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