Investment Philosophy

Mission:  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.


ONLY INVEST WHEN BOTH OF THE FOLLOWING EXISTS:
1) Possess a deep, nuanced understanding of the asset and submarket
2) Possess a clear strategy to increase operational performance due to Company’s competitive advantages

INVESTMENT PRINCIPLES:

CONSERVATIVE UNDERWRITING PHILOSOPHY
•	 Deals typically underwritten on trough cash flows and significantly below prior peak revenues and NOI levels
•	 Establish a meaningful margin of safety 
•	 Deals underwritten to account for cyclical nature of real estate market
PATIENT INVESTMENT PHILOSOPHY
•	 History of executing based on investment principles
•	 Disciplined approach to investing
FOCUS ON INVESTMENT BASIS
•	 Acquire assets below intrinsic value and significantly below replacement cost
•	 Allows for greater flexibility with future exit options
