INVESTMENT SELECTION PROCESS

Diligent and Selective

At Kipling Capital, we are diligent in selecting managers/sponsors, individual investments and funds for our investment portfolio. We evaluate numerous opportunities to determine which investments meet our target criteria based on acquisition price, strong seasoned management and a sound business plan supported by achievable assumptions.

The real estate investment opportunities that satisfy our selection criteria will typically have many of the following features:

• Superior locations
• Attractive purchase prices
• A seasoned management team
• Attractive long-term financing
• Below market rents at time of acquisition
• High barriers to entry for new competition
• Acquisition prices that are below replacement cost
• Stable cash flow with competitive preferred returns
• The opportunity to benefit from favorable economic trends
• The opportunity to benefit from favorable demographic trends
• Value creation programs through repositioning, renovation and enhancement.