GranVita’s real estate program is an internally-managed selection of independent and partnership investments intended to provide alternative portfolio characteristics when compared to stock and bond investments. The majority of GranVita’s partnerships in this asset class include real estate investment portfolios and high-quality real estate leased to third parties. The combination of steady income generated from lease payments and the potential upside from asset appreciation combine to generate healthy and attractive returns that are expected to fall between those of fixed income and equity appreciation. The real estate portfolio is managed to deliver profit maximization and risk diversification that are consistent with the Board’s long-term return expectations for the asset class.