It is a mega-region with a population base of over 22 million. Los Angeles County ranks as the 17th largest economy in the world and is considered one of the most urban infill regions in the US.

Southern California is a dynamic economic base comprised a range of highly diverse yet<br /> interconnected industries. The interconnected nature of the region is evidenced as industrial buildings are converted to creative office buildings and apartments are converted to hotels.<br /> Furthermore, historically industrial areas gentrify into creative office hubs which pushes industrial demand out into previously under-appreciated industrial areas. Unlike many regions in the US, the high degree of transformation is relatively high in Southern California.

PRG believes its best opportunities for success are to operate and invest in the submarkets where it has the most experience and best understanding. Due to the highly integrated nature of<br /> seemingly diverse industries and asset classes, PRG believes a primary competitive advantage is deeply understanding the various industries and interconnected nature in Southern California.