Real Estate/REIT Fiducuary Examples

[BPCAP]

Who approaches real estate investing and stewardship the way Berkshire/Fairfax/Markel (BFM) approach insurance underwriting?  I like the way BFM has little regard for volume but rather focus on profit and increasing net worth per share.

 

With real estate stocks, I’ve noticed volume is everything, and there is quite the principal/agent problem.  Managements care too much about increasing their square footage no matter what. (Their overhead % as a whole seems high too)

 

Who is a good example of a more fiduciary mindset, with a focus on increasing gains on a per share basis instead of gross size? Sam Zell might be one, but I was hoping to find a particular REIT operator I’ve never noticed.  Thanks

[CorpRaider]

Yeah, they almost all seem to like to dilute you as soon as you get to a fair valuation.  I wonder if you could find industry data comparing costs the asset base, like an expense ratio for a fund.  Maybe find the cheaper ones and you will find some alignment of interests.  I think SKT is family/shareholder controlled, but man they have a lot of apparel exposure. 

 

Obviously, either Ted or Todd likes STOR.  SRG and HHC are not your typical retail yield hog plays and could merit some of your attention.

 

Finally, a lot of the people on here love BAM and some like KW.  I am invested in neither.