The objective of portfolio management is to coordinate the planning, decisions and management of all the assets under our direction in the client's portfolio. We are also asked at times to take a look at a client's entire portfolio and provide our input to suggest strategies to optimize the property mix relative to risk exposure and diversification. We always request this portfolio level information at the onset of a relationship so that we can set up an acquisition or asset management strategy that is appropriate within the context of the existing portfolio - always taking into account the client's goals for the real estate asset class.

The principals and senior staff of Kensington comprise the Investment Management Committee (IMC), which has the responsibility performing this function. The IMC is concerned with long-term matters of investment policy and short-term matters of investment performance. The primary components of our portfolio management process are:

1. Executing investment strategies consistent with the client's investment policies and objectives, with an eye toward portfolio diversification and seizing market opportunities;

2. Determining the timing of key investment decisions, such as when to buy, when to finance or refinance (if applicable), and when to sell;

3. Measuring the actual performance of the portfolio and the individual properties within the portfolio, and

4. Supervising the reporting of financial and property information to the client.