Who We Serve · Pension Funds
Independent Real Estate Analysis for Pension Funds
Pension fund staff carry responsibility for decisions largely prepared by others. Independent analysis provides a documented reference point for underwriting, risk and performance that does not originate with the manager.
Scope
What this analysis is for
Wert-Berater does not manage pension assets, recommend managers or serve as an investment consultant. We provide independent analysis that pension staff, boards and their advisers can use within their own processes: testing underwriting presented for direct investments and co-investments, monitoring holdings, and re-underwriting assets as conditions change.
Long-duration liabilities mean long holding periods. Over those periods the original underwriting ages. Our work keeps a current, documented view of whether performance still supports the basis on which capital was committed.
Analytical framework
Analytical support for pension real estate
- 01
Independent underwriting
Reconstruction of the operating and capital case for direct and co-investments.
- 02
Acquisition diligence
Testing of market, operating and exit assumptions before commitment.
- 03
Development analysis
Lease-up, cost and value assumptions for development and forward purchase exposure.
- 04
Risk analysis
Downside scenarios, coverage stress and market sensitivity.
- 05
Market monitoring
Changes in supply, demand and pricing in the markets where holdings sit.
- 06
Portfolio monitoring and re-underwriting
Recurring performance measurement and periodic resetting of the base case.
- 07
Exit analysis
Hold, refinance or sell evidence for staff recommendations.
Evidence
Risk lenses we apply
Each line is tested against independent market and operating evidence, not accepted from the sponsor or seller model.
| Variable | What we test |
|---|---|
| Income durability | How dependent is NOI on a small number of tenants, operators or rate assumptions? |
| Coverage under stress | Where leverage is used, at what NOI decline does coverage fail? |
| Market exposure | Which holdings face material new supply during the expected hold? |
| Valuation drift | How do current market indicators compare with carried assumptions? |
Application
How staff use the work
Board and committee support
Independent analysis attached to staff recommendations.
Co-investment review
A second view on sponsor-presented transactions.
Annual review
Re-underwriting of selected holdings on a regular cycle.
Watchlist assets
Focused analysis when a holding moves outside expected performance.
Work product
What you receive
- Independent underwriting reports
- Risk and sensitivity analysis
- Market and portfolio monitoring reports
- Re-underwriting and exit memoranda
Scope boundary. Wert-Berater does not manage pension assets, provide investment advice or act as a fiduciary to the plan. Our analysis is one input within the plan's governed decision process.
Analytical continuity
After the Investment: Independent Performance Monitoring
For pension holdings, monitoring and periodic re-underwriting provide a continuous independent record that staff can reference in annual review and committee reporting.
The analytical relationship does not have to end when the feasibility study is delivered. Wert-Berater can continue monitoring the asset against the original underwriting assumptions, updating market conditions, testing coverage, identifying performance variances and maintaining a recurring analytical record.
-
Individual Asset Monitoring
- Revenue
- Expenses
- NOI
- DSCR
- Occupancy
- Market rents
- Competitive supply
- Value
- Original underwriting assumptions
-
Watchlist Monitoring
- DSCR deterioration
- NOI deterioration
- Occupancy
- Revenue
- Expenses
- Market conditions
- Collateral / value
- Stabilization
- Refinancing risk
-
Construction Monitoring
- Progress
- Budget
- Cost-to-complete
- Schedule
- Change orders
- Draws
- Remaining costs
- Lease-up
- Stabilization
-
Portfolio Monitoring
Most relevant here- Portfolio performance
- Risk
- Concentration
- Market exposure
- Annual review
- Re-underwriting
- Watchlist
- Portfolio-level trends
Related analysis
Continue through the lifecycle
Discuss the analysis before you commit to it.
A briefing is a working conversation about the decision, the evidence available and the scope that would answer it. There is no obligation, and nothing is subscribed.