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Investment Portfolio
# 44 Years of Investing in Real Estate Companies
About Almanac
Our History
Press Releases
**Since 1996, Almanac’s primary activity has been making growth capital investments into private and public companies that own and operate real estate in North America. Almanac-managed funds have committed more than $8.3 billion to 56 companies.1**
Almanac’s portfolio companies are structured to combine proven management teams within a specific real estate sector together with ownership of focused portfolios of real estate assets and interests. These companies are governed by a board of directors consisting primarily of representatives from the management teams and Almanac, with a focus on protecting and growing shareholder value, generating dividends, setting strategy, allocating capital and working with management to optimize resources.
Almanac Provides for
Our Investors
Alignment of interests with each company’s management team
Input into major strategic, investment and staffing decisions
Transparency into the company’s performance and operations
Management Teams
Access to significant long-term, flexible capital
Ability to efficiently pursue growth plans and pipeline
Deep expertise in corporate and real estate finance, capital markets, systems and organizational development
Almanac Realty Investors traces its roots back to 1981, when the firm’s predecessor was established as the real estate advisory business of Rothschild North America, in partnership with the Rothschild family.
1. !
   ### 1981
   #### John McGurk and the Rothschild family
   John McGurk, in partnership with the Rothschild family, forms the real estate investment and advisory business of Rothschild North America. The group forms an opportunity fund, New Court Properties.
2. !
   ### 1987
   #### Rothschild Property Investors
   Formed to continue the firm's opportunistic investment activities.
3. !
   ### 1988
   #### Pike Aloian joins the firm
   Pike Aloian begins working at Rothschild Realty.
4. !
   ### 1989
   #### Partnership formed with a U.S. public pension fund
   Ultimately invests $430 million to create what becomes known as Charter Oak, a national outlet mall platform.
5. !
   ### 1990
   #### Matthew Kaplan joins the firm
   Matthew Kaplan begins working at Rothschild Realty.
6. !
   ### 1994
   #### Investment in real estate strategy
   The firm begins investing family and partner capital in an equity long/short real estate securities strategy.
7. !
   ### 1996
   #### Partnership formed with a large U.S. public pension fund
   For what becomes a $317 million fund (ARS I) and the Five Arrows Realty Securities (later renamed Almanac Realty Securities) series
   of funds; invests in six companies.
8. !
   ### 1998
   #### ARS II closes with $318 million of commitments
   Invests in five companies as well as open market public securities trading.
9. !
   ### 1999
   #### ARS III closes with $232 million of commitments
   Invests in three companies.
10. !
    ### 2004
    #### ARS IV, the firm's first commingled institutional fund
    Closes with $445 million of commitments; invests in six companies.
11. !
    ### 2007
    #### Independent Partnership Formed
    Form an independent partnership to continue the investment
    management business using the name Rothschild Realty Managers.
12. !
    ### 2008
    #### ARS V closes with $839 million of commitments
    Invests in seven companies as
    well as open market public securities trading.
13. !
    ### 2011
    #### Almanac Realty Investors, LLC
    The firm's name is changed to
    Almanac Realty Investors, LLC.
14. !
    ### 2012
    #### Andrew Silberstein admitted to the partnership
    Andrew Silberstein joins Almanac’s investment committee.
15. !
    #### ARS VI closes with $819 million of commitments
    Invests in six companies. Almanac Realty Investors registered as a registered investment adviser with the Securities and Exchange Commission.
16. !
    ### 2014
    #### Almanac Realty Securities Canada I
    L.P. is formed to expand the firm's investment platform to Canada.
17. !
    ### 2015
    #### ARS VII closes with $1.26 billion of commitments
    Invested in seven companies.
18. !
    ### 2016
    #### Justin Hakimian admitted to the partnership
    Justin Hakimian joins Almanac’s investment committee.
19. !
    ### 2017
    #### Public Securities Strategy Launched
    Formed to formally launch a value-oriented, REIT/real estate public
    securities investment platform.
20. !
    ### 2018
    #### ARS VIII closes with $1.9 billion of commitments
    Currently invested in eight companies.
21. !
    ### 2019
    #### Josh Overbay admitted to the partnership
    Josh Overbay joins Almanac’s investment committee.
22. !
    ### 2020
    #### Neuberger Berman Acquisition
    Neuberger Berman acquires
23. !
    #### David Haltiner admitted to the partnership
    David Haltiner joins Almanac’s investment committee.
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Latest Press Releases
14-Jan-2025
National Pension Service of Korea and Almanac Realty Investors Form Strategic Partnership Targeting Real Estate Platforms and GP Stakes Investments
25-Oct-2024
Almanac Realty Investors Provides $350 Million Capital Commitment to ECI Group
26-Jul-2024
Klein Enterprises Announces $50 Million Follow-on Capital Commitment from Almanac Realty Investors
1As of December 2024, inclusive of fund and sidecar investments.
All information is as of 12/31/2024, unless otherwise indicated.
This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation or offer to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Investing entails risks, including possible loss of principal. Investments in private real estate funds are speculative and involve a higher degree of risk than more traditional investments. Investments in private real estate funds are intended for sophisticated investors only. **Past performance is no guarantee of future results.**
Firm data, including employee and assets under management figures, reflect collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC (the "firm"). Firm history and timelines includes the history and business expansions of all firm subsidiaries, including predecessor entities and acquisition entities. Investment professionals referenced include portfolio managers, research analysts/associates, traders, and product specialists and team dedicated economists/strategists.
This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit  for the specific entities and jurisdictional limitations and restrictions.
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* info@almanacrealty.com
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