The Company’s Principals believe that the reflexive nature of the real estate market is continuing to push prices toward disequilibrium, thereby leaving owners and lenders uncertain about the value of their real estate assets. This uncertainty is providing the opportunity to acquire real estate well below both replacement cost and stabilized market value. By acquiring real estate at today’s pricing, the Company is well positioned to protect investor capital while allowing for future value appreciation. While we believe that many of these opportunities provide an excellent possibility of near-term gain, our focus on evaluating opportunities using a long-term investment vision and value approach helps to ensure our invested capital is protected.