Externally advised, perpetual-life NAV REIT acquiring stabilized, income-oriented commercial real estate, principally in the U.S. with diversification into Europe. Targets at least 80% in properties and real estate loans and up to 20% in real estate-related securities, cash and short-term investments serving as a liquidity sleeve for share repurchases. No sector allocation targets; portfolio is ~75% multifamily by GAV. Objectives: current income, capital preservation, NAV appreciation and lower volatility than listed real estate.