Terry Cook | Senior Vice President, Timberland Partners
Terry has been with Timberland Partners since 1993 and oversees the repositioning, construction and renovation activities for properties throughout the portfolio. He is a member of the Minnesota Multi Housing Association, National Association of Industrial & Office Properties and Minnesota Commercial Association of Realtors Building Owners and Managers Institute. Terry attended the University of Northern Iowa and earned his Real Property Administrator (RPA) designation from the University of St. Thomas.
What is your primary role as an Asset Manager with Timberland Partners?
An asset manager plays a critical role in making a successful real estate investment. My job, along with our other asset managers, is to look at each property through the eyes of its owners and drive profitability while making strategic decisions and steering the operators in order to meet the owners’ objectives.
Our asset managers are the investor’s eyes and ears on the property and are responsible for ensuring the asset is well managed, well maintained, and meets the investment objectives for returns. It requires a global understanding of the property, the markets, financing, and then working in concert with all of the various departments involved in achieving the business plan results.
How do Asset Managers impact the acquisition and ownership transition phase of a property?
Each asset manager at Timberland Partners is intrinsically tied to each property we acquire from the very beginning. They work alongside the acquisitions team to understand the partnership structure of each asset and develop the business plan for the investment. They analyze the current operations of the potential acquisition, looking for property inefficiencies and identifying opportunities for improved performance even before the property is acquired. They help the acquisition team develop the initial business plan.
How does your role impact the operational approach to the community?
Investment business plans are created and provided for our operations team to implement. These business plans are updated annually at a minimum, or whenever market conditions or a financing change is made, so that the entire team, whether in operations, marketing, HR, revenue management or IT, etc. have a clear understanding of the goals and objectives for each individual property.
The business plan could entail a complete renovation, rebrand and repositioning of an asset for a long-term hold. It could be a renovation and reposition for a 3–5-year hold or possibly an acquisition that will not find its value-add opportunity in a lot of capital improvement work but rather, through improved and streamlined management.
How about the impact asset management has at loan maturity?
Our asset managers understand the financing structure of each property and work with the finance and acquisitions department to determine appropriate refinancing strategies and hold/sell decisions. These decisions are made with careful thought and planning with respect to creating long-term value through refinance or a sale and possible 1031-exchange to shield capital gains and continue the investment in a different asset that we believe will continue to provide appropriate cash flows and internal return growth.
Our asset managers also work closely with the investor relations team to communicate ongoing performance to our investment partners, as well as other teams to address property needs such as accounting, insurance, lender requirements, and real estate tax management.
