How do you define a “vanilla” asset?

I see this term a lot here in regards to some LifeCo companies and such.

What is the meaning behind it? Is it basically a Class A asset say office, that is stabilized with long term leases and not much value add opportunities?

 

Yeah, think of vanilla as 'core'. Literally all you do is go through the motions of the acquisition process and once you buy it you're basically just clipping a coupon. Very low maintenance/non-management-intensive deals.

"Who am I? I'm the guy that does his job. You must be the other guy."
 

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