<ul type="disc">
	<li>Investments underwritten to account for cyclical nature of real estate market with<br /> intense focus on “peak to trough” comparison and long term historical operating<br /> performance trends</li>
	<li>Establish a meaningful “margin of safety” with all key assumptions</li>
	<li>Concentrate on opportunities with favorable seller circumstances, transactional<br /> complexity or where management expertise can mitigate operating risks</li>
</ul>