment strategies include direct investments in the equity or debt capitalization of a property or in the securities of listed and publicly traded real estate companies.  Heitman serves a global client base with clients from North American, European, Middle Eastern and Asia-Pacific institutions, pension plans, foundations and corporations and individual investors. Headquartered in Chicago, with offices in Los Angeles, London, Luxembourg, Dusseldorf, Frankfurt, Munich, Warsaw, Hong Kong, Seoul, Tokyo, and Melbourne, Heitman’s over 300 employees offer specialized expertise – from a specific discipline to local insight.

Heitman has been investing in and managing portfolios of publicly traded, listed real estate securities since 1989. Heitman uses a growth-at-a-reasonable-price investment approach which identifies holdings that are either core holdings (high quality companies with superior business models anticipated to create significant value over the long-term) or opportunistic holdings (short-term opportunities selected on the basis of particular catalysts for holding or selling).

Heitman is a limited liability company, 50% owned and controlled by Senior Officers of Heitman and 50% by an entity controlled by Old Mutual Asset Management plc, a New York Stock Exchange listed company.

Funds managed

Key personnel

Jerry Ehlinger, CFA, Managing Director, Portfolio Manager, North American Real Estate Securities

Jerry is Managing Director and the Lead Portfolio Manager in Heitman's North American Public Real Estate Securities group. He also serves on the group’s Global Investment Committee and co-manages the group’s global real estate securities strategies. He is an equity owner of the firm. Throughout his career, Jerry has held a number of related investment positions in the REIT industry Before joining Heitman in 2013, Jerry was lead portfolio manager and head of real estate securities, Americas at DB/RREEF Real Estate. Prior, Jerry served as Senior Vice President and Portfolio Manager of Heitman's real estate securities group from 2000 to 2004. He began his career at Morgan Stanley in 1996 where he primarily covered the REIT sector both as a sell-side analyst and as a senior research associate at Morgan Stanley Asset Management.

Jerry received an MS in Finance, Investment and Banking from the University of Wisconsin-Madison and a BS in Finance from the University of Wisconsin-Whitewater. Among other professional affiliations, Jerry is a member of the National Multi Housing Council, International Council of Shopping Centers, the CFA Institute, the CFA Society of Chicago, and the National Association of Real Estate Investment Trusts.

Mark Abramson, Managing Director, Lead Portfolio Manager, European Real Estate Securities

Mark is Managing Director and the Lead Portfolio Manager in Heitman's European Public Real Estate Securities group. He also serves on the group's Global Investment Committee and co-manages the group's global real estate securities strategies. He is an equity owner of the firm and a member of Heitman's Management Committee.  Prior to joining Heitman, Mark worked at a leading Wall Street investment bank, where he was a top-ranked sell-side equity research analyst during his tenure.  He was the only investment analyst among his Wall Street peer group to have been top-ranked in both the European and the US markets for his research on the hospitality sector. Mark's investment recommendations have been widely cited in international financial press and other media, and he has been regularly invited to present his market insights at industry conferences, universities and other venues.

Mark received a BA in Political Economics from John Hopkins University, an MA Economics from American University and completed post-graduate studies in International Public Policy at the University of Maryland.

John White, Managing Director, Lead Portfolio Manager Asia-Pacific Real Estate Securities

John is Managing Director and the Lead Portfolio Manager in Heitman's Asia-Pacific Public Real Estate Securities group. He also serves on the group’s Global Investment Committee and co-manages the group’s global real estate securities strategies. He is an equity owner of the firm and a member of the firm’s Management Committee. John has 25 years of experience in public and private equity as well as real estate debt markets across Asia. Prior to joining Heitman in 2010, John was co-head of real estate securities at Challenger (Heitman's Asian JV partner for real estate securities) and portfolio manager at HSBC Asset Management from 2001. Before moving to investment management, John worked across the region in property equity research at HSBC and property/credit advisory with ANZ Banking Group. He began his career as a real estate valuer at Landauer and Chesterton.

 John received a BBus in Land Economy from University of Western Sydney-Hawkesbury and a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. He is a member of the Royal Institute of Chartered Surveyors, the Asian Public Real Estate Association, the Australian Institute of Company Directors and FINSIA.

Why Advance selected Heitman

Heitman utilises a Growth-at-a-reasonable-price (GARP) investment strategy with alpha coming from primarily bottom-up stock analysis with a macro overlay. Aspects of its investment process are differentiated from peers and its macro thoughts are well communicated across a large and well-resourced team.

Heitman has delivered strong and consistent performance over time due to its robust investment process, strong sell discipline and more focused investment portfolio.  Advance views its investment approach and performance characteristics very favourably and complementary to our incumbent global REIT managers. We believe the inclusion in the Fund will aid in improving the risk/return profile of the Fund and enhance its positioning to align with prevailing and anticipated market conditions.