<h2 align="left"><b>Investment Principles</b><b>:</b></h2>
<p align="left">CONSERVATIVE UNDERWRITING PHILOSOPHY</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">PATIENT INVESTMENT PHILOSOPHY</p>

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