What The Shidler Group does

The Shidler Group is a private real estate investment firm founded in Honolulu, Hawaii in 1972 by Jay Shidler. The firm operates under a proprietary methodology it calls "Bifurcation" — the structural separation of Land ownership from ownership of building Improvements through long-term (typically 99-year) Ground Leases. Under this structure, the firm creates isolated Leased Fee interests in Land, which it sells to passive investors, while entrepreneurial multifamily owner-operators retain ownership of the buildings constructed atop the leased Land.

The firm has transacted across more than 2,000 properties nationwide across multiple asset classes — multifamily, office, hotel, and industrial — and has founded five NYSE-listed public corporations. Operations are organized through subsidiaries including Terra Funding Trust (multifamily and commercial Leased Fee investments), Terra Hospitality Trust (hotel Land), and Educational Infrastructure LLC (student housing Public-Private-Philanthropic Partnerships). The firm maintains offices in Honolulu, Philadelphia, Chicago, Minneapolis, St. Louis, Detroit, Seattle, and Phoenix, and has transacted with marquee counterparties including Microsoft (Advanta Edge Campus in Bellevue, WA), BP (Houston World HQ), Unisys (Blue Bell, PA HQ), and major hotel franchisees operating under Hilton, Marriott, Hyatt, and IHG brands. Notable leadership includes Founder Jay Shidler, Managing Partner Kimberly Aquino (who has overseen over $6 billion in commercial real estate acquisitions and financings since 2013), and Andrew Brown (Managing Director of Educational Infrastructure).

Revenue mechanics derive from Leased Fee interest income, transaction fees from structuring Bifurcation deals, and Terra Funding Trust co-investment economics. Go-to-market is sales-led through direct private transactions with passive investors and entrepreneurial multifamily operators. In 2021 the firm pivoted from active owner-operator to passive investor in the Land underlying multifamily communities and introduced the Convertible Ground Lease. By 2022 it had acquired the Land underlying 13 Class A multifamily communities totaling 3,919 apartment units across 10 states. The firm has donated approximately $2.1 billion in Ground Lease cash flow to educational institutions, including the University of Hawaii Foundation.

Name

The Shidler Group

Legal name

The Shidler Group

Website

https://shidler.com

Company type

Private

Founded year

1972

Operating status

Operating

Headcount range

11–50 employees

Short description

The Shidler Group is a private Honolulu-based real estate investment firm founded in 1972 that specializes in "Bifurcation" — separating Land ownership from building improvements via 99-year Ground Leases — serving passive investors, multifamily operators, and educational institutions.

Ownership category

akta.pro rank

Headquarters

HQ city

Honolulu

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Leased Fee Interest Returns: Returns generated from passive investment in Land underlying multifamily communities and commercial properties through 99-year Ground Leases. Income streams are contractually obligated to pay net ground rent over the lease term.
2. Property Acquisitions and Bifurcation: The Group acquires properties, bifurcates ownership, and sells complexes on new 99-year Ground Leases to third-party multifamily investors, generating returns on the transaction.
3. Terra Funding Trust Investments: Specialized investment entity that invests in and loans on Leased Fee interests, parcels of Land underlying multifamily communities and multi-tenant commercial buildings subject to long-term Ground Leases.

Go-to-market motion1 record

Distribution channels1 record

Core offering

The Shidler Group invests in Land underlying multifamily communities and commercial properties through 99-year Ground Leases. Using a proprietary Bifurcation method, it separates ownership of Land from ownership of Improvements (buildings), acquires or creates Leased Fee interests, and sells the resulting complexes on long-term Ground Leases to third-party multifamily investors while retaining the passive Land interest.

Product overview

The Shidler Group is a real estate investment firm that operates through multiple subsidiary companies, affiliates, and investment vehicles rather than a unified software product platform. Its core investment strategy focuses on Leased Fee interests in Land subject to long-term Ground Leases, employing proprietary Bifurcation technology to separate land ownership from building ownership. The portfolio includes Terra Funding Trust and Terra Hospitality Trust (specialized Leased Fee investment entities), Alliance Partners HSP LLC (opportunistic commercial investments), and National Warehouse Investment Company (sale-leaseback financing). The Group has also founded and taken public multiple REITs including TriNet Corporate Realty Trust, First Industrial Realty Trust, Corporate Office Properties Trust, and Pacific Office Properties Trust. Educational Infrastructure LLC represents the firm's newest initiative focused on student housing public-private partnerships. The company does not offer software products, APIs, or technology platforms in the traditional sense.

Differentiator

Problem solved

Functional benefit

Brands

• Terra Funding Trust: Specialized investment entity that invests in and loans on Leased Fee interests, parcels of Land underlying multifamily communities and multi-tenant commercial buildings subject to long-term Ground Leases
• Terra Hospitality Trust
• Educational Infrastructure
• The Shidler Family Foundation

Products and services

• Leased Fee Interests in Land (99-Year Ground Leases)

Quantifiable outcome

• $2.1 billion donated to educational institutions
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eight partnerships are on record, tiered core and secondary.

• University of Washington School of Law and School of MedicinecoreStrategic or Co-development Partner · 1 January 2016Beneficiaries of 80% of the Reversionary Interest in Land and Biomedical Research Center Improvements donated by The Shidler Group as part of philanthropic initiatives.
• Terra Funding TrustcoreStrategic or Co-development Partner · 1 January 2012Specialized investment entity within The Shidler Group that invests in and loans on Leased Fee interests, Land underlying multifamily communities and multi-tenant commercial buildings subject to long-term Ground Leases. Makes investments on behalf of partners of The Shidler Group, The Shidler Family Trust and The Shidler Family Foundation for the benefit of certain educational institutions.
• University of Hawai'i FoundationcoreStrategic or Co-development Partner · 1 January 2005Recipient of major donations from Jay Shidler and The Shidler Family Foundation. Donations include Land underlying 11 significant office buildings in major US cities with Ground Leases generating over $2.1 billion in net ground rent over 99 years.
• The Shidler Family FoundationcoreStrategic or Co-development PartnerPhilanthropic arm of The Shidler Group, receiving donated Leased Fee interests from Jay Shidler. The Foundation focuses on long-term financial support of long-life educational institutions such as colleges and universities. Income from Ground Leases is donated to educational beneficiaries.
• Educational Infrastructure LLCcoreStrategic or Co-development PartnerAn affiliate of The Shidler Group formed to manage donations of student housing to public community colleges in California. Led by Andrew Brown, Managing Director, Educational Infrastructure structures Public-Private-Philanthropic Partnerships (P4s) combining public universities, private real estate teams, and philanthropic foundations.
• Terra Hospitality TrustcoreStrategic or Co-development PartnerSpecialized investment entity within The Shidler Group that invests in Leased Fee interests, Land underlying national branded hotels subject to long-term Ground Leases. Focuses on Land under branded hotels with franchise agreements with Hilton, Marriott, Hyatt, and IHG systems.
• Alliance Partners HSP, LLCsecondaryStrategic or Co-development PartnerPrivate real estate investment and operating company, an affiliate of The Shidler Group, focused on opportunistic investments in commercial properties located in the eastern and central United States. Managed by partners Clay Hamlin and Richard Previdi.
• California Community CollegescoreStrategic or Co-development PartnerTarget beneficiaries of Educational Infrastructure's P4 (Public-Private-Philanthropic) student housing initiative. Focus is on the 35+ colleges that did not receive funding through the Higher Education Student Housing Grant Program (HESH program).

Scale indicators7 records

Recent moves16 records

Expansion highlights5 records

Broad incumbents

• National Retail Properties: Net lease REIT (NYSE: NNN) specializing in single-tenant retail properties under long-term leases. Comparable in net lease structure and conservative yield orientation, though focused on retail rather than office/multifamily/hospitality.
• Realty Income Corporation: Largest net lease REIT (NYSE: O) with a portfolio of 15,000+ freestanding commercial properties under long-term triple-net leases. Comparable business model (long-duration lease income from real estate), though Realty Income is broadly diversified across retail/industrial versus Shidler's ground-lease focus.
• EPR Properties: Net lease REIT (NYSE: EPR) focused on experiential and entertainment properties including megaplex theaters, eat-and-play venues, and education-related assets. Comparable in long-lease net lease model and education-adjacent exposure, though concentrated in different property types.
• W. P. Carey: Diversified net lease REIT (NYSE: WPC) managing single-tenant commercial and industrial properties under long-term leases. Compares on net lease structure and long-duration income orientation, though operates at materially larger scale across broader property types.
• STORE Capital: Net lease real estate company (acquired by GIC/Oak Street in 2022) that financed single-tenant commercial real estate under long-term net leases to middle-market businesses. Comparable private-like structure and long-lease orientation.
• Spirit Realty Capital: Former net lease REIT (acquired by Realty Income in 2024) that owned single-tenant retail and industrial properties under long-term triple-net leases. Comparable business model of long-duration net lease income; useful proxy for Shidler's ground lease approach.
• Blackstone Real Estate Income Trust: Largest non-traded perpetual-life net lease and real estate investment vehicle managed by Blackstone (BREIT). Comparable in private-like structure for individual investors and long-duration net lease / real estate debt orientation, though operates at vastly larger scale and broader mandate.
• Agree Realty Corporation: Net lease REIT (NYSE: ADC) focused on retail and industrial properties leased to high-quality tenants under long-term triple-net leases. Comparable in conservative, long-duration lease income model and tenant credit underwriting emphasis.

Direct peers

• iStar Inc. Net lease and real estate finance company formed from the 1999 merger of Shidler-founded TriNet Corporate Realty Trust with Starwood Financial Trust (NYSE: SFI). Closest historical peer given shared DNA: founded by Jay Shidler and operated in net lease/ground lease real estate.
• Global Net Lease: Diversified net lease REIT (NYSE: GNL) owning freestanding commercial properties under long-term leases to investment-grade tenants. Comparable net lease model and emphasis on long-duration lease income from corporate tenants.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks4 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Shidler Group