Under our distressed/undervalued property strategy, we select for investment properties in markets with similar characteristics to those targeted in our stable property strategy, but which properties have become financially distressed and/or under-managed by current owners. These properties require significant capital in excess of the purchase price to address deferred maintenance, renovation or upgrade opportunities and typically do not support significant debt at the time of acquisition. Accordingly, these properties generally must be purchased with all cash, raised mostly through equity investment. The combination of an all cash purchase requirement and the distressed nature of the properties reduces the field of potential buyers and, accordingly, affords opportunities for significant discounts. We have demonstrated that we can quickly renovate, improve and stabilize these properties within 12 to 24 months and, based on significantly increased value, re-finance them – returning significant portions of the initial equity invested, while retaining ownership for our investors. Under this strategy, our equity investors typically must wait for a period before realizing quarterly cash on cash returns, but long-term capital appreciation potential and overall returns are often greater than under the stable property strategy.