<ul type="disc">
	<li><span style="font-family: arial, helvetica, sans-serif;">Investments typically underwritten on trough cash flows and significantly below prior peak revenues and NOI levels</span></li>
	<li><span style="font-family: arial, helvetica, sans-serif;"> Establish a meaningful “margin of safety”</span></li>
	<li><span style="font-family: arial, helvetica, sans-serif;"> Investments underwritten to account for cyclical nature of real estate market and exercise conservative use of debt</span></li>
</ul>