General Disclosures
Cortland™ is a family of companies, including, without limitation, CIOPS Consolidated Holdings, LLC and Cortland Investment Management, LLC, Cortland’s investment advisory provider, together with each of their respective subsidiaries and affiliates (collectively, “Cortland”). Accordingly, references throughout this presentation at times reference the Cortland organization as a whole.
Statements on this website are subject to change and will not be updated or otherwise revised to reflect information that subsequently becomes available or changes occurring after such date. The content on this website or in public-facing content is for information purposes only and is not intended as investment advice, an offer or solicitation with respect to the purchase or sale of any security. Offers to sell or solicitations to invest in a Cortland-sponsored investment vehicle (each a “Fund”) are made only by means of a confidential offering memorandum and in accordance with applicable securities laws. Images on this website or in public-facing content are not necessarily indicative of actual experience.
Regulatory Disclaimers
Cortland Investment Management, LLC is an investment adviser registered with the United States Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended. Registration of an investment adviser with the SEC does not imply a certain level of skill or training. Further information about Cortland is also available in Cortland Investment Management, LLC’s Form ADV Part 2, filed with the SEC, available at www.adviserinfo.sec.gov.
All information contained on this website is for informational and/or illustrative purposes only. Statements contained on this website that are not historical facts are based on current views, forward-looking expectations, estimates, projections, opinions and/or beliefs of the Cortland team. Such statements involve risks, uncertainties and other factors. You should not rely on these statements as if they were facts.
The investments and strategies discussed throughout the website may not be suitable for all investors and are not obligations of or guaranteed by Cortland or any of its affiliates. Nothing contained on this website is to be construed as a solicitation to offer investment advice or services, nor a solicitation for the purchase or sale of any security. Information about investing in a Cortland fund is only available in the form of private placement memoranda and other offering documents which contain information to help investors evaluate Cortland funds’ investment objectives, risks, fees and expenses, among other factors, before considering an investment. By using this website, you agree that Cortland is not liable for any action you take or decision you make in reliance on any website content.
Past performance is not necessarily indicative, nor a guarantee, of future results and no representation is made that any fund will or is likely to achieve results that are similar to those of Cortland’s current or previous funds. Prior investments may have been made under different market, economic or other conditions than those in which future investments and/or strategies will be pursued, and as a result may not be replicated. Investors may lose part or all of their investment capital or face various other risks as described in the applicable offering documents. Details on selected investment and case studies have been included for illustrative purposes only and have been selected in order to provide examples of the types of investments previously made by Cortland and do not purport to be a complete list of investments. A complete list of prior Cortland investments is available upon request.
ESG
Neither Cortland nor the clients it manages are considered to be ESG-focused. Notwithstanding the foregoing, as determined appropriate and in its sole discretion, Cortland takes certain ESG-considerations into account in the selection, management and investment decisions related to portfolio investments; however, the type of considerations and the weight given to such considerations may vary from investment to investment and remains subject to Cortland’s discretion, fund investment objectives/constraints and any underlying fiduciary duties. Any discussion of ESG issues or results contained on this website is subject to the foregoing limitations.
Press Release and News Articles
The press releases and articles included on this website are for informational purposes only. Press releases are not personalized investment advice or an investment recommendation from Cortland.
Forward-Looking Statements
Information on this website, in press releases, news coverage, social media posts, or other published content about or by Cortland may contain forward-looking statements. The opinions, forecasts, projections or other statements, other than statements of historical fact, are forward-looking statements. You are cautioned not to unduly rely on these forward-looking statements. Due to various risks and uncertainties, actual events or results or the actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained in this content may be relied upon as a guarantee, promise, assurance or a representation as to the future. These forward-looking statements have not been reviewed by anyone outside of Cortland, and while Cortland believes these statements are reasonable, they involve a number of assumptions, risks and uncertainties. Unless required by law, Cortland undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of a press release or to report the occurrence of unanticipated events. Cortland’s past and current performance are not indicative of future results, and no representation is made that any Cortland investment will achieve its objectives or that any Cortland strategy will be successful.
Awards, Rankings, and Recognition
Relative to surveys/rankings included in presentation, the Property Management report is part of Reputation.com’s series of Reputation Reports, analyzing key data and rankings across numerous industries. Founded in 2013, Reputation.com is a SaaS-based platform that manages tens of millions of reviews and interactions across hundreds of thousands of customer touchpoints. To compile the Property Management report, over 80,000 multifamily residential properties were analyzed based on online reviews, listings, social media, search results and other customer engagements. The data was collected from sources such as Google and Facebook, among others. The criteria on which the Reputation.com rankings were determined are set forth in the data set, and include resident sentiment, visibility and resident engagement. The criteria were independently established by Reputation.com. Cortland pays a recurring fee to utilize Reputation.com’s platform in connection with the management of Cortland’s brand reputation across all its communities. To be included in Reputation.com’s annual Property Management report, companies are required to pay a nominal fee for each community to be reviewed, analyzed, and scored. It is Cortland’s understanding that the same nominal fee per community is required by Reputation.com for a community to be included in the Property Management report. Additional information regarding the ranking and methodology can be found at Reputation.com/property-management. All reference to Kingsley Associates scores or relative ratings are based on the company’s proprietary and customized indexing benchmark methodology which is intended to account for property age, geography, quality, and survey type in order to create like comparisons among multifamily properties and portfolios. The index only contains clients of Kingsley Associates to whom Cortland, and to its understanding other multifamily operators, pay a fee for such survey services. Cortland does not have information as to how many operators or individuals were surveyed. Established in 1992, the Great Place To Work Institute has surveyed over 100M employees around the world and developed proprietary methodology to determine which organizations earn the distinction of being certified as a Great Place To Work. To participate in the certification process, companies must pay a fee each year to have the survey administered and the results tabulated. Additional information can be found at greatplacetowork.com/our-methodology. Any ratings, rankings, or certifications are not indicative of future performance.
IREM Certifications:
IREM is the Institute of Real Estate Management, an international institute for property and asset managers. From their website: “[IREM] provid[es] complete knowledge to take on real estate management’s most dynamic challenges. That means knowledge prepared for the day-to-day and the one-of-a-kind: from solving the latest tenant crisis to analyzing market conditions. For over 85 years, our members have made us the world’s strongest voice for all things real estate management. Today, almost 20,000 leaders in commercial and residential management call this home for learning, certifications and networking.” IREM was founded in Chicago, IL in 1933, and has 20,000 individual members and 560 corporate members representing assets managed of nearly $2.1 trillion (as of December 2021). It provides certifications in the following categories: Certified Property Manager, Accredited Commercial Manger, Accredited Residential Manager, and Accredited Management Organization. Receipt of an IREM certification includes membership in the organization. CPMs provide property management services to approximately 32.4% of conventionally financed apartments. To obtain a CPM certification, individuals must complete an enrolment form, complete eight (8) CPM certification courses, and demonstrate knowledge through a 2-part final assessment, including a Management Plan Skills Assessment and the CPM Certification Exam. To become an Accredited Management Organization, firms with a CPM in an executive position are invited to complete AMO certification courses, submit an AMO application and become recognized. IREM hosts the REME Awards to celebrate real estate management professionals and firms in the following applicable categories: AMO of the Year, recognizing an AMO firm for their dedication and efforts to the profession; IREM Innovator Award, recognizing innovative programs related to technology, customer service, sustainability, or marketing that are transformational for the company as a whole, a team or a program, IREM Excellence Award – Corporate, which recognizes a real estate management company that demonstrates a full commitment to the profession, made extraordinary achievements, or had a positive impact on the communities it serves. IREM accepts nominations of members and groups for the awards on an annual basis from member organizations. Source: IREM Fact Sheet, www.irem.org/file%20library/globalnavigation/aboutirem/irem-fact-sheet_2022_final_010322.pdf, last updated June 2022; IREM website: irem.org/events/reme-awards. IREM is not the only property management accreditation organization, and there may be other organizations that provide similar or better accreditation services. Accreditation through the IREM programs does not guarantee any particular level of performance, quality or expertise of relevant accredited organizations or individuals. Cortland’s operating platform pays fees to IREM to access courses, certifications and accreditations. Current IREM participation by the organization and associates is no guaranty of performance, and there is no guaranty that Cortland will maintain participation at current levels or at all in the future. Accreditation through the IREM programs does not guarantee any particular level of performance, quality or expertise of relevant accredited organizations or individuals. Cortland’s operating platform pays fees to IREM to access courses, certifications and accreditations.
Association for Talent Development BEST Awards:
The Association for Talent Development is a professional membership organization supporting talent development professionals across industry sectors and around the world. On an annual basis, the ATD presents rewards to member organizations and professionals in recognition of enterprise-wide success as a result of employee talent development. The BEST Awards were established in 2003, and include small and large private, public and not-for-profit organizations. From ATD's website: Award winners must demonstrate that they are excellent in many aspects of talent development, particularly, that: a) talent development has an enterprise-wide role; b) learning has value in the organization's culture; c) learning links to individual and organizational performance; and d) investment is made in talent development and performance initiatives. To be eligible to receive a BEST Award, an organization must first be a member organization, which requires the payment of dues and fees, and eligible organizations must submit an application, complete a survey, and pay an additional application fee. Award winners are compared against self-selecting applicants that are members of ATD; accordingly, results may not be representative of the relative quality of Cortland's programs across all market participants. Awards do not guaranty or ensure quality of performance, and there is no guaranty that Cortland will maintain participation in the referenced award program in the future.
National Apartment Association Excellence Awards:
The National Apartment Association is "the leading voice for the rental housing industry...serving 141 state, local and global affiliates, over 92,000 members, and more than 11 million apartment homes globally." www.naahq.org/about Each year, the NAA issues awards recognizing excellence and leadership in the rental housing industry, celebrating communities, industry professionals and affiliated apartment associations who make unique contributions to the industry. Award winners are selected from a list of applicants across various categories. To apply, an organization must be an NAA member, which requires the payment of dues and fees. Award winners are compared against self-selecting applicants that are members of NAA; accordingly, results may not be representative of the relative quality of Cortland's programs across all industry participants. Awards do not guaranty or ensure quality of performance, and there is no guaranty that Cortland will maintain participation in the referenced award program in the future.
Investor Disclosures
Past performance is not indicative of future results, which may vary. An investment in a Cortland Fund or other Cortland-sponsored investment opportunity is a speculative investment and involves significant risks, including the potential loss of all or a substantial portion of invested capital, the use of leverage, and the lack of liquidity of an investment. Any investment in a Fund or Cortland-sponsored investment opportunity is subject to various risks, none of which are outlined herein. There is no assurance that a Cortland Fund or other Cortland-sponsored investment opportunity will achieve its investment objectives or that the strategies described herein will be successful.
Details on pipeline investments, if included, have been included for illustrative purposes only, have been selected in order to provide examples of the types of investments made by Cortland and do not purport to be a complete list thereof. Although it is expected that future Cortland investment opportunities will participate in such ventures, the availability of such opportunities cannot be guaranteed, and it should not be assumed that such future investments will be comparable in quality or performance to the investments described herein.
Images utilized in public-facing content, if any, of properties or other investment opportunities, may or may not be owned, developed, operated or managed by Cortland, and, unless otherwise noted, do not represent any particular investment offering.
If and to the extent used in presentations to potential and current investors, valuations are only an estimate of value and is not a precise measure of realizable value. Appraised or otherwise determined values do not necessarily represent the price at which a real estate investment would sell since market prices of real estate investments can only be determined by negotiation between a willing buyer and seller. As a result, if Cortland or its Fund or other investment vehicles, as applicable were to liquidate a particular real estate investment, the realized value may be more or less than the appraised value or valuation of such asset. Appraised values that are higher than realizable values could result in greater management fees or incentive distributions and in the Fund than if such distributions or redemption prices were paid based on realized value following the sale of such assets.
Cortland Investment Management, LLC, is the investment adviser for Private Placement Offerings sponsored by Cortland.
Pricing and Specials Disclosures
Pricing, availability, and specials subject to change. All leasing incentives, specials, and gift cards are conditional on approved credit (OAC) and will be applied and/or delivered after move-in (unless otherwise specified). Please contact the community specific leasing office for restrictions and details.
