<p align="center"><b>Mission:  </b><i>Invest in high-quality properties in Southern California where PRG holds a distinct competitive operating advantage, resulting in a reliable stream of income and opportunity to outperform over time with sizable capital appreciation upside.</i></p>

<h2 align="left"><strong>INVESTMENT PHILOSOPHY:
</strong></h2>
<p align="left"><b>ONLY INVEST WHEN BOTH OF THE FOLLOWING EXISTS:</b></p>
<p align="left">1) Possess a deep, nuanced understanding of the asset <span style="text-decoration: underline;">and</span> submarket</p>
<p align="left">2) Possess a clear strategy to increase operational performance due to PRG’s competitive advantages</p>

<h2 align="left"><b>INVESTMENT</b> <b>PRINCIPLES:</b></h2>
<p align="left"><b>CONSERVATIVE UNDERWRITING PHILOSOPHY</b></p>

<ul>
	<li> Deals typically underwritten on trough cash flows and significantly below prior peak revenues and NOI levels</li>
	<li> Establish a meaningful margin of safety</li>
	<li> Deals underwritten to account for cyclical nature of real estate market and exercise conservative use of debt</li>
</ul>
<p align="left"><b>PATIENT INVESTMENT PHILOSOPHY</b></p>

<ul>
	<li> History of executing based on investment principles</li>
	<li> Disciplined approach to investing</li>
</ul>
<p align="left"><b>FOCUS ON INVESTMENT BASIS</b></p>

<ul>
	<li> Acquire assets below intrinsic value and significantly below replacement cost</li>
	<li> Allows for greater flexibility with future exit options</li>
</ul>
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