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The Business Brew
Ryan Dobratz - Real Opportunities
Nov 30, 2024
Ryan Dobratz, a portfolio manager at Third Avenue Management specializing in real estate, shares insights on the firm's real estate strategy. He advocates for real estate operating companies over traditional REITs, exploring investment potential in firms like CBRE. The discussion includes challenges in the office market and a deep dive into opportunities within Fannie Mae and Freddie Mac. Dobratz also reflects on his career journey and highlights the shifting dynamics in residential real estate amid rising mortgage rates.
01:22:00
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Quick takeaways
- Ryan Dobratz emphasizes prioritizing investments in real estate operating companies over REITs for long-term capital appreciation and financial health.
- The office real estate market faces challenges with underutilization and rising taxes, pushing investments towards more stable real estate service companies.
Deep dives
Real Estate Value Fund Background
Ryan Dobratz has been managing the Real Estate Value Fund at Third Avenue Management for about 18 years. He emphasizes that the fund focuses on long-term capital appreciation rather than current income, distinguishing it from traditional REIT investments. The fund specifically targets well-financed and well-managed real estate operating companies that trade at discounts to their intrinsic value, which aligns with their core investment philosophy. Dobratz highlights the firm’s unique approach, combining both the analysis of the real estate market and the examination of each company’s financial health and management quality.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode